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more than half of all mall-based department stores would close by the end of 2021.

Many small mall retailers have clauses in their leases — so-called co-tenancy clauses — that allow them to pay reduced rent or even break the lease if two or more anchor stores leave a location.

Mr. Tibone said he was pessimistic about the ability of most malls to fill vacant spaces, especially during the pandemic. Entertainment options like Dave & Buster’s are off the table, for instance.

Macy’s, which also owns Bloomingdale’s, said in February that it would close 125 stores in “lower-tier malls” during the next three years, and Nordstrom just recently said it would close 16 of its 116 full-line department stores. While Neiman Marcus, which filed for bankruptcy in May, said it plans to reopen all its stores, landlords are watching warily.

Already this year, Victoria’s Secret said it would close 250 stores in North America, while the Gap brand is closing at least 170 stores globally. Financial troubles are plaguing mall chain companies like Ascena Retail, which owns Ann Taylor and Loft, and the owner of New York & Company. And bankruptcies since early 2019 have included mall staples like Forever 21, Things Remembered, Payless ShoeSource and GNC. Lucky Brand Dungarees filed for bankruptcy on Friday.

Herold said the suspect's injury was a "through-and-through" wound to his leg.Ben Markus of Colorado Public Radio reported that Alissa has a police record, having been arrested on a misdemeanor assault charge in 2018. He pleaded guilty and paid a fine to resolve that case, according to court records.

An "extensive investigation" is now under way into Alissa's life, Dougherty said. He added that the suspect has "lived most of his life in the United States," but he did not elaborate on the suspect's history.The arrest warrant affidavit for Alissa says he purchased a gun less than a week before Monday's shooting, citing official databases that show the suspect bought a Ruger AR-556 on March 16.

The U.S. flag was lowered to half-staff atop the White House on Tuesday in honor of the victims. President Biden said he and first lady Jill Biden were "devastated" to learn of the shooting. Speaking from the White House, Biden also said it's time for Congress to tighten U.S. gun laws.

Biden acknowledged that the inquiry is still in its early phases, but he added, "I don't need to wait another minute, let alone an hour, to take common-sense steps that will save lives in the future and to urge my colleagues in the House and Senate to act." Lawmakers' priorities, Biden said, should be once again to ban assault weapons and high-capacity magazines and close legal loopholes.

The arrest affidavit provides new details about what took place inside the store, drawing from 911 emergency calls and interviews with people who were present when mayhem erupted at the King Soopers grocery store on Table Mesa Drive.Store employees told Detective Joanna Compton that they saw the suspect shoot an older man in the parking lot.

The weapon used in the shooting is legally classified as a "pistol" in the U.S., but many people would likely consider it to be a rifle — and the affidavit repeatedly refers to it as one. The gun has the same lower receiver, the shell-like piece that houses the trigger, as AR-15 rifles that have been used in many other mass shootings in the United States.

Alissa surrendered to police after he was shot in the leg. An officer said the suspect took off most of his clothes and walked backward toward a SWAT team at the store."The suspect did not answer questions, though he asked to speak to his mother," the affidavit said.

As the scene was being cleared, authorities worked to account for people and locate victims. While most of the victims were inside the store, police found a dead person in the parking lot, next to a Mercedes sedan that Alissa had apparently driven to the grocery store.

Polis, who is from Boulder, noted that he has shopped at the same store where the violence erupted Monday. Herold later added that she lives about three blocks from the store.

Speaking about the slain officer, Herold said that just weeks ago, she had Talley and his family in her office so she could present an award. The commendation, she explained, was for one of his sons who had saved another boy's life by performing CPR.

The FBI, the Bureau of Alcohol, Tobacco, Firearms and Explosives and other federal agencies are helping to investigate, mainly by processing evidence at the crime scene and conducting interviews with witnesses, said Michael H. Schneider, FBI special agent in charge. He added that the effort is ongoing to determine what could have motivated the attack.

As a teenager in Arvada, Alissa was on his high school's wrestling team. Tyson Crosby, the father of a boy who competed against Alissa, remembered him as being nice but also "a little frustrated with life."Despite Alissa having some "anger management issues," Crosby told Colorado Public Radio, "I would have never expected to hear what I heard [about the shooting], that came as a complete shock."

The first reports of shots fired at the King Soopers grocery store reached the Boulder Police Department around 2:30 p.m. local time Monday, Herold said that evening. She provided more details on Tuesday, saying that with a "barrage" of calls coming in, officers were dispatched around 2:40 p.m. and arrived within minutes.The officers "immediately entered the store and engaged the suspect," the police department said in a news release. "There was an exchange of gunfire during which the suspect was shot. No other officers were injured. The suspect was then taken into custody at 3:28 p.m." and taken to a hospital, the agency said.

In the wake of the shooting, other state and local agencies offered to handle service calls for the Boulder police, Herold said. But she added that while her department appreciated the gesture, it declined the offers.

When the chief was asked what she's telling her officers now, Herold said, "I tell them that I'm sorry, we're going to get through this. Don't lose your compassion, and we'll get through this. And we'll come out of it stronger."

In 2013, Talley and two other officers drew a crowd – and eventually, a round of applause – when they rescued ducklings that had been swept out of a creek and into a caged drainage ditch. It was Talley who waded into the water to coax the ducklings to a spot where his colleagues could scoop them up.

"I am heartbroken to announce that my Dad, my hero, Kevin Mahoney, was killed in the King Soopers shooting in my hometown of Boulder, CO," she wrote on Twitter. "I'm so thankful he could walk me down the aisle last summer."

Teri Leiker was a dedicated King Soopers employee who had worked at the store for more than 30 years, her friend Lexi Knutson wrote in an Instagram tribute, calling her "the most selfless, innocent, amazing person I have had the honor of meeting." Knutson said the two met in 2017 through the University of Colorado Boulder chapter of Best Buddies, a program that aims to create one-on-one friendships between students and members of the community with intellectual and developmental disabilities.

