RUMOR HAS IT – Sycamore Partners has offered $1.75 billion to buy the 118-year-old department store chain with plans to merge it with Belk at NY Post. “Also in the running for JCPenney is Saks Fifth Avenue owner Hudson’s Bay Company, which offered $1.7 billion, and mall operators Simon Property and Brookfield Property, which have teamed up with a $1.650 billion offer, sources said.” Read more
Rite Aid deployed facial recognition systems in hundreds of U.S. stores at Reuters. “In telephone and email exchanges with Reuters since February, Rite Aid confirmed the existence and breadth of its facial recognition program. The retailer defended the technology’s use, saying it had nothing to do with race and was intended to deter theft and protect staff and customers from violence. Reuters found no evidence that Rite Aid’s data was sent to China.” Read more
Home prices rose at a slower rate in May, according to S&P Case-Shiller at CNBC. “Home prices in the 10-city composite increased 3.1% annually, down from 3.3% in the previous month. The 20-city composite rose 3.7% year-over-year, down from 3.9% in April.” Read more
Amazon takes on the UK’s biggest supermarkets with free food delivery at CNN. “Amazon has started offering free grocery deliveries to Prime members in London and the surrounding area…Amazon Fresh, the company’s grocery delivery service, will offer same-day delivery in most areas on orders over £40 ($51.51) placed before 9 p.m. The minimum order value has also been lowered to £15 ($19.32).” Read more
Walmart Marketplace seller additions surge following Shopify deal, up 3X from January at TechCrunch. “With July’s estimates included, the marketplace will have topped 15,000 new sellers in 2020 by this month’s end. To date, the marketplace has surpassed 50,000 sellers — which is double in size from June 2019.” Read more
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Walmart, Kroger Bottle Their Own Milk and Shake Up American Dairy Industry at Wall Street Journal. “When U.S. milk prices broadly declined in early 2015, Walmart expected Dean to lower its own prices so that Walmart could make more profit on dairy…Dean declined…Walmart dairy managers were skeptical of Dean’s (national label) strategy…” WSJ subs.
India’s Flipkart gives hyperlocal delivery service another try at TechCrunch. “Flipkart on Tuesday launched a hyperlocal service in suburbs of Bangalore, four years after the e-commerce group abruptly concluded its previous foray into this category.” Read more
Lowe’s and HomeAdvisor Launch Partnership to Get Pros Leads Press release
Walgreens CEO Stefano Pessina to step down at Reuters. “Pessina, 79, appointed as the CEO in 2015 following the merger between Walgreens and Alliance Boots, would assume the role of executive chairman once a new CEO is appointed, the company said.” Read more
Walgreens discloses customer breach after physical store break-ins at Fox Business. “The pharmacy giant told affected customers in a letter that some private information was not affected, like credit and debit card numbers, banking information, and social security numbers. However, a trove of personal information was accessed, such as names, addresses, phone numbers, email addresses, birth dates, medications, and health insurance information.” Read more
Food for Thought for Online Grocery Bulls at Wall Street Journal. “A more practical option for many grocers could be to redesign their stores and build automated mini e-commerce centers out back to prepare online orders. These facilities, which suit suburban areas with lower demand, are a good use of existing real estate and can be profitable if shoppers collect their order. This setup generates a 2% operating margin, Bain analysis shows.” WSJ subs.
Americans are driving older cars as workers stay home, economy slows at Reuters. “Americans are hanging on to their cars and trucks longer, pushing the average age of vehicles on the road to the highest level in nearly 20 years even before the coronavirus hit, according to new data from IHS Markit Ltd.” Read more
Big Tech antitrust hearing could be colossal — or mere theater at Roll Call. “Stucke predicted the executives would strike conciliatory tones when accused of misconduct and offer tacit support for broad, nonspecific policy proposals. “We know the typical responses,” he said. “They’ll say the devils are in the details.” Read more
Publix shoppers fined $100 in ‘mask traps’
3M posts 12% fall in revenue as coronavirus crisis hammers demand
Krebs: Business ID Theft Soars Amid COVID Closures
WHO says COVID-19 pandemic is ‘one big wave’, not seasonal
‘I was too fat’: Boris Johnson brings Britain along on his health kick
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