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<ul class="summary-list"><li>Several chains have said they're planning reductions in their store numbers for 2025.</li><li>Topping the list are Advance Auto Parts and Walgreens, which will shutter 1,200 stores combined.</li></ul>2025 is still more than a month away, but it's already shaping up to be another rocky year for retail.Several chains have already announced planned reductions in their store fleets for 2025. Analysts at UBS project the total number of US retail closures could reach 45,000 over the next five years.While UBS said that number would be led largely by smaller stores going out of business, some larger companies are also trimming their store footprints in response to changing consumer trends such as e-commerce, remote work, and other financial pressures.The shutdowns follow a tough 2024. A Business Insider tally of disclosures from 13 retail chain brands found that more than 2,000 stores have closed or are set to close across the US this year, and more comprehensive figures from Coresight Research put the number far higher, at 6,189 so far this year.Topping the 2025 list so far is Advance Auto Parts, which said Wednesday that it will close 727 locations by the middle of next year."This action is prudent to support the long-term health of the company," CEO Shane O'Kelly told investors on the company's third-quarter earnings call.Earlier this year, Walgreens made headlines when it said it would shutter about 25% of its 8,700 US locations over the next three years, <a target="_blank" href="https://www.businessinsider.com/walgreens-pharmacy-closing-1200-stores-turnaround-effort-2024-10">starting with 500 in 2025</a>.Other brands include Denny's, with 100 closures in the works (following 50 this year), and Macy's, which has between <a target="_blank" href="https://www.businessinsider.com/macys-stores-closing-locations-list">50 and 100 locations</a> on the chopping block next year.If the past is any indication, these won't be the only ones.For one thing, even healthy retailers like Walmart and Target periodically <a target="_blank" href="https://www.businessinsider.com/walmart-closing-smaller-stores-smart-strategy-2024-2">review and trim their store fleets</a> in the normal course of business. In fact, analysts have previously told BI that companies should.Beyond that, some brands don't survive forever, even if they're beloved today — remember the ubiquity of Blockbuster, K-Mart, or <a target="_blank" href="https://www.businessinsider.com/stores-closing-in-2023-list">Bed Bath &amp; Beyond</a>?Possible new tariffs and trade proposals during Donald Trump's second presidency could also increase the <a target="_blank" href="https://www.businessinsider.com/how-trump-tariffs-will-impact-prices-technology-clothes-appliances-furniture-2024-11">cost of some items, causing</a> trouble for struggling retailers.In any event, the year hasn't even begun, but nearly 1,500 retail closures are slated — already roughly half the amount BI has tracked for full-year totals in recent years.

Next year is already looking rough for retail store closures

India's retail inflation is projected to surge to 6.15% in October, exceeding the Reserve Bank of India's (RBI) tolerance threshold of 6%, according to a new report by Union Bank of India. The spike is attributed to persistent <keyword id="21013592" type="General" weightage="20" keywordseo="food-price-pressures" source="keywords">food price pressures</keyword> and the waning of favorable base effects from the previous year. Earlier this month, RBI governor Shaktikanta Das also echoed similar sentiments and noted that the inflation print for October 2024 could stay well above 5.5%. This is why, as Das highlighted, cutting interest rates as early as December would be very early and premature The <keyword id="19999655" type="General" weightage="20" keywordseo="Consumer-Price-Index" source="keywords">Consumer Price Index</keyword> (CPI) data for October, which will be released at 4 pm on Tuesday, as opposed to the previous practice of releasing this data at 5:30 pm on the 12th of every month, follows September's inflation reading of 5.49%, up from 3.65% in August 2024. The last time inflation breached the RBI's upper limit was in August 2023. Despite the RBI's anticipation of an October inflation "hump," the Union Bank report suggests that the magnitude of the increase might raise concerns, particularly as November's figures are also tracking at elevated levels. The bank maintains its forecast of unchanged interest rates in December's monetary policy meeting, with a modest 50 basis points rate cut cycle predicted to begin in February 2025. Food inflation remains a key driver of price pressures, with vegetables and edible oils leading the recent surge. In September 2024, India's YoY food inflation rate hit 9.24%, up from 5.66% in the month prior. However, the report projects some easing of food inflation in the January-March quarter, citing typical winter price moderation and improving prospects for rabi crops. Despite this, potential risks from food supply disruptions, imported edible oil prices, and the impact of potential trade tariff hikes will exist. The RBI, which aims to maintain retail inflation at 4%, has held the repo rate steady at 6.5% for the tenth consecutive time in its last meeting as part of its inflation containment strategy. A recent SBI report also noted that expecting rate cuts in this quarter would be immature, and easing was possible only during the first half of 2025. "Given the current estimates of FY25 real GDP growth at 7.2% and CPI at 4.50%, the RBI would quite possibly keep policy rates stable over the coming quarter at least. Emerging trends in the growth outlook would possibly determine the timing and extent of any policy easing. With near-term CPI numbers likely to stay elevated, it’s premature to consider expectations of any easing in the December review. "However, high-frequency data do validate a softness in growth data on an incremental basis. Given the anticipated aligning of CPI closer to the target over H2, a shallow easing, if any can be a reasonable possibility over H1 of CY 25", it added.