Rikki Olds worked as a front-end manager at the King Soopers grocery store, according to The Denver Post. Her Facebook page identifies her as a graduate of Centaurus High School in Lafayette, Colo., and a student at Front Range Community College, which has multiple campuses in Colorado.

United Food and Commercial Workers, Local 7, which represents grocery store employees including those at King Soopers, confirmed that Olds was a worker at the store and a former union member. It also confirmed that "a few" of its members were working during the shooting, and, citing the ongoing investigation, said it would share more details as they become available.

Lynn Murray, a retired photo editor, was at the grocery store working as an Instacart shopper when she was killed.Before moving to Colorado, Murray lived in New York City and worked for magazines, including Glamour, Marie Claire and Cosmopolitan, according to The Denver Post. She grew up in Mentor, Ohio, and attended Ohio University.

Tralona "Lonna" Bartkowiak was a founder with her sister of Umba, a clothing and art store in downtown Boulder.

Suzanne Fountain was an actress who had performed with the Denver Center for the Performing Arts' theater company.

She was also a house manager at eTown Hall, a music venue and community center that produces a radio show.

Denny Stong's Facebook profile describes him as a resident of Boulder and an employee of King Soopers since 2018. "I can't stay home. I am a Grocery Store Worker," his profile picture says.A fundraiser for Stong's family said he was "a kind soul with a funny sense of humor and unique interests," and said that he had risked his life to protect others during the attack.

Jody Waters had an eye for style and design, which she channeled into a career in fashion. Her friend and business colleague Stephanie Boyle said Waters would help her set up booths at local events for her leather accessories business, and gave her advice on stores with which to collaborate.

as the production of food and material goods centralized and rapidly expanded, commerce reached a scale that the country’s existing stores were ill-equipped to handle, according to the historian Susan Strasser, the author of Satisfaction Guaranteed: The Making of the American Mass Market. Manufacturers needed ways to distribute their newly enormous outputs and educate the public on the wonder of all their novel options. Americans, in short, had to be taught how to shop.

In 2019, one in five American workers was employed in retail, food service, or hospitality; even more are now engaged in service work of some kind.

This dynamic is exacerbated by the fact that the United States has more service workers than ever before, doing more types of labor, spread thin across the economy

Retailers won over this growing middle class by convincing its members that they were separate from—and opposed to—industrial workers and their distrust of corporate power,

With these goals in mind, Leach writes, customer service was born. For retailers’ tactics to be successful, consumers—or guests, as department stores of the era took to calling them—needed to feel appreciated and rewarded

From 1870 to 1910, the number of service workers in the United States quintupled. It’s from this morass that “The customer is always right” emerged as the essential precept of American consumerism—service workers weren’t there just to ring up orders

they were there to fuss and fawn, to bolster egos, to reassure wavering buyers, to make dreams come true.

they were also quite intentionally building something far grander: class consciousness. Leach writes that the introduction of shopping was fundamental to forming middle-class identity at a particularly crucial moment, as the technological advances of the Gilded Age helped create the American office worker as we now know it.

Customers might not have been able to afford a household staff to do their bidding like the era’s truly wealthy, but corporate stores offered them a little taste of what that would be like. The middle class began to see itself as the small-time beneficiaries of industrialization’s barons.

For many of these workers, the difficulty of finding non-service employment enables companies to pay low wages and keep their prices artificially low, which consumers generally like as long as they don’t have to think about what makes it possible. In theory, these conditions are supposed to encourage better performance on the part of the worker; in practice, they also encourage cruelty on the part of the consumer.

Previously confined to a few lavish European-owned hotels in America, tipping “aristocratized consumption,

Tipping ratcheted up the level of control that members of the middle class could exercise over the service workers beneath them: Consumers could deny payment—effectively, deny workers their wages—for anything less than complete submission.

In the 150 years that American consumerism has existed, it has metastasized into almost every way that Americans construct their identities. Today’s brands insert themselves into current events, align themselves with causes, associate patronage of their businesses with virtue and discernment and success.

Most Americans now expect corporations to take a stand on contentious social and political issues; in return, corporations have even co-opted some of the language of actual politics, encouraging consumers to “vote with their dollars” for the companies that market themselves on the values closest to their own.

For Americans in a socially isolating culture, living under an all but broken political system, the consumer realm is the place where many people can most consistently feel as though they are asserting their agency.

Being corrected by a salesperson, forgotten by a bartender, or brushed off by a flight attendant isn’t just an annoyance—for many people, it is an existential threat to their self-understanding.

“The notion that at the restaurant, you’re better than the waiters, it becomes part of the restaurant experience,” and also part of how some patrons understand their place in the world. Compounding this sense of superiority is the fact that so many service workers are from historically marginalized groups—the workforce is disproportionately nonwhite and female.

Because consumer identities are constructed by external forces, Strasser said, they are uniquely vulnerable, and the people who hold them are uniquely insecure

If your self-perception is predicated on how you spend your money, then you have to keep spending it, especially if your overall class status has become precarious, as it has for millions of middle-class people in the past few decades

Although underpaid, poorly treated service workers certainly exist around the world, American expectations on their behavior are particularly extreme and widespread, according to Nancy Wong, a consumer psychologist and the chair of the consumer-science department at the University of Wisconsin. “Business is at fault here,” Wong told me. “This whole industry has profited from exploitation of a class of workers that clearly should not be sustainable.”

Department-store magnates alleviated these concerns by linking department stores to the public good. Retailers started inserting themselves into these communities as much as possible, Leach writes, turning their enormous stores into domains of urban civic life. They hosted free concerts and theatrical performances, offered free child care, displayed fine art, and housed restaurants, tearooms, Turkish baths, medical and dental services, banks, and post offices. They made splashy contributions to local charities and put on holiday parades and fireworks shows. This created the impression that patronizing their stores wouldn’t just be a practical transaction or an individual pleasure, but an act of benevolence toward the orderly society those stores supported.

