By Free Republic | Created at 2024-10-21 20:50:39 | Updated at 2024-10-22 00:20:20
3 hours ago
Former Target exec issues dire warning as holiday shopping season commences: Consumers 'running out of money'
FOX Business ^ | October 17, 2024 | Taylor Penley
Posted on 10/21/2024 1:42:04 PM PDT by george76
Retail expert Gerald Storch says the 2024 election will weigh on an already weak holiday shopping season..
Former Target Vice Chairman Gerald Storch painted a sobering picture of consumer sentiment while speaking to FOX Business on Thursday, anticipating a subdued holiday shopping season weighed down by economic and political uncertainties.
"It's very clear that consumers are running out of money. They're increasingly stressed by inflation and the exhaustion of their pandemic-era savings. When you take a look over the last several years, what you see month after month, everyone talks about, the consumer's still spending. They might be, but they're spending less than the growth of inflation," ...
When asked about his expectations for the Christmas season, Storch offered a candid response: "[I don't expect] too much, frankly."
by the way, the shortest holiday season you can even imagine, so that's against retailers,"
...
Now and the time between Thanksgiving and Christmas is very, very short, so that's going to be bad. The election's going to weigh on things and the geopolitical situation as well, so I think it's going to be a pretty weak Christmas," the former Toys "R" Us CEO expanded.
His somber outlook reflects broader concerns over consumer spending amid economic headwinds.
The retail landscape is facing tough times with widespread downsizing and closures, signaling a broader downturn. Highlighting this trend, popular pharmacy store chain Walgreens recently announced the closure of 1,200 unprofitable locations across the U.S. as part of a turnaround effort, underscoring the challenges brick-and-mortar stores are encountering.
As chains like Big Lots and Family Dollar scale back as well, a bleak picture has emerged for the future of physical retail locations. According to earlier reports from UBS analysts, the next five years could see up to 45,000 retail closures.
...
"[The consumer is] spending more and getting less. Look at some of these numbers year-over-year. Electronics and appliance stores down 4.6%... Sporting goods down 3.5%... Department stores down 1.2% less than last year. Not even controlling for the 2.4% inflation increase... So from my point of view, I don't think this is very good," Storch warned.
TOPICS: Business/Economy; News/Current Events; Politics/Elections
KEYWORDS: shopping; target; weak
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1 posted on 10/21/2024 1:42:04 PM PDT by george76
To: george76
“Quick, more DEI merchandise!”
2 posted on 10/21/2024 1:44:05 PM PDT by CatOwner (Don't expect anyone, even conservatives, to have your back when the SHTF in 2021 and beyond.)
To: CatOwner
“Quick, more DEI merchandise!”
Some FReeper earlier today posted a meme, well, not even a meme, an advertisement for a "non-binary flag" t-shirt. Available in Men's or Women's. The left has come to believe absurdities. It is no wonder that they are so keen to commit atrocities.
3 posted on 10/21/2024 1:47:12 PM PDT by Sirius Lee (Trump/Vance 2024 or GFY)
To: george76
That’s partially true but they’re also running out of the will to shop at Target.
4 posted on 10/21/2024 1:47:21 PM PDT by T.B. Yoits
To: george76
Buy gift cards for everyone.
Everything will be on sale, after Christmas.
5 posted on 10/21/2024 1:47:50 PM PDT by Jane Long (The role of the GOP: to write sharply-wordedRPOTUS letters as America becomes a communist hell-hole.)
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