Retail inflation expected to breach 6% mark in October, says UBI Report

<ul class="summary-list"><li>Trump's second term likely means changes are on the way that will impact retailers.</li><li>Experts say tariffs are top-of-mind for many companies and would represent new costs for consumers.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">Donald Trump's return</a> to the White House is likely to usher in sweeping changes that will impact retailers like Walmart, Target, and Costco — ranging from new tariffs to tax cuts and a new regulatory environment. Trump's campaign promises, along with his prior term record, offer some insights into what major retailers can expect from his second term.In the lead-up to November 5, companies including TractorTractor Supply Co., Best Buy, and Dick's Sporting Goods said on their earnings calls that the election contributed to a generally more cautious US consumer.However, the unambiguous election result should comfort retailers heading into the critical holiday shopping period."Elections are very distracting for the consumer," Global Data retail analyst Neil Saunders told Business Insider. "It's not massively bad, but it's just not helpful for consumer confidence and the consumer attention.""Retail wants really a clear victory — whichever way," he added. "Then they can understand the policies and how to react, and then the consumer can start focusing on the holidays and opening their wallets."Walmart, which operates thousands of stores in red states and blue states alike, was measured in its outlook in an August earnings call."Good thing about elections is they come along every four years and we get to have a lot of history with seeing the impact of that," Walmart CFO John David Rainey said.With Election Day in the rearview, here are four key areas that retailers will be watching closely during this transition period.<h2 id="c7dc6c7e-c57f-4aeb-a65e-08e99c74d0b6">Tariffs are the biggest question</h2>Top-of-mind for many companies right now is <a target="_blank" class="" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11">the question of tariffs</a>, experts said.If Trump follows through on his campaign proposals of 10%-20% tariffs on most imports and 60-100% tariffs on goods from China, it would mean significant change to the way retailers do business."It would be a massive upheaval to most of the cost structures for these companies," said Chris Walton, a former Target executive and founder of Omni Talk.Given the expense of reorganizing supply chains, large retailers are still in the research phase rather than committing to a new strategy, Walton said.While retailers may absorb some of the costs associated with tariffs, US households would likely lose up to $78 billion in spending power per year, according to <a target="_blank" class="" href="https://nrf.com/media-center/press-releases/trump-tariff-proposals-could-cost-americans-78-billion-annual-spending">analysis</a> from the National Retail Federation, a lobby group representing the industry."A tariff is a tax paid by the US importer, not a foreign country or the exporter," said NRF's vice president of supply chain and customs policy, Jonathan Gold. "This tax ultimately comes out of consumers' pockets through higher prices."Still, Johns Hopkins business professor Tinglong Dai said the retail industry has handled prior rounds of tariffs without too much disruption to prices or the flow of essential goods."Retailers have become incredibly adept at absorbing these frictions," he said."You can say it's a negotiating strategy and it won't actually come to pass, or you can say will come to pass, maybe in a diluted form and not that severe, but it's causing a lot of nervousness," Saunders said of Trump's proposals.<h2 id="15b0f877-b89f-47c0-9a3c-6c75bf5bf298">Taxes matter, but take time to see results</h2>Trump is expected to extend his 2017 tax cuts, which are scheduled to expire next year. He's also likely to cut corporate taxes further, backed by his supporters in the House and Senate.Saunders said tax cuts will lead to more disposable income for consumers, which could lift spending."The whole of retail is very dependent on the middle class and what you can eke out of their spending levels," he said.Any changes to the tax code are likely to be less disruptive than tariffs since they will take many months to flow through the economy.Plus, retailers routinely manage tax changes at every level of government from local to national, Walton said."What's different," he added, "is this is of a size and scope that the retail industry hasn't seen in 100 years."<h2 id="1c185c04-3458-4dce-a9eb-401d657f36f1">Immigration presents a mix of challenges</h2>Past <a target="_blank" class="" href="https://www.pewresearch.org/short-reads/2024/07/22/what-we-know-about-unauthorized-immigrants-living-in-the-us/">studies</a> from the Pew Research Center suggest that relatively few of the retail industry's 15 million employees are living in the US illegally, so a crackdown on illegal immigration wouldn't likely complicate retailers' hiring efforts.Still, a widespread deportation effort could negatively impact people throughout the company, as well as customers and communities."Everyone's gonna feel the brunt of that," Walton said. "If that were to happen, it's a tough thing to prepare for, because the collateral damage from it could be pretty expensive."A more pressing concern, Saunders says, is a tightening of legal immigration, including the H1-B visa program for skilled workers, including the tech talent that giants like Amazon, Walmart, and Target increasingly rely on."That's actually very unhelpful for a lot of retailers, especially in areas like technology, which a lot of retailers are involved," he said.Other experts told BI that <a target="_blank" href="https://www.businessinsider.com/donald-trump-presidency-affect-big-tech-2024-11">concern over national security</a> and the availability of workers is far different from eight years ago, which could persuade Trump to soften his position.<h2 id="47fd7844-d2aa-4d9d-bc9c-0df1c9439146">Regulation down, deals up</h2>Federal Trade Commissioner Lina Khan, who has launched investigations into corporate price-gouging, will likely be one of the first to go under a new Trump administration, Saunders said.In place of her aggressive antitrust posture, a more deal-friendly FTC is likely to emerge, he added.Mergers like the one proposed between Kroger and Albertsons could find a more receptive audience in Washington, and other consolidations may soon follow.While a Republican administration is usually considered to be more business-friendly, Walton said it might not always be so straightforward under Trump."It can wax and wane to whatever the flavor of the month is in terms of where his administration wants to focus or who he wants to benefit," he said.

