Happy New Year 2025

Category: Business

Target scaling back DEI policies after Trump signs executive order

Bahnsen Group founder and managing partner David Bahnsen joins ‘The Big Money Show’ to discuss companies reversing course on DEI and ESG investing, UFC CEO Dana White joining Meta’s board and the ongoing California wildfires.

Target announced on Friday that it is scaling back its diversity, equity and inclusion (DEI) policies following President Trump’s executive order to review such initiatives. The move adds Target to a growing list of companies scaling back or eliminating their DEI efforts as these programs come under increased scrutiny.

Kiera Fernandez, Target’s chief community impact and equity officer, said in a note to employees on Friday the retailer will implement changes as part of its “Belonging at the Bullseye” strategy that adapts to the evolving external landscape. This includes concluding its three-year DEI goals and ending its Racial Equity Action and Change (REACH) initiatives in 2025, as planned.

“As a retailer that serves millions of consumers every day, we understand the importance of staying in step with the evolving external landscape, now and in the future – all in service of driving Target’s growth and winning together,” said Fernandez.

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The Minneapolis-based retailer said it has used “years of data, insights, listening and learning” to share the next chapter in its strategy.

Target’s announcement comes as pressure mounts on major corporations, particularly from social media influencers such Robby Starbuck, to scale back on initiatives that purport to increase racial and gender equality in the workplace. The initiatives have also faced fierce criticism from Trump, who on Tuesday signed an executive order directing government agencies to investigate DEI programs at publicly traded corporations, large nonprofit corporations or associations and foundations with assets of at least $500 million. Target falls under that category.

“Illegal DEI and DEIA policies not only violate the text and spirit of our longstanding Federal civil-rights laws, they also undermine our national unity, as they deny, discredit, and undermine the traditional American values of hard work, excellence, and individual achievement in favor of an unlawful, corrosive, and pernicious identity-based spoils system,” the executive order said.

An employee pulls a wheeler to restock shelves at a Target store in Chicago on Nov. 26, 2024. (KAMIL KRZACZYNSKI/AFP via Getty Images / Getty Images)

Fernandez said that Target recruits and retains employees “who represent the communities we serve,” but moving forward, she said it will stop all external diversity-focused surveys, including HRC’s Corporate Equality Index.

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Target will also change its “Supplier Diversity” team to “Supplier Engagement” to reflect an “inclusive global procurement process across a broad range of suppliers, including increasing our focus on small businesses,” Fernandez said in the note.

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TGT TARGET CORP. 137.25 +1.48 +1.09%

It will also review corporate partnerships and ensure employee resource groups will focus on development and mentorship for all communities.

“We remain focused on driving our business by creating a sense of belonging for our team, guests and communities through a commitment to inclusion. Belonging for all is an essential part of our team and culture, helping fuel consumer relevance and business results,” Fernandez wrote.

Shoppers outside a Target store in Clifton, New Jersey, on Nov. 26, 2024. (Victor J. Blue/Bloomberg via Getty Images / Getty Images)

A slew of companies, including Amazon, Lowe’s, Meta, McDonald’s, American Airlines and Boeing, have pulled back on their DEI programs as pressure increased over the past several months. In November, Walmart, the nation’s largest private employer, announced plans to roll back its polices, including how it monitors products within its marketplace and reviews grant funding.

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By contrast, some companies have resisted activist pressure, publicly reaffirming their commitment to maintaining DEI policies.

Microsoft CEO Satya Nadella said in the tech firm’s annual report in October that it continues to ensure that its “workforce represents the planet we serve and the products we build always meet our customers’ needs” and that it continues to “hire, develop, and grow a global workforce that best supports each other and our customers.”

Shopping carts outside a Target store in Albany, on Nov. 18, 2024. (David Paul Morris/Bloomberg via Getty Images / Getty Images)

Pinterest Chief Legal Officer Wanji Walcott posted on LinkedIn that the company is “laser-focused on advancing inclusion and diversity both within our organization and on our platform, investing in critical initiatives like pay equity internally and body inclusivity externally.”

