Archive for category: Eye-on-Retail

Dollar General Q3 comp sales decreased 1.3% Press release

Chinese e-commerce platform Temu drawing shoppers from US dollar stores at Reuters. “As of last month, Temu accounted for nearly 17% of market share in the United States within the discount stores categories, according to data analytics firm Earnest Analytics. That compares to 8% for Five Below, 43% for Dollar General and 28% for Dollar Tree.” Read more

Walmart CEO Doug McMillon @ CNBC “Doug McMillon said it’s gotten easier to hire people and get them to stick around. “It’s more normalized,” McMillon said in an interview with CNBC’s Sara Eisen that aired Wednesday on “Squawk on the Street.” “The unusual employment market that we saw the last few years has changed. We are able to staff around the country. Our turnover’s down. We’ve got more continuity, which is helping a lot.” Read more

Chewy Q3: net sales up 8.2% / net loss of $35.8 million Press release

Amazon’s internal plans to advance its interests in California are laid bare in leaked memo at AP. “The eight-page document — titled “community engagement plan” for 2024 — provides a rare glimpse into how one of American’s biggest companies executes on its public relations objectives and attempts to curtail reputational harm stemming from criticisms of its business.” Read more

America’s Most Responsible Companies 2024 (Gap #118, Lowe’s #149, Home Depot #166) at Newsweek

Targeting costly meds, Biden admin asserts authority to seize certain drug patents at Politico. “The determination, which was described by three people familiar with the matter, represents the culmination of a nearly nine-month review of the government’s so-called march-in rights. Progressives have long insisted that those rights empower the administration to break the patents of pricey drugs that were developed with public funds…” Read more

Canada: Holiday shoppers forecast to spend 11% less than last year at Financial Post

Christmas supplies threatened as Panama Canal shipping route suffers its worst drought ever at Daily Mail. “Instead of the eight to ten hours it typically takes to transit through, ships are now waiting one to two weeks in line. Some companies have paid as much as $4million to move to the front of the queue and bypass wait times, Fox News reported.” Read more

China’s exports grow for first time in 6 months in relief for factories at Reuters

Amazon CEO explains how company carries out same-day delivery at CNBC. “Jassy said 60% of shipments in Amazon’s top 60 metropolitan areas have been same-day or one-day deliveries in the first half of the year.” Read more

…Amazon, fighting consumer lawsuit, says ‘guaranteed’ delivery has limits at Reuters

Jeff Bezos should pay royalties for using Amazon’s name, says this Brazilian governor at Business Insider/Yahoo News

Costco to buy Dallas office tower adjacent to Costco store for $14M at WFAA 8 ABC. “They will likely tear it down,” Mike Geisler, managing partner of Dallas retail brokerage Venture Commercial, speculated to CoStar News. He was not involved in the deal. “Everyone is doing different things with fulfillment centers today with a lot of experimentation underway…” Read more

Jeff Bezos’ $190M real estate empire in Seattle includes five previously unreported homes at NY Post

Amazon cuts clothing merchant fees to compete with Shein at Yahoo Finance

Sacramento sheriff’s office issues warning after uncovering gift card scam involving 50+ California Target stores at CBS 13. “[Retailers] need to put these behind the shelves, they need to control access to them, or they need to completely take them off the shelf,” Detective Andy Cater said. The scam works by taking the gift card’s barcode, replacing it with another and sealing it back up and waiting until a customer purchases it.” Read more

Biden administration delays ban on menthol cigarettes until 2024 at CNBC

Amazon planned to take away RTO’d employees’ free coffee. Then 10,000 spoke up at Seattle Times. “Ending the perk was yet another hit to weary employees who had already faced unexpected layoffs and new work requirements, said two current employees who spoke with The Seattle Times and asked to remain anonymous.” Read more

Woman celebrates 30th birthday at Costco: ‘Cheapest and best birthday dinner yet’ at Fox. “Stimmel and her family ordered five hot dogs, one chicken bake, one rotisserie chicken Caesar salad, a whole cheese pizza and several soda cups — for a grand total of $30.88.” Read more

Ranking the Best Companies for Career Growth (Costco #9 / Target #11 / Lowe’s #14) at WSJ. “Costco, long regarded as a top employer, stands out from its retail peers with high marks for pay and culture, two metrics that often cluster together…Home Depot scores in the highest group for parity, hiring and promotion, and better than most on retention.” WSJ subs.

