Report: Retail Sales Fall for Week of Feb. 21

Chicago The National Retail Sales Estimate Report conducted by ShopperTrak, revealed that retail sales for the week ending Feb. 21 declined 0.5%, compared to the same period in 2008. Meanwhile, week-over-week sales decreased 4.5%, compared to the week ending Feb. 14.

The slight year-over-year decline marks the seventh consecutive sales drop. Poor economic conditions are the main culprit.

Meanwhile, weak promotions supporting President’s Day sales were blamed for not encouraging shoppers to spend at the same level they did a week earlier for Valentine’s Day.

“Last week we anticipated lower sales levels as annually the period following Valentine’s Day and leading into Easter is slow for retailers,” said Bill Martin, co-founder of ShopperTrak. “This yearly trend, coupled with the poor economic conditions, led to the seventh consecutive year-over-year sales decline. This pattern will most likely continue until Easter.”

The NRSE, which provides a nationwide benchmark of retail sales, is based on the U.S. Commerce Department's GAFO (general merchandise, apparel, furniture, sporting goods, electronics, hobby, books and other related store sales) statistics, as well as ShopperTrak's proprietary industry data regarding shopper movement and sales statistics.