Still, anti-woke activist Starbuck, who has been taking credit for companies scaling back or ending their DEI programs, stated he has no intention of stopping his campaign anytime soon.

Target first introduced the “Belonging at the Bullseye” strategy to employees in early 2024, but its been working on it since 2021.

January 24, 2025
Some Walmart managers are making over $600K

Fitz-Gerald Group CIO Keith Fitz-Gerald breaks down his stock pick, explains why Tesla is underestimated and shares his stock selling strategy.

Certain Walmart managers are getting a pay bump, pushing their total compensation, including stock grants and bonuses, to well over $600,000.

The nation’s largest private employer is raising the salary range for its market managers, who supervise store managers in about a dozen locations, from $130,000–$260,000 to $160,000–$260,000. However, Walmart said that the majority of the 440 market managers across the U.S. already fall within the new pay range.

The company is also raising its annual stock grant from $75,000 to $100,000 and increasing its bonus potential to up to 100% of their salary. That’s up from 90%.

Altogether, that totals around $620,000.

WALMART CHANGING TITLES, PAY STRUCTURE FOR CORPORATE STAFF

“Walmart is increasing base pay, bonus opportunity and annual stock awards for our Market Managers,” Walmart said in a statement, adding that the role is “key for our business and for serving our customers however they shop.”

An employee gathers shopping carts at Walmart on July 22, 2020 in Burbank, California. (ROBYN BECK/AFP via Getty Images) / Getty Images)

The changes will take effect at the start of fiscal year 2026, which means the 100% bonus potential will be reflected in their March 2025 payout. Employees will also get the $100,000 stock grant in April 2025, according to Walmart.

This marks the latest in a series of investments the company has made in its hourly and salaried roles that began in 2015. It also comes after a solid rise in wages and strong retail sales growth in December, as U.S. employers hired more workers in a generally tight labor market.

Ticker Security Last Change Change %

WMT WALMART INC. 93.81 +0.58 +0.62%

HOW WALMART IS WINNING WITH HIGHER-INCOME SHOPPERS

Earlier this week, the company announced that U.S. store managers would get a raise in February.

This marks the latest in a series of investments the company has made in its hourly and salaried roles that began in 2015. (Patrick T. Fallon/Bloomberg via Getty Images / Getty Images)

Beginning on Feb. 1, the current average salary for store managers of $117,000 will be raised to $128,000, the retail giant said. Additionally, the annual bonus could be as high as 200% of base salary, if managers meet certain targets and profit metrics.

The company also launched a new bonus program for store hourly associates.

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Beginning on Feb. 1, the current average salary for store managers of $117,000 will be raised to $128,000. (Michael Ciaglo/Getty Images / Getty Images)

Walmart’s minimum wage across the company is $14 an hour, although starting pay can be as high as $19 an hour depending on the store location.

FOX Business Chris Pandolfo contributed to this report.

January 24, 2025
Cargo theft soars to record in 2024

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Cargo theft hit a record high in the U.S. and Canada for the second consecutive year, and the trend is expected to continue as criminal enterprises have become more sophisticated in their methods.

Verisk CargoNet’s annual analysis released this week found that cargo theft surged 27% from 2023 to 2024, hitting a record 3,625 reported incidents last year with an average value of $202,364 per theft. All told, the losses are estimated at more than $454 million.

Cargo theft hit a record high in the U.S. in 2024 according to CargoNet, which expects the trend to continue. (CargoNet / FOXBusiness)

The study found California and Texas saw the greatest surge in theft activity, with heists jumping 33% in the Golden State and an eye-popping 39% in the Lone Star State.

Trailer burglaries and full trailer theft continued at elevated levels, particularly in major metropolitan areas, including Los Angeles, Dallas-Fort Worth, Atlanta and New York City, according to the findings. Dallas County, Texas, led with a 78% spike in reported incidents. Los Angeles County, California – traditionally a high-activity area – saw a 50% increase.

