Sales fall 6.2% for week ending Feb. 28

Chicago ShopperTrak’s National Retail Sales Estimate reported that retail sales for the week ending Feb. 28 declined 6.2%, compared with the same period in 2008, while week-over-week sales decreased 9.3%, vs. the previous week ending Feb. 21.

Year-over-year retail sales declined for the eighth consecutive week as consumer confidence remains at record low levels in the sagging economy.

In addition, retailers experienced the annual spending lull following Valentine’s Day and President’s Day and heading into Easter, as week-over-week sales fell a sharp 9.3%, compared with the previous week Feb. 21.

“While both yearly and weekly retail performance was poor, the anticipated spending pause between February and Easter, added to various economic pressures on the consumer, meant retailers weren’t necessarily caught off guard last week,” said Bill Martin, co-founder of ShopperTrak. “The next major shopping period will be Easter, and holiday spending will most likely begin in late March through the holiday [April 12] which should provide a needed boost for retailers early in the second quarter.”