Will Retail Sales Keep Marching Forward?

Consumer spending is gaining momentum so far this month. “Sales were stronger over the past week as weather turned more moderate — for the moment — and business strengthened for grocery stores, apparel stores, discounters and wholesale clubs,” said ICSC Chief Economist Michael Niemira Tuesday in the firm’s weekly report on retail sales.

The International Council of Shopping Centers and Goldman Sachs Retail Chain Store Sales Index increased 1.4 percent from the previous week and 2.3 percent year-over-year. This growth was mirrored by Redbook’s same-store sales tally — a reading in which retail sales figures for the first week of the month are compared with the average for the entire previous month. Johnson’s Redbook Index rose 2.9 percent from the previous 7-day period.

Redbook noted that sales were mixed to modestly firmer in the second week of March, but remained below expectations, as many retailers are expecting a back-loaded month due to the Easter holiday…