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Hernando Today

January Retail Dips

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By TONY HOLT

Hernando Today

Published: February 8, 2009

NEW YORK - Chain store sales fell for the fourth consecutive month, but the losses were not as severe as anticipated.

The International Council of Shopping Centers (ICSC) reported a 1.6 percent decline for January compared to the same month one year earlier.

"It was good in the sense that we thought it would be down 2 or 3 percent, but it's still lower than normal," said ICSC spokeswoman Erin Hershkowitz.

A closer look at the numbers shows luxury department stores suffered a year-to-year loss of 17.7 percent.
Department stores in general fell by 12.3 percent and apparel chain stores fell by 14 percent, according to ICSC.

Discount, drug and wholesale club stores earned marginal gains - 1.1, 0.6 and 3.7 percent, respectively.

The wholesale club gain excludes fuel sales. With gas included, wholesale stores - such as Costco and Sam's Club - declined by 1.7 percent, based on the same sales index.

"This ends a very tough fourth quarter and fiscal year," said ICSC economist Michael Niemira. "The lingering recession will continue to be a drag on spending in the months ahead."

The February outlook for retail will be down 1 to 2 percent, Niemira said.

ICSC predicts "slower-than-average" improvements toward the end of 2009.

The 1.6 percent loss includes retail giant Wal-Mart. If the country's largest chain was removed from the index, the total decline in year-to-year sales would be 4.8 percent.

Wal-Mart posted same-store gains of 2.1 percent for January, according to its Web site.

Same-store sales are sales at stores that are open for at least a year.

Reporter Tony Holt can be reached at 352-544-5283 or wholt@hernandotoday.com.

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