Big Lots CEO on how President Trump's tariffs are impacting the discount retailer
Big Lots' CEO Shares Insight on How Trump Tariffs Are Impacting the Retail SectorThe retail landscape has been thrown into uncertainty by President Trump’s recent administration, particularly with the implementation of tariffs on imported goods. Among the most notable impacted companies is BigLots, a once-popular discount retailer that filed for bankruptcy earlier this year. Lisa Seigies, the new CEO of Variety Wholesalers—a company that recently acquired Big Lots—has opened up about how these tariffs are affecting her former employer.
As the CEO of one of the nation’s largest variety retailers, Lisa has first-hand experience navigating the challenges of retail. “We’re definitely seeing some headwinds with the tariffs,” she told CBS News’ *CBS Mornings*. “It’s affecting not just us but other retailers as well who rely on imported materials.” While Big Lots might be better positioned to weather the storm due to its recent acquisition, Lisa emphasized that even successful retailers are struggling to keep up.
The tariffs, which have been implemented on a wide range of imported goods, have caused significant price increases for retailers. Many small businesses, especially those in the discount sector like BigLots, are feeling the pinch. “It’s definitely impacting our margins and profit margins,” Lisa said. “But we’re determined to get through this.”
One of the key factors contributing to these challenges is the fact that many retailers have had to shift their business models in response to changing trade policies. For Variety Wholesalers, the first step was to focus on e-commerce as a way to bypass some of the tariffs’ impact. “We’re really putting a lot of effort into expanding our online presence,” Lisa explained. “People are shopping more online than ever before.”
While physical stores might seem like an outdated concept in today’s world, Lisa is skeptical about their future viability under current trade policies. “I don’t see retail stores surviving long-term if we continue down this path,” she said. “We need to find a different way to operate.”
Looking ahead, Lisa is optimistic about the future of retail, particularly with the help of technology and innovation. “We’re going to be really innovative in how we serve our customers,” she said. “It’s not just about what we sell—we want to provide an exceptional shopping experience that builds relationships.” With a clear vision for the future, Lisa is confident that BigLots will come out stronger on the other side of these challenges.
In conclusion, while President Trump’s tariffs are creating significant hurdles for retailers like BigLots, Lisa Seigies and her team at Variety Wholesalers are determined to adapt and thrive. Whether through online expansion or other strategic moves, BigLots has shown resilience in the face of adversity—and this spirit of innovation will likely carry them into the future.
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