BJ’s @ 7.5M | Costco Rewards Golfer | Target’s Pricey Imports

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BJ’s Wholesale Q3 comp club sales (ex-gas) +3.8% “Digitally enabled comparable sales growth was 30.0%…reaches milestone of 7.5 million members…effective January 1, 2025. The Club membership fee will increase by $5 to $60 a year. The Club+ membership fee will increase by $10 to $120 a year.” Press release

 

Target’s recent trade imports data tells the real story behind massive earnings miss at CNBC. “…the trade data shows it still brought in way too much in dollar value. According to customs data aggregated by Panjiva, Walmart imported 25,000 shipments from May 31-Aug. 31, valued at $1.3 billion. During the same time frame, Target imported 40,000 shipments, valued at $2.5 billion.” Read more

 

…Target Q3 comp sales +0.3% Press release

 

EBay Billionaire Jeff Skoll Is Buying a Compound Outside Washington, D.C. at WSJ. “Skoll is paying $17 million for a compound in McLean, Va., to be closer to the Washington, D.C., stadium where the Capitals play. “I decided it would be great to have a home in the area so I could be there more often,” said Skoll, 59, who lives primarily in Florida.” WSJ subs. / Pics

 

Home sales surged in October, just before mortgage rates jumped at CNBC. “Sales of previously owned homes last month rose 3.4% from September to a seasonally adjusted, annualized rate of 3.96 million units, according to the National Association of Realtors. Sales were 2.9% higher than October of last year, marking the first annual increase in over three years.” Read more

 

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Williams-Sonoma CEO explains pricing strategy after earnings beat at CNBC. “CEO Laura Alber: ‘When we price the goods the first time, we want you to say, ‘wow, that’s a great price, and how gorgeous is that product?’” she said. “And that’s the focus we’ve had since the pandemic, is to continue to pull back on this up/down promotional pricing that so many of our competitors run.'” Read more/Video

 

…Williams-Sonoma Q3 comp brand revenue -2.9% Press release

 

‘No evidence of foul play’ after teen Walmart worker’s charred remains found in walk-in oven: police at NY Post

 

Costco rewards unexpecting golfer after hole-in-one with Kirkland Signature ball at Golf Digest. “A lot of golf companies offer something complimentary if you make a hole-in-one with their equipment, so I decided to email the CEO lol!” the Redditor explained. “Was not expecting a reply and was surprised to get a response and get forwarded over to the SVP who got my details and sent some KS balls and a note! Gotta love Costco!” Read more

 

Kroger Chief People Officer Tim Massa Inducted as a Fellow of the National Academy of Human Resources Press release

 

Sheetz is slashing gas prices by 40 cents a gallon at CNN. “Effective immediately, the price of its Unleaded 88 is being reduced by 40 cents per gallon. The deal lasts until the end of November and is available at 505 Sheetz locations that sell that type of gas.” Read more

 

TJX Companies, Inc. Q3 comp sales +3.0% Press release

 

Costco Korea in Hot Pursuit of Homeplus, Aiming for 2nd Place in the Retail Industry at Business Korea. “The sales gap between Homeplus and Costco Korea, which was a staggering 2.7772 trillion won in 2020, has narrowed to 400 billion won this year as Costco Korea has achieved an average annual growth rate close to 10%. During the same period, Homeplus has experienced an average annual growth rate of -1.2%.” Read more

 

Deloitte Unveils 2024 North America Technology Fast 500 Rankings List

 

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WM +5.3% | Sam’s +7% | Lowe’s -1.1%

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Walmart Q3 comp sales (ex-fuel) +5.3% / Int’l net sales +12.4% / US Ecom +22%

 

…Sam’s Club comp sales (ex-fuel) +7% Walmart press release

 

Walmart hikes its outlook again as shoppers spend more outside the grocery aisles at CNBC. “The discounter now expects net sales will grow between 4.8% and 5.1% for the full year. That compares to its previous forecast for between 3.75% to 4.75% sales growth for the period…CFO John David Rainey said sales of general merchandise – outside of the grocery department – grew year over year for the second quarter in a row after declines for 11 straight quarters.” Read more

 

Walmart keeps growing with shoppers making more than $100,000 a year at CNN

 