What Trump's win means for retail giants like Walmart, Target, and Costco

<ul class="summary-list"><li>Amazon's sales of cheap items are surging, driven by faster delivery speeds, executive says.</li><li>Amazon's essential product sales are growing 50% faster than other items.</li></ul>The sales of cheaper items are surging on <a target="_blank" class="" href="https://www.businessinsider.com/amazon-ceo-explains-why-he-wants-fewer-managers-hate-bureaucracy-2024-11">Amazon</a>.During a recent internal all-hands meeting, Amazon's retail CEO <a target="_blank" class="" href="https://www.businessinsider.com/profile-of-amazons-new-retail-ceo-doug-herrington-2022-7">Doug Herrington</a> said that the everyday essentials business, which includes health, beauty, and grocery products, is "growing 50% faster than the rest of the store," according to a recording of the event obtained by Business Insider.The growth is primarily driven by faster delivery speeds because people tend to spend more and shop more frequently when orders arrive quickly, Herrington said. Over 50% of those everyday essentials are now delivered on the same or next day, he added."It has really supercharged our grocery and everyday essential business," Herrington said, referring to faster shipping speeds. "And these are especially the low-priced everyday essentials, the things that most households purchase every week."Amazon has been investing heavily to make its warehouse and logistics network more regional. The goal has been to not only speed up deliveries, but also make it less expensive for the company to offer faster delivery.<h2 id="c0dfe482-5c31-44d1-a35d-fdfab5fe3a43">No longer "CRaP"</h2>Lower costs help Amazon offer cheaper products, which often come with thinner profit margins. This is a notable shift from the company's previous strategy of curbing sales of such products. Internally, Amazon used to refer to these products as <a target="_blank" href="https://www.businessinsider.com/amazon-wants-to-stop-selling-unprofitable-items-report-2018-12">"CRaP," or "can't realize a profit,"</a> because they were relatively expensive to ship and less profitable.Amazon's <a target="_blank" class="" href="https://www.businessinsider.com/amazon-andy-jassy-wooed-wall-street-overhauled-bloated-tech-giant-2024-7">record profits</a> in recent years, alongside <a target="_blank" class="" href="https://www.businessinsider.com/amazon-layoffs-10000-employees-grand-challenge-team-dramatic-changes-2022-11">drastic cost cuts</a> and major layoffs, are also contributing to the new approach. The change can potentially help Amazon better compete against Chinese e-commerce upstarts Temu and Shein, which are rapidly growing on the back of cheap items. Shein, for example, is expanding to sell more daily essentials, like toothpaste, skincare, and toys, Reuters reported.Amazon's spokesperson declined to comment.<h2 id="27100129-02ac-43d6-9461-8899978fdf94">'Perfect placement'</h2>During the recent all-hands meeting, Herrington said Amazon deliveries have become faster and cheaper after the company redesigned its network of warehouses to serve smaller regions. Now, Amazon has more warehouses assigned to customers close by, which allows for faster order fulfillment.As a result, Amazon has been able to reduce the "cost to serve" each order for two years in a row, while achieving the fastest delivery speeds for Prime shipments this year, Herrington added."We call that effort perfect placement," Herrington said.In October, Amazon CEO Andy Jassy said the company has been "maniacal" about lowering the cost to serve in recent years. It's a real competitive advantage because now Amazon can afford to sell lower-priced items economically, he said."There's an expression that we've used a lot of times over the years that it's easy to lower prices, but it's much harder to be able to afford to lower prices," Jassy said during a call with analysts.<h2 id="c402255a-a3e2-42e8-8f7f-81912d344b85">'Real positive'</h2>During last month's analyst call, Jassy added that the growth of cheaper items is a "real positive" because it is predicated on faster delivery speeds. He said that this usually leads to growth in customer loyalty, order frequency, and purchase volume."We see the ability to unlock whole new elements of the consumer spend," Jassy said.Brian Olsavsky, Amazon's CFO, added that strong growth in everyday essentials is a positive sign of Amazon becoming a part of consumers' daily shopping habits.Evercore analyst Mark Mahaney wrote in a recent note that the shift is important for Amazon, especially since its most loyal Prime membership base is <a target="_blank" href="https://www.businessinsider.com/amazon-prime-growth-takes-off-again-record-75-americans-use-2024-4">growing at a slower pace</a>."While the growth in those categories represents a negative mix shift in terms of margins, it increases shopper loyalty, shopping frequency and increases the basket size — important if the total Prime HH membership base in the US is maturing," Mahaney wrote.Amazon is doubling down on these efforts. Herrington said in the recent all-hands meeting that Amazon is investing in new warehouse robotics technology that can further improve packaging speed. It's also expanding its rural area network and drone delivery service, he said."The most important part is that customers are loving our faster speeds and we know they're loving it because they're shopping more," Herrington said.Do you work at Amazon? Got a tip?Contact the reporter, Eugene Kim, via the encrypted-messaging apps Signal or Telegram (<a target="_blank" rel="noopener noreferrer nofollow" class="c-link">+1-650-942-3061</a><a target="_blank" rel=" nofollow">) or email (</a><a target="_blank" href="mailto:ekim@businessinsider.com">ekim@businessinsider.com</a><a target="_blank" rel=" nofollow" href="mailto:ekim@businessinsider.com">). Reach out using a non</a>work device. Check out Business Insider's <a target="_blank" rel="" href="https://www.businessinsider.com/insider-guide-to-securely-sharing-whistleblower-information-about-powerful-institutions-2021-10">source guide for other t</a>ips on sharing information securely.

