Target CEO says shoppers are pulling back, even on groceries at CNBC. “In an interview with CNBC’s Becky Quick that aired Thursday morning, he emphasized that the retailer has posted seven consecutive quarters of declining sales of discretionary items, such as apparel and toys, in terms of both dollars and units. “But even in food and beverage categories, over the last few quarters, the units, the number of items they’re buying, has been declining,” he said in the interview.” Read more/6:59 video
…Cornell’s full interview with CNBC will air later Thursday as part of CNBC Evolve
Lawmakers say Costco’s decision to continue selling banned China surveillance tech is ‘puzzling’ at TechCrunch. “The bipartisan letter dated October 31, sent by Rep. Christopher Smith (R-NJ, 4th) and Sen. Jeff Merkley (D-OR), said Costco’s continued sale of Lorex products is “all the more puzzling,” given several of its retail rivals have long discontinued selling the technology citing human rights and ethical sourcing concerns.” Read more
…Lawmakers Press Costco on China Forced Labor at WSJ. “The Federal Communications Commission last year banned the sale of new products made by Dahua, citing national security concerns. The lawmakers said Dahua’s products are used in the “noxious” surveillance of minority groups in Xinjiang. Though Dahua sold Lorex to Taiwanese company Skywatch last year, Lorex continues to source components from Dahua, they said, adding that retailers Best Buy, Home Depot and Lowe’s have discontinued the sale of Lorex products.” WSJ subs.
Publix Q3 comp store sales increased 4.3% Press release
Home Depot made hundreds of skeletons before perfecting its 12-foot star, Skelly at Polygon. “Originally, when we sat down, we started throwing out 10 feet. And it was like, ‘Nah, that just doesn’t seem tall enough,’” (Home Depot Sr. Merchant) Allen told Polygon via video chat. “‘Everybody knows how tall a basketball hoop is.’ And then it’s like, ‘Hey, let’s make it 12 feet. Let’s think of two 6-foot guys standing on top of each other, where they could be looking down at a basketball hoop. That seems like an impactful height.’” Read more
ACSI study: Amazon and Chewy Headline Retailer Satisfaction Retailers ranked/Press release
Fate of Canada’s first grocery code of conduct in doubt with 2 big players on the fence at Financial Post. “We have ongoing concerns that the code, as currently drafted, will increase food prices for Canadians and impact grocers’ ability to have the right products on store shelves to meet customers’ demands,” Loblaw spokesperson Catherine Thomas said…Wal-Mart Canada Corp. had similar worries.” Read more
Online Mattress Shoppers More Satisfied with Purchase Than In-Store Shoppers, J.D. Power Finds Press release
Why Home Depot is evolving its media strategy, starting with branded content at Ad Age. “As consumers are packing up their pumpkins, retail brands have already begun to deck their halls with holiday goods as the fight for seasonal shoppers creeps continually earlier each year. But more than just unleashing yuletide stock into stores, some retailers are taking an active role in spreading holiday cheer through shoppable content on connected TV.” Ad Age subs.
CVS Health Q3 revenue +10.6% Press release
Shein Turns to Western Executives to Become Even More Global at WSJ. “Beyond adding global expertise that could help Shein tackle compliance and image challenges, the effort to bring on board more diverse leadership could also help boost investors’ confidence ahead of a potential U.S. stock listing.” WSJ subs.
The Buckle October comp store net sales decreased 11.9% Press release
Amazon unveils buy now, pay later option from Affirm for small business owners at CNBC. “The service, with loans ranging from $100 to $20,000, will be available to all eligible customers by Black Friday, or Nov. 24. It is specifically for sole proprietors, or small businesses owned by a single person.” Read more
I visited one of Ikea’s new mini ‘plan and order’ stores, and it felt like a tiny version of Home Depot at Business Insider. Pics/Read more
Spirit Halloween lives on, even when the holiday ends and stores close at CNBC. “The Halloween chain is also nearly fully vertical, with Spirit Halloween handling all the “sourcing, design and manufacturing” itself, CEO Steven Silverstein said Monday on CNBC’s “The Exchange.” “Spirit has become such a phenomenon that no other market can keep up with it,” Silverstein said.” Read more
Walgreens Boots Alliance Names Neal Sample EVP & CIO Press release