Modern businesses have invented novel ways to exacerbate conflicts between their customers and their workers.

A big problem at airlines and hotels in particular, Wong said, is what’s called the “customer relationship management” model. CRM programs, the first and most famous of which are frequent-flyer miles, are fabulously profitable; awarding points or miles or bucks encourages people not only to increase the size and frequency of their purchases, but also to confine their spending to one airline or hotel chain or big-box store.

Higher-spending customers access varying levels of luxury and prestige, often in full view of everyone else. Exposure to these consumer inequalities has been found to spark antisocial behavior in those who don’t get to enjoy their perks, the classic example of which is air rage

Workers must do what the sociologist Arlie Russell Hochschild, in her 1983 book, The Managed Heart, identified as “emotional labor.”

Workers must stifle their natural emotional reactions to, in the case of those in the service industry, placate members of the consumer class. These workers are alienated from their own emotional well-being, which can have far-reaching psychological consequences—over the years, research has associated this kind of work with elevated levels of stress hormones, burnout, depression, and increased alcohol consumption.

Wipes can also be used for other high-touch areas in the store like freezer handles or tongs used in self-serve bins.

all Americans to wear cloth face masks when out in public, which includes when in the grocery store.

wash your hands with soap and water before going out and when coming home, and use hand sanitizer when out.

If you use gloves, choose disposable ones and throw them before getting into your car or as soon as you get home

Try not to use your phone when in the store. If you do, clean it when you get home.

it’s a good idea to bring your own, mainly to wipe the grocery cart

Try to avoid exchanging money or credit cards with the cashier. Use a credit-card reader when possible.

To be extra cautious, you could heat food in the oven or microwave, though this hasn’t been specifically studied so it’s unclear if there’s a particular length of time needed.

People over 65 and those who have medical conditions that put them at greater risk of hospitalization and serious illness should avoid going to the grocery store, if possible. Try to order groceries online or have a family member or friend deliver them while taking precautions.

Though there have been no documented cases of transmission of the novel coronavirus through food packaging, a recent NEJM study found that the virus can live on cardboard for up to 24 hours and on hard surfaces such as plastic and stainless steel for two to three days.

the studies were done in a laboratory with high doses of the virus, so it’s unknown if in real life the virus can be transmitted that way. Most likely if someone were to sneeze or cough on a cardboard container, the virus would degrade more quickly due to environmental factors, such as sunlight.

experts say wiping down cereal boxes and other packages isn’t necessary. “Use the wipes when you need them,” says Dr. Chapman. If you’re home you can easily wash your hands. “That’s going to reduce your risk as much if not more than trying to wipe everything down,” he says.

instead of being preoccupied with wiping down packaging and containers, focus on washing your hands. “It’s much better to treat your hands, wash your hands, rather than dealing with all the surfaces,”

Your mouth is a gateway to both your respiratory system (your lungs) and your digestive system (stomach). Respiratory viruses like the novel coronavirus are believed to enter the body and reproduce through the respiratory tract, not the digestive tract.

Experts say it is possible that if the virus rubs off from any object to the inside of your mouth, it could infect you if it goes into your respiratory system. But there doesn’t appear to be any risk of infection via your digestive trac

doctors say getting the virus through ingestion of contaminated food seems unlikely. Gregory Poland, director of the Mayo Clinic’s Vaccine Research Group in Rochester, Minn., speculates that the gastric acid in the stomach would kill it. “My own speculation is that the GI route would be very low likelihood compared to known and efficient methods of infection,”

use self-checkout when possible and use hand sanitizer when you’re done.

If you touch virus particles on raw food and then touch your nose, eyes or mouth, that is a potential source of transmission. But experts note that is very unlikely. To be vigilant, thoroughly wash your hands with soap and water, and don’t eat your food with your hands.

Experts urge people not to wash fruits and vegetables with anything but water. The chemicals on wipes and chlorine solutions especially can be dangerous—don’t ingest those.

There’s no evidence that the virus can be transmitted through clothing, but it hasn’t been specifically studied

The good news is it can be killed by doing laundry. So if you were in a grocery store where people near you were coughing, it’s a good idea to remove your clothes when you get home. Don’t shake clothing. Place it in your laundry hamper.

The CDC recommends laundering contaminated clothes in the warmest appropriate water setting and drying them thoroughly.

The CDC says there are no known cases of the novel coronavirus being spread through the fecal-oral route, which is a common route of transmission for stomach viruses like the norovirus.

But a recent study that hasn’t been peer reviewed yet found the virus in the stool of some patients. This route of transmission remains unknown, and experts say it’s unlikely to be contributing significantly to the pandemic.

In a show of just how volatile the situation seems to the industry, 120 representatives from 60 retail brands attended a video conference this week hosted by the National Retail Federation, which involved training for store employees on how to de-escalate tensions among customers, including those related to the election.

For the retail industry, 2020 has been filled with bankruptcies, store closures and plummeting sales as tens of millions of Americans struggled with job losses because of the pandemic.

Protests over police violence against Black citizens sent millions of people into the streets, demonstrations that in some cases devolved into the looting and burning of stores in a number of cities. Worries about unrest around the election have been fanned by President Trump, who has declined to say whether he would agree to a peaceful transfer of power if his Democratic challenger, Joseph R. Biden Jr., is victorious.

This year, businesses have already sustained at least $1 billion in insured losses from looting and vandalism largely set off by the killing of George Floyd by a Minneapolis police officer in May, according to one estimate cited by the Insurance Information Institute, an industry group.

