IE Business Daily Business news for the Inland Empire.
National retail sales took a slight dip last week.
With demand varying in different retail categories, sales dropped 1.5 percent nationwide for the week ending March 22 compared with the previous week, according to data released Tuesday by the International Council of Shopping Centers in New York.
The good news was that sales were up 1.7 percent compared with the third week of March last year, which means the U.S. retail industry remains strong, though not overwhelmingly so.
“Sales on a year-over-year basis were a tad stronger, though segment demand was mixed across retail categories,” said Michael Niemira, the council’s vice president of research and chief economist, in a statement. “Dollar and electronics stores saw a strong improvement, while discounters and apparel stores [also] improved.”
While those sectors held their own, grocery, drug, department and furniture stores along with wholesalers, fell backward compared with March 2013, according to the data.
The council is predicting that comparable store sales will be up about three percent this month compared with last March.
