Money

NBC - Macy’s plans to close approximately 150 stores nationwide as part of a massive reorganization that will see the it pivot to a greater focus on luxury sales. The retailer announced an initiative it’s calling a “bold new chapter” that will involve shuttering “underproductive” locations, including approximately 50 by the end of the company’s current fiscal year.

USA Facts - The net worth of the middle class averaged about $449,200 per household from January to the end of September 2023. That’s 8.4% of total household wealth nationwide. Real estate is the biggest aspect of this wealth.

CNN - Inflation may be cooling, but many Americans are spending more of their income on groceries than at any point over the past 30 years, according to the Bureau of Labor Statistics. Food prices remain much higher than before the pandemic and fresh vegetables are starting to come at a premium. The most notable price increase in produce aisles last month was for tomatoes, which cost 4.6% more than they did in January.  

 NPR- The Federal Trade Commission and nine states are suing to block the $24.6 billion merger of the two largest supermarket chains in the U.S. — Kroger and Albertsons. If they're combined, it would be the biggest U.S. grocery merger in recent history. Kroger owns stores like Ralphs, Harris Teeter, Fred Meyer and King Soopers. Albertsons, its top direct competitor, owns stores like Safeway, Vons and Jewel-Osco. The FTC argues the merger would eliminate competition for workers and shoppers.