It is on target to be the most costly period of civil unrest in history, likely surpassing damages during the 1992 riots in Los Angeles and many of the civil rights protests of the late 1960s

Protecting properties from potential damage is not a simple decision. Retailers can risk alienating their customers by erecting plywood, particularly if the anticipated unrest does not materialize.

Target, with about 1,900 stores, said in a statement, “Like many businesses, we’re taking precautionary steps to ensure safety at our stores, including giving our store leaders guidance on how to take care of their teams.”

Behind the scenes, though, many businesses are making explicit preparations.

He recommended misting produce with a very diluted bleach solution (a teaspoon of bleach per gallon of water) and letting it air dry. Or, if you’re nervous about using bleach on something you’ll eat, he said you could use a disinfecting wipe.

Other goods are less risky, but it’s still worth wiping down cardboard boxes of crackers or other packaged items.

the best thing to do is stay away from other people, particularly if you’re part of a vulnerable population.

one thing to watch out for is your reusable grocery bags: “When was the last time you sanitized your favorite bag?

if you go to a store, touch a contaminated surface, then touch your hair and then your face, even once between hand-washing, you could become infected.

if you’re really concerned, it might be worth throwing your clothes in the wash and showering after you get back from the store. (Your shoes, he said, are probably fine to bring into the house.)

Hand soap really will protect you.“One thing about this coronavirus,” he said, is that “it’s very susceptible to disinfectants and soap and water.”

Although state health officials released guidelines for grocery stores saying they should limit how many customers are in a given store and should keep people at least six feet apart even when they’re in line, this is proving to be easier said than done.

he suggested calling the store you’d like to visit before you leave, both to inquire about the wait and what’s in stock.

“A warped freedom obsession is killing us,” said the writer Anand Giridharadas, in reference to those coughing in the faces of others in the name of freedom

It is, of course, a minority of people willfully misinterpreting what freedom means – freedom to choose, until the choice is one that they do not like

In Franklin D Roosevelt’s famous 1941 Four Freedoms speech, he detailed that, yes, Americans are owed a right to freedom of speech and expression and to worship whom they please – but he also mentioned the freedom from fear

Except Mitt Romney was not a businessman; he was a master financial speculator who bought, sold, flipped, and stripped businesses. He did not build enterprises the old-fashioned way—out of inspiration, perspiration, and a long slog in the free market fostering a new product, service, or process of production. Instead, he spent his 15 years raising debt in prodigious amounts on Wall Street so that Bain could purchase the pots and pans and castoffs of corporate America, leverage them to the hilt, gussy them up as reborn “roll-ups,” and then deliver them back to Wall Street for resale—the faster the better.

That is the modus operandi of the leveraged-buyout business, and in an honest free-market economy, there wouldn’t be much scope for it because it creates little of economic value. But we have a rigged system—a regime of crony capitalism—where the tax code heavily favors debt and capital gains, and the central bank purposefully enables rampant speculation by propping up the price of financial assets and battering down the cost of leveraged finance.

So the vast outpouring of LBOs in recent decades has been the consequence of bad policy, not the product of capitalist enterprise. I know this from 17 years of experience doing leveraged buyouts at one of the pioneering private-equity houses, Blackstone, and then my own firm. I know the pitfalls of private equity. The whole business was about maximizing debt, extracting cash, cutting head counts, skimping on capital spending, outsourcing production, and dressing up the deal for the earliest, highest-profit exit possible. Occasionally, we did invest in genuine growth companies, but without cheap debt and deep tax subsidies, most deals would not make economic sense.

In truth, LBOs are capitalism’s natural undertakers—vulture investors who feed on failing businesses. Due to bad policy, however, they have now become monsters of the financial midway that strip-mine cash from healthy businesses and recycle it mostly to the top 1 percent.

Accordingly, Bain’s returns on the overwhelming bulk of the deals—67 out of 77—were actually lower than what a passive S&P 500 indexer would have earned even without the risk of leverage or paying all the private-equity fees. Investor profits amounted to a prosaic 0.7X the original investment on these deals and, based on its average five-year holding period, the annual return would have computed to about 12 percent—well below the 17 percent average return on the S&P in this period.

having a trader’s facility for knowing when to hold ’em and when to fold ’em has virtually nothing to do with rectifying the massive fiscal hemorrhage and debt-burdened private economy that are the real issues before the American electorate

Indeed, the next president’s overriding task is restoring national solvency—an undertaking that will involve immense societywide pain, sacrifice, and denial and that will therefore require “fairness” as a defining principle. And that’s why heralding Romney’s record at Bain is so completely perverse. The record is actually all about the utter unfairness of windfall riches obtained under our anti-free market regime of bubble finance.

When Romney opened the doors to Bain Capital in 1984, the S&P 500 stood at 160. By the time he answered the call to duty in Salt Lake City in early 1999, it had gone parabolic and reached 1270. This meant that had a modern Rip Van Winkle bought the S&P 500 index and held it through the 15 years in question, the annual return (with dividends) would have been a spectacular 17 percent. Bain did considerably better, of course, but the reason wasn’t business acumen.

The secret was leverage, luck, inside baseball, and the peculiar asymmetrical dynamics of the leveraged gambling carried on by private-equity shops. LBO funds are invested as equity at the bottom of a company’s capital structure, which means that the lenders who provide 80 to 90 percent of the capital have no recourse to the private-equity sponsor if deals go bust. Accordingly, LBO funds can lose 1X (one times) their money on failed deals, but make 10X or even 50X on the occasional “home run.” During a period of rising markets, expanding valuation multiples, and abundant credit, the opportunity to “average up” the home runs with the 1X losses is considerable; it can generate a spectacular portfolio outcome.

The Wall Street Journal examined 77 significant deals completed during that period based on fundraising documents from Bain, and the results are a perfect illustration of bull-market asymmetry. Overall, Bain generated an impressive $2.5 billion in investor gains on $1.1 billion in investments. But 10 of Bain’s deals accounted for 75 percent of the investor profits.