RETAIL THEFT SURGES 93% SINCE BEFORE COVID-19 PANDEMIC: ‘RETAILERS HAVE NOT BEEN CRYING WOLF’

CargoNet reported notable shifts in the type of goods stolen last year, too. While 2023 saw frequent theft of engine oils, fluids, solar energy products and energy drinks, 2024 marked a strategic pivot by criminal enterprises. New targets included raw and finished copper products, consumer electronics and cryptocurrency mining hardware.

Cargo theft surged to another record high in 2024. (iStock / iStock)

The analysis also revealed increased targeting of specific consumable goods, including produce like avocados and nuts, along with personal care products ranging from cosmetics to vitamins and supplements, especially protein powder.

EXPERT WARNS A ‘HUGE PROBLEM’ IS LOOMING FOR THE US ECONOMY

CargoNet Vice President Keith Lewis explained in an interview that there are two major types of cargo theft: The first is the traditional method of thieves stealing directly from a truck or train, and the other method is through fraud, which often involves manipulating online shipping exchanges to redirect entire loads using false information like fake companies.

He said that cargo theft – often conducted by criminal enterprises overseas – is up by a staggering 1,445%, while traditional theft is up by around 20%. Since the COVID-19 pandemic began, he explained, cargo theft overall is up by some 90%.

A cargo ship and tugboat sail through the Cocoli Locks at the Panama Canal, in Panama, on August 12, 2024. Lewis says one rising method of cargo theft involves criminals redirecting shipments using fraud. (Arnulfo Franco/AFP via Getty Images / Getty Images)

Lewis, a former state police officer, says that federal law enforcement does not have the resources to adequately address the issue, so the burden of solving it falls back on the logistics industry to come up with solutions.

“But solutions cost money, and that’s the pushback,” he told FOX Business. “And also, when you change the way we’re moving freight, you slow down the supply chain. And when you slow down the supply chain, that could possibly cripple the infrastructure. It also generates a higher cost of moving goods.”

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Meanwhile, the surge in thefts is contributing to higher prices for everyone.

“Everybody’s paying for this now,” Lewis said. “The rates go up, the insurance goes up, the costs go up, the freight rates, what I’m charging the shipper goes up. The shipper takes that and puts it back in their cost, and they raise the price, and you and I pay for it every time we make a purchase.”

January 24, 2025
Poland president says Trump’s ‘comeback’ reverses the ‘hurt, damage’ done by Biden

Poland President Andrzej Duda joins ‘Mornings with Maria’ at the World Economic Forum in Davos, Switzerland to discuss the impact Trump’s presidency will have on the global economy.

The President of Poland, Andrzej Duda, is expressing his hope for clear and efficient international relations under President Donald Trump’s second administration – the alleged opposite of what the European nation faced with the Biden White House.

“I belong to those European politicians and to those European observers who are looking at the comeback of President Donald Trump to the White House in a very calm way,” President Duda told FOX Business’ Maria Bartiromo via translator at the World Economic Forum in Davos, Switzerland.

During his first week in the Oval Office, Trump reversed many of the policies penned during President Joe Biden’s tenure, including export limitations on artificial intelligence chips to Poland.

“In Poland, we have a feeling that we have been hurt by this decision,” Duda said, “and there is a deep sense of disappointment with this policy and decisions taken by President Biden and his administration.”

TRUMP OUTLINES TAX CUT PLANS, TELLS WORLD ECONOMIC FORUM ‘MAKE YOUR PRODUCT IN AMERICA’

“As a result of that decision, Poland has found itself among the countries which are not in the first tier of U.S. allies. So we have been pushed to second or even third tier of those countries who are not very highly trusted by the United States. So it is also my feeling, my personal feeling that it has caused some hurt and damage here in Poland,” he expanded.

Poland President Andrzej Duda tells FOX Business’ Maria Bartiromo how President Donald Trump will make the Central European country a “first tier” ally again. (Getty Images)

Duda met with Trump last April in New York where they had “a very long discussion” about the expected foreign policy changes between the two nations.