Lowe’s Q3 comp sales down 1.1% “Our results this quarter were modestly better-than-expected, even excluding storm-related activity, driven by high-single-digit positive comps in Pro, strong online sales and smaller-ticket outdoor DIY projects,” said Marvin R. Ellison, Lowe’s chairman, president and CEO.” Press release

 

…Lowe’s beats on earnings and hikes guidance, but still expects sales to fall this year at CNBC. “The company updated its full-year guidance…expects comparable sales to decline 3% to 3.5%, slightly better than the 3.5% to 4% drop that it had previously anticipated.” Read more

 

DoorDash’s app can now import your grocery list for faster shopping at TechCrunch

 

Shoppers Are Ditching Classic Brands They Once Loved at Bloomberg. “Customers are increasingly paying up for higher-end items or trading down to cheaper “private label” store brands… With new and improved entrants coming from both ends of the cost spectrum, products in between aren’t just losing out on price, they’re getting “outpremiumed,” too. “You’re seeing the middle disappear,” said RBC Capital Markets consumer analyst Nik Modi.” Bloomberg subs.

 

Seven & i founding family aims to raise $52 billion for buyout this year at Reuters. “Going private would allow it to continue under current management and remove pressure from shareholders to sell off more of its assets – as well as eliminate the threat from a bidder that it may see as hostile. A management buyout offer could also be a tactic to force Couche-Tard to bid more.” Read more

 

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Perplexity introduces a shopping feature for Pro users in the US at TechCrunch

 

Walmart: Holiday Shopping Is Off to a Strong Start at WSJ. “Most shoppers are spending consistently to enjoy holidays, said John David Rainey, Walmart’s chief financial officer. Toys are selling well, along with some everyday needs such as tires, he said. Apparel is weaker as unseasonably warm weather has likely delayed some purchases, he said.” WSJ subs. 

 

Amazon Still Leads as Lowest-priced Retailer, Target Gains Ground at Profitero. “Amazon (had) an average price advantage of 14% over its rivals…Target (had) online prices just 13% higher than Amazon’s – vs 16% last year…Walmart continues as Amazon’s closest price competitor, with only a 5% price difference on identical items…” Press release

 

Walmart announces ‘Black Friday Deals’ and Cyber Monday events Press release

 

Guy Fieri and Sammy Hagar’s Santo Tequila Trucks Hijacked in ‘Double Heist.’ Now $1M Worth of Tequila Is Missing at People. “We’ve worked so hard,” says Fieri. “This is our best year we’ve ever had in Santo. We just had all this momentum, and now whatever’s on the shelf is all people are going to get.” Read more

 

Packaging firm Amcor to buy Berry for $8.43 billion at Reuters

 

Canada Post, union ‘far apart’ in strike talks just weeks before holidays at Toronto Star. “Harley Finkelstein, president of Shopify…said a strike two weeks before Black Friday “devastates” small businesses.” Read more

 

82% of shoppers have been exposed to some type of fraud this year at Fox Business

 

Grocery chains vie for a place on Thanksgiving tables with turkey dinner deals and store brands at AP. “Wells Fargo’s Agri-Food Institute…compared the costs of store brands and national name brands for a typical Thanksgiving dinner. The name-brand versions of cranberry sauce were less expensive than the store brands the team inventoried, while the name brand pumpkin pies versus store brand versions were the same price. Robin Wenzel, the head of the Wells Fargo institute, thinks the makers of some familiar brands realized they “overshot” with some of their post-pandemic price increases and are retrenching.” Read more

 

Consumer Edge Reports 4% Decrease in Overall U.S. Consumer Spending on Apparel, Accessories, and Footwear YTD “Resale platforms Depop and Grailed were among the top five performers in the overall apparel space…Men’s fashion brands, such as Buck Mason, are performing well…Brands focused on affordable luxury and sustainable basics, including Quince, AYR and Sezane, saw robust growth…” Press release

 

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Amazon/Disabled Dispute | Japan Fights for 7-11 | Blind Box Buzz

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Wholesale prices rose 0.2% in October, in line with expectations at CNBC. “…up one-tenth of a percentage point from September…On a 12-month basis, headline wholesale inflation was at 2.4%. Excluding food and energy, core PPI rose 0.3%, also one-tenth more than September and also matching expectations. The 12-month rate was at 3.1%.” Read more