The credentials that Romney proffers as evidence of his business acumen, in fact, mainly show that he hung around the basket during the greatest bull market in recorded history.

By contrast, the 10 home runs generated profits of $1.8 billion on investments of only $250 million, yielding a spectacular return of 7X investment. Yet it is this handful of home runs that both make the Romney investment legend and also seal the indictment: they show that Bain Capital was a vehicle for leveraged speculation that was gifted immeasurably by the Greenspan bubble. It was a fortunate place where leverage got lucky, not a higher form of capitalist endeavor or training school for presidential aspirants.

The startling fact is that four of the 10 Bain Capital home runs ended up in bankruptcy, and for an obvious reason: Bain got its money out at the top of the Greenspan boom in the late 1990s and then these companies hit the wall during the 2000-02 downturn, weighed down by the massive load of debt Bain had bequeathed them. In fact, nearly $600 million, or one third of the profits earned by the home-run companies, had been extracted from the hide of these four eventual debt zombies.

The bankruptcy forced the closure of about 250—or 40 percent—of the company’s stores and the loss of about 5,000 jobs. Yet the moral of the Stage Stores saga is not simply that in this instance Bain Capital was a jobs destroyer, not a jobs creator. The larger point is that it is actually a tale of Wall Street speculators toying with Main Street properties in defiance of sound finance—an anti-Schumpeterian project that used state-subsidized debt to milk cash from stores that would not have otherwise survived on the free market.

Ironically, the businesses and jobs that Staples eliminated were the office-supply counterparts of the cracker-box stores selling shoes, shirts, and dresses that Bain kept on artificial life-support at Stage Stores Inc. At length, Wal-Mart eliminated these jobs and replaced them with back-of–the-store automation and front-end part-timers, as did Staples, which now has 40,000 part-time employees out of its approximate 90,000 total head count. The pointless exercise of counting jobs won and lost owing to these epochal shifts on the free market is obviously irrelevant to the job of being president, but the fact that Bain made $15 million from the winner and $175 million from the loser is evidence that it did not make a fortune all on its own. It had considerable help from the Easy Button at the Fed.

The lesson is that LBOs are just another legal (and risky) way for speculators to make money, but they are dangerous because when they fail, they leave needless economic disruption and job losses in their wake. That’s why LBOs would be rare in an honest free market—it’s only cheap debt, interest deductions, and ludicrously low capital-gains taxes that artifically fuel them.

The larger point is that Romney’s personal experience in the nation’s financial casinos is no mark against his character or competence. I’ve made money and lost it and know what it is like to be judged. But that experience doesn’t translate into answers on the great public issues before the nation, either. The Romney campaign’s feckless narrative that private equity generates real economic efficiency and societal wealth is dead wrong.

The Bain Capital investments here reviewed accounted for $1.4 billion or 60 percent of the fund’s profits over 15 years, by my calculations. Four of them ended in bankruptcy; one was an inside job and fast flip; one was essentially a massive M&A brokerage fee; and the seventh and largest gain—the Italian Job—amounted to a veritable freak of financial nature.

In short, this is a record about a dangerous form of leveraged gambling that has been enabled by the failed central banking and taxing policies of the state. That it should be offered as evidence that Mitt Romney is a deeply experienced capitalist entrepreneur and job creator is surely a testament to the financial deformations of our times.

Paying well obviously helps attract and retain staff, who might otherwise go to chains where the pace of work is slower. But it also serves to drive up wages across the industry, which, because of Aldi’s lower overall employee costs, hurts its competitors more.

Lacking capital, they stocked only a tight range of staples, such as pasta and soap, planning to widen the offering later. But they soon realised that offering a limited selection of cheap, fast-selling goods kept their costs down and the cash flowing, which they could use to invest in new stores. As the former Aldi executive Dieter Brandes and his son Nils wrote in “Bare Essentials”, their book about the company: “Basically, a completely new business model was created along the lines of a discovery in the natural sciences: by accident.”

in 1961, when they had 300 stores, they chose to split Aldi, short for Albrecht Discount, into two parts. The “Aldi equator” ran through Essen, with Theo taking the part of Germany to the north, and Karl the south. Aldi North and Aldi South shared all information, except profits, and conducted some supplier negotiations jointly, but were otherwise run separately, with their stores carrying different product ranges and featuring differently coloured floors – one yellow and one grey.

Theo continued to put in long hours at the office, managing even the smallest details in his quest to save money. He wore pencils down to the nubs and turned off the light when entering an office if he judged that his staff could see well enough without it. He once told his board to look at the thickness of the paper used for photocopies. Outside consultants and media interviews were banned, considered unnecessary expenditures or distractions. Asceticism was a virtue in life and business, he believed. “People live more on what they do not eat,” he once said. He wanted Aldi to be a place where “people who don’t hate their money can safely go shopping”

In their book “Bare Essentials”, Dieter and Nils Brandes argued that Aldi’s embrace of kaizen, its lean management structure and just-in-time approach to inventory – taking delivery of stock only when needed, to cut holding costs – made it the “most Japanese” company in Germany.

1976, Aldi South, Karl’s company, opened the first Aldi store on the east coast of the US. Three years later, in 1979, Theo’s Aldi North purchased Trader Joe’s, a California chain that sells cheap gourmet foods and enjoys a cult-like following. (The US is still the only foreign market where both Aldis operate.)

