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Tag: Shopping malls

  • An AI Wake-Up Call From Walmart’s CEO

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    In the Workplace

    Walmart’s CEO issued an AI wake-up call, saying the technology will wipe out some jobs and reshape the company’s workforce. Doug McMillon’s remarks—which echo those made by leaders at Ford, JPMorgan Chase and Amazon—reflect a rapid shift in how executives discuss the potential human cost of AI.

    Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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  • Third Spaces: The Building Blocks of A Healthy Community and Social Life

    Third Spaces: The Building Blocks of A Healthy Community and Social Life

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    Third spaces are public, informal gathering spots — like cafes, parks, or community centers — where people can relax, socialize, and build connections outside of home and work. In a world increasingly dominated by digital interactions, these spaces play a vital role in fostering community and countering loneliness.


    “Third spaces” refer to social environments that are separate from the two primary places where people spend most of their time: home (the first space) and work (the second space). These third spaces are informal, public gathering spots where people can socialize, relax, and build a sense of community.

    Sociologist Ray Oldenburg first introduced the concept in his book The Great Good Place. He argued that third spaces are crucial for fostering social cohesion, civic engagement, and a sense of belonging. They serve as “neutral grounds” where people can engage in casual conversations and form social connections that they might not in other settings. Places like main streets, libraries, cafes, pubs, and community centers are essential to a functional society and can provide avenues for grassroots activism, community involvement, charity and volunteer work, and social support.

    One of the most important features of “third spaces” is that they involve interacting with people outside of our typical social circle of family, friends, and coworkers. They introduce the possibility of new connections and new relationships. Other important qualities include easy accessibility, low cost, and an inviting atmosphere that encourages mingling and conversation.

    As modern life has shifted more towards digital interaction, the role of physical third spaces has become a topic of renewed interest among psychologists and social scientists, especially in discussions about loneliness and community fragmentation. People are spending less time in third spaces than ever before; and with remote work becoming more common, many people don’t have much of a life outside of home anymore.

    This general tendency has led to an increase in atomization, where individuals feel less and less connected to their local communities and society at large. This has far reaching consequences on health and well-being, as well as social trust, cooperation, and group cohesion.

    Third spaces play an integral role when it comes to happiness and well-being on both an individual and social level. Let’s mention a few common examples and then explore more on what makes these spaces so important to a healthy social life.

    Common examples of third spaces include:

    • Main streets and public squares
    • Cafes and coffee shops
    • Public libraries
    • Parks, nature preserves, beaches
    • Bars or pubs
    • Community centers
    • Bookstores
    • Churches and religious organizations
    • Local food markets
    • Music venues or dance clubs
    • Local sports leagues (bowling, basketball, baseball, etc.)
    • Shopping malls
    • Co-working spaces

    Can you think of any other examples? What are some neutral places where various people can go to meet new people?

    Ray Oldenburg argues that the increase of suburbanization and a “car-centric” society has decreased the use of third spaces and is one major cause behind our more atomized and individualistic world. Many adults living in suburbs have a long commute and a busy work schedule, so they rarely have time to spend outside of home or work. They live and sleep in their suburban homes, but they aren’t involved in their local communities in any meaningful way.

    Modern living creates a fundamental disconnect between home, work, and community, which can lead to feelings of alienation and loneliness. Third spaces can be a social glue that ties these different aspects of our lives together into a meaningful whole.

    As someone who grew up in Levittown, New York – one of the first mass-produced suburbs – I can relate to the feelings of atomization and not having many third spaces to hang out with friends during my childhood. The most frequent spots were typically shopping malls, bowling alleys, or parking lots, but there weren’t many other “public square”-type places where everyone could go on a weekend night. This made it difficult to build social connections or a sense of community outside of school.

    In Robert Putnam’s classic book Bowling Alone: The Collapse and Revival of the American Community, he documents the downfall of community feeling and social cohesion since the 1960s. Key factors behind this decline include changes in mobility and sprawl, family structure and time schedules, as well as technology and mass media. The rise of home entertainment including TVs, internet, and video games has made people less motivated to go to physical third spaces for leisure, socializing, or relaxation.

    There are many factors that have led to the decline in community and the use of third spaces. It’s tempting to want to blame only one thing, but the problems we face in today’s world are complicated and multifaceted. There’s no quick or easy fix for improving the use of third spaces, but we can be more aware of the role they play in our daily lives.

    Are Buses and Trains Third Spaces?

    Public transportation such as buses and trains share some qualities with “third spaces,” such as being neutral ground that anyone in the community can access, a shared experience of commuting together, and the possibility of social connection with locals and strangers. However, these places are typically not seen as “third spaces” because their primary function is transportation and not social connection. The average person on commutes tends to withdraw and mind their own business, so these spaces aren’t very conducive to new conversation or forming new friendships (although it’s definitely possible).

    Building Social Capital and Weak Ties

    When you frequent any third space (such as a cafe, bar, church, or library), you naturally start to see familiar faces and build light social connections there.

    This is what sociologists refer to as social capital, which is just an economic-centric term for relationships that we value, trust, and provide social support.

    Third spaces help form casual relationships (or “weak ties”) that can lead to huge benefits. One common example is learning about a new job opportunity or a possible romantic interest through an acquaintance or friend of a friend.

    Social capital can manifest itself in many small and hidden ways too.

    When I lived in Brooklyn, I would go to the same bodega every morning for my coffee and breakfast sandwich. There were a couple times I was in a rush and forgot my wallet, but since the store owner knew me well and recognized me, he trusted me enough to let me pay next time. That may seem like a trivial thing, but it’s something that can only be accomplished with a minimal level of trust or social capital. If I were a completely random stranger I wouldn’t get that benefit.

    Through third spaces, you begin to run into the same people, build a sense of familiarity and comfort, and start connecting with them on a level beyond random stranger, even just the act of seeing a familiar face and saying “Hi” can give a nice boost to your day (learn the power of “10 second” relationships).

