Tipsheet: Instacart & DoorDash Eye IPO | Food Costs +2.4% | Loblaw +6.9%
Walmart is placing “pop-up” e-commerce fulfillment centers inside dozens of its regional distribution facilities at Fox Business. “The 42 sites will hold fast-moving items in sections of warehouses that are traditionally used to ship pallets of goods to Walmart stores. The network of pop-up sites will ship up to 30% of Walmart’s online holiday volume…” Read more
Instacart taps Goldman Sachs to lead IPO at $30B valuation at Fox Business. “Instacart is accelerating its IPO plans after voters in California backed a ballot proposal last week that upheld the status of app-based delivery drivers as independent contractors.” Read more
DoorDash releases filing to go public, reports $149 million in losses on revenue of $1.9 billion through September at CNBC. “The company said it has 1 million Dashers (delivery workers) and more than 18 million customers. It also had over 5 million customers on its $9.99 per month DashPass service as of Sept. 30. The offering gives customers free delivery from restaurants part of the program.” Read more
Wholesale prices rise 0.3%, but inflation not the worry now at AP. “Food costs rose 2.4%, the biggest increase since a 5.6% surge in May that was tied to shortages caused by the pandemic.” Read more
Costco updates mask policy, requires members with medical conditions to wear face shields – the policy goes into effect on Nov. 16 at Fox Business. Read more
Grocery shoppers trade up from dried beans and rice to premium foods as Covid cases rise at CNBC. “Sales of premium and super premium packaged goods grew by 1.7% at retailers year over year for the 26 weeks ended Oct. 4, according to IRI data. The percentage may sound like a small one, but it is a notable shift in the multibillion-dollar consumer packaged goods industry…” Read more
How Walmart, Kroger Plan to Become Advertising Giants at Wall Street Journal. “Market research firm eMarketer estimates (Walmart) will grow 73% this year to $849.4 million. The firm also estimates Walmart will command 7% of total U.S. e-commerce ad spending by 2022, a share worth roughly $2 billion.” WSJ subs.
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Loblaw Q3 comp sales up 6.9% / Shoppers Drug Mart up 6.1% Press release
…Loblaw raises dividend after big gains in sales and online orders at Financial Post. “But the success has not been without angst. Loblaw is in the midst of a fight with food manufacturers after the grocer increased the fees it charges suppliers in an attempt to help cover the costs of its $6-billion upgrade to e-commerce and store infrastructure.” Read more
Amazon expands its in-garage delivery to 4,000 cities, including Chicago, Los Angeles, and New York at The Verge. Read more
EBay touts sale of rare Air Jordan sneakers as it looks to solidify its place with collectors at CNBC. “In recent days, it has been rolling out 60 sneakers per day from seller “shoezeum,” owned by Jordy Geller, the Guinness World Record holder for largest collection of sneakers and owner of the former Las Vegas shoe museum. The auction, which ends Friday, spans Michael Jordan shoes through the ages.” Read more
Wayfair adds Johnson & Johnson EVP to its Board of Directors Press release
Dillard’s Q3 comp sales down 24% Press release
Hibbett Sports Announces New Merchandising Leadership Team
Jared Briskin, SVP & Chief Merchant, Hibbett | City Gear
Alicia Kahn, VP of Planning, Hibbett | City Gear
Varetta Banks, VP/GMM Men’s, Hibbett
Lauren Portera, VP/GMM Kid’s & Team Sports, Hibbett
Stephani Smith, VP/GMM Women’s, Hibbett
Brooke Frankel, VP/GMM, City Gear
Tipsheet Extra
Reopened SF tattoo shops booked until 2021
The reasons why Eta flooded South Florida so badly
Measles Cases Reach 23-Year High, Killing More Than 200,000
At Shell Canada you can pay extra to offset your carbon emissions
The Highest-Paid Dead Celebrities Of 2020
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