Same-store turnaround continues
August 21, 2003,
New York — Extending a recent turnaround, same-store retail stores continued their strong climb during the second week of August, improving by 3.3 percent following a 3.1 percent gain the prior week, the Redbook Retail Sales Average reported.
Through the first two weeks of August, sales had climbed by 3.2 percent, running ahead of a planned increase of 3.0 percent, getting a lift from tax rebate checks and home refinancing.
Retailers, said Redbook analyst Catlin Levis, reported "some strength in non-essential items such as furniture, home furnishings and fashion apparel showing that consumers are feeling more confident. Some discount stores noted the payroll cycle had been less significant for the past week suggesting customers of these stores may be reverting to more normal buying patterns."
As widespread power outage that blacked-out part of the nation "had little impact on overall sales," Levis noted. "Some stores were actually able to take advantage of the adversity, selling more footwear, radios, bicycles, generators, flashlights, water and batteries. Despite the blackout — or perhaps helped by it — the Northeast was the strongest region."