    Find a Healthy Dose of Third Spaces

    No matter how introverted or extraverted you are, everyone needs a healthy dose of social interaction. Third spaces provide opportunities to meet new people, connect with a broader community, and expand our social circle. Often just finding one third space where you feel comfortable and connect with like-minded people can make a big difference in the quality of your social life. Find a third space that works best for you and make it a part of your daily, weekly, or monthly routine.


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    Steven Handel

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  • Waterbury Commons Taken Off Market Just Year After Listing

    Waterbury Commons Taken Off Market Just Year After Listing

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    Will they or won’t they?

    Less than one year after listing Brass Mill Commons in Waterbury for $30 million, the owner last week pulled it from the market, CT Insider reported.

    The decision to pull the listing came after Kohan Retail Investment Group purchased the Commons and the adjacent Brass Mill Center mall from Brookfield Properties for $45 million — $26 million for the Commons and $19 million for the mall — in the spring 2022.

    Kohan specializes in purchasing distressed malls and turning them around by populating them with bungee jumping machines, among other things.

    The 200,000-square-foot Commons, which sits on just over 19 acres, counts Barnes & Noble, TJ Maxx, Dick’s Sporting Goods, Buffalo Wild Wings and Michaels as its tenants.

    Forged Real Estate had the listing for the Commons, which is the more successful of the two properties, then-Waterbury Mayor Neil M. O’Leary told the Republican-American nearly two years ago. 

    O’Leary didn’t mince words concerning the mall’s difficulties over the past decade.

    “The Brass Mill Commons is a thriving center and has done remarkably well,” O’Leary said. “That mall has struggled for years. Urban malls like it have struggled for many, many years, even before online shopping. The Commons, successful. Across the street, not so successful. … The Brass Mill mall is suffering from what most malls are suffering from, not only in Connecticut, but across America. People are shopping online. There are several different malls in Connecticut that have sold in recent years for dramatically less than what they were valued at because they are empty. Such is the case in this case.”

    Kohan, which listed the Commons in late February 2023, has now hired  Middlebury commercial real estate agent Brian Godin to oversee leasing at both Brass Mill Commons and the Brass Mill Center mall.

    Both Brass Mill Commons and Brass Mill Center, opened in 1997, are located on Union Street and are easily accessible from Interstate 84. Brass Mill Center, one of Connecticut’s largest malls at 1.1 million square feet, features Burlington and JCPenney as anchors. However, the mall faced challenges with about three dozen vacant stores at the end of 2023, losing its Sears anchor store and a Regal Cinemas theater.

    Recent developments include the opening of an Ashley Furniture outlet in the former Macy’s anchor store, owned by Connecticut businessman Sami Abunasra. The store occupies 30,000 square feet, with the remainder of the nearly  161,800 square-foot space being sought for other tenants by the Abunasra brothers.

    — Ted Glanzer

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    TRD Staff

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  • Walmart is reportedly closing its innovation hub. It’s the latest in retailer cost cuts.

    Walmart is reportedly closing its innovation hub. It’s the latest in retailer cost cuts.

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    Walmart Inc. will shut down Store No. 8, the big-box retailer’s startup incubator and innovation hub, the Wall Street Journal reported on Friday. It’s the latest move by a retailer to trim expenses and protect profits as shoppers continue to grapple with higher prices.

    Chief Financial Officer John Rainey told employees in a memo that much of what Store No. 8 did had already been incorporated into the company’s operations as a whole, the Journal said.

    “We’ve graduated capabilities from this operating approach that are now fully embedded in our organization,” Rainey said in the memo, according to the Journal.

    “The responsibility to shape the future of retail is now shared by all segments,” he continued.

    Walmart launched Store No. 8 in 2017 in an effort to experiment with new ideas, including augmented reality, artificial intelligence and new ways of delivering products, and to stay nimble in a retail landscape increasingly defined by online shopping. The Journal said that Scott Eckert, who led Store No. 8, was leaving the company.

    Walmart did not immediately respond to a request for comment. Shares were up fractionally after hours, after finishing 0.5% lower during the day.

    Some analysts think that Walmart could hold onto the higher-income shoppers it attracted over the past two years of high inflation. But in a possible sign of its priorities, the retailer on Thursday announced pay raises for store managers and a bonus program that hinges more on store profits.

    Walmart and other retailers have signaled that they are rethinking what technology to invest in and what stores to keep open. Those decisions would follow years of online-sales adoption, pandemic-related disruptions to shopping and a jump in prices for basics that began in 2022 and led people to shy away from buying things like laptops and clothing.

    Elsewhere on Thursday, Macy’s Inc.
    M,
    -1.67%

    said it would lay off corporate staff and close a handful of stores amid efforts to adapt to “an everchanging consumer and marketplace” and “evaluate the right mix of on- and off-mall locations.”

    The Wall Street Journal, which first reported that news, said Macy’s intended to bring more automation to its supply chain and invest “in areas that impact consumers,” like visual displays in stores and efforts to smooth out the online-shopping experience.

    CVS Corp.
    CVS,
    +0.01%
    ,
    meanwhile, said it would close some pharmacies at Target Corp.
    TGT,
    +0.54%

    stores as it pivots toward health services.

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  • This family just bumped Walmart’s Waltons as the richest in the world 

    This family just bumped Walmart’s Waltons as the richest in the world 

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    The Walton family’s five-year rule as the world’s richest dynasty has come to an end. 

    The House of Nahyan, rulers of oil-rich Abu Dhabi in the United Arab Emirates, comes in at No. 1 on Bloomberg’s world’s richest families list for 2023, bumping the third-generation Walmart
    WMT,
    -1.05%

    heirs that have long topped the rankings

    The report released this week said that petroleum fortunes are “reshaping global business as never before,” and noted that the three Gulf families who made Bloomberg’s latest list of family fortunes are probably even wealthier than these “conservative estimates.” 

    The Al Nahyans of Abu Dhabi rule the list with $305 billion to their name, according to the report, which notes that the United Arab Emirates capital is home to most of the country’s oil reserves. 

