McMillon @ CNBC | Amazon 60% Same/1-Day | Canada Holiday -11%
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