Square, Jack Dorsey’s Pay Service, Is Withholding Money Merchants Say They Need at NY Times. “Thousands of small enterprises that use Square to process their credit card transactions…have complained that the company recently began holding back 20 to 30 percent of the money they collected from customers. The withholdings came with little warning, they said, and Square asserted the right to hang on to the money for the next four months. Square told them that it was doing this to protect against risky transactions or customers who demanded their money back.” Tiered subs.
Amazon pledges $2 billion venture capital fund to invest in clean energy at Reuters/WSJ. “The Climate Pledge Fund will invest in companies across industries such as transportation and logistics, energy, storage and utilization, manufacturing and materials, and food and agriculture, the e-commerce giant said.” Read more | WSJ subs.
Resale market expected to be valued at $64 billion in 5 years, as used clothing takes over closets at CNBC. “According to the report, secondhand goods are expected to make up 17% of a person’s share of closet space by 2029, up from just 3% in 2009.” Read more
Amazon’s Shakopee, MN warehouse has 88 COVID-19 cases at Star Tribune. Read more
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Saks Fifth Avenue swaps fencing for NYC-themed display windows ahead of Wednesday reopening at NY Post. “Shoppers will be encouraged to use the escalators, which are now alight with an iridescent glow of purple and green, thanks to the cleansing ultraviolet lights…upper management…have been charged with acting as the store’s “wellness team,” a job that entails walking the floors to ensure people are practicing social distancing and wearing masks.” Read more
eMarketer report: Amazon gains significant ground in digital ad market at Fast Company. “Google’s total market share (is down) 2.2% to 29.4%…Facebook’s…market share will increase to 23.4%…Amazon is emerging as a winner here, as its digital ad revenues shot up 23.5% this year to $12.75 billion, buoying its market share from 7.8% to 9.5%.” Read more
Property Owner Simon Sees Buying Tenants as a Way to Boost Malls at Wall Street Journal. “The biggest mall owner in the U.S. by number of malls is teaming up with Brookfield Property Partners, another large owner of shopping centers, in exploring a bid for J.C. Penney Co., according to a person familiar with the matter.” WSJ subs.
Ann Taylor parent to pay retention bonuses to top brass at Fox Business. “Ascena Retail Group Inc., the distressed parent company of Ann Taylor and Lane Bryant, plans to pay about $5.5 million in cash retention and incentive awards to three executives, becoming the latest struggling company to hand out bonuses to top management.” Read more
Neiman Marcus in talks with Facebook about leasing Hudson Yards space at NY Post. “Developer Related Companies is in talks with social media giant Facebook to take over the three floors Neiman Marcus now occupies at Hudson Yards, according to a WWD report. “Neiman wants out. Hudson Yards wants them out. They are figuring out an exit agreement,” a source told the publication.” Read more
Luxury fashion challenged to confront racist attitudes
Shell plans major restructuring around climate drive, CEO tells employees
Meet the summer’s sleeper hit product: A bag you pee into
Ford study says Americans would give up streaming, booze, sex over their pickup trucks
Nearly 20 percent of Earth’s seafloor is now mapped
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