In Friday’s “Mornings with Maria” appearance, Duda said he’s awaiting the “continuation” of Trump’s “experience” gained during his first four years as president.

Sen. Marsha Blackburn, R-Tenn., joins ‘Fox Business Live’ to discuss the future of foreign policy under the Trump administration.

“He has brought forward very clear arguments concerning relations between the United States and European countries, especially those rich countries, those very affluent countries. And the arguments that President Donald Trump has presented have been very logical and very clear,” Duda noted.

“And I do believe that Donald Trump is right.”

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FOX Business host Larry Kudlow discusses President Donald Trump’s desire to end wars and create a strong economy on ‘Kudlow.’

Poland and the U.S. share similar views on domestic border security, according to Duda, and both countries are “determined” to end Russia’s war on Ukraine which began nearly three years ago.

“[Trump] is very much determined and he’s got this very out-of-the-box view of politics. So if he’s saying that, I believe that this is going to come true,” Duda said, “it is going to happen.”

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January 24, 2025
Fitbit to pay $12.25M after not immediately reporting Ionic smartwatch defect

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Fitbit will pay a civil penalty of $12.25 million after it “knowingly failed to immediately report” a defect in its Ionic smartwatches that caused dozens of people to sustain burn injuries, the Consumer Product Safety Commission (CPSC) said Thursday.

Fitbit agreed to pay the penalty after reaching a settlement with the CPSC.

The commission brought charges against the company for not following the law in reporting a defect that could create a product hazard or cause risk of injury or death.

FITBIT RECALLS 1.7M SMARTWATCHES OVER BURN HAZARD

Fitbit has agreed to pay a $12.25 civil penalty after reaching a settlement with the Consumer Product Safety Commission, who charged the company with not reporting a known defect in its Ionic smartwatch. (Kiyoshi Ota/Bloomberg via Getty Images / Getty Images)

Consumers began reporting overheating issues with the Ionic smartwatches to Fitbit in 2018. The reports continued into 2019 and 2020, with some consumers telling the company that they sustained second- and third-degree burns on their arms or wrists from the defect.

In 2020, Fitbit launched a firmware update to “mitigate the potential for battery overheating,” but it did not stop the problem and reports of burns continued to roll in.

“Despite possessing information that reasonably supported the conclusion that the smartwatches contained a defect that could create a substantial product hazard or created an unreasonable risk of serious injury, Fitbit did not immediately report to the Commission as required,” the CPSC said.

There were 118 reports of burn injuries from the Fitbit Ionic worldwide – 78 in the United States and 40 elsewhere. (Consumer Product Safety Commission / Fox News)

FITBIT USERS WILL BE REQUIRED TO LOG IN THROUGH GOOGLE BY 2025

Though Fitbit stopped producing the Ionic smartwatches in 2020, they were recalled by the CPSC and Fitbit on March 2, 2022 – impacting approximately 1.7 million units worldwide.

The recall stated that there were at least 115 reports of the smartwatch’s battery overheating in the United States, causing burn injuries to 78 Americans. Two people reported third-degree burns while four reported second-degree burns.

Fitbit and the CPSC issued a joint recall in 2022 of the Ionic smartwatch, impacting 1.7 million units worldwide. (Consumer Product Safety Comission / Fox News)

In addition, there were 59 reports of overheating made internationally causing burn injuries to 40 people.

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The settlement also requires Fitbit to “maintain internal controls and procedures designed to ensure compliance.”

Fitbit also agreed to submit annual reports on its enhanced compliance program and internal controls, as well as an internal audit on the effectiveness of compliance policies, procedures, systems and training.

January 24, 2025
These are the best five states to start a business

Huntington Bancshares CEO Stephen Steinour unpacks company growth on The Claman Countdown.

Starting a business from scratch is not for the faint of heart, but some states make it easier than others for founders to find success.

