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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; Front Page News; Government; News/Current Events; Politics/Elections
KEYWORDS: bidenflation; bidenomics; biglots; consumerspending; economics; economy; familydollar; holidayseason; itstheeconomystupid; kamalanomics; retailers; shopping; target; weak
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1 posted on 10/21/2024 1:42:04 PM PDT by george76
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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.)
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To: CatOwner
โ€œQuick, more DEI merchandise!โ€

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)
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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
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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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To: george76

No one buying tranny pumpkin baby shirts?


6 posted on 10/21/2024 1:51:06 PM PDT by TornadoAlley3 ( I'm Proud To Be An Okie From Muskogee)
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To: george76

Done ran out already. ZERO budget for target for sure.


7 posted on 10/21/2024 1:51:43 PM PDT by rktman (Destroy America from within ? Check! WTH? Enlisted USN 1967 to end up with this๐Ÿ’ฉ? ๐Ÿšซ๐Ÿ’‰! ๐Ÿ‡ฎ๐Ÿ‡ฑ๐Ÿ‘!)
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To: george76

No problem. Uncle Sugar has LOTS of money.


8 posted on 10/21/2024 1:51:44 PM PDT by ProtectOurFreedom (It should be illegal to be here illegally. It should be a crime to be committing crimes in the USA.)
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To: george76

Borrow and spend only works for so long.


9 posted on 10/21/2024 1:53:00 PM PDT by Opinionated Blowhard (When the people find that they can vote themselves money, that will herald the end of the republic.)
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To: george76

RUNNING OUT? Good grief.

Screw the illegals and foreign wars.


10 posted on 10/21/2024 2:02:10 PM PDT by Karliner (Heb 4:12 Rom 8:28 Rev 3, "...This is the end of the beginning." Churchill)
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To: CatOwner

The consumer is shifting to any place of value and lower prices. I changed oil in the truck before a trip and found my steering damper leaking needing changed. Priced it at two local auto parts stores and ended up getting it shipped from online for 40% less than local brick and mortar stores. Brick and mortar can’t compete and is not worth the supposed convenience what with the cost of all it takes for a local presence. It is sad but it is just a fact. I might want to shop local but I can’t afford altruism either. We may know where this leads for the future but we live in the present when it comes to personal finances.


11 posted on 10/21/2024 2:03:14 PM PDT by Sequoyah101 (More important than why there was nobody protecting the AGR roof, how did Crooks know that?)
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To: george76

Know one thing, none of my money is being spent at Target. Straight, conservative and white male money isn’t welcome.


12 posted on 10/21/2024 2:14:38 PM PDT by BigFreakinToad (just remember the Harris algorithm runs at 3 am.)
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To: T.B. Yoits

After their stint with gay pride month, sent them a letter vowing to never shop there again, and I have not returned.


13 posted on 10/21/2024 2:17:23 PM PDT by Fungi
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To: george76

Everybody’s got enough stuff.

I mean do kids even care about toys anymore? It seems all they want to do is play games on their phones.


14 posted on 10/21/2024 2:20:00 PM PDT by dfwgator (Endut! Hoch Hech!)
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To: Fungi

Target has nothing I can’t find at Walmart and usually cheaper as well.


15 posted on 10/21/2024 2:21:10 PM PDT by V_TWIN (America...so great even the people that hate it refuse to leave!)
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To: george76

Actually most “consumers” don’t have any money, what they have is large credit card debt and some are still paying for the last five Christmases.

Most American do not have much in savings, they are living paycheck to paycheck using credit cards to get by. That balloon is going to bust one of these days and then we will see some real problems.


16 posted on 10/21/2024 2:22:45 PM PDT by CIB-173RDABN (My opinions are the rusult of 80 years of life, you may not like them but who cares.)
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To: dfwgator

Material objects are not what Christmas is supposed to be about anyway......at least for me it’s not.


17 posted on 10/21/2024 2:22:57 PM PDT by V_TWIN (America...so great even the people that hate it refuse to leave!)
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To: george76

Not just savings exhausted...
...but also credit cards maxed out.


18 posted on 10/21/2024 2:25:11 PM PDT by lightman (I am a binary Trinitarian. Deal with it!)
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To: CatOwner

I could have told people that months ago. People have been running out of money for 3 and a half years of the Biden and Harris economy. Working Americans have to pay their own way, they don’t get free food, rent and money from Biden and Harris like illegals


19 posted on 10/21/2024 2:26:05 PM PDT by Rdct29 (The Democrats Are The New Nazi Party )
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To: V_TWIN

Or make. :-)


20 posted on 10/21/2024 2:29:21 PM PDT by mewzilla (Never give up; never surrender!)
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