Former Toys 'R' Us CEO Gerald Storch warns the retail industry will have a 'very difficult' holiday season as inflation continues to pinch Americans' wallets.
Former Toys ‘R’ Us CEO Gerald Storch and Pulte Capital CEO Bill Pulte discuss inflation’s persistent impact on the U.S. economy one year since the ‘Inflation Reduction Act.’leaving one industry expert predicting the economy is facing a "very difficult" season.
"Every report we hear from retailers out there is that consumers are stressed, they're reluctant to buy goods. They are spending money on services still, some of that pandemic revenge, but when you adjust for inflation, sales of physical products are actually down for 11 straight months," Storch said. Last week, the July consumer price index rose 0.2% in July from the previous month, in line with estimates.
Former Toys"R" Us CEO Gerald Storch issues a warning to retailers, claiming it will be a very difficult holiday season due to inflation. "Not only do consumers face inflation, but they have to pay the rising interest rates any time they buy a capital good, a car, their home, whatever it might be. Additionally, credit card debt is rising, showing that they're going into very high-interest credit cards. And by the way, as rates rise, the credit card debt rate rises. And so they're spending the most expensive capital that they can get to buy what they need to buy in their life.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Florida art museum files lawsuit over forged Basquiat paintings, claiming former CEO profited from salesThe Orlando Museum of Art has sued former CEO Aaron De Groft over a forged paintings scheme. The museum displayed dozens of forged artworks under the name of Jean-Michel Basquiat
Read more »
CEO fatally shoots former executive during confrontation in Pa. businessThere is a documented history of altercations between the CEO and the victim, according to the Lycoming County first assistant district attorney.
Read more »
Trader Joe’s responds to rumors it plans to add self-checkoutThe grocery chain's CEO and president/vice CEO tackle the subject in a new podcast.
Read more »
3 former Solon High School students sue district staff over sexual assaults by former band directorThree former Solon High School students this week alleged that the district’s Board of Education was negligent in sexual harassment and abuse by a former band director.
Read more »
3 former Solon High School students sue district staff over sexual assaults by former band director3 former Solon High School students sue district staff over sexual assaults by former band director
Read more »
Biden to pay respects to former Pennsylvania first lady Ellen Casey in ScrantonPresident Joe Biden is traveling to Pennsylvania Thursday to privately pay his respects to the mother of U.S. Sen. Bob Casey.
Read more »