 

US weekly jobless claims fall; unemployment rolls shrink at Reuters. “Initial claims for state unemployment benefits dropped 4,000 to a seasonally adjusted 217,000 for the week ended Nov. 9… Economists polled by Reuters had forecast 223,000 claims for the latest week.” Read more

 

Amazon shuts down secret project to develop fertility tracker at CNBC. “It was a costly endeavor and required significant upfront investments for lab research and development, in addition to the high salaries for scientists and engineers, the sources said, adding that the team’s weekly overhead was roughly $1.5 million.” Read more

 

China’s Latest Livestream Sensation: Shopping With a Game of Chance at NYT. “Trinkets identical to the ones bought on blind box livestreams are usually cheaper if purchased directly on Taobao, one of China’s biggest e-commerce sites. But the experience is not the same. “Buying directly from online stores doesn’t offer the same emotional value,” Ms. Xu said, “I can feel my adrenaline skyrocketing when the streamer unseals the bag.” NYT subs.

 

The Fight for 7-Eleven Isn’t Just About Money at WSJ. “In what would be the largest leveraged buyout of all time, corporate Japan circles the wagons to protect a national gem…The Japanese take-private offer tops Couche-Tard’s by about 23%. Still, the reported price tag isn’t crazy relative to Seven & i’s earnings.” WSJ subs.

 

Dollar Tree Leadership Changes “Steve Schumacher promoted to EVP and Chief People Officer.  Jocelyn “Jocy” Konrad named Chief of Dollar Tree Stores…Jason Nordin named President of Family Dollar Stores…” Press release

 

Tapestry and Capri call off merger Press release

 

BJ’s Wholesale Club Announces Black Friday Event /  Buy One, Get One 50% Off Toys Press release

 

Kantar names Walmart top retail partner “Target and Kroger switched places to number two and number three respectively…Costco and Amazon traded places to number four and number five respectively.” Press release

 

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Ever wanted to rent a food delivery robot? Now you can. at TechCrunch. “Kiwibot notes that it has already partnered with AWS to pilot mobile advertising. It was a small pilot, with five robots over the course of a week, during Tech Week in New York City.” Read more

 

Startup led by ex-Walmart executive nears deal to buy Grubhub at Yahoo Finance

 

You Haven’t Glamped Until You’ve Glamped at a Racetrack With a Pop-Up Walmart at WSJ. “We didn’t pack any food, so the first stop was the campground Walmart. Yes, there’s a pop-up Walmart. It’s no superstore, but stocks everything a camper could need, from charcoal to cases of beer. (No hard liquor.) You can even buy a cruiser bike to traverse the grounds.” WSJ subs.

 

AMAZON HAUL – Amazon’s new $20 and under store is here to challenge Shein and Temu at The Verge. “Amazon (is) offering discounts of five percent off orders over $50 or 10 percent off orders of $75 or higher…Shipping costs $3.99 and is free on orders over $25, but will take one to two weeks to arrive…” Read more

 

Fortune 100 Best Companies to Work For 2024 (Wegmans #6, Sheetz #60, Target #65, Publix #81, Walmart #97) Ranked list

 

Luxury Leaders Gather at the Neiman Marcus Awards to Honor Leonard A. Lauder Press release

 

Amazon Makes It Harder for Disabled Employees to Work From Home at Bloomberg. “The company recently told employees with disabilities that it was implementing a more rigorous vetting process, both for new requests to work from home and applications to extend existing arrangements. Affected workers must submit to a “multilevel leader review” and could be required to return to the office for monthlong trials to determine if accommodations meet their needs.” Bloomberg subs.

