Report: Week’s Retail Sales Fall 3.7%

Chicago ShopperTrak’s National Retail Sales Estimate reported Tuesday that retail sales for the week ending Jan. 31 declined 3.7% as compared to the same period in 2008, while week-over-week sales fell 4% vs. the previous week ending Jan. 24.

GAFO retail sales slipped as inclement weather that produced ice and snow throughout much of the East and Midwest slowed shopper traffic. Additionally, on a week-over-week comparison, retailers experienced the annual sales decline following the extended Martin Luther King Jr. holiday weekend last week.

According to ShopperTrak, last week’s year-over-year sales decline marks the fourth consecutive slide, continuing 2009’s poor retail performance.

“Several factors played into last week’s slow retail showing, including the wave of storms seen throughout much of the country that undoubtedly kept shoppers out of their favorite retail locations,” said Bill Martin, co-founder of ShopperTrak. “This inclement weather coupled with additional reports of job losses and a stagnant economy seemed to weaken consumer confidence, negatively influencing shopping behavior.”