Harvey Blasts Brands: Could Cost More Than $1B in Sales
Posted in: Uncategorized
The economic impact of Harvey, the Category 4 hurricane expected to drop more than 50 inches of rain on Houston, Texas, will be substantial, according to a new report. Lost revenue to area restaurants and retailers alone will total around $1 billion, said Planalytics, which provides weather analytics for businesses.
Sixteen years ago, Tropical Storm Allison flooded Houston with 28 inches of rain; Planalytics’ estimate of the economic impact from that storm was $5 billion.
While restaurants such as PF Chang’s and Chili’s, and stores such as Dillard’s and Stage Storeswhich have a large percentage of locations in the regionare the most affected, independents could also feel the impact. Evan Gold, exec-VP of global services at Planalytics, says that the storm will affect discretionary purchases over the next week or so as consumers hunker down and refrain from spending on Labor Day or back-to-school. Houston’s surrounding population controls roughly 4% of the spending power in the country, he adds.
Post a Comment