Chain Store Sales Up 2.9% Over Last Year

New York, NY, Aug. 5, 2008–Chain-store sales for the week ended Aug. 2 rose 2.9 percent from the year-earlier period, their biggest gain this year, according to a survey released Tuesday by the International Council of Shopping Centers.

On a week-over-week basis, sales were flat.

“Eleven states and the District of Columbia held sales tax holidays this week which helped to spur customer traffic for back-to-school items in those areas,” said Michael Niemira, ICSC’s chief economist.

“However, overall national traffic trends were softer which led to a flat weekly performance.” Sales in July are expected to increase by between 2 percent and 3 percent, Niemira said.