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NEW YORK (Dow Jones)--The International Council of Shopping Centers Retail Chain Store Sales Index declined by 1.0% in the week to Sept. 20 from its level a week before, on a seasonally-adjusted, comparable store basis.
This result on Tuesday followed a 1.6% decrease in the prior week.
"During this past week consumers spent cautiously as the stock market dropped to its lowest levels in years on turmoil within the financial industry," said Michael P. Niemira, ICSC's chief economist and director of research. "As a result, the month's sales performance continues to shape up below plan and ICSC Research is lowering its monthly estimate for September sales to an increase of 1.0% to 1.5%."
On a year-on-year basis, retailers saw sales increase by 1.3% in the latest week. That is equal to the year-on-year rise in the prior week.
-By Dan Molinski, Dow Jones Newswires; 201-938-2245; dan.molinski@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=mxZ09luYJZP8Iqr2QrN8MA%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
September 23, 2008 07:50 ET (11:50 GMT)
Copyright 2008 Dow Jones & Company, Inc.
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