With the monumental damage Hurricane Sandy has wreaked on New York City, retailers are feeling the brunt of the storm not only in physical damage, but in numbers. Department stores like Saks Fifth Avenue and Bergdorf Goodman have been closed since Monday and promise to continuously update their Twitter followers and Facebook fans with plans to reopen their doors. Barneys is one of the only stores to have re-opened so far. Stores further downtown that got hit the hardest, like Opening Ceremony, they have closed their doors as well. We can expect that many stores in the downtown shopping areas, including Soho and around 14th street, are experiencing severe power outages and some flooding.
As for the numbers, New York retail sales are getting hit hard, and at one of the worst times—just before the holiday season. Walter Loeb of the consulting agency Loeb Associates tells WWD that New York City retail stores could be taking at the least a $30 million loss in sales per day. However, this figure does not factor in any damages caused by the storm. Senior officials noted that they are grateful that the storm hit earlier in the week, rather than later when shopping is more prevalent.
Senior officials at major retailers like Macy’s and Neiman Marcus also share with WWD that they will be unable to pin point exactly how badly the storm has affected sales until all their stores are back up and running. The real damage from the loss of power is, of course, stores’ inability to open to customers more so than actual physical damage. (That, along with suspended transportation preventing employees from getting to work.)
Bottom line, New Yorkers, support your local retailers once they’re actually able to open!