In leaked internal meeting, Amazon retail chief says sales of cheaper items are surging

America's absurd war on 'organized retail crime'

<ul class="summary-list"><li>Grocery chain Asda is calling workers back to the office three days a week from January.</li><li>The British retailer says it will improve on-site catering and provide better bathrooms for staff.</li></ul>Stuart Rose, chair of grocery store Asda and a veteran of British retail, says the company will improve bathroom facilities and on-site food as it mandates a return to the office for corporate staff.Rose, who has also held leadership roles at major UK retailers Marks &amp; Spencer, Argos, and Topshop, said last week that from January, <a target="_blank" class="" href="https://corporate.asda.com/20241105/a-message-from-stuart-and-rob-putting-ourselves-back-in-the-service-of-our-customers">all Asda corporate staff must be in the office three days a week.</a>After the announcement, Rose said in an interview with <a target="_blank" class="" href="https://www.theguardian.com/business/2024/nov/09/in-no-great-rush-to-get-back-to-the-office-uk-home-workers-may-not-have-a-choice">The Observer</a> that having too many staff based at home was "not a satisfactory way of working," particularly in a "fast-moving consumer goods industry.""It's not always as efficient with those teams working together in terms of online, in terms of Zoom calls," he told the outlet.Asda said it will "improve the working environment" in its offices as part of the RTO push.That includes "a better catering offer, an on-site Asda Express, a more welcoming atrium, more meeting spaces, quiet-space working pods, upgraded toilets, new chairs and redecoration."A spokesperson confirmed to Business Insider that in November, the grocery chain cut 475 management roles and announced a major restructuring amid slowing sales.Rose has taken on a leading role in Asda's transformation after one of the grocery chain's owners, Mohsin Issa, stepped down from running day-to-day operations in September.In 2021, Issa, along with his brother Zuber and private equity firm TDR Capital, purchased a majority stake in Asda from its previous owner, Walmart.Asda said that its RTO policy, combined with the restructuring and job cuts, would bring the business "in line with our competitors and the wider market, allowing us to build high-performing teams with a collaborative culture and respond to what our business needs the most."Rose is not alone in wanting his employees back in the office. While many bosses are firm advocates for the potential productivity gains of in-person work, some <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/rto-policies-dont-improve-employee-performance-company-value-controlling-bosses-2024-1">studies</a> have found that hybrid working does not affect productivity.As the pandemic years fade further into the past, more CEOs have been returning to policies similar to those that existed in most corporate environments pre-2020. In recent months, companies like <a target="_blank" class="" href="https://www.businessinsider.com/dell-staff-return-office-order-sparks-panic-parents-childcare-wfh-2024-10">Dell</a> and <a target="_blank" rel="" class="" href="https://www.businessinsider.com/amazon-ceo-return-to-office-mandate-5-days-week-2024-9?utm_source=Iterable&amp;utm_medium=email&amp;utm_campaign=campaign_Insider%20Today,%20September%2017,%202024">Amazon</a> have announced that staff must be back in the office five days a week.Asda's chair told The Observer he thinks demand for hybrid work has swung too far in favor of workers."Hybrid working wasn't invented in the pandemic," Rose said. "It has to fit the business's needs."Experts say workers still have some say in the working culture debate. If RTO policies become too strict, top talent will simply leave to find a system that works for them, Ravin Jesuthasan, a respected future-of-work researcher, <a target="_blank" class="" href="https://www.businessinsider.com/ravin-jesuthasan-why-companies-enforce-rto-mandates-future-of-work-2024-8">previously told Business Insider.</a>If the labor market swings back around to favor workers, organizations will be under more pressure to meet their employees on their terms, the author "The Skills-Powered Organization" said.Nick Bloom, a Stanford economist and a leading expert on remote work, previously told <a target="_blank" class="" href="https://www.businessinsider.com/wfh-remote-work-findings-rto-nick-bloom-2024-10">BI he believed</a> working from home is "here to stay," citing big steps in technology such as video calls and virtual reality.In a presentation published in September, Bloom shared that surveys in 2021 had shown that, on average, employees regarded the right to work two or three days a week from home as valuable as an 8% pay rise, based on 17,087 responses.

Better catering and nicer bathrooms will help get workers back to the office, says this retail CEO

