Walmart is closing four stores in Chicago, cutting its footprint in half in the third-largest U.S. city after years of mounting losses. The closings mark a retreat for the nation's largest retailer, which faces tough competition in Chicago from the likes of Target, Albertsons, and Aldi. Walmart said it had tried and failed to improve its performance by building smaller stores, localizing its merchandise offerings, and investing $70 million in recent years on store upgrades.
U.S. markets were open for an abbreviated session on the day after Thanksgiving, and the day saw a market meltdown. The Dow dropped more than 900 points for its worst day of the year. Matt Orton, Chief Market Strategist at Carillon Tower Advisers, joined Cheddar News' Closing Bell to discuss.
Amazon employees in 20 countries will strike or protest on Black Friday for better working conditions as part of global 'Make Amazon Pay' campaign. Áine Cain, Senior Retail Reporter, Insider, joins Cheddar News to discuss workers' demands, the impact the strike is having on Amazon, and plans for the retail giant to respond.
At least 31 percent of shoppers said they would be shopping on Black Friday in 2021 compared to 24 percent in 2020, according to a survey by professional services company Deloitte. Jenna Pogorzelski, Deloitte retail leader, joined Cheddar to break down the numbers and discuss the optimism expressed by the survey results despite ongoing retail hurdles such as the pandemic, inflation, and supply chain constraints. "We have updated data that consumers are a little less concerned than last year heading into stores," she said.
Supply and shipping challenges are creating concerns for retailers this holiday season, but Cheddar's Michelle Castillo found shoppers spending anyway this Black Friday. She reports from the American Dream mall in East Rutherford, N.J.
