Hurricane Sandy Costs Retailers Half a Billion in Sales
Posted Friday November 2, 2012 8:01 AM GMT
The East Coast is still trying to recover from the wrath of Hurricane Sandy. While many residents are still without power, the fashion and retail industry has been hit hard, especially given the impact of the storm on New York City.
And even the fashion and retail industry has been hit hard, especially given the impact of the storm on New York City.
Loeb Associates consultant Walter Loeb told WWD, “Store losses for the eastern U.S. from Atlanta to Boston are probably $350 million a day, but could be as high as $500 million a day.”
The vast majority of stores in Manhattan were closed earlier this week given the lack of available transportation and the unpredictability of the treacherous weather.
One senior retail executive lamented, “You never like closing stores, but it is better that this is happening at the beginning of the quarter.”
And a Saks Fifth Avenue honcho added, “This isn’t fun and games. We made the decision late yesterday to close the offices as well. We boarded up the New York store for protection. We will see what happens. The priority is to keep people safe. It’s important to be cautious.”
Furthermore, the retail industry still has time to make up for their losses—the Christmas shopping season is slated to kick off next month, and fourth quarter numbers are expected to get a boost from last year’s totals.
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