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In this podcast, Anjee Solanki discusses the slowing of US retail sales in August due to higher gasoline prices. The news of Disney considering selling ABC to Nexstar is revealed by Chris Palmeri and David Westin. Jim Chanos shares his investment outlook and thoughts on China. Paula Vissing talks about Little Caesars being the official pizza sponsor of the NFL. And George Schultze discusses the current performance of the US equity market and opportunities for distress.
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Quick takeaways
- Consumers are shifting towards purposeful buying and Quick-Service Restaurants due to increasing prices and inflation in food and grocery items.
- Retailers are adapting to changing market conditions by considering store closures or portfolio optimization to focus on new customer growth and creating unique in-store experiences.
Deep dives
Consumer cautiousness and slowdown in retail spending
Consumers are becoming more cautious in their spending habits, resulting in slower growth in retail sales. In August, core retail sales only increased by 0.1%, indicating a slowdown in discretionary spending. Consumers are now more focused on purposeful buying rather than impulse purchases, likely due to increasing prices and inflation in food and grocery items. This shift in consumer behavior is evident in the uptick in spending at quick-service restaurants, such as Chick-fil-A and Raising Cane's, which offer convenience and affordability compared to grocery stores.
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