In the latest episode of retail carnage, Sears has filed for bankruptcy. Sears' controlling shareholder, Eddie Lampert, has spent years and millions of dollars keeping America's most famed retail brand alive. With a chapter 11 bankruptcy filing, Lampert hopes Sears will avoid the fate that befell Toys R Us earlier this year. He's looking forward to a speedy bankruptcy process and a return to control of Sears. Lillian Rizzo writes at The Wall Street Journal: Sears Holdings Corp. controlling shareholder Edward Lampert spent years keeping the retailer out of bankruptcy court. Now a $300 million … [Read more...]
Do Chinese Auto-Sales Spell Danger for its Economy?
Chinese auto sales were down for the third month in a row in September. The slowdown could be a sign of declining consumer confidence in China, or even worse, the beginning of a slowdown in the economy. Trefor Moss writes in The Wall Street Journal: Auto sales in China fell for a third straight month in September, as the country’s auto sector faces what looks to be its first yearly decline in passenger-car sales in almost three decades. Fragile consumer confidence amid a falling stock market and U.S.-China trade tensions led to weak September results for most auto makers, as overall sales … [Read more...]
Will the Trump Administration Ding China for Currency Devaluations?
Speaking to the Financial Times, Treasury Secretary Steve Mnuchin mentioned that he would like to discuss currency devaluations by China as part of trade talks between the United States and the communist nation. Sam Fleming reports: The US Treasury secretary has warned China not to engage in competitive devaluations of the renminbi as the two countries spar over their economic relations and engage in an escalating trade war. Steven Mnuchin said in an interview with the Financial Times that the Treasury monitored currency issues “very carefully” and noted that the Chinese renminbi had … [Read more...]
Trump Powers Economy into the Mid-Term Elections
As November approaches, and voters begin to make their decisions about who they will vote for on Election Day, the economy is roaring hotter than it has in a long time. Confidence is soaring, profits are up, jobless claims are down, unemployment is down, and industrial production is up. These among other indicators show the economic strength the Trump administration has generated with its business-friendly governing style. … [Read more...]
The Trump Administration Continues to Pile Up Economic Records
With businesses confident in the strong economy, and urged on by the Trump administration, record levels of investment are going into infrastructure. Miriam Gottfried reports in The Wall Street Journal: Private-equity firms are on track to raise a record amount for infrastructure investing in 2018, as money managers bet on the growing need to upgrade and expand the world’s railroads, natural-gas pipelines and data centers. The firms collectively raised $68.2 billion in the first three quarters of the year, up 18% over the same period in 2017 and already surpassing the $66.2 billion they … [Read more...]
American Workers Ecstatic as the Good News Piles Up
"The best job market in a generation or more." That's how Andrew Chamberlain, chief economist at Glassdoor, a recruiting site, describes the current environment. The American worker is ecstatic at the good news piling up. Wages are rising and jobs are plentiful. Eric Morath and Harriet Torry write in The Wall Street Journal: Unemployment in September hit the lowest level since the Vietnam War, with little indication it is going to shoot back up in the near term. The jobless rate fell to 3.7%, the lowest since December 1969, the Labor Department said Friday. Employers added 134,000 jobs to … [Read more...]
Is Mercedes Getting its Own Giga-Factory?
In the heart of Bibb-County, Alabama, Mercedes-Benz is expanding its production facilities to include a battery factory. Mercedes' plan is to offer fully-electric versions of all its models by 2022, and the Alabama battery plant will be one of eight globally tasked with supplying the batteries for the effort. William Thornton reports at AL.com: Markus Schafer, member of the divisional board of Mercedes-Benz cars, production and supply chain, quoted the lyrics of "Sweet Home Alabama" today, as the German automaker broke ground on its latest addition to the company's growing Bibb County … [Read more...]
Has the Internet Broken the Grocery Store Model for Good?
Most grocery stores are set up in more or less the same way. Aisles and aisles of refined carbohydrates stacked in the middle, surrounded by produce on one side, meat in the back, and dairy on the other. On the ends of each aisle are high calorie impulse purchases tempting shoppers who must pass by to get to the healthier options. Online sales may break this time-tested model. Online shoppers are less likely to want impulse foods because they have more time to consider their options and plan ahead. In response to online shopping behavior, at least one store chain, Smart & Final, is … [Read more...]
Bed Bath Misses Out on Brick and Mortar Revival
Writing in the Wall Street Journal, Elizabeth Winkler explains that Bed Bath and Beyond hasn't been able to capitalize on the resurgence in retail customers at brick and mortar stores. She writes: Buoyed by a strong economy, consumers are happily spending money at brick-and-mortar retailers from Walmart to Nordstrom—just about anywhere it seems, except Bed Bath & Beyond . The stock fell nearly 50% in 2017 and a further 18% thus far in 2018. On Wednesday, after reporting second-quarter earnings that missed estimates, investors sent it down another 15% in after-hours trading. The … [Read more...]
Would You Go to Walmart if You Didn’t Have to Go In?
Walmart is a hard place to shop. The long—seemingly endless—aisles and big-box lighting do not make a trip to Walmart an enjoyable time. Is there a better way? Walmart has submitted plans in a Chicago suburb to create a pickup only location. There are many Walmart stores today that offer pickup options, but they also have traditional retail sales areas inside. The new facility would simply be a warehouse with a pickup area for online orders. Tom Ryan reports at Retail Wire: Walmart predicts the number of pickup trips at this facility, which includes 24 stalls, will be about 180 per hour … [Read more...]
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