Tipsheet: Boneless Chicken First to Go | Loblaw Food +9.6% | Friday Walkout
US first-quarter GDP shrank 4.8%, vs 3.5% decline expected at CNBC. “When the Commerce Department makes its revisions to the initial GDP reading, the result could show a decline of about 3 to 4 percentage points for a total slide of 8.25%, according to a Goldman Sachs estimate.” Read more
Amazon turns to Chinese firm on U.S. blacklist to meet thermal camera needs at Reuters. “Amazon has bought cameras to take temperatures of workers during the coronavirus pandemic from a firm the United States blacklisted over allegations it helped China detain and monitor the Uighurs and other Muslim minorities, three people familiar with the matter told Reuters.” Read more
Boneless chicken is first to go scarce as coronavirus hits U.S. meat supply at Fortune. “Food retailers across North America are swapping boneless chicken legs for less popular thighs and drumsticks as a wave of shutdowns at meatpacking plants has reduced supplies of sought-after cuts.” Read more
Pending home sales tank nearly 21% in March, but Realtors claim prices will hold up at CNBC. Read more
Amazon, Walmart, FedEx workers plan walkout on Friday: report at The Hill. “Former Amazon employee Christian Smalls, shared a flyer on Twitter last week that included other prominent company names participating in the demonstration on May 1, such as Instacart, Target and Whole Foods, according to a report from The Intercept.” Read more
Starbucks expects to reopen 90 percent of its stores by June at NY Post. Read more
Best Buy will start to reopen to customers with appointments for in-store consultations at CNBC. “It will begin by offering the service at about 200 of its 1,000 U.S. stores…Best Buy’s CEO Corie Barry…(said) the retailer will also resume in-home delivery, installation and repairs — but with new safety precautions. Those services will return in early May…” Read more
Loblaw quarterly comp sales: food unit +9.6% / drugs unit +10.7% at Financial Post. Read more
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Blue Apron Shares Off After Report of Wider First-Quarter Loss at The Street. “Blue Apron’s first-quarter loss widened on 28% lower revenue. The pandemic is nonetheless helping demand for meal kits as consumers stay home.” Read more
Millennials Will Swap Experiences for Buying Stuff at Bloomberg. “Until we have a vaccine for the coronavirus, the experience-based economy will likely be an inferior version of what it used to be…Although some of that lost consumption might be saved, a lot of it will be spent where it can be — and for a lot of consumers, that will mean spending on their homes.” Tiered subs.
Leaked memo details Simon plans to reopen 49 malls across 10 states over the weekend at Indy Star / USA Today. “According to the memo, Simon plans to reopen malls between Friday and Monday in Texas, Oklahoma, Georgia, Indiana, Tennessee, Arkansas, Alaska, South Carolina and Missouri.” Read more
NFL and Amazon Renew and Expand Streaming Partnership Press release
Tipsheet Extra
WinCo Foods stays the course, begins Bend, Ore. store construction
False belief poison cures virus kills over 700 in Iran
Ford delays launch of robotaxi service to 2022
Spray that claims it protects surfaces from COVID-19 now on sale in Hong Kong
Students are considering dropping out of college because of coronavirus
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