IE Business Daily Business news for the Inland Empire.
National retail sales remained strong last week, which was good news as the start of the holiday shopping season draws closer.
Sales were up 2.1 percent for the week that ended Saturday compared with the same week in 2013, and up 1.5 percent compared with the previous week, according to the International Council of Shopping Centers and Goldman Sachs Weekly Chain Stores Sales Index, which was released Tuesday.
Department stores and electronics were the leading retail sectors last week, and lower gas prices nationwide helped keep shoppers spending, said Michael P. Niemira, research consultant with the council.
“Consumers are still seeing a huge break at the gas pump, with the average price per gallon hitting its lowest point since November 29, 2010,” Niemira said in a statement. “That certainly bodes well for the upcoming holiday shopping season, as more discretionary income should be available.”
The New York-based council has predicted a four to 4.5 percent year-over-year increase in sales for November, but this week’s data did not include a forecast.
