Tipsheet: No Black Friday? | 2 Storms Threaten | Wilke to Retire
Amazon’s consumer boss Jeff Wilke, a top lieutenant to Bezos, will step down in 2021 at CNBC. “Dave Clark, who is senior vice president of retail operations, will succeed Wilke after he retires, Amazon said.” Read more
U.S. existing home sales shoot to near 14-year high in July at Reuters. “The National Association of Realtors said on Friday existing home sales rose 24.7% to a seasonally adjusted annual rate of 5.86 million units last month.” Read more
Foot Locker Q2 comp sales +18.6% Press release
Two tropical storms could threaten the Gulf Coast within the same 24-hour period next week at The Weather Channel. “For the first time since the Great Depression, it’s possible that two tropical systems could make landfall in the mainland United States at virtually the same time…Tropical Storm Laura…may head toward Florida and the Gulf of Mexico early next week, possibly as a hurricane…Tropical Depression Fourteen…could affect parts of the U.S. Gulf Coast next week as a hurricane.” Read more
Fearing shipping crunch, retailers set earliest-ever holiday sale plans at Reuters. “Target, Best Buy and Kohl’s have moved winter holiday promotions up to as early as October…“It’ll be interesting to see if stores even have Black Friday sales or are open on Black Friday,” said Randy Hare, portfolio manager at Huntington Private Bank.” Read more
Struggling retailers rush to file for bankruptcy as fears of a second wave of coronavirus linger at CNBC. “The pipeline is as full as it has been all year,” said Bradley Snyder, an executive managing director at the liquidation firm Tiger Capital Group, referring to the potential for more retail bankruptcies…“The challenge is making sure we can actually close stores in a window that is open,” he said.” Read more
Brothers defrauded Amazon out of $19M through bogus invoices: DOJ at Fox Business. “In one instance around 2018, they allegedly agreed to an order for a single case of 12 canisters of disinfectant spray, costing $94.03 per pack. Instead, they successfully invoiced “for 7,000 individual toothbrushes” at $94.03 each, costing the company $658,210, the indictment alleges.” Read more
Amazon envisions aerial drones pulling skiers and surfers across water, new patent filing reveals at GeekWire. “It includes features that would allow a user to summon the drone to their location. The drone would also be able to detect and avoid obstacles in the travel path of a user and/or tow line.” Read more/Image
JOANN Fabrics pivots e-commerce strategy to meet new customer demand at Fox Business. “When JOANN Fabrics, the nation’s leading craft and fabric retailer, and its chain of around 865 stores had a 300-400% increase in demand for mask-making supplies, the company revamped its e-commerce system to keep up with holiday volume orders and prepare for a potential new generation of shoppers…” Read more
Tesla now worth more than Walmart at Markets Insider. Read more
Uber launches prescription delivery service in Seattle, Dallas at NY Post. “Uber plans to expand the service in “the coming months” now that it has integrated with Nimble, which said it has seen a spike in demand from pharmacies and consumers alike over the last several months.” Read more
Michaels Appoints Michael Diamond Chief Financial Officer “Most recently, Diamond served as Chief Financial Officer for Pizza Hut U.S. market.” Press release
Ross Stores Q2 comp sales for reopened stores down 12% Press release
Retailers See E-Commerce Investments Pay Off Big as Coronavirus Keeps Shoppers Home at Wall Street Journal. “To handle the influx of online orders, (Home Depot) in May converted one of its warehouses in the Chicago area into a direct-fulfillment center to ship packages to customers’ homes. The merchandising, supply chain and technology teams moved new inventory into the facility to fill online orders and converted to new IT systems to manage the warehouse. The project was completed in about three weeks, Mr. Siddiqui said.” WSJ subs.
Rolling Stones bucking retail trend – opening brick and mortar store at Showbiz 411. “Two things come to mind when you hear the Rolling Stones are opening a boutique in Carnaby Street, London: is it 1966? Do they know they realize no one shops in brick and mortar stores? Also, there’s a pandemic?” Read more
Tipsheet Extra
The FCC has approved Amazon’s plan for its Kuiper satellite constellation
Armed man shot, killed by police inside Walmart in Rio Grande Valley
CPG recruiter talks impact of Walmart layoffs on NWA supplier community
Retail continues to charge back, this time in the U.K.
Man punches teen worker at Sesame Place because he didn’t want to wear a mask
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