The Street
The Street
  • 14 hours ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why retailers continue to close stores.

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Sports
Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:03Here's what we're watching on the street today.
00:05It's an up day on Wall Street as a busy week of earnings wind down
00:09and there's a tamer tone to the bond market.
00:12Colgate-Palmolive is boosting both sales and profit forecasts for the year.
00:16The consumer products giant topped third quarter estimates
00:19as it continues to raise prices.
00:23Sticking with the consumer space,
00:25if you've noticed many more shuttered retail locations in your city,
00:28you're not wrong.
00:29Store closures are on pace to be their worst
00:31since the pandemic rocked the retail sector.
00:34Nearly 6,200 store closures have been announced so far in 2024
00:38according to data compiled by Foresight Research.
00:41That number is already eclipsing the more than 5,500 closures last year
00:46and it's the highest since 2020.
00:49Family Dollar, Walgreens, Big Lots, even 7-Eleven is on the list of store reductions.
00:54Chain stores are downsizing after stimulus checks fueled a consumer spending boom
00:59that has since dissipated.
01:01Higher interest rates and elevated prices have also combined
01:05to force consumers to shift how and where they spend.
01:09In addition, smaller chains are facing even more competition
01:13from bigger retailers like Walmart, Target, Costco, and Amazon.
01:17Retail experts say the way the pandemic changed
01:20how much shopping happens on the internet
01:22should not be overlooked in this wave of store closures.
01:25Online shopping was only 6% of total retail sales in 2014,
01:30doubled to 12% at the start of 2020,
01:34and is expected to grow to 23% in 2024.
01:38There is, however, one retail sector that seems immune,
01:41deep discounters.
01:43Bargain hunters can rejoice while other retailers are slimming down.
01:47Retailers like TJX, the parent of TJ Maxx, HomeGoods, and Marshall's continue to expand.
01:53That'll do it for your daily briefing from the New York Stock Exchange.
01:56I'm Conway Gittins with The Street.

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