Report Shows Sales Rise of 1.0% for Week

Chicago ShopperTrak RCT Corp. announced in its National Retail Sales Estimate (NRSE) on Tuesday that retail sales continued to mirror the country’s current economic climate, as sales for the week ending Oct. 25 increased a slim 1.0% as compared to 2007, and slipped 0.9% as compared to the previous week ending Oct. 19.

Although economic news remained rather gloomy for the week, retailers did see some spending as seasonal weather and reduced gasoline prices may have provided some incentive for consumers to seek out fall merchandise bargains.

That being said, the general overall weakness in GAFO retail sales is reflected in October’s month-to-date performance as compared to last year, falling 0.6%.

“While October’s current retail performance isn’t exactly noteworthy, the fact that retailers have seen just a 0.6% dip with some Halloween spending approaching at the end of the month could provide some much needed optimism heading into the holidays,” said Bill Martin, co-founder of ShopperTrak. “Due to the poor economy and Thanksgiving falling a week later this year, chain stores will most likely begin holiday sales and promotions early as a way to generate consumer traffic and assure positive gains throughout these final two months of 2008.”