ICSC: Valentine's Can't Sufficiently Sweeten Mixed Retail Prospects
Wednesday February 20th, 2013 - 9:38AM
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
For the seven days ended February 16, mixed influences still managed to reverse the prior week’s decline in the International Council of Shopping Centers and Goldman Sachs Weekly Chain Store Sales Index. Still, despite a Valentine’s Day customer traffic lift at some stores, the pace of retail sales gains continued to weaken and slow to 1.8% versus the comparable 2012 week, ICSC announced.
"The retail landscape continues to be uneven by segment and uneven by week in February,” said Michael Niemira, ICSC vp/research and chief economist. "Although Valentine’s Day shopping may have helped some segments of the industry over the past week, higher gasoline prices— and pinched discretionary spending power— higher payroll taxes and the slower pace of federal tax refunds are all weighing on the consumers’ ability to spend,” Niemira added.
Given the performance over the past two weeks, ICSC Research has paired its February forecast by 50-100 basis points and anticipates a monthly sales increase of 2.5% to 3.0%, excluding drug stores.
Tags: Housewares Cookware & Bakeware Vacuum Cleaners/Electric Cleaning Health & Personal Care Home Décor Home Environment Small Electrics Organization & Cleaning Tabletop Gadgets & Kitchen Tools Retail
Dissecting what Ron Johnson got wrong during his brief, calamitous term at the helm of J.C. Penney is sure to be the focal point of retail strategy and tactics lessons for years to come. But Penney’s future could still hinge to some extent on what he got right.