Swipe Fees Hit | WM Not a Supermarket? | Cocoa $10K
Visa, Mastercard agree to lower credit-card fees in landmark merchant settlement at MarketWatch. “Through the blockbuster agreement, which merchants say is one of the largest in U.S. antitrust history, Visa and Mastercard will lower published credit-card interchange fees by four basis points in the U.S. for at least three years. The companies also won’t raise interchange fees for five years above the rates that were in place at the end of 2023.” Read more | Press release
Amazon launches same-day prescription delivery in New York and Los Angeles at CNBC. “San Bernardino, Riverside and Anaheim, which are all in the LA area, are eligible for same-day prescription deliveries starting Tuesday. The broader LA metro area will be up and running in April. The company plans to add more than a dozen other cities by the end of the year.” Read more
A $20 Billion Deal Depends on Whether You Think Walmart Is a Supermarket at WSJ. “The FTC argues in its lawsuit that many grocery sellers used by consumers aren’t one-stop-shop supermarkets. The lawsuit doesn’t list Walmart as a direct competitor to a combined Kroger and Albertsons. The FTC also alleged that Whole Foods isn’t a true competitor, because of its higher prices and focus on brands that many supermarkets don’t carry.” WSJ subs.
British grocery price inflation slows to 4.5%, Kantar says at Reuters
Cocoa prices hit $10,000 per metric ton for the first time ever at CNBC. “Difficult weather conditions and disease have impacted production in West Africa, which produces about 70% of the world’s cocoa.” Read more
Bird flu, weather and inflation conspire to keep egg prices near historic highs at AP
Costco will crack down on non-members eating at food courts at Fox Business. “One of the challenges is that some of the food courts have gotten so busy, particularly if it’s near some office buildings or construction sites. We were getting member complaints,” Galanti told (Axios) about the crackdown.” Read more
Sunnova named exclusive national solar and battery storage services provider for Home Depot Press release
Costco shoppers know this cashier for his personality and ballroom dance moves at North Jersey. “Mistrette’s customers love him. He talked of one special moment when a little boy sitting in the cart reached out and hugged him around the neck as he passed by. “As he comes by he hooks my neck and puts a hug on me. Well, I had to just hug him right back,” Mistrette said, revealing just how much the moment meant to him.” Read more
Academy Sports + Outdoors to open 15-17 new stores in its fiscal 2024 year Press release
Head for Walmart’s Neighborhood Markets appointed at NWA Online. “Kyle Kinnard, who works for Walmart U.S. as a senior vice president and general merchandising manager of the home category, will take on Buncum’s role…Before Kinnard’s work with Walmart U.S., he worked at Sam’s Club for 22 years…including stints as senior director of operations in China and as president of Sam’s Club Mexico.” Read more
Alibaba to buy Cainiao stake for up to $3.75 billion as it drops IPO plan at Reuters
Costco plans appliance and furniture showroom in South Anchorage at Anchorage Daily News. “Costco currently uses the building to distribute merchandise…Lasley said Costco also runs an appliance and furniture showroom warehouse in San Juan, Puerto Rico.” Read more
Pandion, an e-commerce delivery startup led by Amazon Air founder, lands $41.5M at GeekWire
Fed-up Reddit users planning boycott of all Loblaw stores at Toronto Sun. “Among the asks of the grocery giant, the group wants a 15% reduction in prices and for Loblaw to remove its member-only pricing associated with its PC Optimum card.” Read more