Free Republic

Macy’s announced Tuesday it will be closing 150 “underproductive locations” over the next three years as sales dip and the company looks to expand its higher-end luxury brands. The department store chain saw nearly a 2 percent drop in sales during the fourth quarter of last year when compared to its fourth quarter of 2022. In 2023 as a whole, its net sales dropped 5.5 percent and its digital sales dropped 7 percent Macy’s new CEO, Tony Spring, who stepped into the role this month, expressed optimism in a statement accompanying the sales report, which was released Tuesday alongside the...

KEY POINTS Advance retail sales declined 0.8% for January, down from a 0.4% gain in December and worse than the estimate for a 0.3% drop. Sales at building materials and garden stores were especially weak, sliding 4.1%. Miscellaneous store sales fell 3% and motor vehicle parts and retailers saw a 1.7% decrease. Also, initial claims for unemployment insurance totaled 212,000 for the week ended Feb. 10, a decline of 8,000 from the previous week’s upwardly revised total and below the estimate for 220,000.

Whistleblowers at the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) are sounding the alarm on a reported 1,300-page draft document that allegedly justifies a proposed rule that would effectively ban private gun sales, according to a watchdog group. "The fact that inside ATF sources are blowing the whistle on this draft rule is an indication of what a difficult position it would put the ATF in. ATF agents did not sign up to go after law-abiding citizens for private sales protected under the Second Amendment of the Constitution," Tristan Leavitt, president of watchdog group Empower Oversight, said in a...

Sweet home ANYWHERE is getting more difficult under Biden’s vision for the economy. On the heels of the worst year ever for existing home sales, new home sales were expected to rebound 10.0% MoM in December after plunging back to reality in November (-12.2%) as mortgage rates tumbled. New home sales disappointed in December, rising just 8% MoM (vs 10% exp) but that is still the biggest MoM jump since last December. Source: Bloomberg Of course, having pointed out the dramatic series of downward revisions to this data series this year, November’s 12.2% plunge was revised up to a 8.0%...

Existing home sales fell to their lowest point in 28 years in 2023, while the median price of a home reached a record high, according to a new report from the National Association of Realtors (NAR). Sales of previously owned homes dropped to 4.09 million last year, marking the lowest annual level of home sales since 1995, the report found. The median price of an existing home, on the other hand, rose to an all-time high of $389,800. Home sales fell 1 percent last month alone and fell 6.2 percent compared to December 2022, to a seasonally adjusted annual rate...

A new analysis of the U.K. car market shows that consumers’ interest in electric vehicles has fallen sharply amid turbulent local economies, sticker shock, waning government rebates, and a dearth of charging ports. The Daily Mail looked at EV purchases across the U.K., concluding that sales were down double digits in 2023 compared to the previous year. In total, 23 percent of all car sales in 2023 were EVs, representing 71,984 out of 314,687 vehicles sold that year. That’s a steep decline from the 33 percent in sales in 2022, when 88,910 EVs were sold. Trouble on the car lot...

Sales of electric vehicles (EVs) are defying the combined urging of green lobbyists and government diktat with just a quarter making up new purchases for 2023, UK data reveals. The consumer rejection of EVs is a challenge to the electric car market and government goals to move towards net zero carbon emissions by 2050.

“The electric things have their life too. Paltry as those lives are.” – Do Androids Dream of Electric Sheep? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Just as President Joe Biden starts showering hundreds of billions more of taxpayers’ money to “electrify” the nation’s fleet of automobiles, the bottom is falling out of the EV market. The latest indication is the sharp drop in prices for used EVs. A report from iSeeCars.com, a search engine for auto buyers, found that the average price for all cars declined 5% in 2023 compared with 2022. But the resale price EVs plunged 33%. While a used EV sold for...

Beer sales in the US are expected to plunge to their lowest level since 1999 — largely due to Bud Light’s massive falloff after its disastrous tie-up with transgender influencer Dylan Mulvaney, industry experts said. Sales declined by more than 5% in the first nine months of the year, dragged down not only by the backlash and boycotts against Anheuser-Busch-owned Bud Light but the changing habits of younger drinkers, according to Beer Marketer’s Insights. Bud Light sales have steadily declined each month by 25% to 30% since Mulvaney’s now-infamous posts touting the brand on April 1, according to industry data.

Hyundai achieved its best-ever November sales as demand for its fully electric vehicles continues rising. Sales were led by the Hyundai IONIQ 5, up 99% over last year. For the 16th straight month, Hyundai’s total sales grew in November. Despite claims the EV market is cooling, the South Korean brand continues to see rising demand. Hyundai sold 2,372 IONIQ 5 models last month, representing 99% growth over last year. The brand has sold over 30,000 IONIQ 5 electric SUVs this year, up 44% compared to ~21K last year at this time. The company also sold 1,386 IONIQ 6 models, up...