Kroger Q3 total sales excluding fuel decreased 0.5% Press release

More US retailers adopt ‘keep it’ returns policies to shelter profits in holiday surge at Reuters. “This year, 59% retailers offer so-called “returnless” or “keep it” policies for unwanted products whose returns costs exceed their value, according to returns services firm goTRG…Last year, 500 retail executives said 26% of companies had such policies.” Read more

Academy Sports Q3 comp sales down 8% Press release

Dollar Tree Q3 comp sales: Dollar Tree +5.4%; Family Dollar +2.0%; Enterprise +3.9% Press release

How major retailers and Covid-era nostalgia helped revive the vinyl records industry at CNBC. “When Taylor releases a new record, there may be eight, nine, 10, different variants of that same record — different colors, different combinations, maybe there’s some unique tracks that weren’t included on the digital release, or the CD, but you get it on the vinyl,” Michaels explained. “There’s a lot of fans that say, ‘There are eight different variants. I want one of each, please.’ They’re very supportive.” Read more

The Buckle November comp sales decreased 10.8% Press release

Walmart shifts to India, cuts China imports at Reuters. “The world’s largest retailer shipped one quarter of its U.S. imports from India between January and August this year, according to bill of lading figures shared with Reuters by data firm Import Yeti. That compared with just 2% in 2018.” Read more

Express, Inc Q3 comp retail sales down 4% Press release

Inside Amazon’s new Bellevue office tower at GeekWire. “There is also lots of artwork, colorful hallways, wood accents, modern lighting and furniture, and coffee bars and eateries throughout. And there are views. At 600 feet, the building is currently the tallest in Bellevue, and from a 32nd floor communal space, employees and visitors can easily gaze south at Mount Rainier.” Read more/Pics

Amazon inks new deal with NASCAR Press release

Big Lots Q3 comp sales down 13.2% Press release

Chinese E-Commerce Giant Temu Will Return to the Super Bowl at WSJ. “The wave of spending by China-owned retailers is affecting the overall online ad business. Temu and rival Shein are “almost single-handedly having an impact on the cost of advertising, particularly in some paid channels in Google and Meta,” Etsy CEO Joshua Silverman said during an earnings call with analysts earlier this month.” WSJ subs.

Duluth Trading Q3 net sales decreased 6.1% Press release

Berkshire Hathaway’s Charlie Munger had a longtime, special relationship with Costco at Yahoo Finance. “Berkshire Hathaway exited its stake in Costco in late 2020 after selling 4.3 million shares, but Munger retained a personal stake in the company…the value of his total stake in the company to over $111 million…” Read more

Bentonville leads nation in cranes per capita at Talk Business

Meijer sued by tech business in dispute over self-checkout software at Crain’s. “In its three-count complaint, Mad Mobile alleges that Meijer conspired to steal proprietary technology and continues to build out Mad Mobile’s software and business processes, in violation of an agreement between the two companies.” Read more

Lowe’s Q3 comp sales decreased 7.4% “Updates full year 2023 outlook – Comparable sales expected to be down approximately -5% as compared to prior year (previously down -2% to -4%).” Press release

…Lowe’s cuts sales outlook as homeowners take on fewer projects at CNBC. “CEO Marvin Ellison said Lowe’s felt a “greater-than-expected pullback” by customers on discretionary projects and big-ticket purchases. Yet he said its sales to home professionals, which are accounting for a growing share of its revenue, rose in the quarter. Those pros drive about 25% of its business…will next focus on “offering value and convenience this holiday season.” Read more

American Eagle sales up but gives unimpressive holiday forecast at CNBC. “Sales rose to $1.3 billion, up about 5% from $1.24 billion a year earlier….it’s expecting its operating income to be between $105 million and $115 million, which is mostly below expectations of $114 million, according to StreetAccount.” Read more

Lowe’s, Best Buy and Kohl’s predict a weak holiday at CNN. “Consumer demand has been even more uneven and difficult to predict,” Best Buy CEO Corie Barry said in a statement, noting that the company “prepared for a customer who is very deal-focused.” Read more

Canada’s grocery giants reveal new plans to stabilize food prices — including expanded price freeze and early holiday discounts at Toronto Star. “Sobeys’ parent Empire Company Ltd., Canada’s second-largest grocer, told the Star it is freezing prices on thousands of products, mostly in the centre aisles of its stores, until early next year. The price freeze, however, only builds on an existing tradition in the Canadian grocery business, where major retail chains often refuse to accept price increases from suppliers in an attempt to simplify their operations for the holiday sales blitz.” Read more

Dick’s Sporting Goods Q3 comp sales up 1.7% “…on top of a 6.5% increase in the third quarter of 2022.” Press release

Amazon’s Black Friday Deal: Football With a Side of Online Shopping at WSJ. “Amazon Prime Video plans to carry the first-ever “Black Friday” game later this week, serving Americans touchdowns and online shopping as an alternative to battling deal-seekers at the mall…Amazon is planning to feature “shoppable ads” during Friday’s game that use QR codes that viewers can scan to make instant purchases.” WSJ subs. 

Sheetz gas prices for Thanksgiving week: $1.99 a gallon at USA Today

Best Buy Q3 comp sales declined 6.9% Press release

Foot Locker, Teamsters Show Their Drug-Benefit Managers the Door at WSJ. “Foot Locker replaced OptumRx last year because it wanted more information about how much the PBM was profiting off its work for the retailer…Foot Locker hired a smaller pharmacy benefit manager, Navitus Health Solutions of Madison, Wis., which tells employers it passes through to them 100% of the drug rebates it negotiates.” WSJ subs. 

