Costco is selling gold bars and they are selling out within a few hours at CNBC. “I’ve gotten a couple of calls that people have seen online that we’ve been selling 1 ounce gold bars,” (Galanti) said. “Yes, but when we load them on the site, they’re typically gone within a few hours, and we limit two per member…only available online, and only if you’re a Costco member…retailer also is limiting the purchases to two to a customer…” Read more
In Suing Amazon, FTC’s Lina Khan Turns Her Earlier Pricing Argument on Its Head at Wall Street Journal. “In her 2017 academic paper, Khan argued that Amazon sweet-talked customers by using predatory pricing, or slashed prices so low that it lost money but rivals couldn’t compete…Now the FTC accuses Amazon of hurting consumers with higher prices, mainly through punishing its marketplace sellers if they offer lower discounts anywhere else. It also says Amazon reaps the fruits of monopoly by requiring sellers to use its fulfillment service.” WSJ subs.
Costco exec says membership fee increase question of ‘when, not if’ at Fox Business. Read more
lululemon and Peloton Announce Partnership “Peloton will become the exclusive digital fitness content provider for lululemon, and lululemon will become the primary athletic apparel partner to Peloton.” Press release
Costco limits number of cakes Mexican members can buy over shoppers who slice them up to sell for $430-a-day profit: One woman uses cash to pay for chemo at Daily Mail. “Cakes from the wholesale store have rocketed in popularity after TikTok users posted about how delicious they are – creating a secondary market for resellers…Ana, is part of a group of 15 people who take turns standing in lines outside Costco storefronts.” Read more | Video
Walmart Inc. expands its metaverse presence at Northwest Arkansas Democrat Gazette. NWA online subs.
Nike Air Jordans are losing resale value. Is sneaker culture moving on? at Reuters. “Apptopia data from Barclays showed that during the fiscal first quarter, Nike app downloads were down 18% compared to last year…As shoppers shift toward running shoes, some investors are concerned that Nike’s innovation has not kept pace with newer brands gaining share in the U.S. market, according to Jessica Ramirez, a senior research analyst at Jane Hali & Associates.” Read more
JCPenney Releases All-New Collection Inspired by Hit Series “Abbott Elementary” Press release
Holiday shoppers are getting an early jump on the season at CNBC. “This year, half of shoppers plan to begin their holiday shopping by Halloween, according to a recent Bankrate report. A separate study, by RetailMeNot, found that more shoppers are starting even earlier than before — with as many as 64% kicking off the season in October, up from 53% in 2022.” Read more
GameStop names billionaire Ryan Cohen as CEO in turnaround push at Reuters. Read more
Elizabeth Warren, Bernie Sanders urge FTC’s Khan to finalize controversial merger rules at MarketWatch. “The new form will require companies to provide much more information to antitrust enforcers before they seek to consummate a deal. Most controversially, that would include narrative information about the strategic rationale for a transaction as well as studies, surveys, analyses and reports which were prepared by the company as it considered the deal.” Read more
Costco CFO: Retail theft ‘not a big issue for us’ at Yahoo Finance. “In the past several years, our inventory shrink has increased by a couple of basis points, in part, we believe, due to the rollout of self-checkout,” (Galanti) said. “Over the past year, it has increased by less than 1 basis point.” One factor that may help to prevent theft — people are paying to go there.” Read more