<ul class="summary-list"><li>Wisp, an online pharmacy, said sales of birth control surged after Donald Trump's election win.</li><li>Wisp's CEO told BI that women were "taking action" amid future uncertainty.</li></ul>Wisp, an online pharmacy focused on sexual and reproductive health, says sales of birth control and emergency contraception have surged in the United States in the last week.The company says that's because <a target="_blank" class="" href="https://www.businessinsider.com/abortion-pill-women-stockpile-mifepristone-trump-presidency-experts-2024-4">women are stockpiling reproductive healthcare</a> products now that Donald Trump is headed back to the White House.Wisp, which serves over 1.2 million patients nationwide, reported a 1,000% increase in emergency contraception purchases from November 5 to November 6. Wisp CEO Monica Cepak told Business Insider that women are "taking action as they navigate the uncertainty of these next few years.""This data indicates to us that women are really scared and are using this moment in time to take back agency over their reproductive rights by stockpiling things like emergency contraception and investing in preventive reproductive health," Cepak said.In his first term, Trump put three conservative justices on the Supreme Court, which then <a target="_blank" class="" href="https://www.businessinsider.com/supreme-court-abortion-decision-final-ruling-scotus-roe-v-wade-2022-6">overturned Roe v. Wade</a>. The decision undid nationwide abortion protections and allowed 13 states to pass laws that effectively banned abortion.Earlier this year, Trump took credit for ending the decadeslong precedent of legalized abortion nationwide. "I did it, and <a target="_blank" class="" href="https://www.businessinsider.com/trump-abortion-roe-v-wade-supreme-court-gop-primary-2024-1">I'm proud to have done it</a>," he said. "Nobody else was going to get that done but me, and we did it, and we did something that was a miracle."In the 24 hours after Election Day, Wisp said it saw a 1,650% increase in new patients purchasing emergency contraception. There was a 600% increase in medication abortion sales and a 50% increase in birth control sales.Overall, Wisp's reproductive health sales (of emergency contraception, birth control, and medication abortion products) doubled compared to the week prior to the election, the company told Business Insider."We expect that momentum to sustain over the next few weeks and months," Cepak said.The purchases came from women in both anti-abortion states as well as states with widespread access to reproductive healthcare. Emergency contraception purchases surged in Texas, Indiana, and Oklahoma, where there are strict restrictions, but sales also increased in states like California and New York."Despite being states where reproductive rights are fully protected, we're seeing women take precautionary measures as the future remains uncertain," Wisp said in a statement.Amy Hagstrom Miller, the founder of Whole Woman's Health, which operates abortion clinics in multiple states, said her organization is also seeing a surge in demand for contraceptive and abortion medication."We are seeing an increased demand for emergency contraception, long-acting contraception, advanced provision of medication abortion, and we are seeing online telemed provision of these things, which I think has really reached a lot of people in states where abortion is banned," Hagstrom Miller said.The Democrats saw the abortion issue as a strength after performing well in the<a target="_blank" class="" href="https://www.businessinsider.com/midterms-2022-pro-choice-votes-helped-democrats-defy-election-blues-2022-11"> 2022 midterms</a>. As a result, the Trump campaign <a target="_blank" class="" href="https://www.businessinsider.com/abortion-pill-women-stockpile-mifepristone-trump-presidency-experts-2024-4">worked to distance itself</a> from the issue during the presidential election. In March, he floated a national ban at about 16 weeks of gestation. A month later, he said he wouldn't sign a national abortion ban.At a press panel on Thursday for Abortion Access Now, a national coalition advocating for abortion rights, representatives from different reproductive rights organizations reflected on the election results and the path forward."Trump ran from his record and lied about his position on abortion. Even Trump knows how unpopular abortion bans are," Kimberly Inez McGuire, the executive director of URGE: Unite for Reproductive &amp; Gender Equity, said at the panel. "We know that people in this country bristle at the thought of politicians interfering with abortion decisions."On <a target="_blank" class="" href="https://www.businessinsider.com/election-results-trump-harris-presidential-election-2024-11">Election Day</a>, voters turned out in favor of abortion rights in 7 out of 10 states that had it on the ballot."Abortion was on the ballot, abortion won, but the election and the results, particularly for the White House, make it really clear that the path for reproductive freedom will continue to be a long one," Mini Timmaraju, the president and CEO of Reproductive Freedom for All, said at the panel. "It won't be won or lost in a single election."

Online sales of Plan B and birth control are surging after Trump's election, retailer says

<ul class="summary-list"><li>Stocks rose Thursday as investors digested strong retail sales data and more earnings.</li><li>Retail sales data showed US consumer spending remains robust, with monthly spending up 0.4%.</li></ul>US stocks climbed on Thursday as traders saw better-than-expected retail sales data and continued to digest strong corporate earnings reports.The Dow Jones Industrial Average added to record levels achieved at Wednesday's close. Bond yields rose, with the 10-year Treasury up six basis points to 4.075%. September's retail sales report showed consumer spending remains strong, with monthly spending up 0.4% from August, just above a Dow Jones consensus estimate of 0.3%.Retail sales climbed 1.7% compared to a year ago, according to Commerce Department data released Thursday.The strong spending data comes on the heels of a <a target="_blank" class="" href="https://www.businessinsider.com/september-jobs-report-unemployment-rate-nonfarm-payroll-growth-federal-reserve-2024-10">blockbuster September jobs report</a>, and further solidifies assessments that the US economy is strong and that the Federal Reserve may not need to cut rates as steeply or quickly as previously thought. Weekly jobless claims were lower than expected at 241,000, a 19,000 decline from the week before, according to Labor Department data released Thursday. Economists had forecast 260,000 weekly claims. Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,873.45, up 0.53% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 43,279.21, up 0.47% (+201.51 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,523.24, up 0.85% </li></ul>Meanwhile, a <a target="_blank" class="" href="https://www.businessinsider.com/tsmc-stock-price-q3-earnings-chip-stocks-asml-nvidia-amd-2024-10">highly anticipated report</a> from chipmaker Taiwan Semiconductor Manufacturing Company came in strong, showing net income surpassed estimates while net revenue for the quarter rose 36% compared to the same last year."We have talked to our customers all the time, including our hyperscaler customers who are building their own chips. And almost every AI innovator is working with TSMC," TSMC chairman and CEO C.C. Wei said.Shares of TSMC rose 7% after the opening bell, pulling other chip stocks higher. Nvidia was up almost 2%, and AMD was up over 1%.TSMC's optimism about demand for AI tech follows a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/chipmakers-tumble-asml-guidance-semiconductor-nvidia-chip-growth-2024-10?_gl=1*1isprkj*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyOTE2NTYwMS4yODIuMS4xNzI5MTY3OTk1LjM0LjAuMA..">chip sector sell-off</a> earlier this week when chip machine maker ASML slashed its sales guidance on weaker demand from chipmakers.TSMC joins a string of strong earnings reports this week. Morgan Stanley and United Airlines posted strong results on Wednesday. Netflix will report third-quarter results after the close on Thursday. Here's what else is going on Thursday:<ul><li>A number of bank research desks are <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-targets-bull-market-goldman-ubs-bmo-2024-10?_gl=1*njfdt3*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyOTE2NTYwMS4yODIuMS4xNzI5MTY2MzczLjYwLjAuMA..">boosting their S&amp;P 500 price targets</a> in recent weeks as the bull market charges on.</li><li>China could raise nearly <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-beijing-stimulus-1-trillion-debt-package-fiscal-deficit-2024-10">$1 trillion of fresh debt</a> in the next 3 years to revive its economy, according to a report from Caixin Global.</li><li>The US freight recession is showing <a target="_blank" class="" href="https://www.businessinsider.com/author/filip-de-mott">early signs of recovery</a> as trucking company JB Hunt posted a rare earnings beat on Tuesday.</li></ul>In commodities, bonds, and crypto:<ul><li>Oil futures fell. <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> dipped 0.2% to $70.22 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, fell 0.3% to $74.01 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> rose 0.33% to $2,700.4 an ounce.</li><li>The 10-year Treasury yield was up six basis points to 4.075%.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> dipped 1.5% to $66,761.</li></ul>