    The Al Nahyan family holds $45 billion more than the Walton family, which owns 46% of Walmart — the world’s largest retailer by revenue. The Waltons have ruled the rankings for the past several years, but are now No. 2, worth $259.7 billion in the most recent fiscal year.

    Rounding out the top three is the Hermès family, whose fortune can be traced to the French luxury house. The founding family is worth $150.9 billion, as they still own a two-thirds majority in the company. 

    As far as other Americans on the list, the Mars family’s confectionary collection of chocolate brands such as M&Ms, Milky Way and Snickers bars — not to mention pet products — land them in fourth place with $141.9 billion. And the Koch family, behind Koch Industries, is in sixth place with $127.3 billion. 

    The report added that the richest families have certainly gotten richer this year, with the world’s ultra-rich clans collectively adding $1.5 trillion — yes, trillion — to their wealth in the past year, a 43% increase over their already considerable fortunes in 2022. 

    So here are the world’s 10 richest families of 2023, as reported by Bloomberg. 

    1. Al Nahyan, ruling family of the United Arab Emirates, $305 billion

    2. Walton, owners of Walmart in the U.S., $259.7 billion 

    3. Hermès, owners of Hermès in France, $150.9 billion 

    4. Mars, owners of Mars, Inc. in the U.S., $141.9 billion 

    5. Al Thani, ruling family of Qatar, $133 billion 

    6. Koch, owners of Koch Industries in the U.S., $127.3 billion

    7. Al Saud, ruling family of Saudi Arabia, $112 billion

    8. Ambani, owner of Reliance Industries in India, $89.9 billion 

    9. Wertheimer, owner of Chanel in France, $89.6 billion 

    10. Thomson, owner of Thomson Reuters in Canada, $71.1. million

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  • Walmart, Nvidia, Novo Nordisk, Vista Outdoor, GM, and More Stock Market Movers

    Walmart, Nvidia, Novo Nordisk, Vista Outdoor, GM, and More Stock Market Movers

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    Stock futures pointed higher Friday as Wall Street returned for a shortened trading session following the Thanksgiving holiday. Retailers will be in focus on Black Friday, which marks the unofficial start to the Christmas shopping season.

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  • Walmart’s shareholders may have anticipated today’s selloff — if they’d been watching its bonds

    Walmart’s shareholders may have anticipated today’s selloff — if they’d been watching its bonds

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    Shareholders of Walmart Inc. may have had an inkling of today’s stock selloff if they had been watching the performance of its bonds over the last two weeks.

    The bonds have seen net selling even as spreads have tightened, according to data solutions company BondCliQ Media Services.

    The same is true for Costco Wholesale Corp.
    COST,
    -3.12%
    ,
    as the company’s stock fell in sympathy with Walmart on Thursday. That was after Walmart
    WMT,
    -8.11%

    Chief Executive Doug McMillon said he expects to see a U.S. deflation trend in the coming months.

    McMillon was the first retail executive to raise the specter of deflation on an earnings call this season so far.

    For more, read: Walmart’s stock on pace for largest daily percentage decline in over a year after earnings

    The comment came after the retail giant posted better-than-expected third-quarter earnings, but offered per-share earnings guidance that was below consensus, sending the stock down more than 7%.

    The following charts show what’s been happening with Walmart and Costco bonds in the run-up to today’s numbers.

    Bondholders tend to be keenly focused on a company’s underlying financials and closely watched metrics such as cash flow to ensure it can cover interest payments.

    That’s because, by buying corporate bonds, they are effectively lending money to a company for a set term and want to be sure they will get their full investment back once they mature. Shareholders tend to be more tuned into daily stock-price movements.


    Bonds of Walmart and Costco Wholesale by maturity bucket. Source: BondCliQ Media Services

    The following chart shows the two-week volume for the bonds by trade type.


    Bonds of Walmart and Costco Wholesale — two-week volume by trade type. Source: BondCliQ Media Services

    The next chart focuses on two-week client flows, showing net selling for both issuers over the period.


    Bonds of Walmart and Costco – two-week net client flow. Source: BondCliQ media Services

    The selling has come as spreads have been tightening, as the next chart illustrates.


    Select bonds of Walmart and Costco – two-week spread performance. Source: BondCliQ Media Services

    Walmart’s numbers come after other retailers this week said they are seeing signs of pushback from their customers, especially when it comes to big-ticket items.

    That was the message from Target Corp.
    TGT,
    -1.00%

    on Wednesday, with that company’s sales number lagging consensus. Chief Executive Brian Cornell the company saw soft industry trends in discretionary categories, as well as higher inventory shrink.

    See also: Target CEO says consumers are still spending, but sees pressure on discretionary items

    On Tuesday, Home Depot Inc.
    HD,
    -0.79%

    said its customers were avoiding big-ticket items.

    “The third quarter was in line with our expectations – similar to the second quarter, we saw continued customer engagement with smaller projects and experienced pressure in certain big-ticket, discretionary categories,” said Home Depot CEO Ted Decker, during a conference call to discuss the results.

    For more, see: Home Depot CEO says 2023 ‘a period of moderation’ in home improvement spending

    Related: Home Depot says ‘the worst of the inflationary environment is behind us,’ but prices have settled unevenly

    Costco’s stock was down 2.5%, while Home Depot was down 0.7% and Target was down 0.2%.

    The SPDR S&P Retail exchange-traded fund
    XRT
    was down 3% and has gained 2% in the year to date, while the S&P 500
    SPX
    has gained 17%.

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  • Walmart Beats on Earnings and Raises Guidance. Why the Stock Is Falling.

    Walmart Beats on Earnings and Raises Guidance. Why the Stock Is Falling.

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    Walmart topped third-quarter estimates and raised fiscal-year guidance. But investors were expecting more from the world’s largest retailer, sending the stock lower in premarket trading.

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  • Walmart’s stock tumbles after soft guidance offsets earnings beat

    Walmart’s stock tumbles after soft guidance offsets earnings beat

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    An earlier version of this article incorrectly said that Walmart’s stock has fallen this year. It has gained 20%. The article has been corrected.

    Walmart Inc.’s stock tumbled 7.3% early Thursday, after the company offered guidance for 2023 that was below consensus, offsetting a profit and sales beat for the third quarter.

