New York, The week ended Jan. 29 saw a retail sales increase of 2.5% over the same week the previous year, according to a joint report by the International Council of Shopping Centers (ICSC) and UBS. January’s weak retail finish led ICSC to revise its January retail sales growth projection to 2.5% from its previous forecast of 3%.
ICSC attributed January’s lackluster sales growth to a later Super Bowl, a later New York State tax holiday and Southeastern ice storms. Also, retail sales faced a tough year-over-year comparison in January. Retail sales were up 6% in January 2004.