A recent study by Swoop Funding ranked U.S. states based on 11 metrics including Venture Capital (VC) investments, sales tax rates, health insurance costs, and the availability of coworking spaces, and found these are the top states in the country for launching a business:

1) Texas

In an aerial view, the downtown skyline is seen on April 11, 2023 in Austin, Texas. ((Photo by Brandon Bell/Getty Images) / Getty Images)

“Texas is a magnet for entrepreneurs with its zero state income tax, low cost of living, and pro-business regulations,” Swoop Funding CEO Andrea Reynolds told FOX Business. “Austin’s ‘Silicon Hills’ attracts top tech talent, while Houston and Dallas lead in energy, logistics, and fintech. The state’s strong startup support network and universities create an ideal launchpad for growth.”

US CEOS ARE GETTING ‘EXCITED’ FOR THE FUTURE OF SMALL BUSINESS UNDER TRUMP 2.0

2) Ohio

Reynolds says Ohio is emerging as an affordable startup hub with strong investments in industries like healthcare, manufacturing, and food tech.

“Programs such as the Ohio Venture Fund and OhioXcelerate provide vital funding and mentorship, supported by top universities and accelerators, creating a diverse and collaborative environment for growth,” she noted.

3) North Carolina

Charlotte North Carolina downtown aerial view (iStock / iStock)

North Carolina has built a strong startup ecosystem fueled by top research universities and a highly skilled workforce, the Swoop Funding CEO says.

CHAMBER OF COMMERCE CEO TOUTS SMALL BUSINESS: ‘STATE OF AMERICAN BUSINESS IS LOCAL’

“The state is leading in biotech, life sciences, and clean energy, with rising venture capital investment making it an attractive alternative to traditional startup hubs.”

4) Mississippi

Mississippi supports startups through initiatives like CoBuilders, backed by partners like Microsoft, offering mentorship and funding.

The state’s focus on the Blue Economy and its low operational costs make it an attractive destination for innovative ventures, Reynolds explained.

5) Florida

View of cruise ship at harbor in Miami, Florida. (Visions of America/Joseph Sohm/UCG/Universal Images Group via Getty Images / Getty Images)

With no state income tax and strong international ties, Florida offers founders great opportunities to scale.

“Florida has rapidly evolved into a major startup destination, especially in fintech and blockchain,” Reynolds said. “Miami is now a global hub for digital finance, while Orlando and Tampa are thriving in gaming, tourism, and healthcare.”

Reynolds says that what Swoop’s study shows is that there is no single formula for startup success. Some states, like Texas and Florida, stand out for their tax advantages and pro-business environments, while others, like North Carolina and Ohio, offer cost-effective solutions and skilled workforces.

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“Entrepreneurs should look beyond just funding opportunities and consider how each state’s strengths align with their business needs,” she added. “Choosing the right location can make all the difference in scaling successfully.”

January 24, 2025
PepsiCo puts out ‘viewpoint neutral’ media-buying and content policy on website

Panelists Jack Hough, Megan Leonhardt and Andrew Bary discuss quantum computing and top stock picks on ‘Barron’s Roundtable.’

PepsiCo, which also operates Frito Lay and Quaker Oats, has issued a policy on its site declaring viewpoint neutrality in its media-buying and content policies.

“PepsiCo’s media-buying and content policies are audience-centric, aiming to reach all consumers authentically, and are viewpoint neutral with respect to political or religious status or views,” the policy reads on the food and beverage giant’s website.

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PEP PEPSICO INC. 148.62 +0.53 +0.36%

According to an email shared with Fox News Digital, PepsiCo added the language to its site after Alliance Defending Freedom filed a resolution on behalf of a shareholder at PepsiCo.

CONSERVATIVES REJOICE OVER ‘JAW DROPPING’ META CENSORSHIP ANNOUNCEMENT: ‘HUGE WIN FOR FREE SPEECH’

ADF had alleged in the shareholder resolution that through its time in Global Alliance for Responsible Media (GARM), PepsiCo “colluded with the world’s largest advertising buyers, agencies, industry associations and social media platforms in order to demonetize platforms, podcasts, news outlets and others who expressed unfavorable political and religious viewpoints.”

