IE Business Daily Business news for the Inland Empire.
National retail sales stayed strong last week, in part because gas prices have declined recently and are staying down.
Sales were up 2.1 percent for the week that ended Saturday compared with the same week in 2013, according to the International Council of Shopping Centers and Goldman Sachs Weekly Chain Store Sales Index, which was released Tuesday.
Week-over-week, sale were basically static – down 0.3 percent – according to the index, which was released Tuesday.
Business was especially strong last week in electronics, clothing and discount house, in part because gasoline prices were down 7.1 percent compared with where they were one year ago, said Michael Niemira, research consultant with the council.
Retailers hoping for a strong Christmas season – the council is predicting a four percent increase year-over-year – can only hope that trend continues.
“Continuing to get a break at the [gas] pump should bode well for healthy discretionary spending, as we inch closer to entering the traditional holiday shopping period,” Niemira said in a statement.
The New York-based council has predicted a 3.5 to 4.5 percent increase in sales this month compared with last October.
