Wintry weather deters President's Day retail sales
Thanks to a massive winter storm that swept the Northeast early this week, retail sales for the key President's Day holiday saw a sharp decline. U.S. retail sales during this year's President's Day weekend (Saturday through Monday) plummeted by nearly $422 million in the Northeast compared to the same
weekend last year, according to ShopperTrak's National Retail Sales Estimate (NRSE). The blizzard blanketed many parts of the Northeast with nearly 2 ft. of snow, closing airports and hindering shoppers from getting out to the many sales. "Obviously, it's hurt sales for the weekend, and you only have so many three-day weekends," says Scott Krugman, spokesman for the National Retail Federation (NRF), which was also forced to close due to the storms. "Retailers look at President's Day sales as an opportunity to clear out (holiday) inventory and show people their spring lines. A lot of stores are extending their sales."
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