US Department Stores See Higher Credit Delinquencies Amid Strained Spending
August 28, 2023
Several major U.S. department stores, including Macy’s and Nordstrom, are witnessing an increase in credit card delinquencies, which poses a risk to their revenues as consumers scale back discretionary spending before the critical holiday shopping season. Macy’s reported a decline of $84 million in credit card revenues for the second quarter due to rising delinquencies, while Nordstrom saw a 10% rise in credit card revenues in the first half of the year but warned of higher credit losses ahead. The rise in delinquencies, particularly among consumers in their 40s and 50s, could indicate growing financial pressure on certain segments of the population, leading to higher bad debt and write-offs for department stores.
Recent News
NHTSA Investigates Tesla Autopilot Again After Recent Software Update
Tesla Autopilot is once again the subject of an NHTSA investigation.
Home Depot Holds Halfway to Halloween Sale: Skelly’s Back
It’s halfway to spooky season, and Home Depot is celebrating.
Kaiser Discloses Health Insurance Data Breach
Health insurance company Kaiser is notifying millions of its current and former members about a data breach. The breach occurred when Kaiser shared patients’ information with third-party advertisers like Google, Microsoft, and X (formerly Twitter).
Satirical Site The Onion Acquired by Global Tetrahedron
The satirical news website, The Onion, has been sold by G/O Media to a group of digital media veterans.