RETAIL SALES TICK HIGHER
ICSC and Redbook retail sales data continue to show improvement. The ICSC reported a 5.5% year over year climb while Redbook is reporting a 2.2% move higher. Despite the strength in both reports they are still expecting weakness compared to March. Redbook expects a 2% decline. This is largely due to Easter seasonal shifts. Aside from this, there is certain improvement in the longer-term consumer trends. Econoday sees pent up demand continuing to be released in the coming months:
“The sixth straight weekly gain, plus 0.2 percent in the April 24 week, and the greatest year-on-year rate of the recovery, plus 5.5 percent, aren’t making ICSC-Goldman raise its April forecast. The report still sees full-month same-store sales at flat to minus 3.0 percent year-on-year. But sales will have to fall apart in the last week of the month if the target is going to be hit. The report describes traffic as robust and believes pent-up demand continues to be released.”
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