Morning Business Report: Target is trying to attract grocery shoppers
As consumers slow down spending on non-essential items, Target is looking to become a go-to for grocery shopping. The company has tried to stand out by selling its own unique food and beverage items, raising its fresh food standards, and appealing to shoppers seeking convenience. Only 21 percent of Target’s annual sales came from food and beverage. Meanwhile, Walmart gets 60 percent of its sales from grocery items.
The United States Department on Agriculture is considering a ban on flavored milk options in school cafeterias. Flavored milk, like chocolate milk, could be limited to high schoolers under the new guidelines. These new dietary guidelines will be put in place for the 2024-25 school year. The USDA is seeking to curb salt and sugar intake for school lunches.
Stocks ended lower on Tuesday. Investors are growing nervous ahead of the debt ceiling deadline.
Retail sales last month were lackluster.
Despite 78 percent of Americans having a savings account, 91 percent still keep some cash at home. A LifeAndMyFinances study found 13 percent of people keeping some of their money at home stuff the cash into a freezer. More American men than women store money at home.
The Internal Revenue Service will begin a pilot program next year to help some taxpayers fill out and file their income tax returns. The service will be free and accessed online. This is a first step toward building a government-run competitor to TurboTax and H&R Block. The agency hasn’t decided how many people will participate in the pilot, or what will happen after the first year.
