NEW YORK—The recent snowstorm, which snarled much of U.S. East Coast over the weekend has devastated travelers, yet a new report says that it may also have cost regional retailers $1 billion.
Due to the snowstorm, the typical post-Christmas shopping frenzy was virtually nonexistent, which contributed to $1 billion in lost sales for retailers, according to ShopperTrak, a retail industry research firm.
“In some locations, retailers didn’t have the ability to extend store hours on a Sunday due to various regulations, so there was a shorter window to move merchandise that day,” said ShopperTrak founder Bill Martin in a statement. “Additionally, the beginning of some inclement weather in the Midwest, Northeast, and South regions last week most likely influenced retailers’ levels as well.”
Predictably, foot traffic in retail stores were down 6.1 percent on Sunday, Dec. 26, compared to the same day last year. The firm says typically $10 billion in sales occur on Dec. 26 and Dec. 27, and 10 percent was compromised due to weather. ShopperTrak tracks performance of more than 70,000 retail locations.
No matter, this year’s holiday shopping season will likely be the best in years. ShopperTrak estimates a 4 percent sales gain between Nov. 1 and Dec. 31, which would be the best performance since 2007.
Due to the snowstorm, the typical post-Christmas shopping frenzy was virtually nonexistent, which contributed to $1 billion in lost sales for retailers, according to ShopperTrak, a retail industry research firm.
“In some locations, retailers didn’t have the ability to extend store hours on a Sunday due to various regulations, so there was a shorter window to move merchandise that day,” said ShopperTrak founder Bill Martin in a statement. “Additionally, the beginning of some inclement weather in the Midwest, Northeast, and South regions last week most likely influenced retailers’ levels as well.”
Predictably, foot traffic in retail stores were down 6.1 percent on Sunday, Dec. 26, compared to the same day last year. The firm says typically $10 billion in sales occur on Dec. 26 and Dec. 27, and 10 percent was compromised due to weather. ShopperTrak tracks performance of more than 70,000 retail locations.
No matter, this year’s holiday shopping season will likely be the best in years. ShopperTrak estimates a 4 percent sales gain between Nov. 1 and Dec. 31, which would be the best performance since 2007.
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