With the cold blowing in, shoppers are now heading out to buy winter hats, scarves, and gloves, said Jan Kniffen, CEO of J. Rogers Kniffen Worldwide Enterprises.
"This is about as good as it gets when you have this big, bad cold snap well in advance of when you want to sell the product," Kniffen told "Squawk Box."
Read MoreChristmas creep at a glance: Tracking Black Friday
Lake-effect snow buried the Buffalo region under a record accumulation on Tuesday, piling up to 6 feet of snow in some areas. Gov. Andrew Cuomo declared a state of emergency on Wednesday and called in the National Guard to help manage the situation after the unrelenting storm forced plows off the streets.
But in the long term, weather should have a fairly benign effect on retail this year compared to last winter, Walsh said. He said the weather should be milder, with fewer storms that keep consumers off the roads
Whether or not promotions will be enough to lure shoppers to stores remains to be seen. More Americans are waiting to see if Black Friday deals are worth it this year, according to a new study by the National Retail Federation.
Read MoreShoppers skeptical of Black Friday deals
The study found that 31 percent of Americans are taking a "wait and see" approach, up 2 percent from last year.
Though the annual shopping event is now a multiday extravaganza, Friday is still expected to draw the vast majority of deal seekers, with 68.2 percent of NRF survey respondents saying they plan to hit the stores on Friday.