Monday Tipsheet: Costco’s Sinegal on CNBC | Icahn’s Wrench | Tesco Pleads
Costco’s Jim Sinegal on Amazon: “They probably did get the idea (for Amazon Prime) from us” at CNBC. “I think what will stop them is if, No. 1, the pressure of becoming profitable becomes so great that they’ve got to change their game plan,” he said. “I think that eventually they have to figure out how to become a little more profitable in their business.” See the interview / Read more
“Dollar General CEO departure likely throws wrench into Icahn’s plans” by Phil Wahba at Fortune. “There is no way he or she [Dollar General’s future CEO] is going, at least early on, to bet their entire career on a large, transformative acquisition of a perennially underperforming retailer,” said Anthony Chukumba, an analyst with BB&T Capital Markets. “It’s completely off the table.” Read more
“Wal-Mart Holds Supplier Diversity Forum in D.C.” at the Washington Informer. “The event, held at the Washington, DC Economic Partnership offices in Northwest, was attended by more than 30 businesses owned by women, Hispanic-Americans, African-Americans, Asian-Americans, Native-Americans, veterans, disabled veterans and individuals with disabilities.” Read more
“Even Big Lots is going to sell toys from the movie ‘Frozen’ “ by Dan Eaton at Columbus Bus. First. “This is a shift in approach for Big Lots. It isn’t a closeout product snatched up by the retailer after it couldn’t be sold elsewhere. It’s a negotiated deal with a vendor to capitalize on a popular trend.” Read more
“We’re Crushing It!” How Three Total Bros and Their Mom Created Costco’s New Favorite Salad Dressing” by David Zax at Fast Company. “I called Whole Foods and told them I was a food manufacturer, which wasn’t true. I got a meeting with one of the grocery buyers, and I walked in with a Tupperware container of salad. The guy’s like, “Where’s the packaging?” I’m like, “Dude, you’re busy, it’s lunch, I brought you a salad.” He looks at me like I’m on something, but soon he’s taking these pieces of wet lettuce and licking the dressing off. He says, “You have something special.” Read more
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Study: 90% of Walmart’s women customers in the U.S. said they’d go out of their way to buy merchandise made by women Read more
“Tesco Management Under-Fire, Pleads for Patience” at Reuters via CNBC. “With shares trading at close to six-year lows, Chairman Richard Broadbent accepted that the company was not doing well enough but said it was investing for the long-term. Chief Executive Philip Clarke described the changes he was making as the “most radical for a generation”. Read more
“Lowe’s employee charged with illegally selling 17 lawnmowers” by Carter Watkins at WHNT 19 News Alabama. “A former Lowe’s employee is accused of pocketing nearly $40,000 after selling 17 lawnmowers…Investigators say while Dobes worked at Lowe’s, he would sell mowers to family and friends and never ring up the purchase.” Read more
“Gwyneth Paltrow buys toilet paper at Costco like the rest of us” by Arienne Thompson at USA Today. “Guys, she shops at Costco just like the rest of us — and even took a normal-girl photo to prove it! How cool of her to get on our level and make us feel better.” See the pic / Read more
“Partnering with Amazon? Think twice fashion retailers” by Sharmila C. Chatterjee at Fortune. “If J.Crew and Neiman Marcus strike a deal with the online giant, the retailers risk losing control of their brand…by placing their products on Amazon’s site, they are helping to legitimize Amazon as a shopping channel in this upscale market.” Read more
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