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Economy in Brief

U.S. Chain Store Sales Down For Third Week
by Tom Moeller November 2, 2004

Chain store sales fell for the third consecutive period. A 0.3% decline last week placed the October average 0.1% below September, according to the International Council of Shopping Centers (ICSC)-UBS.

During the last ten years there has been a 60% correlation between y/y change in chain store sales and the change in non-auto retail sales less gasoline.

Retail spending weakness last month also was evident in the Redbook Research survey of chain store sales. Through the third full week of October same store sales were 0.7% below September.

The ICSC-UBS retail chain-store sales index is constructed using the same-store sales reported by 78 stores of seven retailers: Dayton Hudson, Federated, Kmart, May, J.C. Penney, Sears and Wal-Mart.

ICSC-UBS (SA, 1977=100) 10/30/04 10/23/04 Y/Y 2003 2002 2001
Total Weekly Retail Chain Store Sales 432.4 433.9 2.9% 2.9% 3.6% 2.1%
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