“This is a big win when it comes to shareholders engaging and trying to hold corporations accountable for censorship,” ADF SVP of Corporate Engagement Jeremy Tedesco told Fox News Digital.

GARM was formed by the World Federation of Advertisers in 2019 as a “global collaboration with agencies, media companies and platforms” to “improve digital safety.”

PepsiCo did not respond to requests for comment.

LOS ANGELES, CALIFORNIA – MARCH 08: Pepsi products are displayed for sale in a Target store on March 8, 2022 in Los Angeles, California. (Mario Tama/Getty Images / Getty Images)

GARM was created under the guise of “brand and digital safety” to “address harmful and misleading media environments” and “identify actions that will better protect consumers online, working towards a media environment where hate speech, bullying and disinformation is challenged.”

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It was discontinued last year after an antitrust lawsuit against it that was led by X owner Elon Musk.

“GARM is a small, not-for-profit initiative, and recent allegations that unfortunately misconstrue its purpose and activities have caused a distraction and significantly drained its resources and finances. GARM therefore is making the difficult decision to discontinue its activities,” the WFA statement about the disbandment read.

January 24, 2025
DC’s new pandas to go on display. The zoo’s panda program has had a major backer

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Washington, D.C.’s newest pandas – Bao Li and Qing Bao – will officially be introduced to the public at the Smithsonian’s National Zoo on Friday.

Visitors will be able to see Bao Li and Qing Bao at the David M. Rubenstein Family Giant Panda Habitat, the large complex at the zoo that derives its name from Carlyle Group co-founder David Rubenstein and his family, where the bears have been settling in since arriving in the nation’s capital from China last year.

Rubenstein, worth $4.1 billion by Forbes’ measure, has long been a backer of the National Zoo and Conservation Biology Institute’s (NZCBI) giant panda conservation program.

David Rubenstein, co-founder of the Carlyle Group Inc., at the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 21, 2025. The annual Davos gathering of political leaders, top executives and celebrities runs from January 20 to 24. Ph (Stefan Wermuth/Bloomberg via Getty Images / Getty Images)

Under the program, Smithsonian scientists “work to unravel the mysteries of panda biology and behavior, gaining crucial insights into their nutritional needs, reproductive habits and genetic diversity,” according to the NZCBI.

GIANT PANDAS ARRIVE AT NEW HOME IN WASHINGTON, DC ZOO VIA FEDEX: ‘PRECIOUS CARGO’

Rubenstein’s contributions to the program have totaled $22 million over the past thirteen years, the Smithsonian said. Most recently, in September, he promised a whopping $10 million for the zoo’s panda-related work.

That eight-figure donation, described as the “anchor gift” for NZCBI’s $25 million campaign to help cover costs of the program for the next decade, will “support efforts by Smithsonian and Chinese partners to innovate new techniques and pursue research to contribute to the health and welfare of giant pandas in human care and expand work critical to the conservation of giant pandas in the wild, including research on restoring native habitat and assessing impacts of climate change,” the Smithsonian said in a press release announcing the gift.

Conservations consider giant pandas to be a “vulnerable” species.

“The National Zoo’s panda program brings joy to millions of people today as it does the important work of understanding and preserving these magnificent creatures for generations to come,” Rubenstein said in September. “I am pleased to renew my support of this consequential program, a part of a larger Smithsonian campaign.”

“David Rubenstein’s long-term support has transformed our giant panda program and, in turn, the future of this magnificent species and its native habitat,” the NZCBI director Brandie Smith said, adding that Rubenstein “understands the work to save giant pandas is larger than one person, one organization or one nation.”

The large exhibit at the National Zoo where Bao Li and Qing Bao are now living has been called the David M. Rubestein Family Giant Panda Habitat since 2011. The zoo gave it that name “in appreciation” of a $4.5 million gift he provided to the giant panda program that year, according to a press release from that time.

