ICSC: Hurricane Sandy Dampens Retail Sales
Tuesday November 6th, 2012 - 11:24AM
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Hurricane Sandy darkened prospects for consumers and retailers, and its effects were substantial. According to the International Council of Shopping Centers and Goldman Sachs Weekly Chain Store Sales Index, retail sales for the week ending November 3 slipped by 0.2% from the week earlier. On a year-over-year basis, retail sales slowed by 1.4%.
"Up along the East Coast, Hurricane Sandy’s wrath was felt as power outages and storm damage forced consumers in doors,” said Michael Niemira, ICSC vp/research and chief economist.
He said ICSC expects sales to gain as consumers shake off the effects of the storm and the problems it left in its wake, including power outages and gas shortages, abate.
"Retail sales in the coming week should experience some improvement as consumers and retailers begin to get back to normal shopping patterns and recover from Sandy’s aftermath,” Niemira said.
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After decades of following consumers to the suburbs, retailers are plotting to get ahead of a growing segment of the population’s return to the cities.