Retail Industry
Industry: Email Alert RSS FeedKatrina expected to hamper retail.(Hurricane Katrina 2005)
Video Business, September, 2005 by Ault, Susanne; Netherby, Jennifer
Many stores shut by Hurricane Katrina are back in business, but storm-related problems are expected to linger into the fourth quarter. Opinions vary, but retailers believe Katrina could shave off between 5% and 10% from previously anticipated holiday sell-through and rental revenue. The flooded Gulf Coast region represents only a couple percentage points of the industry's DVD business, and New Orleans is at the hub of a metropolitan area ranked just 43rd in market reach.
But steep gas prices, partly stemming from Katrina-downed oil refineries, should bite into retail activity nationwide through the end of the year. And Congress has projected the loss of 400,000 jobs as a result of the natural disaster, causing economic ripples sure to hurt retail. ...
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