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October Sales Point to Retail Recovery

NEW YORK CITY-The same-store sales gain of 2.1% is the strongest month of increases for the industry since April 2008.

By Debra Hazel | Updated on November 06, 2009

NEW YORK CITY-In a sign of a continuing retail recovery, October 2009 U.S. comparable-store sales rose by 2.1% from the same month of 2008, according to the International Council of Shopping Centers Chain Store Sales Index. This, the strongest gain since April 2008 (when sales rose 3.3%), was the second consecutive monthly increase after 13 monthly declines.

Another positive, ICSC says, was that all major segments outperformed their year-to-date results, even the luxury sector, which posted a 1.8% comp-store increase, its first gain since May 2008. Neiman Marcus reported a 6% comp gain.

“A confluence of positive factors helped October’s performance, including favorable weather early in the month that drove apparel demand, an improving economy and stock market and easy year-over-year comparison’s with the weakest part of the retail industry contraction during 2008,” wrote Michael P. Niemira, ICSC’s chief economist and director of research.

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