Target, a Minneapolis-based retailer, has lowered its profit and sales expectations for the year due to economic issues such as higher interest rates, higher prices on food, and the resumption of student loan payments this fall. Sales at stores open at the same time a year ago declined 5.4% in the second quarter, and profit came in above expectations. Other retailers are also feeling the strain of the current economic climate, and it remains to be seen how these issues will affect the retail industry in the long run.