Stock market today: Indexes gain after strong retail sales data

<ul><li><keyword id="19896380" type="General" weightage="20" keywordseo="reliance-industries" source="keywords">Reliance Industries</keyword> is expected to launch an IPO for <keyword id="6354504" type="General" weightage="20" keywordseo="reliance-jio" source="Orion">Reliance Jio</keyword> in 2025.</li><li>Reliance Retail is expected to go public after <keyword id="19906886" type="General" weightage="20" keywordseo="jio" source="keywords">Jio</keyword>, with no date fixed yet.</li><li>The <keyword id="7784314" type="General" weightage="100" keywordseo="reliance-jio-ipo" source="Orion">Reliance Jio IPO</keyword> will emerge as the country’s biggest IPO, beating the Hyundai IPO.</li></ul>Mukesh Ambani-led Reliance Industries is reportedly gearing up to launch the initial public offering (IPO) of its telecom arm, Reliance Jio in 2025. The telco will join its competitors, Bharti Airtel and Vi, which are already public. According to a<a href="https://www.reuters.com/world/india/ambanis-reliance-jio-ipo-set-2025-retail-debut-much-later-sources-say-2024-11-04/"> report</a> by Reuters, Reliance Jio is expected to go public in 2025 and the IPO for the retail arm is planned later. As per two sources familiar with the matter, <keyword id="19916798" type="General" weightage="20" keywordseo="mukesh-ambani" source="keywords">Mukesh Ambani</keyword> plans on sticking to the timeline he mentioned in 2019, where he said he will “move towards” listing in five years. <div type="Article" hostid="261" msid="114931927" title="October auto sales – Maruti Suzuki and Tata Motors report a decline, Mahindra continues to grow" mstype="2" mssubtype="0"></div> The company has firmed up plans of taking the telecom arm public as it feels the company has achieved a stable business and revenue stream. Jio is currently the biggest telecom operator in India, with over 471 million subscribers as of August 2024. Reliance Industries has raised over $25 billion for the company’s digital, telecom and retail businesses from investors like KKR, Abu Dhabi Investment Authority, General Atlantic and more. <h2>Reliance <keyword id="6059106" type="General" weightage="20" keywordseo="jio-ipo" source="Orion">Jio IPO</keyword> to be India’s biggest</h2>Existing rules state that companies that are valued at ₹1 lakh crore or more need to sell at least 5% of total shares during an IPO. Jio is currently valued at $112 billion (₹9.42 lakh crore) as per Jefferies. A 5% stake sale would put the IPO at around ₹47,100 crore, beating the recently concluded IPO of Hyundai Motor India, which raised ₹27,870.16 crore. <h2>Retail IPO further away</h2>While no timeline has been mentioned, the retail arm’s IPO has reportedly been pushed further away, as the company feels it needs to address internal business and operational challenges. Not only this, the company reportedly wants to avoid two big IPOs hitting the Dalal street in the same year. With Jio’s IPO planned for 2025, we might see the retail arm going public in 2026 or later. Reliance Retail operates over 3,000 supermarkets and also deals in the e-commerce segment. The company feels the retail arm has grown “too fast” and needs some stability before the IPO. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/upcoming-ipos-this-week-swiggy-niva-bupa-health-insurance-and-more/slidelist/114937405.cms">Upcoming IPOs this week – Swiggy, Niva Bupa Health Insurance and more</a> <a href="https://www.businessinsider.in/business/auto/news/october-auto-sales-maruti-suzuki-and-tata-motors-report-a-decline-mahindra-continues-to-grow/articleshow/114931927.cms">October auto sales – Maruti Suzuki and Tata Motors report a decline, Mahindra continues to grow</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-13-announced-with-snapdragon-8-elite-6000mah-battery-and-more/articleshow/114842638.cms">OnePlus 13 announced with Snapdragon 8 Elite, 6,000mAh battery and more</a>

Reliance Jio IPO – India’s biggest telco to go public in 2025, retail IPO further away

<ul class="summary-list"><li>Earnings of consumer companies with high exposure to China could suffer under Trump's trade policies, UBS says.</li><li>The analysts said Best Buy, Five Below, and Wayfair are especially at risk. </li></ul>Donald Trump's proposal of stiff tariffs on goods from China could slam the earnings of some retailers, UBS analysts said. Several US-listed stocks—namely, Best Buy, Five Below, and Wayfair—are heavily exposed to Trump's trade proposed trade policy, the bank said in a note. "Tariffs are likely to pose a significant headwind for several of these retailers for at least the near-term. While the longer-term implications are unclear, we do believe that this situation is more likely to lead to at least temporary mis-pricings for some of these stocks," the analysts said in a Monday note."Right now, we think the overhang is significant on names like Five Below, Best Buy, and Wayfair," they added.The analysts say that if those retailers were to absorb 5% of the rise in the cost of goods associated with a potential tariff, they would each experience a double-digit plunge in earnings; Five Below would see a 15% reduction, Best Buy would experience a 26% loss, and Wayfair could see earnings plunge over 40%, the analysts said.The analysts' estimates come as Donald Trump and Kamala Harris are in a dead heat in the polls. The former president has proposed 20% duties on imports across the board, with far more drastic <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-impose-tariffs-china-if-elected-2024-2">60% tariffs</a> on products from China. Five Below, Best Buy, and Wayfair each have high exposure to goods from China. But it isn't all bad news for these stocks. The analysts said that historical trends show that retailers often find ways to adapt, and even these stocks have unique circumstances that could spare them from the potential hits to earnings.For instance, even if Five Below raises prices, it may still offer greater value than competitors, while Wayfair's vendors could simply pass along the tariffs to the consumer in the form of higher prices rather than assuming it themselves, the analysts say. At Best Buy, there's a chance the market prices for consumer electronics simply adjust, insulating the retailer from bearing the brunt of the tariffs independently, the analysts say.As the situation gets clearer, the stocks could see some upside."There could be select opportunities to use this uncertainty as a chance to accumulate the shares of some of these names when the peak fear exists," the analysts said, adding, "As there is more clarity on the situation, these stocks likely also have the most to gain from having greater resolution on the situation."In the past, high duties on China <a target="_blank" class="" href="https://www.businessinsider.com/trump-china-trade-war-list-of-goods-tariffs-2018-9">during Trump's first term</a> resulted in higher prices in categories subject to the tariffs, which likely contributed to slowing consumer spending, the report said.