    The Bentonville, Ark.-based retail giant
    WMT,
    +1.27%

    posted net income of $453 million, or 17 cents a share, for the third quarter, after a loss of $1.8 billion, or 66 cents a share, in the year-earlier period.

    Adjusted per-share earnings came to $1.53, ahead of the $1.52 FactSet consensus.

    Revenue rose 5.2% to $160.8 billion from $152.8 billion, also ahead of the $159.7 billion FactSet consensus.

    See also: Target CEO says consumers are still spending, but sees pressure on discretionary items

    Walmart’s U.S. same-store sales rose 4.9%, while e-commerce sales rose 24%. Average transactions were up 3.4%, while the average ticket was up 1.5%.

    Chief Executive Doug McMillion said the company saw revenue grow across segments and that it was getting an early start to the holiday season.

    At the company’s international segment, growth in sales was led by Walmex and China. E-commerce sales fell 3%, while advertising grew 4%.

    At Sam’s Club U.S., sales rose 2.8% to $22.0 billion from $21.4 billion a year ago, led by food and consumables, and healthcare. Same-store sales rose 3.8%, transactions were up 4% and average ticket was down 0.2%.

    The company said it was raising its full-year guidance and now expects adjusted EPS of $6.40 to $6.48, but that was below the FactSet consensus of $6.50. It expects sales to grow 5% to 5.5%, while FactSet is expecting growth of 5%.

    The stock has gained about 20% in the year to date, while the S&P 500
    SPX,
    +0.16%

    has gained 17%.

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  • Home Depot, Target, and More to Watch This Week

    Home Depot, Target, and More to Watch This Week

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    Home Depot, Target, Cisco, Deere, Walmart, and More Stocks to Watch This Week

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  • Walmart, Alibaba, Target, and More Stocks to Watch This Week

    Walmart, Alibaba, Target, and More Stocks to Watch This Week

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    Walmart, Alibaba, Target, and More Stocks to Watch This Week

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  • J&J, C3.ai, Albemarle, Walmart, and More Stock Market Movers

    J&J, C3.ai, Albemarle, Walmart, and More Stock Market Movers

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  • AMC, Virgin Orbit, Marathon Oil, Walmart, and More Stock Market Movers

    AMC, Virgin Orbit, Marathon Oil, Walmart, and More Stock Market Movers

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    Stock futures fluctuated Tuesday following a mixed session on Wall Street that saw the


    Dow Jones Industrial Average


    and


    S&P 500


    rise after a spike in oil prices.

    These stocks were poised to make moves Tuesday:

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  • Walmart, Home Depot, Meta, DocuSign, Medtronic, and More Stock Market Movers

    Walmart, Home Depot, Meta, DocuSign, Medtronic, and More Stock Market Movers

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  • Virginia Walmart shooter was store manager, police and witness say

    Virginia Walmart shooter was store manager, police and witness say

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    CHESAPEAKE, Va. (AP) — A Walmart manager opened fire on fellow employees in the break room of a Virginia store, killing six people in the country’s second high-profile mass shooting in four days, police and a witness said Wednesday.

    The gunman, who apparently shot himself, was dead when police found him, Chesapeake Police Chief Mark G. Solesky said. There was no clear motive for the shooting, which also put four people in the hospital.

    In One Chart: Chart shows 4-year high for lone shooters like at the Virginia Walmart and Colorado LGBTQ club — but they’re not the worst perpetrators of gun violence

    The store was busy just before the attack Tuesday night as people stocked up ahead of the Thanksgiving holiday, a shopper told a local TV station.

    Employee Briana Tyler said workers had gathered in the break room as they typically did ahead of their shifts. “I looked up, and my manager just opened the door and he just opened fire,” she told ABC’s “Good Morning America,” adding that “multiple people” dropped to the floor.

    “He didn’t say a word,” she said. “He didn’t say anything at all.”

    Solesky confirmed that the shooter, who used a pistol, was a Walmart employee but did not give his name because his family had not been notified. The police chief could not confirm whether the victims were all employees.

    Employee Jessie Wilczewski told Norfolk television station WAVY that she hid under the table and the shooter looked at her with his gun pointed at her, told her to go home and she left.

    “It didn’t even look real until you could feel the … ‘pow-pow-pow,’ you can feel it,” Wilczewski said. “I couldn’t hear it at first because I guess it was so loud, I could feel it.”

    President Joe Biden in a statement said he and first lady Jill Biden “grieve for the family, for the Chesapeake community and for the Commonwealth of Virginia.”

    Gov. Glenn Youngkin tweeted that he was in contact with law-enforcement officials in Chesapeake, Virginia’s second largest city, which lies next to the seaside communities of Norfolk and Virginia Beach.

    “Our hearts break with the community of Chesapeake this morning,” Youngkin wrote. “Heinous acts of violence have no place in our communities.”

    It was the second time in a little more than a week that Virginia has experienced a major shooting. Three University of Virginia football players were fatally shot on a charter bus as they returned to campus from a field trip on Nov. 13. Two other students were wounded.

    “I am devastated by the senseless act of violence that took place late last night in our city,” Mayor Rick W. West said in a statement posted on the city’s Twitter account Wednesday. “Chesapeake is a tight-knit community, and we are all shaken by this news.”

    A database run by the Associated Press, USA Today and Northeastern University that tracks every mass killing in America going back to 2006 shows this year has been especially violent.

    The U.S. has now had 40 mass killings so far in 2022, compared with 45 for all of 2019. The database defines a mass killing as at least four people killed, not including the killer.

    The attack at the Walmart came three days after a person opened fire at a gay nightclub in Colorado, killing five people and wounding 17. Last spring, the country was shaken by the deaths of 21 when a gunman stormed an elementary school in Uvalde, Texas.

    Tuesday night’s shooting also brought back memories of another at a Walmart in 2019, when a gunman who targeted Mexicans opened fire at a store in El Paso, Texas, and killed 22 people.