Second, the main chains – the big four as well as the leading “soft” discounter Kwik Save (which stocked a larger range than Aldi) – were listed on the stock exchange. The best way to fight Aldi early on is to slash prices, but few bosses of public companies are happy to accept lower profits, and thus lower bonuses, by pursuing long-term strategies

Fourth, and most importantly, the UK is, by global standards, a high-wage economy. This means that labour costs make up a big part of a supermarket’s operating expenses. Here, discounters have a major competitive advantage, because their business model – stocking a small range of products, eschewing delicatessens and promotions, and so on – allows them to operate with fewer, more productive, staff. (The most important performance measure in any Aldi branch is revenue divided by employee hours.)

arl Albrecht, who was famously secretive, only spoke publicly about Aldi’s business model on one occasion – in 1953. Its fundamental principles, he said, were “narrow product range and low price, [which] cannot be separated

As a private company, with no shareholders other than Karl Albrecht’s family to answer to, it could afford to be patient. “Aldi is very attuned to going into a country, making the investment, and building slowly and steadily,” said Richard Hyman, the retail expert. “Most other companies don’t have a 30-year view – or even a five-year view.”

By the time the supermarkets awoke to the structural shift that had occurred in the industry, the damage was done. “The big four bosses were not just sleeping at the wheel,” said Black. “They were comatose.”

“Ten years ago we had 900 lines, now we have 1,800,” said Neale. “That’s not because we are trying to become a big-four retailer, it’s because consumer tastes have evolved. We are managing the equilibrium between what customers want and costs.”

As the large supermarkets have realised, it is very hard to make money from internet sales because the profit margin on groceries is small and the delivery costs are so high – but now they can’t reverse course without losing customers. Andy Clarke, the former boss of Asda, told the Sunday Times last year that if the big four supermarkets had their time again “they wouldn’t have offered home deliveries, full stop”. “Online groceries are a cost drain,” Neale said. “Why should 90% of customers subsidise the 10% who get free home delivery?”

All supermarkets have their own private labels: made not by them, but for them, by manufacturers who agree to put their merchandise in a bag or box with the grocer’s logo on it. But Aldi takes this to extremes: more than 90% of the products it sells, from shaving cream to dark chocolate and frozen pizza, are private labels

Stocking mostly own-label goods allows the company to order huge quantities of a single item, to its own specifications, at a low unit cost.

Aldi’s entire ketchup order comes from one manufacturer that can operate the same, unchanging product run, all the time, and has no marketing costs to build into the price. “For many SKUs we are the biggest buyer by a country mile,” Neale said.

Among UK suppliers, who have often been treated badly by the big supermarkets, with their pressure for back margin fees and slow payment terms, Aldi has a good reputation

in 2010, following the death of Theo, which it said brought to an end “the story of the most eccentric, secretive and mysterious pair of siblings in Germany’s post-war economic history”. Karl died four years later, the richest man in Germany with a net worth of $25bn. (Second on the list was Dieter Schwarz, the Lidl owner, followed by Theo’s heirs.)

In 2017, Aldi South’s revenues reached €52bn, with about 20% of that from the UK and Ireland. In Ireland, Aldi has 12% of the market, and in Australia 13%, behind Woolworths and Coles. Its share in the US is only 2% – but Aldi plans to raise its number of outlets from 1,800 to 2,500 by 2022, which would make it the third-biggest chain in the US by store count, after Walmart and Kroger

In the UK there is still plenty of room to grow. Aldi hopes to have 1,000 shops in three years, up from just over 800 today. Dave McCarthy, a retail analyst at HSBC, said that given Aldi and Lidl’s expansion plans, their share of the market could peak at more than 20%.

Physical traffic to retail stores fell sharply this holiday season, according to firms that use sensors and cameras to track in-store shopping. Between Nov. 22 and Jan. 2, store traffic dropped 33% year-over-year, according to Sensormatic Solutions, which uses cameras and software to track visits to thousands of malls and shopping centers. By contrast, in November and December online sales grew 32.2% year-over-year to $188.2 billion,

but also the mom & pop shops on the South and the West sides of Chicago who he says "are hanging on by a thread right now because of the pandemic."

"They cannot afford to be looted. They cannot afford destruction, because if that happens, they very well may close and not reopen,"

Chicago Mayor Lori Lightfoot says the city has been planning and preparing for potential election-related protests and civil unrest for months.

Chicago has been running tabletop exercises and gaming out how, when and where violence might erupt.

the city will flood certain areas with a highly visible police presence to deter violence. The city will also be using snow plows, dump trucks and other heavy vehicles to block certain streets and expressway exit ramps to keep demonstrators away.

Chicago police will respect people's rights to peacefully protest and will work first and foremost to de-escalate any confrontations, but he hastens to add that his officers will take swift action against anyone intent on spreading chaos.

Groups on all sides of the political spectrum are planning election night demonstrations and the very real possibility that the results might not be known for days or weeks after Election Day could escalate tensions.

mass organized political violence is not a part of the American psyche.

but in terms of actual massive violence, this is not something we have done before."

2020 is already a year of political tension and unrest unlike anything seen in the country since the 1960s

Phil Brach spent the weekend putting huge sheets of plywood up over the massive glass windows of the store where he works, Rodman's Food and Drug in Washington, D.C., in preparation for Election Day.

Across the country, there are growing concerns that the bitterness and animosity over the presidential election will not end when the polls close Tuesday night. From coast to coast, cities are preparing for possible protests, civil unrest and violence, regardless of the election's outcome.

Nolan says he went to the store the night of the looting along with a police officer who advised him to leave.

"We put some film on these windows so that they're not easily broken, if they're smashed, they'll stay in place. And we're hoping that no one can break into the store, at least not easily," Roy says. Nolan adds, "The film makes the glass shatterproof so it doesn't just explode upon contact."

While the nation's capital city is certain to be a focal point of post-election demonstrations, other cities are bracing for possible chaos too.

The National Retail Federation has held training webinars for members on crisis prevention and de-escalating conflict and hired security consultants to help store owners prepare.

"Coming off of the summer, seeing the looting that occurred, there's a lot of anxiety," says Elliott Richardson who heads the Small Business Advocacy Council in Chicago.

