Tipsheet: Costco +14.4% | Wgreen Loses $1.7B | Bed Bath -200
Costco June comp sales (ex. fuel & f/x) +14.4% (US +13.6%, Canada +12.2%, Other Int’l +18%) Press release
Walgreens Q3 sales +0.1% / Retail Pharmacy USA comp sales growth +3.0% Press release
…Fox Business: Walgreens loses $1.7B as coronavirus snarls overseas sales “…U.K. comparable retail sales slumped 48 percent. Overall, international sales dropped 32 percent year-over-year to $1.9 billion. Still, revenue in the company’s U.S. retail business jumped 3.2 percent to $27.4 billion amid a 3 percent rise in comparable sales.” Read more
Bed Bath & Beyond to close 200 stores over 2 years at CNBC. “We saw there were a number of stores dragging us down,” Chief Executive Mark Tritton told CNBC in a phone interview. “We will continue to look at the rest of our concept doors, now that we have established the data criteria.” Read more
Sur La Table files for bankruptcy – plans to close 51 of its 121 stores at USA Today. Read more
Circle K owner may sell gas stations amid concerns over Speedway deal at NY Post. “The owner of Circle K is angling to sell a chunk of its gas stations to quell possible antitrust concerns as it eyes a possible acquisition of the Speedway chain…Alimentation Couche-Tard…has launched a process to sell 1,250 gas stations that are near Speedways, sources close to the situation said.” Read more
Amazon will require third-party sellers to disclose names and addresses at GeekWire. Read more
J.C. Penney asks bankruptcy court for more time to avoid an ‘outcome no one wants’ at Dallas Morning News. “We’re going to need more time. Our conversations have been incredibly productive,” Sussberg told U.S. Bankruptcy Judge David Jones at a hearing Wednesday afternoon. “We believe we will come to an agreement and solution and avoid the outcome no one wants.” Read more
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Biden proposes $700 billion-plus ‘Buy American’ campaign at MarketWatch. “Biden will continue in coming weeks with an energy plan to combat the climate crisis and a third package on what the campaign has dubbed the “caring economy,” with a focus on making child care and elder care more affordable and less of an impediment to working-age Americans.” Read more
Study: Lidl’s recent entry into the Long Island market pressured grocery retailers to cut their prices by up to 15% “Lidl’s prices were about 45% lower than Trader Joe’s and more than 30% lower than other national retailers.” Press release
Kroger selects Dentsu Aegis Network as its first integrated media agency of record “The fresh@dentsu team will be responsible for media planning and buying for Kroger and its family of brands across all media channels, including TV, radio, print, OOH, search, social, display, online video, and streaming audio.” Press release
MINNEAPOLIS – Cub Foods store badly damaged in riots opens temporary tent store at Star Tribune. “Yes, it’s air-conditioned…“I live two blocks away and I’m disabled so this is very important to me,” Darryl LeVells said as he shopped…”The selection is very good despite the smaller size and prices seem very reasonable. I got eight pieces of fried chicken for $6.99 instead of $8.99.” Read more
U.S. may need another 1 billion square feet of warehouse space by 2025 as e-commerce booms at CNBC. “The commercial real estate services firm (JLL) said that prior to the Covid-19 crisis, about 35% of its industrial leasing activity was related to e-commerce. But now, it said, as much as 50% of that leasing activity has already been tied to the online retail industry in 2020.” Read more
Live-Streaming Craze Turns Into a Lifeline for China’s Stores at Wall Street Journal. “Hawking her wares live was uncomfortable for the camera-shy Ms. Fu at first, but her customers loved it: Real-time sales pitches she broadcasts through her phone now account for 70% of her total sales, she said, and revenues have bounced back to where they were before Covid-19.” WSJ subs.
Bain study: Grocers urgently need to fix broken online business model at CNBC. “…in-store grocery sales tend to have an operating margin of 2% to 4%, according to Bain. That drops to -5% for a grocer that picks from a store and has a customer retrieve the order through click-and-collect. It drops even further to -15% if a grocer picks from a store and delivers to the customers’ home.” Read more
Tipsheet Extra
Amazon Air buys 6M gallons of sustainable fuel
The Far Side returns after 25 years, and it’s all digital
Kroger unveils deal with location-based audio out-of-home advertising/experience co.
Tesla ‘very close’ to level 5 autonomous driving technology, Musk says
Amazon names top 10 states with the fastest-growing number of digital entrepreneurs
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