    A 911 call about the shooting came in just after 10 p.m. Solesky did not know how many shoppers were inside, whether the gunman was working or whether a security guard was present.

    Joetta Jeffery told CNN that she received text messages from her mother who was inside the store when the shots were fired. Her mother, Betsy Umphlett, was not injured.

    “I’m crying, I’m shaking,” Jeffery said. “I had just talked to her about buying turkeys for Thanksgiving, then this text came in.”

    One man was seen wailing at a hospital after learning that his brother was dead, and others shrieked as they left a conference center set up as a family reunification center, The Virginian-Pilot reported.

    Camille Buggs, a former Walmart employee, told the newspaper she went to the conference center seeking information about her former co-workers. “You always say you don’t think it would happen in your town, in your neighborhood, in your store — in your favorite store, and that’s the thing that has me shocked,” Buggs said.

    Walmart
    WMT,
    +0.74%

    tweeted early Wednesday that it was “shocked at this tragic event.”
    In the aftermath of the El Paso shooting, Walmart made a decision in September 2019 to discontinue sales of certain kinds of ammunition and asked that customers no longer openly carry firearms in its stores.

    It stopped selling handgun ammunition as well as short-barrel rifle ammunition, such as the .223 caliber and 5.56 caliber used in military style weapons. Walmart also discontinued handgun sales in Alaska.

    The company had stopped selling handguns in the mid-1990s in every state but Alaska. The latest move marked its complete exit from that business and allowed it to focus on hunting rifles and related ammunition only.

    Many of its stores are in rural areas where hunters depend on Walmart to get their equipment.

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  • China’s COVID-19 restrictions hit historic Beijing theater

    China’s COVID-19 restrictions hit historic Beijing theater

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    BEIJING — Performances have been suspended at one of Beijing’s oldest and most renowned theaters as part of a new wave of shop and restaurant closures in response to a spike in COVID-19 cases in the Chinese capital.

    The Jixiang Theater in the downtown Wangfujing shopping district was originally built in 1906 and recently moved to its present location on the 8th floor of a shopping mall that also houses shops and a fast food restaurant. It is famed for performances of Peking opera and other traditional art forms.

    Performances were due to resume Nov. 27, but such dates for re-opening have frequently been extended.

    China reported 24,263 new cases Saturday, 515 of them in Beijing. The vast majority were asymptomatic.

    Despite that, lockdowns and other strict control measures have been put in place around the country, with many Beijing residents sent notices advising them not to leave home unless absolutely necessary.

    Restaurants, malls and shops deemed non-essential have been closed and foot traffic in those still open was much reduced. Detection of a single case or even a close contact of an infected person can force the closure of an entire office building or apartment block.

    Access to Beijing’s elite Peking University was suspended Wednesday. People who visited a vegetable market in the city’s southeast where a case was found were ordered into quarantine in a hotel at their own expense.

    The southern metropolis of Guangzhou plans to build quarantine facilities for nearly 250,000 people. Guangzhou, a city of 13 million people, is the biggest of a series of hot spots across China with outbreaks since early October.

    China’s infection numbers are low compared with the United States and other major countries, but the ruling Communist Party is trying to isolate every case under its “zero-COVID” policy.

    Repeated closures of neighborhoods, schools and businesses are fueling public frustration and clashes with health workers.

    The policy is also inflicting major damage to the economy and global supply chains. Access to a Zhengzhou industrial zone that is home to the world’s biggest iPhone factory was suspended this month following outbreaks. Apple Inc. said deliveries of its new iPhone 14 model would be delayed after workers fled. Local authorities have called for low-level party officials and even military recruits to fill their places, according to reports.

    The harsh measures come even as the national government tries to reduce the impact of anti-disease controls that have confined millions of people to their homes, leading to mixed messages and adding to confusion and anger.

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  • China’s COVID-19 restrictions hit historic Beijing theater

    China’s COVID-19 restrictions hit historic Beijing theater

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    BEIJING — Performances have been suspended at one of Beijing’s oldest and most renowned theaters as part of a new wave of shop and restaurant closures in response to a spike in COVID-19 cases in the Chinese capital.

    The Jixiang Theater in the downtown Wangfujing shopping district was originally built in 1906 and recently moved to its present location on the 8th floor of a shopping mall that also houses shops and a fast food restaurant. It is famed for performances of Peking opera and other traditional art forms.

    Performances were due to resume Nov. 27, but such dates for re-opening have frequently been extended.

    China reported 24,263 new cases Saturday, 515 of them in Beijing. The vast majority were asymptomatic.

    Despite that, lockdowns and other strict control measures have been put in place around the country, with many Beijing residents sent notices advising them not to leave home unless absolutely necessary.

    Restaurants, malls and shops deemed non-essential have been closed and foot traffic in those still open was much reduced. Detection of a single case or even a close contact of an infected person can force the closure of an entire office building or apartment block.

    Access to Beijing’s elite Peking University was suspended Wednesday. People who visited a vegetable market in the city’s southeast where a case was found were ordered into quarantine in a hotel at their own expense.

    The southern metropolis of Guangzhou plans to build quarantine facilities for nearly 250,000 people. Guangzhou, a city of 13 million people, is the biggest of a series of hot spots across China with outbreaks since early October.

    China’s infection numbers are low compared with the United States and other major countries, but the ruling Communist Party is trying to isolate every case under its “zero-COVID” policy.

    Repeated closures of neighborhoods, schools and businesses are fueling public frustration and clashes with health workers.

    The policy is also inflicting major damage to the economy and global supply chains. Access to a Zhengzhou industrial zone that is home to the world’s biggest iPhone factory was suspended this month following outbreaks. Apple Inc. said deliveries of its new iPhone 14 model would be delayed after workers fled. Local authorities have called for low-level party officials and even military recruits to fill their places, according to reports.

    The harsh measures come even as the national government tries to reduce the impact of anti-disease controls that have confined millions of people to their homes, leading to mixed messages and adding to confusion and anger.

