As the debate continues over how much retail is too much for Albemarle County, tree-huggers aren’t the only people concerned about a shopping surplus.
On Thursday, May 4, The Wall Street Journal reported that investors are skittish about putting money into Target. Last year the Minneapolis-based retailer showed a 5.6 percent gain on sales—two points better than rival Wal-Mart. Yet even as sales grow, Target’s stock is down 2.6 percent so far this year.
The Journal speculates that investors could be skittish about how spiraling energy costs will affect America’s appetite for junk they don’t need. Of course, trendy Michael Graves’ tea kettles never go out of style (or so Target hopes), so some investors are saying that the retailer is poised to exceed predictions. Maybe now is the time to pick up Target stock, which closed at $52.40 per share on Wednesday. That’s down from about $58.50 in November, but up from about $48 a year ago.—John Borgmeyer