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Bao Li and Qing Bao, both 3 years old, have been residing in the exhibit since mid-October.

Giant panda Bao Li is seen at the Smithsonian’s National Zoo in Washington, D.C., on Jan. 9, 2025. | Getty Images

The zoo inked a 10-year deal with the China Wildlife Conservation Association over the summer for “cooperative research and breeding,” paving the way for D.C. to receive the two bears, the NZCBI said in May. It involves a $1 million yearly fee for the NZCBI.

FedEx’s famous Panda Express jet brought the pair of pandas to the U.S. from China.

“The new @NationalZoo GIANT pandas are in DC!,” Rubenstein said on X when they arrived. “Go #pandas Go @Orioles.”

A group of veterinarians watch Bao Li at the Smithsonian’s National Zoo on Jan. 2, 2025, in Washington, D.C. (Jahi Chikwendiu/The Washington Post via Getty Images / Getty Images)

In the lead-up to Bao Li and Qing Bao going on display on Friday, small groups “including Zoo staff, volunteers, members and other stakeholders have been visiting the pandas and helping them acclimate to the sights, sounds and smells of crowds,” the Smithsonian said earlier this month.

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The zoo’s popular “Giant Panda Cam” is slated to return for “virtual visitors” after the bears become viewable to the public. That camera network is being sponsored by Boeing.

In October, the Smithsonian said it expected to welcome “thousands” of people at the zoo daily.

January 24, 2025
Pressure from Shein, Temu accelerate retail closures

Coresight Research estimates there will be another wave of retail closures in 2025 as legacy companies face relentless competition.

An ongoing surge of U.S. retail closures is expected to persist in 2025 as legacy companies face relentless competition from eCommerce platforms Shein and Temu.

Coresight Research, a firm specializing in retail and technology, estimates that closures will rise to 15,000 in 2025. The firm also projects about 5,800 store openings nationwide this year, but results in a net loss.

With a wave of bankruptcies and closures announced in 2024 from major brands such as Big Lots, Party City, and recent announcements from Kohl’s and Macy’s extending into 2025, Coresight Research estimated that over 1,900 store closures are expected by the second week of 2025.

To put this in perspective, 7,323 stores closed in 2024, marking the highest number of closures since 2020, when nearly 10,000 stores shut down, according to Coresight Research.

It was a nearly 60% increase compared to the same 52-week period in 2023.

US RETAIL CLOSURES HIT HIGHEST LEVEL SINCE PANDEMIC

John Mercer, Coresight’s head of global research, told FOX Business that the same issues plaguing the industry in 2024 will persist, “specifically the competitive pressures” from the fast fashion platforms that have risen in prominence in recent years as inflationary consumers leveraged their cheap prices.

Shein and Temu offer a range of products and clothing at low prices. The companies face criticism over labor practices, environmental concerns, and business ethics such as intellectual property infringement.

Sale and store closing signs at a Macy’s store in the Brooklyn borough of New York, US, on Tuesday, Jan. 14, 2025. (Yuki Iwamura/Bloomberg via Getty Images / Getty Images)

Still, people continue to shop at the platforms, making them a threat to U.S. based retailers.

“We think Temu and Shein together worldwide are a $100 billion threat effectively to retailers,” Mercer said. “We reckon they made about $100 billion in global sales last year. The vast majority of that will be peeled away from legacy retailers… taking sales, taking market share at their expense,” Mercer continued.

Coresight believes the “threat from Temu and Shein is an under-recognized pressure on many retailers” and that “there’s little prospect of that competitive pressure easing up,” according to Mercer.

Another factor contributing to their estimate is the upcoming period of “policy disruption,” according to Mercer.

WHY NEIGHBORHOOD PHARMACIES ARE CLOSING

“We’re not sure yet what’s going to happen with tariffs. We’re not sure how tariffs would flow through to costs on retailers, internal consumers and how consumers would react to that,” he said.