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  • Dow ekes out gain, stocks end higher on signs of easing inflation, but Russia’s war in Ukraine intensifies

    Dow ekes out gain, stocks end higher on signs of easing inflation, but Russia’s war in Ukraine intensifies

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    U.S. stocks closed higher Tuesday, but off the session’s best levels, after more data suggested inflation may be slowing and mega-retailer Walmart offered a rosier annual forecast.

    The Dow turned negative earlier in the session after the Associated Press reported that Russian missiles crossed into Poland and killed two people, ratcheting up geopolitical tension given Poland is a NATO country.

    How stocks traded
    • S&P 500 index
      SPX,
      +0.87%

      rose 34.48 points, or 0.9%, to close at 3,991.73.

    • Dow Jones Industrial Average
      DJIA,
      +0.17%

      climbed 56.22 points, or 0.2%, ending at 33,592.92, after touching a nearly three-month high of 33,987.06 earlier.

    • Nasdaq Composite
      COMP,
      +1.45%

      climbed 162.19 points, or 1.5%, closing at 11,358.41.

    On Monday, U.S. stocks finished near session lows after early gains evaporated. The Dow Jones Industrial Average fell 211 points, or 0.6%, while the S&P 500 declined 36 points, or 0.9% and the Nasdaq Composite dropped 226 points, or 2%.

    What drove markets

    U.S. stocks closed higher Tuesday, after another batch of inflation data showed that whole prices rises were slowing in October for the second straight month.

    The Dow’s brief negative turn came after reports that Russian military bombarded Ukraine Tuesday. In the attack, missiles reportedly crossed into Poland, a member of NATO, the Associated Press said, citing a senior U.S. intelligence official.

    “Geopolitical concerns obviously are never positive for the market,” said Peter Cardillo, chief market economist at Spartan Capital Securities.

    On Tuesday, oil futures settled higher. West Texas Intermediate crude for December delivery rose to $1.05, or 1.2%, reaching $86.92 a barrel.

    While markets had started to price in the toll of Russian’s nearly nine-month invasion of Ukraine, it had not priced in an potential escalation of the war, said Kent Engelke, chief economic strategist at Capitol Securities Management.

    “Talk about geopolitical angst returning,” Engelke said, later adding, “If there were really missiles shot to Poland and that was really not an accident, wow, that is really  increasing the scope of the war.”

    A U.S. National Security Council spokesperson said the agency was aware of the news reports out of Poland, but that it cannot confirm the reports or any details at this time.

    While international worries clouded the session, there was also encouraging domestic news.

    The U.S. producer-price index climbed 8% over the 12 months through October, the Labor Department said Tuesday, easing from September’s revised 8.4% increase. Last week, stocks surged after the October consumer-price index rose more slowly than expected.

    See: Wholesale prices rise slowly again and point to softening U.S. inflation

    Tuesday’s PPI report helped support the notion that inflation has peaked, at least for now.

    “Today, it’s really about the PPI and the market reaction to it,” Steve Sosnick, chief strategist at Interactive Brokers
    IBKR,
    +3.45%
    ,
    said in a Tuesday morning interview before the reports of missiles crossing into Poland.

    Markets ripped higher last Thursday after October’s consumer-price index showed signs of easing. The same dynamic was playing out Tuesday, but the response now has been “a bit more muted” because it’s an iteration on inflation data that investors already had been starting to see, Sosnick said.

    So, is the economy really at peak inflation? It’s too early to say for sure, according to Sosnick. Still, the PPI numbers, paired with last week’s CPI reading “does add evidence to that narrative,” he added.

    Walmart’s third quarter earnings also were buoying markets, Sosnick said. The massive retailer’s beat on earnings offers a glimpse at the minds and wallets of many American consumers. For anyone who worries about consumers “getting highly defensive” and not spending, Walmart’s numbers are “counter evidence.”

    In other news, the first face-to-face meeting between President Joe Biden and President Xi Jinping helped support stocks listed in China and Hong Kong, as some of the tensions between the world’s two largest economies were seen to be easing.

    The upbeat tone from Asia, which included Taiwan Semiconductor Manufacturing Company
    TSM,
    +10.52%

    jumping 7.7% on news Warren Buffett had bought a $5 billion stake, underpinned European bourses, which closed higher for a fourth session in a row.

    Read also: Warren Buffett’s chip-stock purchase is a classic example of why you want to be ‘greedy only when others are fearful’

    Analysts increasingly expect stocks to enjoy a positive end to the year. “The near-term picture still looks positive for U.S. benchmark indices and while momentum has reached intra-day overbought levels, this doesn’t imply a selloff has to happen right away,” said Mark Newton, head of technical strategy at Fundstrat.

    Philadelphia Federal Reserve President Patrick Harker said Tuesday that he favored a 50 basis-point hike to the Fed’s benchmark rate in December. Atlanta Fed President Raphael Bostic said more rate hikes will be needed, even through there have been “glimmers of hope” on inflation.

    Fed Vice Chairman for Supervision Michael Barr said Tuesday that the U.S. economy is likely to slow in coming months, and more workers will lose their jobs, in Senate testimony. The Fed is working with regulators to assess risks tied to cryptocurrency markets, following the collapse of FTX and its associated companies.

    In other U.S. economic data, the New York Empire State manufacturing index for November showed a gauge of manufacturing activity in the state rose 13.6 points to 4.5 this month.

    The yield on the 10-year Treasury note
    TMUBMUSD10Y,
    3.774%

    was down 6.7 basis points at 3.798%. Bond yields move inversely to prices.

    Companies in focus
    • Walmart
      WMT,
      +6.54%

      shares jumped after the giant retailer swung to a net third-quarter loss, due to $3.3 billion in charges related to opioid legal settlements, but reported adjusted profit, revenue and same-store sales that were well above expectations and a full-year outlook that was above forecasts. Walmart shares opened Tuesday at $145.61 and closed at $147.48, or 6.57% higher.

    • Home Depot
      HD,
      +1.63%

      rose after the home improvement retailer reported fiscal third-quarter earnings that beat expectations, citing strength in project-related categories, but kept its full-year outlook intact. Home Depot shares opened Tuesday at $304.06 and closed at $311.99.

