On Wednesday, President Donald Trump will meet with the chief executives of some of America’s largest retail companies. Among them are the top dogcatchers from Walmart, Target, Home Depot and Lowe’s. This important convening—which you can livestream—is set for Monday afternoon down at the White House. The meeting, which was noticeably missing from President Trump’s public schedule, cast a shadow of unclear details surrounding the event.
Bloomberg had this story up earlier today in advance of the meeting. In short, its aim is to address the impacts of President Trump’s trade policies on the retail industry. An administration official outlined the meeting’s agenda to CNBC. Further, they highlighted their value as retailers continue to navigate a challenging economic environment largely created by these policies.
While specifics about which executives will attend remain undisclosed, the participation of prominent retail leaders underscores the critical role these companies play in the American economy. Walmart’s enormous footprint and ubiquity in our nation provide them with massive clout. More than two-thirds of the goods it sells in the U.S. are made, grown or crafted by American hands. What’s more, the other one-third comes from foreign suppliers—primarily China and Mexico.
Though none of this has been easy, Target had an especially tough road ahead compared to its competitors. As a result, the company has been hit by four consecutive years of flat annual revenue, according to their financials. Now, it’s forecasting only 1% sales growth for the fiscal year. This double whammy leaves Target in an incredibly tough spot. Today, it continues to labor under the transitory failures in creatively navigating changing market dynamics and new consumer patterns.
Walmart declined to speak on the record about next week’s meeting when contacted by CNBC. This decision illustrates the go-slow approach that many companies are taking as they engage with government representatives in response to shifting trade policy. The results of this meeting could change the entire landscape for the retail category. Which is why companies like Target are doing everything they can to get their pizzazz back in an extremely cutthroat environment.