prosecutors described as a “rough ride,” his spinal cord was 80 percent severed.

One of the first big waves of protests over his death occurred at the Mondawmin Mall. Protesters began throwing rocks at police officers, and the mall was looted. Some students from Frederick Douglass High School, across from the mall and the alma mater of the civil rights giant Thurgood Marshall, the first Black man to serve on the U.S. Supreme Court, were caught up in the melee.

Target was spared serious damage. But for a time, many shoppers, both Black and white, stayed away from the store, recalled Mr. Johnson, who now works for the Postal Service.

“Mondawmin already had a bad rap with out-of-towners,” he said.

Shoppers eventually returned to the Target in Mondawmin, he said. But he noticed that the city’s other Target store, which had opened in a trendy area near the harbor in 2013, was getting more popular.

In November 2017, Mr. Mosby, then a state lawmaker, got a call from a resident whose family worked at the store: The Target in Mondawmin was shutting its doors in a few months. “I thought it was a just a rumor at first,” Mr. Mosby said.

Some residents and neighborhood leaders were told that the store struggled with high rates of theft, known in the retail industry as “shrinkage.” But Mr. Ali, the store’s former manager, said, “That was untrue,” at least while he worked there. The store met its profit and shrinkage goals during his four years as manager, which ended in 2012, years before the store closed.

Still, Mr. Ali, now the executive director of a youth mentoring group, acknowledged challenges that he said were unique to a store in a “hyper-urban area.”

A significant amount of inventory was once damaged in a fire in a storage area next to the store, and the company had to spend $30,000 a month for an armed Baltimore police officer to keep watch, he said.

There may have been additional considerations. “I think what happened after Freddie Gray spooked Target,” Mr. Ali said.

Other national chains reacted differently. TGI Fridays stuck with its plans to open a restaurant at the Mondawmin Mall, months after the protests. The restaurant remains one of the neighborhood’s only free-standing, sit-down chain restaurants.

Mr. Mosby and other officials tried to negotiate with Target to keep the store open, but the company said its mind was already made up.

“They weren’t interested in talking to us,” Mr. Mosby said. “They wouldn’t budge.”

The temperature gauge outside Pastor Lance’s car registered 103 degrees as he drove through Greater Mondawmin and its surrounding neighborhoods. He was wearing a white shirt emblazoned with his church’s logo — a group of people, of all races and backgrounds, walking toward the sun, holding hands.

A Baltimore native, Pastor Lance used to work as a computer programmer at Verizon. He made “lots of money,” he said. “But I didn’t feel fulfilled.”

He became a pastor and took over a nonprofit company that develops park space and playgrounds and hosts a summer camp for schoolchildren with a garden surrounded by a meadow near the mall.

“But some days, I wonder if I made a mistake,” he said. “It’s great to have a park, but if you don’t have a good job, you aren’t going to be able to enjoy a park.”

He drove along a street with liquor stores and houses with boarded-up windows. A woman tried to flag him down for a ride. But the poverty he saw was not what made him most upset.

It was when Pastor Lance steered through an enclave of big houses and immaculate lawns, only a short distance away, that the anger rose in his voice.

“You are telling me that these people wouldn’t shop at Target for lawn furniture or school supplies,” he said. “I am not trying to gloss over the problems, but there is also wealth here.”

“If shrinkage was a problem, hire more security guards or use technology to stop people from stealing,” he added.

He circled back to the Mondawmin Mall, where families ducked into the air conditioning for a bubble tea or an Auntie Anne’s pretzel. He drove past the TGI Fridays and then past the Target, its windows still covered in plywood and the trees in the parking lot looking withered and pathetic.

Pastor Lance refused to accept that a Target could not succeed here.

“If you are really interested in equity and justice,” he said, “figure out how to make that store work.”

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>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Retail Sales Were Flat in April

Retail sales were flat last month after a buoyant March, the Commerce Department said on Friday, as Americans continued spending their latest round of government stimulus checks.

The pace for April was a slowdown from the prior month, when retail sales rose by 10.7 percent, as vaccinations increased and people became more comfortable outside their homes, spending more money on clothing, restaurants, bars and sporting goods. Retail sales, which experienced record drops just over a year ago at the onset of the pandemic, have been closely watched as monthly gauges of the health of the economy and the mind-set of consumers.

job growth slowed in April, a surprise to many economists, while the jobless rate rose slightly to 6.1 percent. The data served as a reminder of the fitful economic recovery and that stimulus money can only go so far.

