FINANCE

Hurricane Sandy reduces retail sales by nearly 20%

BY Marianne Wilson

New York — Hurricane Sandy is being held responsible for reducing U.S. retail sales in the Mid-Atlantic and Northeast region by about $4 billion last week, according to MasterCard Advisors SpendingPulse.

According to the report, the region, which accounts for about 24% of retail sales nationwide, typically generates $18.7 billion in sales for that particular week ended Saturday, the Associated Press reported. But revenue came in at about $15 billion. (The figures exclude auto sales.)

“This was a significant negative event for the region," said Michael McNamara, VP of research and analysis for SpendingPulse, which monitors all types of spending across retail.

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J.Sanders says:
Jan-22-2014 11:42 pm

Looks like Sandy was not the
Looks like Sandy was not the worst what could have happened still. A number of disasters having swept over the country and actually the world recently have brought a lot of damage to real estate property as well. We were lucky, I am sure, as the repairs cost us only a wage day advance on line, which was not much compared to the damages caused by floods in the neighbouring cities.

J.Sanders says:
Jan-22-2014 11:42 pm

Looks like Sandy was not the worst what could have happened still. A number of disasters having swept over the country and actually the world recently have brought a lot of damage to real estate property as well. We were lucky, I am sure, as the repairs cost us only a wage day advance on line, which was not much compared to the damages caused by floods in the neighbouring cities.

J.Morgan says:
Nov-13-2012 02:59 am

Hurricane Sandy is doing the
Hurricane Sandy is doing the good thing. It is nice that i have read your post coz through this i learn something new. Like in my previous article i have read. I read about the beet it that talks about green people which has the great details.

J.Morgan says:
Nov-13-2012 02:59 am

Hurricane Sandy is doing the good thing. It is nice that i have read your post coz through this i learn something new. Like in my previous article i have read. I read about the beet it that talks about green people which has the great details.

P.Adams says:
Nov-08-2012 08:00 am

Hurricanes never bring
Hurricanes never bring anything good - only mess and sadness. And of course it's a negative impact on the economy and households. It takes years to create something and just a few moments of stronghurricane and everything is ruined. It's important people to get financial assistance in such occasions. There should be support for people because it's hard to rebuild everything on your own. It's always about money because step by step it's necessary to get back to normal life. http://bit.ly/N1y0Iq

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FINANCE

ComScore: Online retail spending up 15% to $41.9 billion in Q3

BY Marianne Wilson

Reston, Va. — Online retail spending in the United States reached $41.9 billion in the third quarter, up 15% versus year ago, according to comScore. This represents the twelfth consecutive quarter of positive year-over-year growth and eighth consecutive quarter of double-digit growth.

According to comScore’s quarterly online retail survey, 37% of U.S. consumers say they have engaged in “showrooming” behavior where they use a smartphone while in a retail store to check prices or to even purchase a product online. This represents an increase of 5% in the past two quarters.

“The Q3 growth rate of 15% growth remained in line with the prior quarter and provided confirmation of the strength in the e-commerce sector, despite a few negative headwinds in the macroeconomic environment during the quarter,” said comScore chairman Gian Fulgoni. “Such performance offers some optimism as we approach the holiday season, especially given recent improvements in consumer sentiment. With the housing market beginning to show signs of recovery in addition to increasing – if still underwhelming – job growth, there appears to be strong enough footing to support a very healthy online holiday shopping season.”

The survey also shows that despite a slow-moving economic recovery there has been marked improvement in consumer sentiment in the past quarter, although many consumers still remain challenged by economic conditions. Forty-eight percent of U.S. consumers now rate the economy as ‘poor,’ an 8% point improvement versus the prior quarter and the most pronounced improvement since early 2009 (following the worst of the financial crisis).

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REAL ESTATE

Saks’s Off 5th to open in new center in Livermore, Calif.

BY Staff Writer

New York — Saks Inc.’s Saks Fifth Avenue Off 5th announced that it plans to open its doors in Livermore, Calif., on Nov. 8.

The new 28,132-sq.-ft. store is located in Paragon Outlets, a new outlet facility located 36 miles east of the heart of San Francisco, which will open in conjunction with Saks Fifth Avenue Off 5th on the same day.

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