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Planalytics issues initial estimate on lost retail sales due to Hurricane Harvey

Chain Store Age

By: Marianne Wilson

Consumers are in a position to shop more, though fashion is not necessarily top of mind.

Hurricane Harvey, the first Category 4 Hurricane to make U.S. landfall since Charley in 2004, is poised to have the same, if not larger, economic impact.

That’s according to a report by Planalytics, whose initial estimate on lost retail sales due to the hurricane in the consumer/retail sector is $1 billion. Restaurants will take the biggest hit as these businesses do not make up for lost traffic. Malls and apparel stores will also take a big hit as consumers are focused on making ‘need based purchases’ immediately, Planalytics said. Retailers with a large percentage of their total store base in Harvey’s impacted areas include Dillard’s, Fred’s Stores, Stage Stores, Cato Corp., 99 Cent Only Stores, and Hibbett Sports.

Home centers and hardware stores will see an eventual increase in traffic as consumers make purchases needed for clean-up efforts and repairs, Planalytics said.

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