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Thu May 16, 2019, 09:13 AM

Walmart says tariffs 'will increase prices' for shoppers (Macy's store closings)

"As we have said before, our goal is to be the low-price leader," Walmart CFO Brett Biggs said Thursday, as the company reported first-quarter earnings. "We want to manage margins with customers and shareholders in mind. We have mitigation strategies that have been in place for months. But increased tariffs will increase prices for customers."

That's after the Trump administration raised tariffs to 25% from 10% on $200 billion worth of Chinese goods last week. But retailers, for the most part, scooted by unscathed, with many of the items impacted by that hike hurting agricultural workers more than anything else. Some consumer-related goods on that list included furniture and handbags.

The company sources about two-thirds of its good domestically, largely because of its massive food business. The remaining one-third of items comes from overseas, including from China.

Macy's CEO Jeff Gennette had similar remarks on Wednesday. He said it would be hard for Macy's to get to a place "where you don't have a customer impact" if the additional tariffs go into effect.

Another analyst has warned the tariff hike could cause "widespread" store closures.

https://www.cnbc.com/2019/05/16/walmart-says-tariffs-will-increase-prices-for-shoppers.html

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Response to underpants (Original post)

Thu May 16, 2019, 09:15 AM

1. Continued closing and continuing prices rising.

But alas, the economy is booming.

The middle class and poor to suffer more while the 1-2%ers live in luxury.

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Response to underpants (Original post)

Thu May 16, 2019, 09:17 AM

2. I thought Macy's was maybe closing anyway? I may be

confusing Macy's with another store. I know a bunch of Sears are closing.

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Response to dewsgirl (Reply #2)

Thu May 16, 2019, 09:29 AM

4. No Macys is not closing, probably some of their locations though. Macys is one of my go

to stores for 'fashion'....perish the thought.

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Response to UniteFightBack (Reply #4)

Thu May 16, 2019, 10:20 AM

14. Me too, although anymore I usually go around Christmas.

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Response to dewsgirl (Reply #2)

Thu May 16, 2019, 09:49 AM

9. Macy's is switching to a smaller footprint, but not going away

Sears and Kmart are actively trying to stop doing business (which turns out to be harder than it sounds, legally)

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Response to Recursion (Reply #9)

Thu May 16, 2019, 10:18 AM

13. My son turned 16 on May 2nd, has said he was getting a job on his

Bday, he was hired at Sears. I told him they would be closing, he just says they have been saying that. I guess if anything, he will get some experience.

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Response to dewsgirl (Reply #13)

Thu May 16, 2019, 12:21 PM

16. It takes years to unwind a national chain

They have leases they can't get out of so even some of the stores that are directly losing money will stay open a few more years -- more than enough for a high school summer job.

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Response to Recursion (Reply #16)

Thu May 16, 2019, 01:54 PM

17. Thank you, I hope so. I'm so proud of him.

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Response to underpants (Original post)

Thu May 16, 2019, 09:27 AM

3. Here in Gainesville, Florida we are seeing more and more new Dollar Stores, wonder WHY?

New Dollar stores everywhere I drive in Gainesville, FL

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Response to katmondoo (Reply #3)

Thu May 16, 2019, 09:36 AM

7. Dollar Generals around here

I have to say those things have a really wide variety of products. I heard a report a month or so ago that even Dollar General stores are closing and many have already run the previous store options out so towns could be stuck with next to nothing.

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Response to underpants (Original post)

Thu May 16, 2019, 09:30 AM

5. JUST WAIT until this hits Americans wallets, folks will start paying attention real quick since they

only care about their damn selves.

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Response to underpants (Original post)

Thu May 16, 2019, 09:33 AM

6. Expect an expensive Christmas

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Response to underpants (Original post)

Thu May 16, 2019, 09:42 AM

8. Charming

A hidden tax on consumers.

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Response to Sherman A1 (Reply #8)

Thu May 16, 2019, 09:49 AM

10. Not even hidden. It was his #2 campaign promise

It boggles the mind.

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Response to Sherman A1 (Reply #8)

Thu May 16, 2019, 10:12 AM

11. It's a direct tax, out in the open

In earlier times the Federal government was funded primarily by tariffs on imports. The impact of tariffs became less obvious when income taxes were started but tariffs have always been in the mix of how the public funds the government.

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Response to underpants (Original post)

Thu May 16, 2019, 10:18 AM

12. Wow they finally found their voices

Fugg ém!

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Response to underpants (Original post)

Thu May 16, 2019, 10:25 AM

15. Unfortunately most people won't notice

If you walk in a store and a Barbie doll is $16.99 but last week it was $15.99, you won’t even know unless you looked at it last week.

I think any tariff should be called out on shelf tags for what you are paying

$15.99 + $1.00 tariff tax = $16.99 Your Cost!

Something like that.

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