Weekly sales edge downward

New York City Chain-store sales for the week ended Aug. 1 fell 0.7% year-over year, according to the International Council of Shopping Centers and Goldman Sachs on Tuesday.

On a week-over-week basis, sales dipped 0.2%.

"Sales gave back a little over the last week as the later back-to-school state sales tax holiday dates trimmed the year-over-year sales comparison a tad, but will tend to lift sales in the current week," said Michael Niemira, ICSC's chief economist. "July sales are likely to be weak due to sharp markdowns on clearance items and, in some cases, more limited inventory to clear, as well as cooler than normal weather for the month that pared seasonal demand."

ICSC forecast July sales to decline about 5.5%.