The International Council of Shopping Centers said U.S. retail sales in May are so far coming in worse than originally expected. It now expects sales during the month to be up 2% to 2.5%. The group had previously forecast an increase of about 3.5%.
The New York-based trade group reduced its estimate after growth slowed to 1.3% in the week ended May 22, from 4.4% in the first week of the month.
The pace of store visits was “uneven” and consumer spending “softer,” Mike Niemira, the ICSC's chief economist, said in a statement.
Retailers will release sales for the five weeks ended May 29 on June 3.
Chains including Macy”s Inc. have said that a later Memorial Day holiday, which falls on May 31 this year, will shift sales from May into June.
