News Briefs

More than a third of Americans took on debt this holiday season, with many spending more money than they planned to.

New data from LendingTree revealed that 36% of Americans took on debt this holiday season, with 65% having put purchases on a credit card and 24% on a store card. One-in-five (21%) used a buy now, pay later (BNPL) loan to make holiday purchases and 19% used a personal loan.

Of the 36% who took on debt, only 44% of which had planned to. Parents of young children were the most likely to take on debt, at 48%, millennials ages 28 to 43 (42%) and those earning $30,000 to $49,999 (39%). Those who went into debt took on an average of $1,181, up from $1,028 in 2023.

Among those in debt from holiday shopping, six-in-10 (60%) say they’re stressed about it, with 69% of parents of young children saying so. Additionally, 42% say they regret spending as much as they did, and 21% expect it’ll take five months or longer to pay it off. Another 20% are only making minimum payments.

[READ MORE: Mastercard: 2024 holiday retail sales rise nearly 4%]

“Inflation is still a big deal in this country, and it’s having a huge impact on people’s finances, including their holiday spending,” said Matt Schulz, chief credit analyst at LendingTree. “If you were to only buy the same things you bought last Christmas, you’d likely have to spend more this year thanks to inflation. For many Americans, that means you either have to cut back on gifts or take on more debt. While people make lots of sacrifices to deal with higher prices, many may not want to sacrifice at the holidays, so debts continue to rise.”

Pine Tree, the owner-operator of more than 60 grocery-anchored and open-air centers nationwide, has closed on a $247 million loan with New York Life Real Estate Investors to finance a six-asset portfolio it acquired earlier this year in partnership with a state pension fund.

The Oak Brook, Ill.-based company characterizes the properties as “market dominant” centers centers located in Florida, Arizona, Oregon, and Ohio. Anchors in the centers include 13 TJX concepts, Nordstrom Rack, Ulta Beauty, Target, and Dick’s Sporting Goods. 

Kroger, The Fresh Market, and New Seasons Market are among the supermarket anchors.

“We are extremely excited about this financing package and very grateful to New York Life Real Estate Investors for their incredible execution and help in securing the loan,” said Pine Tree’s chief investment officer Conor Bossy.

Pine Tree, also a provider of third-party management services, operates 11 million sq. ft. of retail properties in 35 states. 

Big Lot’s wind-down has begun.

Gordon Brothers, in a joint venture with Hilco Consumer – Retail and Tiger Capital Group, said it has begun store closing sales at all 869 Big Lots locations. The close-out retailer is offering up to 25% off original prices on all merchandise and 50% off a great selection of Christmas and harvest offerings. The discounts will apply at retail stores only and will not be available online. 

Big Lots' going-out-of-business sales come days after the retailer said it did not anticipate completing its previously announced sale to Nexus Capital Management, “though it continues to work toward completing an alternative going concern transaction with Nexus or another party” with a goal to complete a sale by early January. In September, Big Lots filed for bankruptcy protection as part of a deal to be acquired for about $760 million by private equity firm Nexus Capital.

Big Lots has struggled in recent years with declining sales, listed assets and liabilities of $1 billion to $10 billion in its bankruptcy petition. The company is continuing to serve customers in-store and online, and will provide updates as available.

[READ MORE: Party City going out business]

Big Lots’ store closing event occurs as another retailer, Party City, is also planning to go dark.

Despite inflation, home DIY projects are still driving consumers to home improvement chains.

According to the Numerator Home Improvement Tracker, consumers that purchased home improvement items in the past three months said they purchased items because they needed supplies for a small DIY project (31.3%), needed supplies for a major DIY project (16.3%) or were replacing a damaged/broken item (15.7%).

Home Depot and Lowe’s maintained their positions as category leaders through 2024, capturing an average of 28% and 19% share of consumer spend, respectively, in tracked home improvement categories as of September 2024. Amazon followed the two home improvement giants at 14.4% of consumer spend, with Walmart right behind at 10.4%.

Menards (3.2%), Costco (2.8%), Harbor Freight Tools (2.7%) and Ace Hardware (2.1%) posted small shares of the home improvement market as of September. Consumer reasons for purchasing from a specific retailer included best prices (48.4%), convenient location (47.6%) and product options/availability (36.3%).

Categories that saw the most growth in household penetration over the last 12 months were outdoor power equipment (39.2% of U.S. households purchased) and hand tools (52.1%). While most home improvement categories are still dominated by name brand products, private label brands had the largest share in hand tools (38.6% of category spend), lawn & garden (22.9%) and kitchen & bathroom (20.7%).

[READ MORE: Report: Best Buy, Amazon have largest shares of consumer electronics market]

BJ’s Wholesale Club has reached a new milestone with its store count in the Sunshine State.

The Massachusetts-based club retailer has opened its 40th location, at the Beachwalk East Shopping Center St. Johns, Fla., a suburb of Jacksonville.  

Members can shop fresh foods, produce, full-service deli items, fresh bakery goods, household essentials, home décor, pet supplies, toys, tech and more from the new store, which also has an on-site BJ’s Gas location.

“We’re eager to bring our unbeatable value and convenience to St. Johns and the surrounding communities,” said Stephen Wolters, club manager of the St. Johns BJ’s Wholesale Club. “BJ’s members save up to 25% off grocery store prices every day. We also look forward to being an active member of the community, making a positive difference as we take care of the families who depend on us.”

 BJ’s members can choose from several time-saving options whether shopping online or in-store at the St. Johns club. Curbside pick-up, in-club pick-up, same-day delivery and standard delivery are available on BJs.com, while members shopping in-club can use ExpressPay through the BJ’s mobile app to scan products as they shop and skip the checkout line.

[READ MORE: BJ’s raising membership fee — first increase in seven years]

Founded in 1984, BJ’s currently operates 247 clubs and 183 BJ's Gas locations in 20 states.

A cooperative food wholesaler to independently-owned supermarkets is building on a partnership with a customer rewards app.

Roberts Company Inc., a grocery chain operating Corner Market and Grocery Depot locations in the Jackson/Hattiesburg, Miss. area which is an Associated Wholesale Grocers (AWG) member, is teaming with Upside. The Upside app provides cash back rewards to customers of participating retailers.

AWG initially partnered with Upside in 2023 and has been extending the app’s availability to more member grocers. In addition to increasing loyalty and shopping frequency among existing customers, AWG and Roberts Company hope to attract incremental visits and spending from new customers who may be more motivated by prices and rewards rather than by specific brands.

“We’re thrilled to have connected Roberts Company Inc. with the Upside team to help grow Roberts’ customer base and capture untapped market share,” said Tye Anthony, chief merchandising and marketing officer, AWG. “At AWG, our mission is to provide our member retailers all the tools, products and services they need to compete favorably in all markets served. Upside is a key partner in helping Roberts achieve those goals.”

[READ MORE: Instacart, AWG expand partnership]

AWG is the nation's largest cooperative food wholesaler to independently owned supermarkets, serving 1,100 member companies and more than 3,500 locations throughout 32 states from nine wholesale divisions.

Upside is live at nearly 100,000 U.S. grocery stores, restaurants, gas stations and convenience stores nationwide, and over 35 million consumers have access to Upside’s promotions through its app and partner apps.