Mercer said the risk with tariffs is that “you end up with escalating inflation.”

A shopper enters a Party City store in Richmond, California, US, on Thursday, Dec. 26, 2024. (David Paul Morris/Bloomberg via Getty Images / Getty Images)

“We saw how badly U.S. consumers reacted last time there was increased inflation. The risk is we get more inflation and consumers respond likewise again,” he added.

Putting tariffs aside, positive trends in Coresight Research’s consumer sentiment metrics and upbeat macroeconomic indicators suggest that consumer demand could be reasonably strong, according to Mercer. But even if demand is strong, the “risk to legacy retailers is that, as I mentioned, consumer demand, increasingly goes to newer players.”

MACY’S ACCELERATES STORE CLOSURES THIS YEAR

Coresight Research CEO Deborah Weinswig said in a statement that inflation coupled with a “growing preference among consumers to shop online to find the cheapest deals” took a toll on many brick-and-mortar retailers last year.

Sale signage outside a Macy’s store in the Brooklyn borough of New York, US, on Tuesday, Jan. 14, 2025. (Yuki Iwamura/Bloomberg via Getty Images / Getty Images)

Several brands fell victim including American Freight, which announced it was shutting all 329 of its locations as part of its parent company’s bankruptcy proceedings, and Big Lots filed for Chapter 11 bankruptcy protection in September to help facilitate the sale of “substantially all” of its assets to its “stalking horse bidder” Nexus Capital Management. It also announced plans to permanently close dozens of stores.

Macy’s also began shuttering locations as part of a turnaround strategy announced in February 2024. It’s CEO, Tony Spring, told analysts during a recent earnings call that the company now expects to close about 65 locations this year, up from its previous forecast of 50 announced at the start of the year.

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Party City, with 738 expected closures, and Big Lots, with about 661 expected closures, is leading the pack for closures so far this year. 7-Eleven isn’t far behind with 333 expected closures.

Coresight also tracked expected closures for Aldi, CVS Health, Dollar General, Dollar Tree, Family Dollar, Five Below, JD Sports, Kohl’s, Macy’s, The TJX Companies and Walgreens Boots Alliance.

However, the majority of companies that are mentioned are simultaneously opening up locations throughout the year.

Mercer said it’s important to recognize that there are three categories of retail closure activity. In one case, retailers may be closing all stores because they are liquidating their assets. There are also distressed retailers who are restructuring and closing large swathes of stores, but not necessarily all of them.

The third kind of closure is when legacy retailers recognize that they need to reshape their estates to better cater to changing consumer preferences.

January 24, 2025
Spirit Airlines not allowing passengers with inappropriate clothing, tattoos to fly

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Spirit Airlines has updated its policy to include a stricter dress code for passengers.

The update, which became effective on Jan. 22, says a passenger can be denied boarding or removed from a flight because of their clothing or offensive tattoos.

The additions to the contract now specify that passengers who are inadequately clothed, such as wearing see-through clothing that exposes breasts, buttocks, or other private parts, are subject to being grounded.

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An employee assists travelers at a Spirit Airlines check-in counter at the Oakland International Airport in Oakland, California, U.S. (David Paul Morris/Bloomberg via Getty Images / Getty Images)

The contract also makes clear that passengers may not be barefoot, which is a policy on other airlines as well. Another addition to Spirit’s policy, the appearance of offensive tattoos, is not a common cause for removal.

The new policy comes after clothing infractions have reportedly caused issues for some Spirit passengers.

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A Spirit Airlines Airbus takes off at Fort Lauderdale Hollywood International Airport in Broward County, Florida. (Joe Cavaretta/South Florida Sun Sentinel/Tribune News Service via Getty Images / Getty Images)

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In October of last year, two women were removed for wearing crop tops on the airline. Last week, a man from Texas was removed from a Spirit flight for wearing what was deemed an offensive hoodie. The passenger eventually removed the article of clothing but was still escorted from the plane.

Fox Business has reached out to Spirit for comment.

January 24, 2025