    • Chinese-listed technology traded sharply higher on Tuesday, including U.S.-traded ADRs for Alibaba Group Holding
      BABA,
      +11.17%
      ,
      Baidu Inc.
      BIDU,
      +9.02%

      and JD.com Inc.
      JD,
      +7.14%

      The KraneShares CSI China Internet exchange-traded fund
      KWEB,
      +9.56%

      also traded substantially higher.

    Jamie Chisholm contributed reporting to this article

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  • Flashy Dubai will cash in on a World Cup a short flight away

    Flashy Dubai will cash in on a World Cup a short flight away

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    DUBAI, United Arab Emirates — The FIFA World Cup may be bringing as many as 1.2 million fans to Qatar, but the nearby flashy emirate of Dubai is also looking to cash in on the major sports tournament taking place just a short flight away.

    Some soccer fan clubs have already said they’ll be commuting to Qatar during the cup on 45-minute flights from Dubai, the skyscraper-studded, beachfront city-state in the United Arab Emirates. Other fans plan to sleep on cruise ships or camp out in the desert amid a feverish rush for rooms in Doha.

    Dubai’s airlines, bars, restaurants, shopping malls and other attractions now hope to benefit, further boosting their rebounding tourism industry in the crucial fall and winter months after the blows delivered by the coronavirus pandemic.

    “If you can’t stay in Qatar, Dubai is the place you’d most like to go as a foreign tourist,” said James Swanston, a Middle East and North Africa expert at Capital Economics. “It’s somewhere safe, somewhere more liberal in terms of Western norms. It’s the most attractive destination.”

    Now home to the world’s tallest building, cavernous malls — including one with an indoor ski slope — and thriving nightclub scene, Dubai has seen explosive growth fueled by its boom-and-bust real estate market that’s transformed the one-time pearling village over the last 20 years.

    Its long-haul carrier Emirates helped make Dubai International Airport the busiest in the world for foreign travel and provides a steady stream of new visitors who stay for layovers or longer. And while still an autocratic sheikhdom like its other Gulf Arab neighbors, Dubai has a relatively more-liberal view on drinking and nightlife.

    In the lead-up to the tournament, concerns about hotel room space and high prices for the rooms available have trailed Qatar, which lacks hotel capacity for all teams, workers, volunteers and fans at the World Cup. So Doha has created camping and cabin sites, hiring cruise ships, and encouraging fans to stay in neighboring countries and fly in for games.

    Qatar has estimated it will have 45,000 hotel rooms for the tournament.

    Surrounding nations, like Bahrain, Kuwait and Saudi Arabia, also suggest they could see a spike in visitors — even though Bahrain is the only among them that allows alcohol. Even Iran, months ago, suggested developing plans for World Cup tourists to stay on its Kish Island. Apparently, nothing came of the idea and now the Islamic Republic is gripped by nationwide protests.

    Meanwhile, Dubai has over 140,000 hotel rooms, putting it easily into the top 10 destinations worldwide as far as available hotel rooms go, said Philip Wooller, a senior director at STR, a company that monitors the hotel industry. Dubai also offers price ranges greater than what Qatar can at the moment, given the demand, he said.

    “I think Dubai is an incredibly eclectic city,” Wooller said. “You can buy a room for $100 or you can buy a room for $5,000.”

    Still, he added, he expects “Qatar will be able to accommodate most of the fans coming to the World Cup (but) there will be a knock-on in Dubai.”

    Dubai appears fully poised to take advantage of the tournament.

    Its low-cost carrier, FlyDubai, plans as many as 30 round-trip flights a day during the World Cup, shuttling fans between Dubai’s Al Maktoum International Airport at Dubai World Central, or DWC, in the city-state’s southern reaches, to Doha International Airport, Qatar’s old main airport.

    Other airlines that may use Al Maktoum airport include KLM, Qatar Airways and Wizz Air, while private jets will fly from there as well to the tournament, said Paul Griffiths, CEO of Dubai Airports. That could help boost the profile of an airfield that Dubai hopes will expand in the future as Dubai International Airport nears its capacity.

    “It’s a great experience for us to see DWC suddenly so busy for the World Cup,” he said. “It will give exposure to the convenience of the airport for so many people that (airlines may) actually favor operating from there.”

    The expected economic boost from the World Cup for Dubai comes after its turnaround since suffering through the pandemic. It spent billions for its delayed Expo 2020 world’s fair — which largely attracted visitors already in the UAE.

    Dubai, like much of the world, had a lockdown early in 2020. However, by July that year, it announced it was reopening for tourists. Though Dubai faced a surge of international criticism when cases spread from the emirate months later, around New Year, Dubai and the rest of the UAE widely rolled out vaccines.

    The UAE dropped its mandatory mask policy about a month ago.

    “Dubai is on a lot of people’s radars as one of the most phenomenal places to come and visit,” said Dennis McGettigan, the CEO of an eponymous empire of Irish bars in Dubai and elsewhere. “And I think the World Cup has added a layer” of desire to visit.

    McGettigan said his bar business is already up as much as 40% on its sales, compared to 2019, something he linked to pent-up demand for socializing after the worst days of the virus. He said he’s overstaffed his locations and expects strong business through the tournament.

    But McGettigan and others acknowledged headwinds Dubai faces in attracting World Cup tourists — the strong U.S. dollar. The Emirati dirham has long been pegged to the dollar, making a Dubai trip now more expensive for those using British pounds, euros and other currencies.

    Other financial dangers also lurk for tourist-reliant Dubai, built on the promise of globalization.

    “We still need to be cautious of global economic pressures, including rising interest rates, high oil and commodity prices, supply chain issues that are creating inflationary pressures which could impact Dubai’s economic recovery,” said Sapna Jagtiani of S&P Global Ratings.

    McGettigan doesn’t expects that to be too much of a damper. His firm also will be organizing a massive fan zone venue in the grassy expanses of Dubai Media City, complete with musical performances, massive televisions and even a winter-themed area in Dubai’s desert environs.

    “I, for one, am absolutely delighted to see everything back on full steam ahead and actually a little bit more,” he said.

