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May Same-Store Sales Drop 4.6%

NEW YORK CITY-The lack of Wal-Mart's reporting data hurts the overall sales picture this month.

By Debra Hazel | Updated on June 05, 2009

NEW YORK CITY-Faced with comparisons against a stimulus-check boosted May 2008 and the absence of reporting by Wal-Mart, International Council of Shopping Centers’ retail Chain Store Sales Index reported that May 2009 comp-store sales declined 4.6% from the prior-year month. Sales excluding Wal-Mart rose 1.4% in May 2008.

Last May saw the US Treasury department distribute $50 billion to consumers, followed by $28 billion in June, bolstering sales.

“ICSC surveys found that about one-third of the federal tax rebates were spent, which pumped into consumer spending about $10 billion to $15 billion in May, and about that same amount in June–allowing for some lagged response between receiving the rebates and spending,” wrote Michael P. Niemira, ICSC chief economist and director of research.

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