Superintendent David Brown says Chicago police will respect people's rights to peacefully protest and will work first and foremost to de-escalate any confrontations, but he hastens to add that his officers will take swift action against anyone intent on spreading chaos.

In Beverly Hills, Calif. tensions felt high already this weekend.

Workers were busy boarding up store windows while supporters of President Trump held a "freedom rally" that was briefly disrupted by counter protesters.

Groups on all sides of the political spectrum are planning election night demonstrations and the very real possibility that the results might not be known for days or weeks after Election Day could escalate tensions.

But consumer-protection laws like the one in question only eke out marginal victories against the broader retail situation that Amazon inaugurated. The products available to purchase in the first place still feel arbitrary, as do their changing prices, their seemingly inconsistent availability and shipping times, the reliability of their arrival (thanks in part to Amazon Flex, the company’s gig-economy delivery service), and not to mention whether you actually get the product you ordered.

But there’s a reason that we used to have shoe stores, hardware stores, grocery stores, bookstores, and all the rest: Those specialized retail spaces allow products, and the people with knowledge about them, to engage in specialized ways of finding, choosing, and purchasing them. On Amazon, everything gets treated the same.

The problem with an Everything Store is that there’s no way to organize everything effectively. The result is basically a giant digital flea market. Amazon is so big, and so heterogenous, that the whole shopping experience is saturated with caprice and uncertainty. It’s not that Dash purchases alone might produce a result different from the one the buyer intended, but that every purchase might do so.

Officers saw the man leave the bathroom and quickly held him for questioning. According to police, his weapons included two long guns and three pistols, all of which were concealed.

the pandemic increasingly looks like one of the defining events of our time. The best-case scenarios are now out of reach

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if a vaccine remains out of reach for years, the long-term changes could be truly profound. Any industry that depends on close human contact would be at risk.

Large swaths of the cruise-ship and theme-park industries might go away. So could many movie theaters and minor-league baseball teams. The long-predicted demise of the traditional department store would finally come to pass. Thousands of restaurants would be wiped out

In this scenario, a vaccine will arrive sometime in 2021. Until then, the world will endure waves of sickness, death and uncertainty.

is a loss of the gains we’ve made over the past 20 years in the access for first-generation and minority students.”

“It’s only when the tide goes out,” Warren Buffett likes to say, “that you learn who’s been swimming naked.”

Local newspapers will be one casualty. They were already struggling

Traditional department stores are another example. In recent years, they have lost significant business to online retailers and quietly lost even more to big-box stores

If they do, they will create spillover victims — the hundreds of malls that rely on department stores for rent and foot traffic

enrollment and tuition revenue are likely to drop sharply, creating existential crises for many less selective private colleges and smaller public universities.

“The biggest danger that we face as a sector

It could easily be the most important global experience since World War II and the Great Depression

for many white-collar workers, the remote-work experiment shows no sign of ending — a trend that could depress the commercial real-estate market and business travel long after a vaccine is available.

Consolidation, in turn, tends to increase income and wealth inequality, in part because the largest companies are run by highly paid executives, typically based in major metro areas, and the companies’ stock is disproportionately owned by the affluent.

“My basic fear,” Heather Boushey, a leading progressive economist, said, “is that it leads to a rule by the oligarchs.”

“Even Republicans — younger Republicans — have recognized that the center of gravity is shifting on the relationship between the state and the market.” The virus, he added, “will only accelerate that.”

That agenda is shaping up to have two defining features

The first is reducing inequality — through higher taxes on the rich, greater scrutiny of big companies, new efforts to reduce racial injustice and more investments and programs for the middle class and poor, including health care, education and paid leave

The second is acting on climate change, which could cause even more global misery than the coronavirus. “Climate change cannot be solved by the private sector,”

while Mr. Obama’s team had only a couple of months to plan for taking office amid a national crisis, Mr. Biden’s team would have almost a year. “There is a whole vision that I think is ready,” Ms. Boushey added. “And there is a lot more runway.”

If there is a single lesson of the current era of American politics, it’s that change can happen more quickly than we imagined.

Aldi’s progression highlights the trend. Its first UK store in 1990 was in a working-class area of Birmingham. Now it has identified Oxford, Harrogate and Tunbridge Wells as its next targets, and claims to have attracted an extra 1.3 million shoppers over the past year, two thirds of whom are ABC1

my resistance has been twofold. First, I’ve wrongly valued being given a choice. I’ve wanted to choose between five different types of plain yoghurt

It’s a fallacy, of course. All that choice really provides is a greater opportunity for the marketeers to manipulate you. The supermarkets have been perfecting the art of upselling you for decades. You don’t stand a chance. The lack of choice on the discounters’ shelves is liberating and means you can get the shop done in a fraction of the time.

The other thing that has put me off the discounters is that the stores are a bit crap.

“It is genius for the current consumer culture,” Christine Whelan, a clinical professor of consumer science at the University of Wisconsin at Madison, told me. “It encourages and then meets the need for the thing, so we then continue on the hedonic treadmill: Buy the latest thing we want and then have it delivered immediately and then buy the next latest thing.”

With traditional retail, “there’s the friction of having to go to the store, there’s the friction of will the store have it, there’s the friction of carrying it,” Whelan said. “There’s the friction of having to admit to another human being that you’re buying it. And when you remove the friction, you also remove a lot of individual self-control. The more you are in the ecosystem and the easier it is to make a purchase, the easier it is to say yes to your desire rather than no.”

“It used to be that being a consumer was all about choice,”

But now, “two-thirds of people start their product searches on Amazon.

Prime discourages comparison shopping—looking around is pointless when everything you need is right here—even as Amazon’s sheer breadth of products makes shoppers feel as if they have agency.

“Consumerism has become a key way that people have misidentified freedom,”

what Amazon represents is a corporate infrastructure that is increasingly directed at getting as many consumers as possible locked into a consumerist process—an Amazon consumer for life.”