3 retail stocks could see earnings plunge if Trump implements his proposed tariffs, UBS says

<ul class="summary-list"><li>China's stock investors and watchers are actively discussing the markets before they reopen.</li><li>China released a stimulus blitz a week before the National Day break, sending downtrodden markets on a tear.</li></ul>China's investors are looking forward to some stock market action after the country's weeklong National Day break.On Monday — a day ahead of the mainland's markets reopening — China's Weibo microblog was abuzz with talking about what the markets may hold after a hot run following Beijing's stimulus blitz on September 24.China's domestic stock markets are dominated by retail traders, who number over 200 million and account for about <a target="_blank" class="" href="https://www.troweprice.com/financial-intermediary/sg/en/thinking/articles/2024/q2/chinas-economy-enters-a-new-cycle-unveiling-fresh-opportunities-apac.html">70% of trading volume.</a>China's stimulus measures include interest rate cuts and 800 billion yuan, or about $114 billion, to support the domestic stock markets. The country's top leadership has also <a target="_blank" class="" href="https://www.businessinsider.com/china-stimulus-fix-economy-xi-jinping-stock-market-2024-10">pledged more stimulus</a> is on the way. The world's second-largest economy is facing multiple challenges including a property crisis, deflation, and high youth unemployment. Mainland China's benchmark <a target="_blank" class="" href="https://markets.businessinsider.com/index/csi-300">CSI 300 Index</a> closed 17% higher year-to-date on September 31 before the weeklong break — a stark contrast to its <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/china-stock-market-meltdown-brutal-year-explainer-whats-happening-2024-1">meltdown</a> and lackluster performance for much of the year.Hong Kong's Hang Seng Index closed 1.6% higher on Monday. It's up about 35% year-to-date.Trending topics on Weibo included <a target="_blank" class="" href="https://s.weibo.com/weibo?q=%23%E6%B8%AF%E8%82%A1%23&amp;t=31">#Hong Kong stocks,</a> <a target="_blank" class="" href="https://s.weibo.com/weibo?q=%23%E6%9C%AC%E8%BD%AE%E7%89%9B%E5%B8%82%E8%83%BD%E6%8C%81%E7%BB%AD%E5%A4%9A%E4%B9%85%23&amp;t=31">#How long this bull market can run,</a> and <a target="_blank" class="" href="https://s.weibo.com/weibo?q=%23%E8%8A%82%E5%90%8EA%E8%82%A1%E5%BC%80%E5%B8%82%E5%B0%86%E6%80%8E%E4%B9%88%E8%B5%B0%23&amp;t=31">#How A-shares will perform after the holiday.</a> A-shares are stocks of Chinese companies listed on the Shanghai and Shenzhen stock exchanges."I hope the rally can hold for a bit longer, so that I can at least get my initial investment back," wrote one <a target="_blank" class="" href="https://weibo.com/1988800805/OAq5ncUko">Weibo user.</a> The CSI 300 index was down 45% from a 2021 peak until the pivotal announcement in late September.There was also a trending hashtag discussing <a target="_blank" class="" href="https://s.weibo.com/weibo?q=%23%E8%82%A1%E6%B0%91%E6%8B%85%E5%BF%A7A%E8%82%A1%E5%BC%80%E7%9B%98%E7%AC%AC%E4%B8%80%E5%A4%A9%E4%B9%B0%E4%B8%8D%E5%88%B0%23&amp;t=31">those who fear</a> they will not be able to buy A-shares on Tuesday. Before the weeklong break, some brokers and traders reported <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/china-stock-market-rally-economy-stimulus-liqudity-overwhelm-system-2024-9?">delays on the Shanghai Stock Exchange</a> as systems were so overwhelmed by enthusiastic investors and market watchers.Despite the market rally, skeptics about China's economic outlook and markets abound — and Weibo, too, isn't short of naysayers."I don't feel reassured now that the topic is trending," said a Weibo user in a <a target="_blank" class="" href="https://s.weibo.com/weibo?q=%23%E6%9C%AC%E8%BD%AE%E7%89%9B%E5%B8%82%E8%83%BD%E6%8C%81%E7%BB%AD%E5%A4%9A%E4%B9%85%23&amp;t=31">thread</a> discussing the likely duration of the bull market that garnered nearly 700 likes in half an hour."An expert said this is not a bull market, but bullshit," wrote a second user."What is the current economic situation in China? Are you all blind? Can't you see it?" asked a third user commenting on <a target="_blank" class="" href="https://weibo.com/1646051850/OAqbWwUIg">another post</a> discussing the market rally.However, given the extent to which China's stocks have sold down before Beijing's stimulus announcement, there may be more upside to come.Goldman Sachs, for one, has upgraded China's stocks to overweight and is forecasting another 15% to 20% upside to Chinese shares.Beijing's "coordinated forceful policy announcements" amid "an oversold, undervalued, and under-positioned market backdrop" are key factors in their reasoning, wrote the bank's analysts wrote in a note published on Saturday.There could also be earnings growth potential for companies should the economy respond positively to Beijing's coordinated stimulus, they wrote."Together, these announcements constitute a more substantial quantum of policy stimulus that contrasts with the sporadic and modest easing measures over the past few years," they wrote, even as they warned that China's macroeconomic challenges remain serious.

