High gas prices could have shifted consumers to shopping at wholesale clubs, since those outlets sell fuel as well as items in bulk, allowing consumers to buy more items at once and make fewer trips. As a result, wholesale clubs performed better than any sector, posting a 10% surge, with Costco leading the way at 11%.
Apparel chains did not fare as well, though, inching up 0.6%. Gap Inc. fell 6%, while Talbots dropped 5.1% and Limited Brands slid 2%. But Abercrombie & Fitch had another strong showing, up 21%, and Chico's FAS posted a 15.8% gain.
Department stores continued to have mixed results. Luxury chains like Neiman Marcus, which shot up by 9.6%, and Nordstrom, rising 4.1%, performed well. But Dillards dropped 1% and Kohl's slipped 0.2%.
Discounters rose 2.9% as a group. Target once again led the sector, increasing 5.6%, while Wal-Mart jumped 2.6%. ShopKo continued to suffer, dipping 4.6%.
This month retailers will face a tough comparison to last October's 4.1% gain. That could lead to a 3% same-store sales increase for retailers as a whole next month, ICSC's research team predicts.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