 

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McMillon #18 Power | Saks Cancels Lights | H.Depot -1.2% | REI +Jacobs

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100 Most Powerful People in Business (Bezos #11, McMillon #18, Jassy #26, Tome #59) at Fortune List

 

Home Depot Q3 US comp sales down 1.2% “..reported sales of $40.2 billion for the third quarter of fiscal 2024, an increase of 6.6% from the third quarter of fiscal 2023. Comparable sales for the third quarter of fiscal 2024 decreased 1.3%…” Press release

 

…Home Depot’s Q3 results top Wall Street estimates at AP. “…a marked improvement from the second quarter, when sales at stores open at least a year declined 3.3% and dropped 3.6% in the U.S. Third-quarter customer transactions were nearly flat when compared with the prior-year period, while the amount shoppers spent declined slightly to $88.65 per average ticket from $89.36 a year earlier.” Read more

 

China’s Singles’ Day wraps up super-sized sales event with volume, shopper growth at Reuters. “Alibaba Group, said it recorded “robust growth” in sales and a “record number” of shoppers…JD.com…reported a more than 20% year-over-year increase in shoppers over the event…Data provider Syntun estimated that sales across major e-commerce platforms rose 26.6% to 1.44 trillion yuan over the Singles Day event, which was 10 days longer than last year’s.” Read more

 

REI Names Former Sephora Exec as Marketing Boss to Revitalize the Outdoors Stalwart at WSJ. “REI Co-op named former Sephora executive Abigail Jacobs as its chief marketing officer as it looks to recover from a period of losses, layoffs and stalled sales. Jacobs fills a role that has been vacant since the departure last December of Vivienne Long.” WSJ subs.

 

On Q3 net sales up 32.3% “…fueled by significant acceleration in On’s direct-to-consumer channel, which grew 49.8% year-over-year…net sales through the wholesale sales channel increased by 23.2%.” Press release

 

Target Reveals Holiday Shopping Hours “…extended holiday shopping hours of 7 a.m. to midnight, from Nov. 30 to Dec. 23. For the fifth year, Target stores will be closed on Thanksgiving Day.” Press release

 

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Canadian Union of Postal Workers issues 72-hour strike notice at Toronto Star. “However, the union says its national executive board has yet to decide if a job action will happen at the deadline, saying that will depend on Canada Post’s actions at the bargaining table in the coming days. “After almost a year of bargaining, despite our best efforts, the parties remain far apart on many issues,” the union said in statement.” Read more

 

BJ’s Wholesale Club Names Scott Schmadeke, Executive Vice President, Chief Operations Officer Press release

 

Saks Fifth Avenue cancels famed holiday lights show in apparent cost-cutting measure at NY Post. “It appears the decision to cut the light show was only made within the past few weeks…With the light show now axed, this year’s holiday windows are set to instead display “outstanding pieces from the top names in luxury” alongside colorful snowflakes, silver harlequin flooring and dichroic vinyl…” Read more

 

Port of Montreal locks out dockworkers, adding to supply-chain woes at Financial Post. “The escalation of an ongoing labour dispute will disrupt Canada’s second-largest port…It has been operating far below its container-handling capacity since dockworkers at two terminals walked off the job on Oct. 31…On Canada’s west coast, a separate labour dispute is already disrupting an estimated $800 million of activity per day. British Columbia dock employers locked out workers on Nov. 4…” Read more

 

Amazon developing driver eyeglasses to shave seconds off deliveries, sources say at Reuters. “Amazon is developing smart eyeglasses for its delivery drivers to guide them to, around and within buildings…five people familiar with the matter said…The glasses would also free drivers from using handheld Global Positioning System devices, allowing them to carry more packages.” Read more

 

 7-Eleven, Inc. to expand deployment of Gulp Radio programming to 5,000 stores across the U.S. by the end of 2024 and more than 12,000 stores by the end of 2025 Press release

 

Walmart is testing a new way to make it easier to access locked-up items. at DNYUZ. “…new tech that lets employees use an app on their work device to unlock anti-shoplifting displays for customers…While the system is currently in several hundred of the company’s 4,600 US stores, Bloomberg, which first reported the move, indicated shoppers may eventually have access to the feature as well.” Read more

 

Shopify Q3 2024 Revenue Growth Accelerates to 26% at Yahoo Finance

 

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FedEx/UPS Price War | Marcus Funeral | Bead Bonanza | Costco +5.1%

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Costco October comp sales up 5.1% (US +4.1% / Canada +8.0% / Other Int’l +7.1% / Ecom +19.3%) Press release

 

TODAY – Family, friends and community members to gather at memorial service for Bernie Marcus at WSB-TV 2. “A funeral service will be held for Marcus at The Temple in midtown Atlanta on Thursday afternoon…Marcus particularly focused on improving the health of others. He helped fund health centers and hospitals in Atlanta from Piedmont Hospital’s Marcus Heart and Vascular Center to the Shepherd Center.” Read more