China's retail investors are eyeing the stock market reopening after a weeklong break

<ul class="summary-list"><li>Nike is the latest retailer to change its CEO.</li><li>More retail bosses have walked the plank post-pandemic, with boards demanding better performance.</li></ul>John Donahoe is the latest retail CEO to hit the chopping block.<a target="_blank" class="" href="https://www.businessinsider.com/nike-new-ceo-elliott-hill-may-help-ailing-sneaker-brand-2024-9">The Nike boss </a><a target="_blank" href="https://www.businessinsider.com/nike-new-ceo-elliott-hill-may-help-ailing-sneaker-brand-2024-9">is stepping down next month</a> and will be replaced by <a target="_blank" class="" href="https://www.businessinsider.com/nikes-new-ceo-started-from-bottom-as-an-intern-2024-9">Elliott Hill, </a>who started in 1988 as an intern and worked his way up the ranks before retiring in 2020.Analysts say Donahoe's departure was somewhat inevitable after <a target="_blank" class="" href="https://www.businessinsider.com/nikes-sales-to-fall-this-year-as-turnaround-plan-continues-2024-6">Nike's long period of decline</a> and underperformance."Under his tenure, Nike made a number of mistakes which have weakened the brand — a shakeup was required to try and draw a line under a period of very bad performance and to demonstrate that serious changes are underway," Neil Saunders, managing director of GlobalData Retail wrote in a note on Thursday.<div type="image" title="Nike CEO John Donahoe in front of pattern of Nike sneakers and logo 4x3" height="1750" width="2333" msid="113526660" hostid="261" sizebytes="268684"></div>Investors are already signaling confidence in the new hire and change of direction, with shares up in premarket trading.But as Saunders points out, sending a signal to the market is one thing, but convincing consumers is another. "A change of jockey does not automatically put the Nike horse out in front," he said.Though Donahoe has been criticized for lack of product innovation and uninspiring marketing — two key elements that have been at the heart of Nike's success — the reality is being a retail boss right now is pretty tough.<h2 id="fbd6a07f-f1bd-4bd2-a6f4-24bdb163e5ed">Belt-tightening</h2>The <a target="_blank" class="" href="https://www.businessinsider.com/consumer-spending-decline-how-retailers-respond-inflation-prices-walmart-costco-2024-6">era of post-pandemic indulgent spending</a> is over.Retail sales rose by just 0.1% in August, slowing from a 1.1% increase in July as some shoppers are becoming more cost-conscious and selective with their purchases.This is creating a more challenging environment for retailers. Some chains, including <a target="_blank" class="" href="https://www.businessinsider.com/stores-cutting-prices-summer-list-walmart-target-amazon-aldi-walgreens-2024-6">Walmart and Target, have started cutting prices</a> to offer more value for consumers.Others are finding <a target="_blank" class="" href="https://www.businessinsider.com/chipotle-boy-bowl-promo-vest-wearing-finance-bros-2024-6">creative ways </a>to get more customers through the door.Retail CEOs are tasked with navigating these choppy and unpredictable waters. And increasingly, boards seem to be rethinking whether their head honchos are up to the job.The past year or so has seen an <a target="_blank" class="" href="https://www.businessinsider.com/retail-ceos-leaving-stepping-down-trend-explained-2023-1">exodus of CEOs</a> from companies such as Gap, Bed Bath &amp; Beyond, and Adidas. According to data from outplacing firm Challenger, Gray &amp; Christmas, CEO turnover in retail more than doubled in 2023 and was at the highest level since 2019.Experts say this unusual amount of turnover is closely connected to the pandemic, which upended retail. Shoppers stayed at home and out of stores, online shopping soared, supply chains fell into chaos, and stimulus checks boosted demand, making it almost impossible to gauge a business's performance.But as restrictions eased and the protective shield of the pandemic lifted, CEOs became more vulnerable as boards questioned whether these were the right people to lead these businesses into the next stage.<h2 id="a6341e0c-46e4-4c74-bb47-d055a63438f5">Watch out CEOs</h2>This pattern has continued in 2024.Last month,<a target="_blank" class="" href="https://www.businessinsider.com/starbucks-ceo-steps-down-replaced-by-chipotle-chief-2024-8"> Starbucks CEO Laxman Narasimham stepped down</a> after about 17 months in the job. His tenure was tainted by public criticism from longtime CEO Howard Schultz, falling sales, and pressure from activist investors.<div type="image" title="Laxman Narasimhan" height="583" width="1200" msid="113526664" hostid="261" sizebytes="96900"></div>That same month, Nestle's CEO was ousted after eight years in the job. One insider told Reuters that the board had become concerned about sales growth and slowing product development."There is a fresh lack of patience at the board level," Jim Rossman, global head of shareholder advisory at Barclays, told the news agency."With the COVID-19 pandemic behind us and some stronger economic data, there is plenty to judge a CEO's management abilities by and if they aren't performing they are out," he added.

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