Kohl’s Q3 comp sales down 5.5% Press release

Publix names new CEO, executive chairman, and president at Supermarket News “…current CEO Todd Jones becoming the new Publix executive chairman, current President Kevin Murphy becoming CEO, and current Senior Vice President John Goff becoming president.” Read more

Hibbett Q3 comp sales decreased 2.7% Press release

4 injured after Walmart shooting in Beavercreek, Ohio; suspected shooter dead at USA Today. “The shooter died from an apparent self-inflicted gunshot wound, police said. The suspect’s name, a motive for the attack, and other details weren’t immediately released.” Read more

Famous Footwear Q3 comp sales down 6.9 percent Press release

Home Depot to acquire International Designs Group a platform company that owns and operates Construction Resources – Construction Resources is a leading distributor of design-oriented surfaces, appliances and architectural specialty products for professional contractors…” Press release

Home Depot Q3 U.S. comp sales decreased 3.5% Press release

…Home Depot earnings beat, but retailer offers a tepid outlook as sales slide at CNBC. “The retailer indicated caution about the coming months, as it narrowed its full-year outlook. It said it now anticipates sales will fall by 3% to 4% from the prior year, compared with a previous expectation of a 2% to 5% decline…In an interview with CNBC, Chief Financial Officer Richard McPhail said the company’s results and forecast reflect that the year “is a period of moderation in home improvement.” Read more

US consumer inflation eased in October at AP News. “Compared with a year ago, consumer prices rose 3.2% in October, down from 3.7% in September. Excluding volatile food and energy prices, so-called core prices also weakened unexpectedly. They rose just 0.2% from September to October, slightly below the pace of the previous two months.” Read more

Washington, DC, CVS replaces shelves of toilet paper with framed photos of products at NY Post. “The unusual store display was started after homeless people began snatching the products off the shelves of the drugstore, located on H Street NE, and leave without paying…” Read more

Ikea is doing away with in-store discounts for its most loyal customers at Fast Company. “About one year after debuting a 5% discount for members of its U.S. loyalty club, Ikea will soon discontinue this perk. Beginning February 1, 2024, the blue-box retailer will no longer offer a discount on in-store purchases of all furniture and decor.” Read more

Amazon lays off more than 180 employees from gaming division at GeekWire.

McDonald’s and Crocs are releasing a line of $75 shoes inspired by Grimace and the Hamburglar at CNBC. “Also for sale will be a number of McDonald’s-themed charms that can be attached to the clogs, including french fries, the Big Mac and the iconic Golden Arches logo. The shoes will be released on November 14, retailing for between $70 and $75.” Read more

Amazon Leads U.S. Grocery Retailers in Personalization Followed by H-E-B and Kroger, dunnhumby Finds “The seven retailers with the next highest overall customer preference index scores are: 4) Giant Eagle, 5) King Soopers, 6) Meijer, 7) The Giant Company, 8) Target, 9) Fry’s, 10) Smith’s.” Press release

Etaily is a “one stop solution” for consumer brands that want to enter Southeast Asia at TechCrunch. “The startup has about 50 global clients, including Levi’s, Crocs, Reckitt and Skechers who use it to develop lifestyle products, manage selling on platforms like Lazada and Shopee and brand.com, and fulfill orders through etaily’s asset-light warehouse network.” Read more

Sacramento sheriff calls out Target for limits on shoplifting enforcement at ABC7. “…we were told by their head of regional security that we could not contact suspects inside the store; we could not handcuff suspects in the store; and if we arrested someone, they wanted us to (process) them outside… behind the store… in the rain.” Read more

Kroger and Walgreens have a new way to fight theft at The Street. “… have been working with Alto, a company that mixes technology and human resources to make it easier for retailers to give law enforcement what they need to arrest and prosecute shoplifters.” Read more

As Target shutters some stores, retailer looks to prove it can grow and avoid new setbacks at CNBC. “Chief Operating Officer John Mulligan said the company sees “lots more opportunity to grow in New York,” including city neighborhoods…“If you go back through time, this is something we’ve done over and over again,” he said. “And when we close a store in a market, it doesn’t mean we stop investing in that market.” Read more

Scientists Warn of Parents’ Soaring Melatonin Use at Newsweek. “Nearly 1 in 5 kids and preteens in the United States take the hormone to aid their sleep, and many parents regularly give it to their preschool-age children. This has concerned scientists, according to a new paper in the journal JAMA Pediatrics, as melatonin product safety and efficacy data is scarce, and they often lack full Food and Drug Administration (FDA) regulation.” Read more

Stars flock to Jeff Bezos and Lauren Sanchez’s A-list engagement party at NY Post. “We hear legends like Oprah Winfrey and Barbra Streisand rubbed elbows with stars such as Kim Kardashian, Chris Rock and Salma Hayek at the bash. Disney CEO Bob Iger made the rounds along with Kris Jenner, Rita Wilson, Gayle King, Jessica Alba, designer Stacy Bendet and Hugh Jackman’s ex, Deborra-Lee Furness.” Read more