 

Canada Goose Q2: Total revenue decreased 5% / DTC comp sales down 13% Press release

 

Food companies sell products that are less healthy in poorer countries, says report at Reuters. “It’s a very clear picture that what these companies are selling in the poorest countries in the world, where they are more and more active, are not their healthier products,” said Mark Wijne, research director at ATNI…” Read more

 

SpartanNash Q3: Retail segment net sales up 1.9% / Retail comp store sales down 0.7% / Wholesale segment net sales down 1.6% Press release

 

FedEx and UPS Locked in Price War to Lure Small Businesses at WSJ. “Until recently, it was unheard of for shippers with less than $500,000 in annual shipping expenses to get a break on fuel surcharges, for example, said Robert Persuit, an executive at ShipMatrix, a shipping consulting firm. Now, he said, “no customer is too small to be considered for discounts.” WSJ subs.

 

Wayfair COO Thomas Netzer Stepping Down After Six Years Press release

 

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Jeff Bezos congratulates Trump on ‘extraordinary’ comeback at GeekWire. “The post was Bezos’ first on X since July 13, when he reacted to the assassination attempt on Trump while the Republican candidate was campaigning in Pennsylvania this summer.” Read more

 

CVS Q3: Total revenues up 6.3% / Operating income down 77.5% Press release

 

…Prem Shah will be Group President, and will continue to report to David Joyner, President and CEO…announced the appointment of Steve Nelson as President, Aetna Press release

 

Buc-ee’s had nine states call it their favorite gas station chain, more than any of its rivals at My SA / Freebets Read more

 

Taylor Swift shows spark beading bonanza and big sales for crafting retailers at CBC News. “Craft supply chain Michaels, which will provide more than five million beads to a “Taylgate” party before Swift’s Toronto shows, has said it sees a 300 per cent sales lift in its beads and jewelry categories in the days leading up to the concert in the city she is about to visit.” Read more

 

US Foods Q3: Grew Net Sales 6.8% / Total case volume increased 3.8% Press release

 

US weekly jobless claims increase moderately at Reuters. “The number of Americans filing new applications for unemployment benefits rose marginally last week, suggesting no material change in labor market conditions and reinforcing views that hurricanes and strikes had resulted in job growth almost stalling in October.” Read more

 

Walgreens to pay $100M to resolve lawsuit over generic drug pricing at Yahoo

Holiday Imports Slashed | Canada Ports Strike | Amazon Drones PHX

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Walmart, other US retailers import fewer Christmas goods ahead of tepid holiday season at Reuters. “Walmart…has slashed Christmas imports deeply, shipping at least 340,000 kilos of products described as “Christmas” goods into the U.S. in the 12 months ending Sept. 30…The retailer shipped in almost three times more product, at least 980,000 kilos, in the prior 12 months through Sept. 30, 2023, the import data shows. In the same 12 months of 2022, Walmart imported more than 1.9 million kilos…” Reuters subs.

 

Key ports on Canada’s West Coast, including its largest container port in Vancouver and the Port of Prince Rupert, were shut down by a labor strike on Monday at CNBC. “Approximately 20% of U.S. trade arrives in the Canadian ports of Vancouver and Prince Rupert…would have the most significant impact on imported goods destined for markets in the western U.S., according to Jena Santoro, senior manager of intelligence solutions at Everstream Analytics.” Read more

 

Publix Q3 comp sales +3.4% Press release

 

Amazon begins delivering certain products via drone in Phoenix at TechCrunch. “Starting today, Amazon customers in the West Valley Phoenix Metro Area have access to a drone-deliverable selection from Amazon’s catalog, including household, beauty, office, health, and tech supplies. Products must weigh 5 pounds or less to be eligible; Amazon says about 50,000 are available at launch. Customers should expect to receive items in an hour max, according to Amazon — delivered direct from the take-off site in Tolleson.” Read more

 

Kroger to pay nearly $1.4 billion to settle opioid lawsuit claims at The Hill

 