Amazon offers steep discounts to college students and new parents, two groups that are highly likely to change their buying behavior. It keeps adding more discounts and goodies to the Prime bundle, making subscribing ever more appealing. And, in an especially sinister move, it makes quitting Prime maddeningly difficult.

the United States now has more Prime memberships than households. In 2020,

In 2019, Amazon shaved a full day off its delivery time, making one-day shipping the default, and also making Prime an even more tantalizing proposition: Why hop in the car for anything at all when you could get it delivered tomorrow, for free?

As subscription numbers grew through the 2010s, the revenue from them helped Amazon pump more money into building fulfillment centers (to get products to people even faster), acquiring new businesses (to control even more of the global economy), and adding more perks to the bundle (to encourage more people to sign up)

“Every decision we make is based upon the fact that Amazon can get these books cheaper and faster. The prevailing expectation is you can get anything online shipped for”— he scrunched his fingers into air quotes—“‘free,’ in one or two days. And there’s really only one company that can do that. They do that because they’re willing to push and exploit their workers.”

Thanks in large part to the revenue from Prime subscriptions and from the things subscribers buy, Amazon’s value has multiplied roughly 97 times, to $1.76 trillion, since the service was introduced. Amazon is the second-largest private employer in the United States, after Walmart, and it is responsible for roughly 40 percent of all e-commerce in the United States.

It controls hundreds of millions of square feet across the country and is opening more fulfillment centers all the time. It has acquired dozens of other companies, most recently the film studio MGM for $8.5 billion. Its cloud-computing operation, Amazon Web Services, is the largest of its kind and provides the plumbing for a vast swath of the internet, to a profit of $13.5 billion last year.

Amazon has entered some 40 million American homes in the form of the Alexa smart speaker, and some 150 million American pockets in the form of the Amazon app

“Amazon is a beast we’ve never seen before,” Alimahomed-Wilson told me. “Amazon powers our Zoom calls. It contracts with ICE. It’s in our neighborhoods. This is a very different thing than just being a large retailer, like Walmart or the Ford Motor Company.”

I find it useful to compare Big Tech to climate change, another force that is altering the destiny of everyone on Earth, forever. Both present themselves to us all the time in small ways—a creepy ad here, an uncommonly warm November there—but are so big, so abstract, so everywhere that they’re impossible for any one person to really understand

Both are the result of a decades-long, very human addiction to consumption and convenience that has been made grotesque and extreme by the incentives and mechanisms of the internet, market consolidation, and economic stratification

Both have primarily been advanced by a small handful of very big companies that are invested in making their machinations unseeable to the naked eye.

Speed and convenience aren’t actually free; they never are. Free shipping isn’t free either. It just obscures the real price.

Next-day shipping comes with tremendous costs: for labor and logistics and transportation and storage; for the people who pack your stuff into those smiling boxes and for the people who deliver them; for the planes and trucks and vans that carry them; for the warehouses that store them; for the software ensuring that everything really does get to your door on time, for air-conditioning and gas and cardboard and steel. Amazon—Prime in particular—has done a superlative job of making all those costs, all those moving parts, all those externalities invisible to the consumer.

The pandemic drove up demand for Amazon, and for labor: Last year, company profits shot up 70 percent, Bezos’s personal wealth grew by $70 billion, and 1,400 people a day joined the company’s workforce.

Amazon is so big that every sector of our economy has bent to respond to the new way of consuming that it invented. Prime isn’t just bad for Amazon’s workers—it’s bad for Target’s, and Walmart’s. It’s bad for the people behind the counter at your neighborhood hardware store and bookstore, if your neighborhood still has a hardware store and a bookstore. Amazon has accustomed shoppers to a pace and manner of buying that depends on a miracle of precision logistics even when it’s managed by one of the biggest companies on Earth. For the smaller guys, it’s downright impossible.

Amazon’s revenue from subscriptions alone—mostly Prime—was $25.2 billion, which is a 31 percent increase from the previous year

Just as abstaining from flying for moral reasons won’t stop sea-level rise, one person canceling Prime won’t do much of anything to a multinational corporation’s bottom line. “It’s statistically insignificant to Amazon. They’ll never feel it,” Caine told me. But, he said, “the small businesses in your neighborhood will absolutely feel the addition of a new customer. Individual choices do make a big difference to them.”

Whelan teaches a class at UW called Consuming Happiness, and she is fond of giving her students the adage that you can buy happiness—“if you spend your money in keeping with your values: spending prosocially, on experiences. Tons of research shows us this.”

Sales at Gap stores open for at least a year, a closely watched figure in the retail industry, have fallen for 13 straight months. The company’s upmarket brand, Banana Republic, has also stumbled, though Gap’s cheaper Old Navy label has done well.

At a vibrant, three-story Uniqlo, Dhushyanthy Tharan of Hoboken, N.J., shopping on her 26th birthday for a long-sleeve button-down shirt, said she found the selection to be of higher quality and more stylish than at the Gap. “I love their materials, the cotton and linen, and their style,” she said. “It’s very young.”

Most of the 102 people died when the building where the fireworks were stored collapsed, Chandy told reporters at the temple complex.

Local TV channels broadcast images of huge clouds of white smoke billowing from the temple, as fireworks were still going off in the night sky. Successive explosions from the building storing the fireworks sent huge chunks of concrete flying as far as a half mile, according to resident Jayashree Harikrishnan.

The temple holds a competitive fireworks display every year, with different groups putting on successive light shows for thousands of devotees gathered for the last day of a seven-day festival honoring the goddess Bhadrakali, a southern Indian incarnation of the Hindu goddess Kali.

This year, district authorities denied permission for the fireworks display, Chief Minister Chandy said. advertisement The state's High Court had earlier mandated that fireworks must be stored more than 100 yards from temples — orders that were flouted at the Paravoor temple, said Loknath Behera, a top police official.