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APPLE INC.

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U.S. retailers secure stores as worries about election unrest mount

10/21/2020 | 06:22am EST
Plywood covers the window of an Omega store in Chicago

LOS ANGELES/CHICAGO (Reuters) - This time last year, shoppers on Chicago's Magnificent Mile were waiting for Louis Vuitton to debut its whimsical holiday window decorations. Now those same windows are hidden behind a wall of wood panels painted bright orange.

While still open for shoppers, stores like Gucci, H&M and Nordstrom are also boarded up after looters targeted the city's famed retail district in the spring and summer, when protests gripped more than 100 U.S. cities.

As security experts warn that the U.S. presidential election could spark renewed civil unrest, those stores remain clad in plywood as retailers seek to keep property and employees safe in the event street violence flares anew.

"You have to ask: 'Do we want to be safe?'" said Andy, 50, the owner of Vickie's Nail Salon. The Magnificent Mile shop was broken into and robbed during early morning mayhem that erupted after the police shooting of a young Black man in August.

Andy, declining to provide his full name, has kept plywood on his windows ever since. He also puts a panel over the front door at closing time. "Let's see how things turn out after the election. If we don't feel it's safe, then we'll have to keep boarding up every night."

Aon Plc, the world's largest insurance broker, told Reuters the majority of retailer clients it surveyed are considering boarding up stores because they are worried about looting around the election. Aon executive MaryAnne Burke said about 70% of these retailer clients did so during protests in May and June.

Many retailers including Gucci, H&M, Under Armour and Apple declined to comment on their election security plans. More than two dozen security consultants, insurers, contractors and store employees told Reuters that companies are installing reinforced glass, hiring security guards or retaining on-call teams that barricade and board up buildings.

Retailers are on edge after raiders earlier this year smashed windows, stole merchandise and, at times, set stores ablaze in Chicago, New York, Los Angeles, Portland and other U.S. cities - often under the cover of peaceful Black Lives Matter demonstrations that were rekindled by the May 25 police killing of George Floyd, a Black man.

Foot Locker in its quarterly report on Aug. 21, said it racked up $18 million in costs from "recent social unrest." Looters target sneaker sellers like Foot Locker because their products are easy to carry away and turn into cash.

After avoiding a commitment for weeks, U.S. President Donald Trump last week said he would accept a peaceful transfer of power if he loses the Nov. 3 presidential election to Democratic challenger Joe Biden. But Trump has continued to make claims about voter fraud and raise doubts about election integrity.

"Companies operating in the United States should anticipate the risk of social unrest and political violence to remain elevated before, during and after the upcoming presidential election," Jonathan Wood, a lead analyst at specialist risk consultancy Control Risks, wrote in a recent assessment.

"You'd be foolish to think the worst is over. We all watch the news," said Bob Moraca, principal at Rock Security Group and former vice president of loss prevention for the National Retail Federation.

MAKING PREPARATIONS

Construction scaffolding provider Starr Industries sheltered Apple's all-glass "Cube" store on Manhattan's Fifth Avenue behind heavy barricades and chain link fencing on June 1. It is now on standby for several companies with stores in that upscale section of New York City.

"Because of the election, they are worried that the same thing will happen," said Marian Bobelea, Starr's president. He would not say which companies retained on-call protection services.

Riot Glass founder Brad Campbell said the security glass maker and a sister firm that installs reinforced windows are rushing to finish jobs at hundreds of U.S. stores.

"Everybody wants something done before the election," said Campbell.

Alumatec Pacific Products, which provides roll-down doors used by large retailers, said it is seeing election-related demand from smaller businesses like liquor stores and marijuana shops.

Meanwhile, private security-guard provider Pinkerton said its hiring is up 50% in Chicago this quarter.

Under Armour covered its Magnificent Mile store windows with clear protective film, store manager Kyle Domzalski told Reuters.

Meanwhile, Chicago police are running response drills and warning retailers to beef up security, Police Superintendent David Brown said.

(Reporting by Lisa Baertlein in Los Angeles, Richa Naidu in Chicago and Nivedita Balu in Bengaluru; Editing by Vanessa O'Connell and Cynthia Osterman)

By Lisa Baertlein, Richa Naidu and Nivedita Balu


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AON PLC -0.76% 209.08 Delayed Quote.0.38%
APPLE INC. 0.29% 123.08 Delayed Quote.67.17%
CHRISTIAN DIOR SE 0.51% 432.8 Real-time Quote.-5.25%
FOOT LOCKER, INC. 1.13% 39.44 Delayed Quote.0.03%
HENNES & MAURITZ AB -0.83% 184.2 Delayed Quote.-3.30%
KERING SA -0.46% 605.1 Real-time Quote.3.40%
LVMH MOËT HENNESSY - LOUIS VUITTON SE 0.22% 497.85 Real-time Quote.20.20%
NORDSTROM, INC 4.81% 28.75 Delayed Quote.-29.76%
SECURITAS AB 1.03% 142 Delayed Quote.-12.05%
UNDER ARMOUR, INC. -1.33% 16.32 Delayed Quote.-24.44%
VICTORY CAPITAL HOLDINGS, INC. 1.56% 21.81 Delayed Quote.4.01%
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Financials (USD)
Sales 2021 315 B - -
Net income 2021 66 259 M - -
Net cash 2021 80 862 M - -
P/E ratio 2021 31,1x
Yield 2021 0,69%
Capitalization 2 093 B 2 093 B -
EV / Sales 2021 6,38x
EV / Sales 2022 6,02x
Nbr of Employees 147 000
Free-Float 99,9%
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Technical analysis trends APPLE INC.
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Mean consensus OUTPERFORM
Number of Analysts 43
Average target price 127,20 $
Last Close Price 123,08 $
Spread / Highest target 21,9%
Spread / Average Target 3,34%
Spread / Lowest Target -39,1%
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Managers
NameTitle
Timothy Donald Cook Chief Executive Officer & Director
Arthur D. Levinson Chairman
Jeffrey E. Williams Chief Operating Officer
Luca Maestri Chief Financial Officer & Senior Vice President
Kevin M. Lynch Vice President-Technology
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