Happy Friday, retailers! Welcome to this edition of Retail Right Now, where we recap the week's biggest retail news.
Donald Trump was elected the 45th President of the United States on Tuesday. Analysts believe the election will have an inflationary effect due to increased labor costs and, over time, a rise in the cost of imported products. Experts also say that companies that use technology to lower labor costs, like Amazon.com and Wal-Mart, will be in a better position than more labor-intensive retailers. However, the Dow opened at a record high yesterday, and bank stocks and industrials surged, while Apple and other technology shares sank as Wall Street rearranged its bets to benefit from Trump's presidency.
Urban Outfitters tried to help its Twitter followers by tweeting out an Election Day "guide," but it was full of false information, including telling people that in order to vote they needed a “voter’s registration card” as well as an ID. That wasn't the case.
However, you will need an ID to drink the beer and wine that Bed Bath & Beyond will soon serve at its new, 120,000-square-foot store in Brooklyn, N.Y., which is rumored to be opening on Black Friday.
And today is Singles Day. We're keeping an eye on Alibaba for a final tally of the day's sales.