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July Same-Store Sales Plunge 5%

NEW YORK CITY-Comparable-store sales fell in all sectors with the exception of drugstores, as the consumer continues to hold back.

By Debra Hazel | Updated on August 07, 2009

NEW YORK CITY-Later back-to-school sales, tighter inventory and weather hit July retail sales, with US comparable-store store sales declining by 5% from the same month of 2008, according to the International Council of Shopping Centers’ monthly Retail Chain Store Sales Index. With Labor Day occurring on Sept. 7, school is beginning later in many areas, with the result that many back-to-school sales and tax-free holidays have shifted into August.

“ICSC Research estimates that the later back-to-school selling trimmed about 0.5 percentage points from July’s sales pace and will boost August by that same magnitude,” wrote Michael Niemira, ICSC chief economist and director of research.

Tighter inventory controls were a factor, noted Lorraine Hutchison, specialty retail and department store analyst for Bank of America/Merrill Lynch in a conference call. Old Navy’s sales were weaker, in part because of a lack of merchandise.

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