{"id":2020988,"date":"2023-09-03T17:34:02","date_gmt":"2023-09-03T21:34:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/department-store-stocks-plummet-as-americans-savings-accounts-dry-up\/"},"modified":"2023-09-03T17:36:55","modified_gmt":"2023-09-03T21:36:55","slug":"department-store-stocks-plummet-as-americans-savings-accounts-dry-up","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/department-store-stocks-plummet-as-americans-savings-accounts-dry-up\/","title":{"rendered":"Department store stocks plummet as US savings accounts dwindle."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fdepartment-store-stocks-plummet-as-americans-savings-accounts-dry-up%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2020988&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Major \u200dRetailers Struggle \u200bas Americans&#8217; Savings Accounts Dry \u200cUp<\/h2>\n<p>According to a report, \u200dmajor retailers\u2064 are facing a challenging reality as Americans collectively\u2064 save \u2062less money than \u200cin previous years. This \u200bis causing department stores to feel the strain, especially \u200das the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/department-store-stocks-plummet-as-americans-savings-accounts-dry-up\/\" title=\"Department store stocks plummet as US savings accounts dwindle.\">holiday shopping season approaches<\/a>.<\/p>\n<p>The <a href=\"https:\/\/www.wsj.com\/finance\/investing\/department-stores-are-maxed-out-1bb63395?mod=finance_more_article_pos20\" target=\"_blank\" rel=\"noopener\">Wall Street Journal<\/a> recently\u200d published a report \u2062revealing\u2064 that some of the \u2062country&#8217;s largest retailers are experiencing\u200c losses in both sales and\u200c market value. \u2062This decline can \u200cbe directly \u2062attributed \u2064to the reduced amount of excess money Americans have in their savings accounts,\u2064 following \u2063two years of high prices for\u200c housing and basic \u2064goods.<\/p>\n<p>Earlier this year, <a href=\"https:\/\/www.cnbc.com\/2023\/04\/27\/us-personal-savings-rate-falls-near-record-low-as-consumers-spend.html\" target=\"_blank\" rel=\"noopener\">CNBC<\/a> warned that\u200c the country&#8217;s collective savings were dwindling. The U.S. Bureau of \u200dEconomic\u2064 Analysis reported that\u200c the \u2064annual\u2062 rate \u200cof personal savings\u200c in\u2062 February was only 4.6 percent, well below \u200bthe \u2063<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/u-s-economic-growth-revised-up-gap-between-gdp-and-gdi-narrows-sharply\/\" title=\"U.S. economic growth revised up; gap between GDP and GDI narrows sharply\">average annual rate<\/a> of over eight percent.<\/p>\n<p>During the COVID \u2062pandemic, many Americans \u2064were able\u2064 to save\u2062 more money due\u2064 to stimulus checks and rent\u200d moratoriums. Some \u2063households even managed to \u200dsave up to 30 percent of their income. However, the economic landscape \u2064has shifted with \u2064record \u2062inflation over\u200d the past year.<\/p>\n<p>Additionally, the pause on <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/federal-appeals-court-reinstates-trump-era-ban-on-student-loan-collection-fees\/\" title=\"Federal Appeals Court restores Trump-era ban on student loan collection fees.\">student \u2064loan payments<\/a> during the pandemic will soon come to an end for many individuals. This, combined with rising prices, is creating a perfect storm that is \u200dnegatively impacting America&#8217;s \u2063retail giants, particularly\u2063 department stores.<\/p>\n<p>Macy&#8217;s has seen an 8.2 \u200cpercent decline in\u2063 sales this summer compared to the same period last year, \u200band\u2064 their shares have\u2063 tumbled by 14 percent. Kohl&#8217;s sales were down \u2062five \u2062percent, and their shares dropped by 10 \u2064percent. Other companies \u2062like Nordstrom, Dick&#8217;s Sporting Goods, and Foot \u200bLocker have also experienced significant decreases in their\u2062 share prices.<\/p>\n<p>Each retailer \u200dhas witnessed a\u2064 decline in overall sales compared to \u200dthe previous year. Jinjoo Lee, writing for the Journal, predicts that department stores may face\u200b a season similar to\u2062 the Great Recession, as people&#8217;s bank accounts lack the extra money\u200d needed for discretionary spending.<\/p>\n<blockquote>\n<p>&#8220;The spending slowdown \u2064is really raining on Macy&#8217;s and other\u200d department stores&#8217; parades.\u2063 Unfortunately, this feels more like a\u200c worsening storm\u200d than a fleeting cloud.&#8221;<\/p>\n<\/blockquote>\n<p>It is clear that the drying \u200dup of Americans&#8217; savings accounts is having a profound impact on the retail\u2062 industry. As the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/black-lives-matter-demands-holiday-boycott-of-white-companies\/\" title=\"Black Lives Matter Demands Holiday Boycott of 'White Companies'\">holiday season approaches<\/a>, major retailers will need\u200c to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/right-leaning-private-american-graphic-novel-gets-canceled-by-kickstarter-daily-kos\/\" title=\"Right-Leaning \u201cPrivate American\u201d Graphic Novel Gets Canceled by Kickstarter, Daily Kos\">find innovative ways<\/a> \u2064to\u200b entice consumers and navigate these challenging economic \u200bconditions.<\/p>\n<p>Read more: <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\/department-store-stocks-plummet-americans-savings-accounts-dry\/\">Department Store Stocks Plummet as Americans&#8217;\u200b Savings Accounts Dry Up<\/a><\/p>\n<p>Source: <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\">The Western\u200d Journal<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Major retailers are facing challenges as Americans save less money due to inflation and economic factors. This is causing strain on department stores as the holiday shopping season approaches, according to a recent report from the Wall Street Journal.<\/p>\n","protected":false},"author":2006,"featured_media":2020989,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[],"class_list":["post-2020988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2020988","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2006"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2020988"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2020988\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2020989"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2020988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2020988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2020988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}