Tipsheet: Costco +14.4% | Online Down Election Day | Pet Valu Shutters
Costco October comp sales +14.4% / Ecom +91.1% Press release
Election uncertainty taking toll on online shopping at NY Post. “Spending on Election Day typically dips compared to the rest of the holiday shopping season. Online sales were down 14 percent the day after the 2016 election, and they dropped 6 percent the day after the 2018 mid-term election. But this year, prolonged uncertainty about the presidential voting tally could prolong the decline, Adobe said, estimating that online retail sales could drop by $300 million on Thursday alone.” Read more
Pet Valu will wind down operations and close all of its 358 stores and warehouses across the U.S. at CNBC. Read more
Former Walmart Exec’s Startup Uses AI To Battle Spoiled Produce Deliveries at Forbes. “As Director of Supply Chain, Syed Aman spent several years making sure when produce reached Walmart stores, it wasn’t rotten. Now, as CEO and co-founder of Hwy Haul, he’s using what he learned to give other supermarkets the same insurance, because it’s not just a few bad apples spoiling the whole bunch.” Read more
Amazon, Williams-Sonoma, reach settlement in legal fight over West Elm IP at Fox Business. “The settlement was revealed in a dismissal order filed in the district court on Nov. 2. “The Parties stipulate that they have entered into a confidential final, binding, and fully executed settlement agreement,” the order, which is signed by Judge Alex Tse, states.” Read more
Comcast reportedly eyes deal to sell smart TVs with Walmart at NY Post. “The deal being discussed would see the nation’s largest retailer promote TV sets outfitted with Comcast software allowing viewers to sort through their various streaming apps, like similar offerings from Roku and Amazon’s Fire TV, according to The Wall Street Journal.” Read more | WSJ subs.
The Buckle October comp sales +12.7% Press release
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Supermarkets Get New Looks as Shoppers Adapt to Pandemic at Wall Street Journal. “Hy-Vee…is redesigning its stores to handle more pickup orders, converting parts of the customer-service area and building lanes of canopies outside its stores. The company is also fast-tracking plans to add self-checkout kiosks…Cub Foods…hadn’t previously provided a place for collecting online purchases in parking lots but now have four to eight slots at many locations. The Minnesota chain is also devoting 7% to 10% of its square footage for staging online orders, doubling the previous allocation.” WSJ subs.
Dollarama announces the appointment of Jean-Philippe (J.P.) Towner as chief financial officer, effective March 1, 2021 Press release
Retailers Use AI to Improve Online Recommendations for Shoppers at Wall Street Journal. “Wayfair has 37,173 kinds of coffee mugs for sale. Factor in different colors, sizes or materials, and the range of options rises above 70,000…In the past five years, the company’s success rate has jumped 50%, measured by the number of clicks it takes for a customer to add an item to their carts and how often they buy those items…” WSJ subs.
Alimentation Couche-Tard Announces Entry Into Asia with Acquisition of Hong Kong C-Store Network Press release
Gap removes election-inspired tweet after backlash: ‘Hopelessly naive’ at Fox Business. “In a tweet that has since been deleted, the Gap seemingly tried to promote togetherness amid the presidential election by showing off a sweatshirt that was half red, half blue. Things being the way that they are, however, the post seemingly sparked a negative response from social media users.” Read more
Jeff Bezos’ annual Amazon stock sales eclipse $10B for the first time at GeekWire. Read more
Yeti Q3 net sales +29% Press release
Tipsheet Extra
GameStop made a TikTok contest for employees where the prize is more hours to work
Congress considers sending antitrust law back to the Middle Ages
What Roz Brewer of Starbucks Taught the Founder of Walker & Company Brands
Amazon to display piece of Seattle history on its campus
Alibaba Reports Strong Results for the First Sales Window of the 11.11 Global Shopping Festival
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