    ———

    Associated Press writer Isabel DeBre in Jerusalem contributed to this report.

    ———

    Follow Jon Gambrell on Twitter at www.twitter.com/jongambrellAP.

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  • Flashy Dubai will cash in on a World Cup a short flight away

    Flashy Dubai will cash in on a World Cup a short flight away

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    DUBAI, United Arab Emirates — The FIFA World Cup may be bringing as many as 1.2 million fans to Qatar, but the nearby flashy emirate of Dubai is also looking to cash in on the major sports tournament taking place just a short flight away.

    Some soccer fan clubs have already said they’ll be commuting to Qatar during the cup on 45-minute flights from Dubai, the skyscraper-studded, beachfront city-state in the United Arab Emirates. Other fans plan to sleep on cruise ships or camp out in the desert amid a feverish rush for rooms in Doha.

    Dubai’s airlines, bars, restaurants, shopping malls and other attractions now hope to benefit, further boosting their rebounding tourism industry in the crucial fall and winter months after the blows delivered by the coronavirus pandemic.

    “If you can’t stay in Qatar, Dubai is the place you’d most like to go as a foreign tourist,” said James Swanston, a Middle East and North Africa expert at Capital Economics. “It’s somewhere safe, somewhere more liberal in terms of Western norms. It’s the most attractive destination.”

    Now home to the world’s tallest building, cavernous malls — including one with an indoor ski slope — and thriving nightclub scene, Dubai has seen explosive growth fueled by its boom-and-bust real estate market that’s transformed the one-time pearling village over the last 20 years.

    Its long-haul carrier Emirates helped make Dubai International Airport the busiest in the world for foreign travel and provides a steady stream of new visitors who stay for layovers or longer. And while still an autocratic sheikhdom like its other Gulf Arab neighbors, Dubai has a relatively more-liberal view on drinking and nightlife.

    In the lead-up to the tournament, concerns about hotel room space and high prices for the rooms available have trailed Qatar, which lacks hotel capacity for all teams, workers, volunteers and fans at the World Cup. So Doha has created camping and cabin sites, hiring cruise ships, and encouraging fans to stay in neighboring countries and fly in for games.

    Qatar has estimated it will have 45,000 hotel rooms for the tournament.

    Surrounding nations, like Bahrain, Kuwait and Saudi Arabia, also suggest they could see a spike in visitors — even though Bahrain is the only among them that allows alcohol. Even Iran, months ago, suggested developing plans for World Cup tourists to stay on its Kish Island. Apparently, nothing came of the idea and now the Islamic Republic is gripped by nationwide protests.

    Meanwhile, Dubai has over 140,000 hotel rooms, putting it easily into the top 10 destinations worldwide as far as available hotel rooms go, said Philip Wooller, a senior director at STR, a company that monitors the hotel industry. Dubai also offers price ranges greater than what Qatar can at the moment, given the demand, he said.

    “I think Dubai is an incredibly eclectic city,” Wooller said. “You can buy a room for $100 or you can buy a room for $5,000.”

    Still, he added, he expects “Qatar will be able to accommodate most of the fans coming to the World Cup (but) there will be a knock-on in Dubai.”

    Dubai appears fully poised to take advantage of the tournament.

    Its low-cost carrier, FlyDubai, plans as many as 30 round-trip flights a day during the World Cup, shuttling fans between Dubai’s Al Maktoum International Airport at Dubai World Central, or DWC, in the city-state’s southern reaches, to Doha International Airport, Qatar’s old main airport.

    Other airlines that may use Al Maktoum airport include KLM, Qatar Airways and Wizz Air, while private jets will fly from there as well to the tournament, said Paul Griffiths, CEO of Dubai Airports. That could help boost the profile of an airfield that Dubai hopes will expand in the future as Dubai International Airport nears its capacity.

    “It’s a great experience for us to see DWC suddenly so busy for the World Cup,” he said. “It will give exposure to the convenience of the airport for so many people that (airlines may) actually favor operating from there.”

    The expected economic boost from the World Cup for Dubai comes after its turnaround since suffering through the pandemic. It spent billions for its delayed Expo 2020 world’s fair — which largely attracted visitors already in the UAE.

    Dubai, like much of the world, had a lockdown early in 2020. However, by July that year, it announced it was reopening for tourists. Though Dubai faced a surge of international criticism when cases spread from the emirate months later, around New Year, Dubai and the rest of the UAE widely rolled out vaccines.

    The UAE dropped its mandatory mask policy about a month ago.

    “Dubai is on a lot of people’s radars as one of the most phenomenal places to come and visit,” said Dennis McGettigan, the CEO of an eponymous empire of Irish bars in Dubai and elsewhere. “And I think the World Cup has added a layer” of desire to visit.

    McGettigan said his bar business is already up as much as 40% on its sales, compared to 2019, something he linked to pent-up demand for socializing after the worst days of the virus. He said he’s overstaffed his locations and expects strong business through the tournament.

    But McGettigan and others acknowledged headwinds Dubai faces in attracting World Cup tourists — the strong U.S. dollar. The Emirati dirham has long been pegged to the dollar, making a Dubai trip now more expensive for those using British pounds, euros and other currencies.

    Other financial dangers also lurk for tourist-reliant Dubai, built on the promise of globalization.

    “We still need to be cautious of global economic pressures, including rising interest rates, high oil and commodity prices, supply chain issues that are creating inflationary pressures which could impact Dubai’s economic recovery,” said Sapna Jagtiani of S&P Global Ratings.

    McGettigan doesn’t expects that to be too much of a damper. His firm also will be organizing a massive fan zone venue in the grassy expanses of Dubai Media City, complete with musical performances, massive televisions and even a winter-themed area in Dubai’s desert environs.

    “I, for one, am absolutely delighted to see everything back on full steam ahead and actually a little bit more,” he said.

    ———

    Associated Press writer Isabel DeBre in Jerusalem contributed to this report.

    ———

    Follow Jon Gambrell on Twitter at www.twitter.com/jongambrellAP.

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