Tipsheet: T.Supply +0.1% | US Econ +2.1% | CVS No-Pay Insulin
The U.S. economy grew 2.1% in the fourth quarter, matching estimates at CNBC. “For the full year, the economy grew 2.3%, below the 2.9% increase from 2018 and the 2.4% gain in 2017.” Read more
CVS is launching a prescription drug coverage plan in which patients have no out-of-pocket costs for insulin and other expensive diabetes treatments at Fox News. Read more
Nordstrom enters burgeoning used-clothes business by Abha Bhattarai at Washington Post via The Spokesman-Review. “Starting Friday, racks of secondhand clothing will fill a space formerly occupied by Burberry in the company’s Manhattan store. Nordstrom will also begin allowing customers to drop off used clothing, handbags, shoes, jewelry and watches there in exchange for gift cards. Those items will be cleaned and repaired as necessary before being resold.” Read more
Tractor Supply Q4 comp sales +0.1% Press release
Waymo will start delivering parcels for UPS using its self-driving Chrysler Pacifica minivans in Phoenix at TechCrunch. “The minivans will take packages from UPS store locations to a local UPS sorting facility for processing. The pilot won’t involve package delivery to consumers.” Read more
Washington state residents who receive SNAP payments can use the benefit to buy groceries online at Seattle Times. “The pilot program, begun last April in New York, is expected to expand to all of Washington in the coming weeks. If it’s successful, the U.S. Department of Agriculture will consider testing the program in additional states.” Tiered subs.
Independent grocery stores and regional supermarket chains worried about losing out on a valuable source of sales: food stamp recipients by Nathaniel Meyersohn at CNN. “Around one-third of sales at Patel’s store come from SNAP…In 2018, food stamps accounted for 5% of sales at grocery stores that were authorized by the Agriculture Department to accept them.” Read more
**A message from Sweets & Snacks Expo. Save the date: May 19-21, 2020 at McCormick Place in Chicago. Your year starts here. Website/Register
H&M CEO & chairman step down in unexpected board reshuffle at MarketWatch. “Karl-Johan Persson had headed the company founded by his grandfather for just over 10 years but has stepped down from his role as CEO with immediate effect to take over as chairman, after his father Stefan said he would relinquish that role…Helena Helmersson, who had been chief operating officer, has been appointed CEO.” Read more
Supervalu CEO Michael Wright dies at 81 at Seattle Times. “Wright remained CEO until 2000 and acquired a number of companies that grew Supervalu to $20 billion in annual revenue.” Tiered subs.
E-commerce’s Surprise Winner: Little-Known Crown Equipment Supplies Forklifts To Amazon, Target, Home Depot by Carter Coudriet at Forbes. “This family-owned business—run from the tiny town of New Bremen, Ohio (population 2,980)—has become an essential cog in some of the largest supply chains in the world. As commerce shifted from mom-and-pops to big box retailers, Crown was there with forklifts and pallet movers to power their warehouses.” Read more
Walmart is laying off 29 of 56 employees at a New York City office where its Allswell mattress brand and other e-commerce functions are based by Hayley Peterson at Business Insider. Read more
Some longtime Lowe’s employees will see thousands of dollars docked from their annual pay starting on Saturday by Aine Cain at Business Insider. “Lowe’s is doing away with its “allowances,” a fixed amount of cash doled out to a small group of long-term employees who previously earned spiffs, or an immediate sales bonus, and commission on sales before 2012.” Read more
Bezos won’t answer senator’s phone hack questions until investigations conclude at Fox News. “Sen. Ron Wyden, D-Ore., asked Bezos last week whether he had reason to believe that a WhatsApp message from Saudi Crown Prince Mohammed bin Salman was used to hack his phone. “We appreciate the seriousness of the issues raised in your letter which are currently under ongoing investigations,” Bezos lawyer William A. Isaacson of Boies Schiller Flexner wrote in a letter dated Wednesday.” Read more
Homeless camp at Home Depot store to be shut down at Fox News. “California will eliminate a large homeless site outside an Oakland Home Depot next month — roughly six months after the city announced it would shut down the encampment…Residents – estimated to number between 40 and 100 – live in makeshift homes, vehicles and tents at the camp.” Read more
Tipsheet Extra
Furious couple says Target employee ‘cut up’ gift cards worth $800
117 new emoji will be rolled out later this year
Grubhub is listing restaurants that didn’t agree to be listed
Study: Men who own Mercedes and BMWs are more likely to be assholes
Jack Ma donates $14M to help develop coronavirus vaccine
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