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Hurricane Sandy reduces retail sales by nearly 20%
New York -- Hurricane Sandy is being held responsible for reducing U.S. retail sales in the Mid-Atlantic and Northeast region by about $4 billion last week, according to MasterCard Advisors SpendingPulse.
According to the report, the region, which accounts for about 24% of retail sales nationwide, typically generates $18.7 billion in sales for that particular week ended Saturday, the Associated Press reported. But revenue came in at about $15 billion. (The figures exclude auto sales.)
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Saks’s Off 5th to open in new center in Livermore, Calif.
New York -- Saks Inc.’s Saks Fifth Avenue Off 5th announced that it plans to open its doors in Livermore, Calif., on Nov. 8.
The new 28,132-sq.-ft. store is located in Paragon Outlets, a new outlet facility located 36 miles east of the heart of San Francisco, which will open in conjunction with Saks Fifth Avenue Off 5th on the same day.