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.
“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.
That’s partially true but they’re also running out of the will to shop at Target.
Buy gift cards for everyone.
Everything will be on sale, after Christmas.
No one buying tranny pumpkin baby shirts?
Done ran out already. ZERO budget for target for sure.
No problem. Uncle Sugar has LOTS of money.
Borrow and spend only works for so long.
RUNNING OUT? Good grief.
Screw the illegals and foreign wars.
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.
Know one thing, none of my money is being spent at Target. Straight, conservative and white male money isn’t welcome.
After their stint with gay pride month, sent them a letter vowing to never shop there again, and I have not returned.
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.
Target has nothing I can’t find at Walmart and usually cheaper as well.
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.
Material objects are not what Christmas is supposed to be about anyway......at least for me it’s not.
Not just savings exhausted...
...but also credit cards maxed out.
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
Or make. :-)
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.