Hurricane Sandy clean-up and replacement spending is expected to cut deeply into the holiday budgets of those impacted by the devastating storm.
Christmas shopping is likely the furthest thing from the minds of those who do not even know if their homes are still standing. Retail forecasters are quick to note that Black Friday is just around the corner, and, if Hurricane Irene trends hold true, Santa may be carrying a lot lighter bag this year.
The short term economic growth experienced by some stores in Hurricane Sandy’s path is not expected to last. While the shelves of warehouse clubs, hardware stores, and supermarkets are nearly bare after residents stocked up in preparation for the storm, malls have become ghost towns.
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