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“Retail sales fall 0.6% in November after rising in October” Americans cut back sharply on retail spending last month as the holiday shopping season began with high prices and rising interest rates forcing families, particularly lower income households, to make harder decisions about what they buy. Retail sales fell 0.6% from October to November after a sharp 1.3% rise…
“How Costco keeps $1.50 hot dog-and-soda combo despite inflation” Longtime Costco CEO Craig Jelinek recently revealed how the big-box retailer has managed to maintain its $1.50 price point for a hot dog-and-soda combo despite an inflation surge over the last year. Jelinek, the top boss at Costco since 2012, said in-house production of hot dogs…
“Retail theft could lead Walmart to close stores, raise prices” Shoplifting has gotten so bad at Walmart stores that the retail giant may shutter locations in areas where local governments are taking a soft-on-crime approach, the company’s boss said. CEO Doug McMillon, who has led Walmart since 2015, confirmed the retailer has experienced an increase…
“United Furniture baron David Belford, who fired all his workers, founded charity for sick kids” The owner of United Furniture Industries has been noted for his philanthropic efforts in past years — even as he has landed in legal scraps and contentious bankruptcy proceedings, according to news reports and court documents. David Belford — who…
“Shops, residents of NYC’s Soho up in arms over street gambling” On Saturday afternoon, Soho shoppers began their Christmas sprees ducking in and out of Louis Vuitton, Yves St. Laurent and Loewe. But a more sinister group was eager to entice them to spend their money. Set up between Greene Street’s Patagonia and the luxe…
” Non-whale Bitcoin investors break new BTC accumulation record “ Some non-whale Bitcoin (BTC) investors seem to have had zero issues with the cryptocurrency bear market as well as fear, uncertainty and doubt (FUD) around the fall of FTX, on-chain data suggests. Smaller retail investors have turned increasingly bullish on Bitcoin and started accumulating more…
“Brooklyn’s trendy retail districts boom as Manhattan’s sit vacant” Manhattan’s struggling retail scene seems to get all the attention. It seems that for every fully or mostly leased, high-profile corridor like Broadway in Soho, there’s a stretch full of yawning vacancies — such as on Broadway in Tribeca. But Brooklyn’s retail picture is rosier. Although…
“Biggest US rail union rejects labor deal, sparking holiday strike concerns” Members of the largest US rail workers union rejected a proposed deal on Monday – a move that sparked concerns of a potential strike just ahead of the busy holiday season. Train conductors represented by the Sheet Metal, Air, Rail and Transportation Workers-Transportation Division,…
“US companies dictate minimum prices on goods to retailers, shoppers left with fewer discounts” Shoppers will find fewer discounts on everything from toys to tortillas as companies increasingly set minimum prices on their goods to maintain profits and limit price cutting by retailers like Walmart and Amazon. For many years, manufacturers set the lowest price at which…
“Target blames ‘organized’ crime for $400M loss in profits” Target said it has lost a whopping $400 million in profits this year thanks to organized gangs of shoplifters who have been systematically stealing merchandise from its discount stores. “At Target, year-to-date, incremental shortage has already reduced our gross margin by more than $400 million vs….