“Labor market income will become increasingly important in sustaining consumer confidence and spending over the coming months,” the Morgan Stanley economists wrote in a May 7 note.

Retail sales increased in April in categories including restaurants and bars, which posted a 3 percent gain, as well as electronics and appliance stores and grocery stores. Declines were seen in a broad array of categories, including apparel, gas stations, sporting goods and book stores and department stores.

Still, the broader picture is sunny compared with April 2020. Spending at clothing and accessories stores was up more than 700 percent last month, compared with a year earlier, while furniture and home furnishing stores had gone up nearly 200 percent — staggering figures that were a reminder of just how devastating the pandemic was to many parts of the retail industry.

“What we need to remember is retail sales went up a crazy amount in March because of the stimulus, and it’s kind of like they’re stuck up there, so that’s good,” Mr. Frick said. “That means people have continued spending at that high rate.”

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L Brands to Spin Off Victoria’s Secret

L Brands has decided to spin off Victoria’s Secret rather than sell it, the DealBook newsletter was the first to report.

The company said last year that it was considering separating Victoria’s Secret from the rest of its business, and it tested the interest of private equity. Ultimately, L Brands decided to split itself into two independent, publicly listed companies: Victoria’s Secret and Bath & Body Works. The deal is expected to close in August.

L Brands received several bids north of $3 billion, sources familiar with the situation said, requesting anonymity because the information is confidential. It turned the offers down, because it expects to be valued at $5 billion to $7 billion in a spinoff to L Brands shareholders. Analysts at Citi and JPMorgan Chase recently valued Victoria’s Secret as a stand-alone company at $5 billion.

“In the last 10 months, we have made significant progress in the turnaround of the Victoria’s Secret business, implementing merchandise and marketing initiatives to drive top line growth, as well as executing on a series of cost reduction actions, which together have dramatically increased profitability,” Sarah Nash, chair of the company’s board, said in a statement.

valued Victoria’s Secret at $1.1 billion.

Apart from a pandemic that upended the retail industry, Victoria’s Secret was dealing with a series of challenges: a brand that had fallen out of touch, accusations of misogyny and sexual harassment in the workplace and revelations about the ties between Les Wexner, the company’s founder and former chairman, and the financier Jeffrey Epstein. (Mr. Wexner stepped down as chief executive last year and said in March that he and his wife were not running for re-election on the company’s board.)

As the pandemic shuttered stores and battered sales, Sycamore sued L Brands to get out of the deal, and L Brands countersued to enforce it, heralding a spate of similar battles between buyers and sellers. Eventually, last May, the sides agreed to call off the deal.

A lot has changed since then. The retailer has overhauled its brand, de-emphasizing the overtly sexy image and products that customers saw as exclusionary. It has become “less focused on a specific demographic target and more focused on being broadly inclusive of all women of all shapes and sizes and colors and ethnicities and genders and areas of interest,” Martin Waters, the retailer’s chief executive, said on a recent earnings call.

Dick’s Sporting Goods and Michaels, accelerating digital overhauls that may have otherwise taken years. Direct sales at Victoria’s Secret in North America rose to 44 percent of the total last year, from 25 percent the year before.

It’s unclear whether pandemic shopping trends will stick, and “it would be reasonable to expect some reversion,” Stuart Burgdoerfer, the L Brands chief financial officer, said at a March event. “But I also think that people have very much enjoyed some of the benefits that were forced on us or triggered through the pandemic.”

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L Brands Will Spin Off Victoria’s Secret

L Brands has decided to spin off Victoria’s Secret rather than sell it, DealBook is first to report. The company said last year it was considering separating Victoria’s Secret from the rest of its business, and we previously reported that it was testing private equity’s interest. Ultimately, sources say, L Brands has decided to split itself into two independent, publicly listed companies: Victoria’s Secret and Bath & Body Works. The deal is expected to close in August.

Bids didn’t match what Victoria’s Secret expects to get in a spinoff. DealBook hears that L Brands received several bids north of $3 billion. It turned them down, because it expects to be valued somewhere between $5 billion and $7 billion in a spinoff to L Brands shareholders. Analysts at Citi and JPMorgan recently valued Victoria’s Secret as a stand-alone company at $5 billion.

