Washington virtually shutdown as a result of the weekend snowstorm. Now weather reports are saying we’re in for another major snowstorm late tonight and all day tomorrow. Mother nature will not give up!
Retailers are going to get hit hard due to the storm.
Analyst Eric Beder with Brean Murray, Carret says this will have a “negative impact” on the industry. Most stores don’t have winter goods anymore because retailers have cleared inventory to make room for the Spring collection. And because of the bad weather, no one is shopping for spring items right now, says Beder. As a result, Beder says this will have a significant impact. Spring has gotten off to a slow start. It's two weekends that have destroyed the Northeast.
But the retailers are not down for the count… just yet!
If the snowstorm is really that bad and people are stuck at home, Kristin Boughter, Senior Director of Planalytics expects to see a spike in online shopping for items like flowers for Valentine’s Day. Boughter says look on the bright side, the storm is happening midweek and we have a three-day weekend coming up thanks to President’s Day that may attract shoppers to the malls.
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