The sale of previously owned homes fell to an annualized rate of 3.79 million in October, marking a 13-year low, according to data released by the National Association of Realtors (NAR) on Tuesday. Existing home sales, which fell 4.1 percent from September and 14.6 percent from last year, reached its lowest point since August 2010, the data showed. “Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation,” Lawrence Yun, NAR’s chief economist, said in a press release.

Target’s sales slumped last quarter and the retail giant is predicting a slow holiday shopping season. Target’s sales tumbled 4.9% — the second quarter in a row sales have dropped. And the company forecast a weak holiday, as customers continue to forgo discretionary purchases like furniture, electronics and some clothing. Target expects sales to decline by mid-single digits this holiday season. Shoppers have become more cautious in the face of inflation, higher interest rates and the resumption of student loan repayments. Consumers aren’t spending on home improvement projects the way they were during the pandemic, Home Depot said Tuesday. Retail...

Biden is the God of Hellfire! Forcing Americans to support China. The actual cost of charging an electric vehicle is $17 per gallon, and automakers are losing $36,000 per EV they sell. Its enriches China and makes the US dependent on Chinese batteries and minerals controlled by China. Ford EV sales are almost nonexistant. High prices, big losses per vehicle sold, a dearth of charging stations for travel. At least Biden will say the pain he is causing actually “hurts so good.” Here is California governor and greaseball Gavin “Gruesome” Newsom test driving a Chinese EV on his trip to...

Bidenomics is the gift that keeps on giving … if you are one of the top 1% of income. But if you are in the middle class, Bidenomics is like a horror movie. Pending home sales fell 7.1% in August 2023, with all four regions of the U.S. posting month-over-month and year-over-year declines in transactions. Rising mortgage rates have reduced the pool of home buyers, who are having to readjust their expectations about the location and type of home they can afford. Transactions were down 11% from last year. Pending home sales came off of the lowest print in recent...

CBS reports “ Popular drugs used to suppress appetites such as Ozempic and Wegovy might be causing an economic impact at some large retailers who say that people are buying less food at the grocery store, impacting their bottom line.” Video at link

The average cost of second hand electric cars is plummeting by a “phenomenal amount” as they sit for “months on end” without any buyers. Research by online motor marketplace, AutoTrader, revealed the average price for a used EV has dropped by 21.4 per cent this month, compared to a year ago. Marc Palmer, the head of strategy and insights at AutoTrader, told MailOnline: “The used market will now be slower to mature. There will be fewer new EVs registered and fewer used cars coming to market. “There will be sections of the public, especially those who are sceptical, who will...

Dollar Tree is planning to lock up some of its merchandise and may discontinue the sale of certain products, as theft makes a dent in the company’s profit margins. Richard Dreiling, Dollar Tree’s CEO, said on a call with analysts Thursday that the company is introducing new measures in the second half of the year to combat “shrink,” or the loss of inventory from theft and other causes. “We are now taking a very defensive approach to shrink,” Dreiling said, noting that such inventory losses “advanced a little further than what we had anticipated.” Dollar Tree and Family Dollar, both...

New York City’s legal marijuana market could generate $1.2 billion in sales and $47 million in tax revenue for city coffers when fully operational — but the high times might not happen until after 2030. The long wait for the bud bucks to finally bloom is due to the current slow rollout of the opening of pot stores, of which only a handful of legal shops have opened, a new analysis released Thursday reveals. “The rollout of the legal cannabis market has been slowed, however, by several challenges: illicit sales by unlicensed businesses, siting and funding issues for dispensary owners,...

US consumer spending rose more than anticipated in July, according to government data released Tuesday, showing resilience even as the economy cools on the back of a boost from online spending. Retail sales in the world’s biggest economy advanced 0.7 percent to $696.4 billion last month, up from a revised 0.3 percent rise in June, said the Commerce Department. Consumption has proven more robust than expected in the United States as households dip into savings accumulated during the pandemic, supporting growth while business activity slowed in recent months.

Anheuser-Busch InBev, the global beer-making giant, reported a sharp drop in sales and profit in the United States, as it counted the cost of a conservative-led boycott of Bud Light after the company’s collaboration with a transgender influencer. Anheuser-Busch said that its revenue in the United States fell more than 10% last quarter, versus the same period last year, “primarily due to the volume decline of Bud Light.” Operating profit at the U.S. unit dropped by nearly 30%. Bud Light has faced a backlash from conservative commentators and celebrities after Dylan Mulvaney, a transgender influencer, posted a promotion for the...