The pandemic torpedoed a sale last year for much less. That agreement, announced in February 2020 with the investment firm Sycamore Partners, valued Victoria’s Secret at $1.1 billion. Apart from a pandemic that was about to upend the retail industry, Victoria’s Secret was dealing with a series of challenges: a brand that had fallen out of touch, accusations of misogyny and sexual harassment in the workplace and revelations about the ties between Les Wexner, the company’s founder and former chairman, and Jeffrey Epstein. (Wexner stepped down as C.E.O. last year and said in March that he and his wife are not running for re-election on the company’s board.)

  • As the pandemic shuttered stores and battered sales, Sycamore sued L Brands to get out of the deal, and L Brands countersued to enforce it, heralding a spate of similar battles between buyers and sellers. Eventually, in May 2020, the sides agreed to call off the deal.

Dick’s Sporting Goods, Michaels and others were able to accelerate digital transformations that may have otherwise taken years. Direct sales at Victoria’s Secret in North America rose to 44 percent of the total last year, from 25 percent the year before. It’s unclear whether pandemic shopping trends will stick, and “it would be reasonable to expect some reversion,” Stuart Burgdoerfer, the L Brands C.F.O., said at a March event. “But I also think that people have very much enjoyed some of the benefits that were forced on us or triggered through the pandemic.”

bump in inflation and that factory-gate prices in China rose more than expected last month. April’s Consumer Price Index data is set to be released today, and is expected to show a sharp rise from a pandemic-depressed level last year.

China’s birthrate slows again. The country’s population is growing at its slowest pace in decades, posing grave social and economic risks to the world’s second-largest economy. While the U.S. also reported a drastic slowdown in population expansion, China “is growing old without first having grown rich,” The Times’s Sui-Lee Wee writes.

President Biden defends federal unemployment benefits. He rejected claims that $300-a-week supplemental payments are deterring unemployed Americans from seeking work, but he ordered the Labor Department to help reinstate work search requirements. Separately, Chipotle said it was raising wages, to an average of $15 an hour, to attract workers.

The Colonial Pipeline is expected to “substantially” reopen within days. The pipeline, which supplies nearly half of the East Coast’s fuel, is expected to restore most services by the weekend after a ransomware attack. U.S. authorities formally blamed a hacker group and pledged to “disrupt and prosecute” the perpetrators.

12- to 15-year-olds in the U.S., potentially helping reopen schools and other parts of the economy more quickly. But while cases are declining worldwide, they are surging in countries that lack vaccines. And the W.H.O. labeled a virus variant spreading fast in India as “of concern.”

Amazon sold $18.5 billion worth of bonds yesterday, joining other corporate giants taking advantage of ultralow interest rates to raise money because … well, why not? The e-commerce titan sold some of its debt at a record-low interest rate for a corporate issuer — barely above what the U.S. government pays.

About $1 billion worth of two-year bonds has a yield just 0.1 percentage points above the equivalent in Treasuries. That’s a huge vote of confidence in Amazon, which has emerged as a winner during the pandemic. The company also set a record for yields on a 20-year bond, besting Alphabet. Over all, investors placed $50 billion worth of orders, underscoring enthusiasm for debt that yields next to nothing.

It raised another $1 billion in the form of a sustainability bond, which is meant to finance investments in environmentally minded projects like zero-carbon infrastructure and cleaner transportation. Amazon is the latest company to sell bonds aimed at E.S.G. investors, a market that reached $270 billion last year and could double this year.


a bold bet by the beleaguered retailer that shoppers and workers will flood back there after the pandemic.

offshore tax evasion. “The tax gap is a massive problem, especially the part driven by ultrarich individuals and corporations stashing income overseas,” Senator Sheldon Whitehouse of Rhode Island, the subcommittee chair, told DealBook. That gap “could be as much as a trillion dollars,” he said. “That’s trillion with a ‘T.’” This money would help fund President Biden’s spending plans, which also run into the trillions.

It’s difficult to quantify just how much money goes uncollected each year, officials say. Corporate tax collections in the U.S. are “at historic lows and well below what other countries collect,” according to a recent Treasury report. U.S. multinational companies can be taxed at a 50 percent discount compared with their domestic peers, an incentive to shift profits abroad. “Bermuda, a country of merely 64,000 people, shows 10 percent of all reported U.S. multinational foreign profit,” the report explained.

“The Biden administration is serious about stopping tax cheats and so are we,” Whitehouse said. The hearing, which features I.R.S. and Treasury officials, will discuss legislation to end corporate tax breaks that incentivize profit shifting, a proposed $80 billion investment in I.R.S. enforcement, a new approach to international tax diplomacy and proposed changes to the tax code.

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