Chain store sales dipped for the second week according to the International Council of Shopping Centers (ICSC)-UBS survey. A 0.2% w/w decline followed a 0.8% fall during the opening week of August. Sales so far this month are 0.2% ahead of the July average which rose 0.8% from June.

During the last ten years there has been a 56% correlation between the y/y change in chain store sales and the change in non-auto retail sales less gasoline, as published by the US Census Department. Chain store sales correspond directly with roughly 14% of non-auto retail sales less gasoline.

The leading indicator of chain store sales from ICSC recouped about half of the prior week's decline with a 0.4% (-0.3% y/y) rise.

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