NEW YORK, Jan. 11 (UPI) -- The International Council of Shopping Centers and UBS of New York said Tuesday chain store retail sales fell in the latest week.
The ICSC-UBS weekly chain store sales snapshot showed sales declined because of unseasonable weather.
Sales fell 0.6 percent in the week ended Jan. 8, compared with a 0.2 percent increase in the previous week, the ICSC-UBS report said.
Compared with the same week a year ago, sales slowed to 4.4 percent after a 4.6 percent rise the preceding week.
In a special survey question, the report found 17 percent of consumers redeemed gift cards in the first week after Christmas with 33 percent planning to redeem them during January. Presumably, still-to-be-redeemed gift cards could help boost sales in later months.
The report showed steady strength in the retail sector and may help firm confidence for a respectable reading in Thursday's retail sales data, which will provide a final verdict on the health of what looks to be a firm but unspectacular holiday shopping season.
The ICSC-UBS snapshot is compiled from a group of major discount, department and chain stores across the country that report their weekly results.
