The first winter storm of 2016 slammed the Northeast and Mid Atlantic last Friday and Saturday leaving much of the area paralyzed. Despite warmer temperatures early this week, many areas are still recovering and some schools and businesses remain closed as local governments and residents dig out from up to 2 ½ feet of snow and ice.
While the economic cost of the storm due to structural damage and business interruption will likely reach into the billions, the net impact on the retail industry will essentially be neutral according to Weather Channel meteorologist and business analyst Paul Walsh. The demand generated by storm predictions creates a surge for for grocery stores, home improvement retailers and discount department stores like Walmart. This pre-storm boon essentially balances the losses experienced during the winter storm.
Whether winter weather impacts an Individual retailer positively or negatively, they can prepare for the next winter storm by analyzing historical data. Retailers can use “forecasts and analytics to understand how past storms have impacted sales so they know what kind of products to feature and the inventory needed,” explained Walsh. Accelerated Analytics can provide that data so that vendors in the retail sales and supply chain markets can tackle large weather events head-on.
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