U.S. Annual Inflation rose to 6.8% in November - the highest in 40 years
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Anonymous
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The real culprit here are the meat conglomerates.
We have to put an end to big meat! |
Anonymous
| Mmmm. Big meaty steaks. Juicy prime rib. Succulent hamburgers covered in melty cheese. Aaahhhhh. |
Anonymous
| Apparently inflation is not putting a damper on shopping habits, particularly in the metro DC area. I was at Tyson’s mall Saturday afternoon and I have never seen so many shoppers, not even right before Christmas in pre-Covid years! |
Anonymous
Guess you missed the impending closure of both the LLBean in Tysons and the Bed, Bath, and Beyond also in Fairfax? https://www.tysonsreporter.com/2021/12/29/l-l-bean-is-closing-its-tysons-corner-center-store-next-month/ https://www.insidenova.com/headlines/bed-bath-beyond-closing-store-in-fairfax/article_388db266-51b5-11eb-923d-8313b5acfd6c.html |
Anonymous
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Anonymous
Whole Foods in Navy Yard was busier than ever. |
Anonymous
Stores close, stores open, all the time. Have anything other than anecdotes? |
Anonymous
You mean besides your 'anecdote' of 'I went shopping on a Saturday afternoon and WOWEEE there were a lot of people'? |
Anonymous
Your anecdotes of "two stores closed" = authoritative data, uh huh, sure, let's base an entire worldview on it. Everyone else's anecdotes = garbage Well, here's some context for yours. In any given year in the US, on average 14,200 retail stores will close. On the other hand, on average, 16,900 retail stores will open. |
Anonymous
Nope, I did not miss it. But the cause of LLBean's closure has more to do with landlord-tenant issues than with the dominant narrative on this thread--Democrat-led inflation. LLBean is looking for another retail location--they are not gong out of business. Since you brought up the LL Bean example, you may want to read this more nuanced discussion about the matter (see link below). Sounds like the mall owner probably raised the rent on LLBean to an unacceptable level or tried to renegotiate leasing terms. Mall owners are now in a stronger position to once again raise rents and demand terms that may not be acceptable to businesses. I live in the Vienna-Oakton area and have seen quite a few stores/restaurants close over the past two years--but many, if not most, have re-opened elsewhere and new businesses have moved in to the shuttered storefronts. As for the larger retail picture according to the article, "Retailer demand is at a level we have not seen since 2015," Macerich CEO Thomas O'Hern told analysts in November, according to a Seeking Alpha transcript. "We expect traffic to continue to increase. The current level is over 95% of the 2019 traffic levels." O'Hern added that leasing volume for the full year exceeded 2019 levels and was at its highest point since 2015. The executive called out strong consumer demand and a dramatic slowdown in retail bankruptcies..." It looks like Covid forced some restructuring of retail markets but, several years in, demand for retail goods and traffic in malls is very high. Again, this is for the Norther VA area and may not apply to the situation elsewhere. https://www.retaildive.com/news/ll-bean-to-close-tysons-corner-store-in-northern-virginia/616682/ |
Anonymous
And, Tyson's is definitely an example of middle America....especially Tyson's Galleria. |
Anonymous
OP here. Don't be an a**. 1) I did not mention the Galleria anywhere and 2) I qualified my original and follow-up posts by mentioning the metro DC area--was not extrapolating to the rest of the country. But chances are that if retail is up in the (generally) affluent metro DC area, then it is up elsewhere in the country. That makes sense given the pent-up demand for "retail therapy" several years into the epidemic and the extra savings many people have. |
Anonymous
We can also add Williams Sonoma closing in the same Tysons Galleria. I'm sure you have an awesome spiel about that one as well. |