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Axios
a day ago
- Business
- Axios
Philly back-to-school spending dips from last year
Back-to-school spending is slightly down in Philly this year — but parents here are still spending more than the average U.S. parent, per the latest Deloitte survey. Why it matters: Many Philly parents surveyed say their financial situations haven't improved or have gotten worse since last year. Driving the news: Philly parents are expected to spend on average about $725 per child for back-to-school supplies this year — about 5% less than 2024, per the survey. Yes, but: That's $108 more than 2023's average, and this year's total is still 27% higher than the national average of $570. The big picture: New U.S. tariffs on Chinese imports — including backpacks, pens, binders and shoes — kicked in earlier this year, rose sharply, then came back down to levels still historically high, Axios' Kelly Tyko reports. The full impact hasn't hit store shelves yet — and back-to-school season may be the first test of how much price pressure shoppers will tolerate, according to a recent Wells Fargo Investment Institute report. State of play: More parents say they're expecting to spend on tech products (34% compared to 31% last year), while those spending on clothes and accessories is slightly down and school supplies remained flat. Nearly two-thirds of parents had planned to finish school shopping by the end of July, many of them taking advantage of sales on Prime Day, ahead of Philly's first day of classes on Aug. 25. How it works: Deloitte surveyed more than 430 Philly parents with at least one school-aged child with a local margin of error of ± 5%. Zoom in: Brick-and-mortar retailers are still most popular among Philly parents. Those who shop online tend to spend about 1.5 times more than those who do not, per the survey.
Axios
11-04-2025
- Business
- Axios
Egg prices rise to all-time highs ahead of Easter
Egg prices rose to a record high of $6.23 per dozen in March, according to U.S. Bureau of Labor Statistics data released on Thursday. The big picture: President Trump claimed credit last month for a drop in wholesale egg prices as bird flu outbreaks that forced producers to cull millions of chickens and led to shortages waned and his administration moved to tackle higher prices by boosting egg imports. However, consumers don't typically immediately see wholesale price drops reflected at the grocery store, per Axios' Kelly Tyko and Nathan Bomey. And eggs are in high demand over the Jewish holiday of Passover, which starts Saturday, and Easter, held on April 20 this year. That can drive prices higher. By the numbers: The price for a dozen grade A large eggs increased from $5.90 in February to $6.23, per the BLS. In January, it was $4.95 a dozen. Wholesale egg prices have fallen from an average of $6.55 per dozen on Jan. 24 to $3.26 last Friday, per Agriculture Department data. Between the lines: "Retailers get to choose their own price, and they took a lot of losses when prices were exceptionally high," said University of Arkansas agricultural economist Jada Thompson in a blog post this week.
Axios
20-03-2025
- Business
- Axios
A millennial's farewell to Forever 21
Of all the recent bleak retail news, this one hit my millennial ass the most. What's happening: Forever 21 stores in the U.S. are poised to go out of business after the company that owns them filed for Chapter 11 bankruptcy protection, Axios' Nathan Bomey and Kelly Tyko report. Why it matters: Goodbyes are on the horizon for locations at the Countryside Mall, Brandon Town Center and The Mall at University Town Center. Yes, but: The real "why it matters" is much more existential, and by that I mean: Where are the girls going to find the perfect last-minute going-out top for $6 and half a pack of gum? Where will the Future Fashion Students of America cut their teeth? Why didn't I keep all of my body-con dresses and graphic T-shirts to peddle as "vintage" on Depop? Oh right, because they disintegrated after one (1) wash. 💭 Yacob's thought bubble: I guess Forever 21 was just a lie, huh? Look, I haven't shopped there in years, and I've mostly moved away from fast fashion, but this is the end of an era for fashionistas of a certain age.
Yahoo
12-02-2025
- Business
- Yahoo
JCPenney closing 'handful' of stores by mid-2025: Here's what we know
A "handful" of JCPenney locations are soon to be closing, a company spokesperson said, adding to the retailer's long list of shuttered stores since it filed for bankruptcy in 2020. The spokesperson did not specify how many or which locations would be closing, but added the company did not plan to "significantly reduce" its store count. JCPenney announced plans to close more than 200 locations across the country after the retailer filed for Chapter 11 bankruptcy protection in May 2020. The chain was later acquired by Simon Property Group and Brookfield Asset Management Inc. in December 2020. Last month, JCPenney announced it had partnered with fashion retailer Forever 21 to create a new company called Catalyst Brands. The merger also includes Brooks Brothers, Aéropostale, Lucky Brand, Nautica and Eddie Bauer. Catalyst Brands is expected to open 1,800 store locations and hire 60,000 employees. The JCPenney spokesperson said the store closures are not related to the Catalyst Brands merger. Here's what we know about the closures. JCPenney did not confirm which "handful" of stores would be closing this year. A JCPenney spokesperson told USA TODAY the stores are expected to close by mid-2025. Contributing: Jonathan Limehouse and Kelly Tyko, USA TODAY Greta Cross is a national trending reporter at USA TODAY. Follow her on X and Instagram @gretalcross. Story idea? Email her at gcross@ This article originally appeared on USA TODAY: JCPenney closing 'handful' of stores in 2025: Here's what we know Sign in to access your portfolio
USA Today
12-02-2025
- Business
- USA Today
JCPenney closing 'handful' of stores by mid-2025: Here's what we know
Hear this story A "handful" of JCPenney locations are soon to be closing, a company spokesperson said, adding to the retailer's long list of shuttered stores since it filed for bankruptcy in 2020. The spokesperson did not specify how many or which locations would be closing, but added the company did not plan to "significantly reduce" its store count. JCPenney announced plans to close more than 200 locations across the country after the retailer filed for Chapter 11 bankruptcy protection in May 2020. The chain was later acquired by Simon Property Group and Brookfield Asset Management Inc. in December 2020. Last month, JCPenney announced it had partnered with fashion retailer Forever 21 to create a new company called Catalyst Brands. The merger also includes Brooks Brothers, Aéropostale, Lucky Brand, Nautica and Eddie Bauer. Catalyst Brands is expected to open 1,800 store locations and hire 60,000 employees. The JCPenney spokesperson said the store closures are not related to the Catalyst Brands merger. Here's what we know about the closures. Need a break? Play the USA TODAY Daily Crossword Puzzle. Which JCPenney stores are closing? JCPenney did not confirm which "handful" of stores would be closing this year. When are the stores closing? A JCPenney spokesperson told USA TODAY the stores are expected to close by mid-2025. Contributing: Jonathan Limehouse and Kelly Tyko, USA TODAY Greta Cross is a national trending reporter at USA TODAY. Follow her on X and Instagram @gretalcross. Story idea? Email her at gcross@