Many retailers offer ‘returnless refunds.’ Just don’t expect them to talk much about it at AP. “Optoro, a company that helps streamline returns for Best Buy, Staples and Gap Inc., has observed retailers assessing the lifetime value of a customer and extending returnless refunds as a type of unofficial, discreet loyalty benefit, according to CEO Amena Ali…Amazon said it offers returnless refunds on a “very small number” of items as a “convenience to customers.” Read more

 

Dollar Tree, Inc. CEO Rick Dreiling has stepped down from his position “Michael C. Creedon Jr., Chief Operating Officer, has been appointed Interim Chief Executive Officer while Edward (Ned) J. Kelly, III, Lead Independent Director, has been elected Chairman. The Board is conducting a search process to identify a permanent CEO…” Press release

 

Retailers brace for DEI blowback in lead-up to election, holiday shopping season at CNBC. “In late September, the Retail Industry Leaders Association hosted its annual summit for corporate communications professionals. This year, the event was tied together with RILA’s Diversity Equity & Inclusion Leaders Council, which led some retailers to be concerned about the optics of attending, according to a person who was present and spoke with participants who expressed reservations.” Read more

 

How Californians came to embrace a tough-on-crime initiative at Politico. “The initiative’s likely passage this week, as two of California’s most prominent progressive prosecutors could see themselves booted from office, will ratify a change in attitude from voters who nationwide say they are worried about crime.” Read more

 

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It Took 3 Years to Convince Costco to Buy Her Snacks—That Was the Easy Part at WSJ. “Less than two weeks before the agreed-upon delivery date, Dennis still hadn’t secured the financing needed to begin production of her peanut-and-corn mix. With the clock ticking, she crafted an email. “The good news is that both the boxes and bags arrived this week,” Dennis wrote her Costco buyer. “However, I have experienced some funding challenges along the way which has delayed the purchase of the corn and peanut.” Dennis hit send and anxiously waited for a reply.” WSJ subs.

 

Warren, Schiff, Lawmakers Call for Probe of Albertsons and Other Giant Grocery Chains for False Advertising Press release

 

The Mysterious Fees Inflating Your Grocery Bill at WSJ. “Launching a new flavor for an existing product? There’s a fee for that. Running a promotion at retail? Distributors charge for that, too. If distributors buy too much and products expire before hitting store shelves, they can deduct spoilage fees. But if food makers short an order, aiming to avoid spoilage charges, distributors can ding them for that…” WSJ subs.

 

America has a shoplifting epidemic. The thieves aren’t who you think. at DNYUZ. “A lot of the one-off shoplifters I talked to steal from Whole Foods with a very clean conscience. “No, I don’t feel bad about stealing from Jeff Bezos,” one 20-something occasional shoplifter in Washington, DC, told me. Her loot of choice is passion fruit, which she rings up as a cheaper item — bananas. She’s even memorized the code: 4011.” Read more

 

WI: A $1.5 million state grant will help finance road work to serve a new Kwik Trip DC in DeForest − where rival c-store operator Buc-ee’s request for public funds remains stalled at Milwaukee Journal Sentinel

 

People Are Hooked on Costco Hearing Aids, and This Is Why at WSJ. “Costco has amassed more than a 16% share of the U.S. hearing-aid market, says Abram Bailey, founder of hearingtracker.com…“There’s nothing that comes close to the pricing you get at Costco,” says Bailey…Costco doesn’t disclose the revenue of its hearing-aid business but says it sells up to five times as many hearing aids per store, on average, than its competitors.” WSJ subs.

 

IKEA will pay 6 million euros to East German prisoners forced to build their furniture at CNN. “Prisoners were producing furniture for IKEA…as recently as the 1970s and 1980s…The former East Germany was occupied by the Soviet Union from 1949 until 1990, which installed a rigid communist state known as the German Democratic Republic, or GDR.” Read more

 

Whether 7-Eleven Is Bought or Not, C-Store Consolidation Looms at WSJ. “The industry is so fragmented in the U.S. that the 10 largest chains still hold less than a fifth of market share. In recent years, consolidation has been slow and steady, but that could be set to change…Even if combined, 7-Eleven and Couche-Tard’s market share wouldn’t be overwhelming at roughly 12%. Antitrust authorities are still likely to take a skeptical view of the deal…” WSJ subs.