Tipsheet: Trump Quotes Cornell | Austin Restricts Water | Ace CEO @ CNBC | Bernie Hits Bezos
Retailers seeking China success have ‘no real path’ but to choose Alibaba or Tencent at CNBC. “Together, they have cornered more than 80 percent of China’s e-commerce market — which is the world’s largest — said Root who is also the chairman of global think-tank Bain Insights Group. The two companies also collectively own or control four out of five of China’s largest hypermarket and supermarket chains.” Read more
Foot Locker Q2 comp sales +0.5% Press release
Amazon employs warehouse ‘ambassadors’ to tweet back at criticism of working conditions at Daily Mail. “As many as 16 Amazon Ambassador accounts have surfaced online within the past two weeks in response to negative press surrounding the company…Each account is eerily similar in its look and tone, sporting an Amazon smile logo as a header image and featuring a picture of the user in the factory they work in.” Read more
Ross Stores Q2 comp sales +5.0% Press release
President Trump Quotes Cornell in Tweet: Target CEO raves about the Economy. “This is the best consumer environment I’ve seen in my career.” A big statement from a top executive. But virtually everybody is saying this, & when our Trade Deals are made, & cost cutting done, you haven’t seen anything yet!
Gap Inc. Q2 comp sales +2.0%: Old Navy Global +5.0% / Gap Global -5.0% / Banana Republic Global +2.0% Press release
How Fanatics is Winning in Sports Retail by Phil Wahba at Fortune. “He owns this marketplace,” NBA commissioner Adam Silver said of Rubin… The privately held Fanatics, which is set to rake in $2.3 billion this year, up from $250 million eight years ago, dominates the digital part of a U.S. sports licensed apparel market that research firm IBIS World estimates to be worth $7.8 billion in annual sales and growing 3% a year.” Read more
The Buckle Q2 comp sales +1.4% Press release
Giraffe parts sales are booming in the US, and it’s legal by Karen Weintraub at NY Times via CNBC. “An investigator with the society’s United States organization went undercover to 21 locations to track giraffe sales and talk to sellers. The investigator found a taxidermied body of a juvenile giraffe, selling for $7,500, according to the Humane Society, and a pillow made with an animal head, intact down to its eyelashes.” Read more
Hibbett Sports Q2 comp sales +4.1% Press release
Ace Hardware CEO interview @ CNBC 3:56 video
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Could the half-built Hollywood Target finally be finished? by Bianca Barragan at Curbed. “A court ruling issued today sided with the city against neighborhood groups that sought to stop the project, and paves the way for the retail development to start construction again.” Read more
Orchard Supply Hardware begins liquidation sales by Seung Lee at Mercury News. “The beloved Bay Area hardware store chain is having a store closing sale, and prices on all remaining items are at least 10 percent off. Unspecified products and departments are have been reduced by as much as 30 percent, according to a supervisor at the San Jose Midtown store.” Read more
Bernie Sanders to billionaire Jeff Bezos: ‘Pay your workers a living wage’ at Washington Times. Read more
Victoria’s Secret’s Pink brand is beginning to stall, too by Lisa Fickenscher at NY Post. “…the company cut its full-year earnings forecast “because of deceleration in Pink,” said Chief Financial Officer Stuart B. Burgdoerfer…founding Pink CEO Denise Landman will retire at the end of the year…Landman said Pink’s most recent problems stem in part from wrong fabric choices.” Read more
Joann Fabric creates online petition over tariffs via Daily News. “…more than 20,000 people have signed the petition since Monday.” Read more
Walton family disposes of $432 million in Walmart stock by Kim Souza at Talk Business. “Every $1 Walmart shares increase in value the Walton Family trust entities grow by roughly $1.5 billion, not including the shares owned outright by the heirs. Jim Walton’s net worth grows by more than $10.5 million for each dollar gain Walmart’s stock price. For Alice Walton the gain is roughly $6.75 million and Rob Walton picks up about $3.4 million.” Read more
Amazon bans the sale of a guidebook for 3D printing a gun at CNN Money. Read more
Vancouver: ’Grocerants’ on the rise by Aleksandra Saban at Vancouver Sun. “Diners at the new T&T destination receive a pair of gloves to eat — no cutlery — and sit in the seafood department, surrounded by creatures in live tanks and buckets containing orders zipping overhead…There’s been a roughly 60-minute wait for seating since the supermarket opened last week.“ Read more
CVS Teams With Glamsquad, Unveils Dramatically Different Beauty Department by Faye Brookman at WWD. Subscription
Who Killed Toys ‘R’ Us? Hint: It Wasn’t Only Amazon by Gretchen Morgenson & Lillian Risso at Wall Street Journal. “Today, as the Toys “R” Us case shows, these kinds of creditors wield more influence than ever. Since the financial crisis, the practice of layering companies with tiers of debt has become more common, restructuring experts say, which adds to the complexities of bankruptcy filings.” Subscription
Survey says Macy’s off-price stores are hurting Macy’s not TJX at Business Insider. Read more
Tipsheet Extra Stories
Austin tightens water restrictions as region enters moderate drought
The World’s 10 Best ‘Table to Farm’ Dining Experiences
Barring catastrophe, Tim Cook will become $120 million wealthier Friday
Walton Family Foundation hires longtime entrepreneur as director of university partnerships
‘Fortnite’ Finally Showing Signs of Slowing Down
EU Ban on Halogen Light Bulbs Takes Effect this September
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