I recently had the chance to weigh in how tariffs might be driving recent traffic declines at Target and Walmart while traffic increased at Costco Wholesale with Carson Hartzog of The Minnesota Star Tribune.

For retail and consumer leaders, navigating this unpredictability requires an “all hands on deck” pursuit of opportunities across supply chain, negotiations, pricing, political advocacy, and beyond. If you’re unsure where to begin, please reach out.

“If Walmart’s traffic is down, that’s a scary statement. People are really, really watching their dollars, not just the mix of discretionary versus essentials,” said Toopan Bagchi, managing director of Starship Advisors.

“The clarity that there will be inflation is pushing people to pre-buy in bulk now,” Bagchi said. “It’s not that you’re so high income you don’t care. It’s a high enough income that you care and can afford to pull that buying forward.”

“Inflation has been a real thing for a while, and now it’s like on steroids,” Bagchi said. “It’s far more existential than just the DEI boycotts.”

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