Blizzard warnings stretched from New Jersey to Maine. Up to 20 inches of snow was expected in Philadelphia and Boston and up to 16 inches in New York City.
"The forecast will tend to keep (shoppers) at home. It's not the best day for shopping," said Scott A. Bernhardt, chief operating officer at weather research firm Planalytics.
Because the storm is after Christmas, the loss will hurt retailers less than last year's snowstorm the Saturday before Christmas that buried much of the same area. That one cost retailers about $2 billion. This time, there's no Dec. 25 deadline.
RelatedChristmas Eve rush caps banner shopping seasonLast-minute shopping in Nashville area gives retailers high hopesGroceries as gifts indicate new practicality for holidayShoppers crowd stores as season winds downBeware: Return policies vary widelyMore shoppers make Nashville stores upbeatStrong holiday sales may indicate better 2011Smart phone users expect a lot from retailers"People will just wait a day to do exchanges and use their gift cards. It's no big deal," said Greg Maloney, CEO of the retail practice of Jones Lang LaSalle, which manages malls across the country.
He expects December revenue to grow a healthy 7 percent to 10 percent from last year.
Strong spending this week would build on the highest-spending holiday season since 2007, a record year. Dec. 26-Jan. 1 makes up less than 10 percent of the Nov. 1-Dec. 31 season but accounts for more than 15 percent of holiday spending, research firm ShopperTrak says.
Predictions call for retail revenue increase of 3 percent to 4 percent for the whole season, the best percentage increase since 2006.
The snow will send some shoppers online, where sales have been stellar. IBM Coremetrics said online spending rose more than 16 percent the week ending Christmas Day, while the average order rose 13 percent to $192.52. From Nov. 1 through Dec. 19, total online spending rose 12 percent to $28.36 billion, according to research firm comScore Inc.
The day after Christmas was the second-highest revenue day for retailers last year, with $7.9 billion spent, according to ShopperTrak.
Improved weather outside the East Coast will bring out the shoppers. The nation's largest mall, the Mall of America in Bloomington, Minn., expected 100,000 shoppers Sunday.
.tweetbutton { margin-top: -3px; margin-right:-18px; }Shoppers crowd stores as season winds downReal Estate Outlook: Small Gains
