New York shops re­main closed

The Pak Banker - - Front Page -

NEW YORK

Re­tail­ers from Wal­green Co. to Macy's Inc. (M) kept stores shut­tered in hard-hit New York and New Jersey while re­open­ing some other East Coast lo­ca­tions as they worked to as­sess the dam­age to their shops and sales.

While food mer­chants will ben­e­fit from con­sumers stock­ing up be­fore the storm and homeim­prove­ment re­tail­ers will gain from the clean-up, cloth­ing and depart­ment stores won't get a chance to make up the loss, Poonam Goyal, an an­a­lyst for Bloomberg In­dus­tries in Prince­ton, New Jersey, said to­day. The hit may even af­fect sales dur­ing the cru­cial hol­i­day shop­ping sea­son, she said.

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