The Street
  • 2 months 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.

Category

🥇
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.

Recommended

1:47
I
Up next
A convenience store mega-merger is in the works
The Street
1:47
Big Lots on the verge of closing hundreds of stores
The Street
1:55
These retailers have all increased the interest rates on their store cards
The Street
1:53
7-Eleven to close 444 stores
The Street
1:38
Foot Locker surges as sneaker heads prepare to pay full price
The Street
1:51
Target to close stores in four major cities due to theft
The Street
2:03
Americans are ditching dollar stores
The Street
1:45
Walmart closing stores, laying off hundreds
The Street
1:39
Walmart stock hits all-time high
The Street
1:39
Walgreens to lower prices on thousands of products
The Street
1:47
Target’s bleak holiday outlook is bad news for other retailers
The Street
1:47
Friday is the best day for deals
The Street
2:01
Bed Bath & Beyond is coming back to brick and mortar stores
The Street
1:54
Ultra big televisions are getting cheaper
The Street
1:51
Dollar stores react to Trump tariffs
The Street
2:05
Back-to-school shopping means big bucks
The Street
1:58
GameStop, AMC make a roaring comeback
The Street
2:00
Port strike over as workers agree to new deal
The Street
1:53
Grocery prices finally start to come down
The Street
1:47
Cargill to lay off 5% of global workforce
The Street
1:39
Sears to close last New Jersey location, leaving about a dozen left in the U.S.
The Street
1:57
Canada orders TikTok to close its offices in the country
The Street
2:13
Dow faces 9th straight day in the red
The Street
1:53
More affluent Americans are living paycheck to paycheck
The Street
1:50
GameStop brings in $2 billion after selling 75 million shares
The Street