Sioux Falls Target, Aldi, Walmart Could Lose Big Bucks
Sioux Falls has two Aldi stores, two Targets, and five Walmarts and according to the Argus Leader these three retailers could lose billions of dollars with Trump proposal.
If President Donald Trump's administration implements it's plan to scale back support for the Supplemental Nutritional Assistance Program, or SNAP, it could cost grocery stores big income.
Walmart alone could lose $12.7 billion in the next 10 years. In the same period Target could experience an estimated loss of up to $5.3 billion. And with the SNAP cuts the Aldi chain could see revenue losses of up to $4.9 billion.
Currently SNAP aids 22.5 million households or 44 million Americans. CNBC says this administration is proposing $191 billion in cuts to SNAP.
According to the Congressional Budget Office food stamp benefit usage is at it's lowest level in 5 years and the average household benefit is around $252 per month.