The International Council of Shopping Centers and Goldman Sachs Retail Chain Store Sales Index dropped 1% in the week ended Saturday from the week before on a seasonally adjusted, comparable-store basis.
"The wettest comparable week in 10 years--combined with cooler temperatures--negatively impacted spending on apparel and other seasonal merchandise," ICSC Chief Economist Michael Niemira said, adding seasonal items may see a bump as consumers gear up for Memorial Day weekend.
On a year-on-year basis, the reading rose 3.1%, easing slightly from the growth posted in the prior week.
For May, ICSC still expects monthly industry retail sales will increase by 3% to 3.5%.
Week Ended Index 1977=100 Yr/Yr Change Weekly Change
21-May-11 512.0 3.1% -1.0%
14-May-11 517.0 3.2% -2.0%
07-May-11 527.6 2.7% 0.0%
30-April-11 527.4 2.8% -0.8%