A heavy snowstorm that swept the East Coast over the weekend may have cost retailers the potential for any upside to holiday sales. Weather-tracking firm Planalytics estimated that the snowstorm cost U.S. retailers about $2 billion of sales they will not be able to recover.

The storm forced store closures for several hours on Saturday and kept shoppers at home in major metropolitan areas such as Washington, D.C. and Philadelphia for at least part of the weekend.

The last Saturday before Christmas is said to be the biggest shopping day of the year, accounting for an estimated $15 billion in spending. The Northeastern corridor, stretching from Virginia to Massachusetts, accounts for at least 25 percent of those sales, The Wall Street Journal reported. Still, many reports showed the sales over the weekend were solid across other parts of the country.

The International Council of Shopping Centers stuck by its estimate calling for holiday sales to rise 1 percent.

“At this time of year, bad weather does not generally reduce demand,” said chief economist Michael Niemira told Dow Jones Newswire. “It shifts it to another time. The rest of this week will be crucial.”

 

The National Retail Federation likewise kept its forecast that retail sales would fall 1% this holiday season, noting that any drop-off in the East won't overly hamper large retailers' national sales.


Scott Krugman, spokesman for NRF, also said the online option helps buffer any shortfalls.

 

“Retailers have really invested in creating a true multi-channel strategy and this is when it comes in handy,” Mr. Krugman said. “If this had happened ten years ago, it would be a lot worse.”