Americans have been on a spending binge since Covid lockdowns began, defying many predictions with their persistence. Can it keep going? Robin Wigglesworth reports in the Financial Times: The biggest driver of the surprisingly resilient US economy has been the ability and willingness of Americans to shrug off the bad vibes and buy “everything that isn’t nailed down”, as Chris Rupkey puts it. Consumer spending doesn’t seem to be slackening much either. Quarter-on-quarter growth did slow from a blockbuster 4.2 per cent in the first three months of 2023 to 1.7 per cent in the second quarter, … [Read more...]
Is the Pandemic Retail Boom Finally Over?
Retailers are reporting weakening profits as consumers are "being more judicious in how they spend." Dean Seal reports in The Wall Street Journal: Shoppers have shifted their spending habits in a postpandemic world, leaving retailers in the lurch. The stocks of major retailers have tumbledas storesincluding Macy’s, Dick’s Sporting Goods and Foot Locker posted slowing sales, weakening profits and tepid forecasts. Their lackluster results offer more evidence that strained consumers feeling the weight of higher debt and increased prices are redirecting their discretionary spending away from … [Read more...]
Walmart Teams Up with Google for Long Distance Drone Deliveries
Two of America's best-known companies are working together on using drones to deliver products up to six miles away from stores. Bloomberg's Brendan Case reports: Walmart Inc. is planning its longest drone deliveries yet by teaming up with Alphabet Inc.’s Wing unit at two Dallas-area stores. The Wing drones will be able to drop off food and household essentials as far as six miles from the stores, Prathibha Rajashekhar, senior vice president of innovation and automation at Walmart’s US unit, said in a statement Thursday. Wing has approvals from the Federal Aviation Administration to fly … [Read more...]
Can IKEA Survive in Downtown San Francisco?
Downtown San Francisco has turned into a "No-Go Zone" for many people, including HHS employees. Many businesses have fled as homelessness and crime spurred on by rampant drug addiction have turned the area into what could be compared to a zombie apocalypse setting. Now, IKEA is planning to put a new location there. Can it work? Trefor Moss reports in The Wall Street Journal: The San Francisco store is focused on “small-space living,” said Akalin, the store manager, meaning products such as lighting, kitchenware and storage units are given priority. There is no furniture warehouse where … [Read more...]
German Grocery Chain Aldi Buys Winn-Dixie and Harveys
Southern grocery store chains Winn-Dixie and Harveys have been purchased by Aldi, the German-owned discount grocery store from Southeastern Grocers Inc. Fox Business's Aislinn Murphy reports: Aldi plans to expand its U.S. footprint with the purchase of two grocery chains belonging to Southeastern Grocers Inc. Under an agreement between Aldi and Southeastern Grocers, Aldi will become the new owner of Winn-Dixie and Harveys Supermarket, a pair of grocery chains with about 400 stores in several southeastern states. The two firms announced the acquisition Wednesday morning. Aldi will … [Read more...]
The Quick Death of the Local Mall
Prices for mall real estate peaked in 2016, and since then, some low-end malls have watched their values drop "at least 50% and in some cases more than 70%," according to Kate King, reporting in The Wall Street Journal. She writes: WATERFORD, Conn.—Crystal Mall’s parking lots used to be so crowded that parents would line up to drop off their teenagers near one of the entrances rather than search for a spot. Now, the vast stretches of cracked pavement surrounding this 1980s-era regional mall on Connecticut’s coast have more weeds than cars. Valued by an appraiser at $153 million as recently … [Read more...]
Authentic Brands Continues to Build Shoe Portfolio
Authentic Brands has expanded its portfolio further into shoes with the acquisition of the well known brand, Rockport. Shoshy Ciment reports in Footwear News: Authentic Brands Group has scooped up Rockport, adding another heritage shoe brand to its growing portfolio. The company behind dozens of brand and retailer acquisitions announced on Wednesday that the U.S. Bankruptcy Court for the District of Delaware approved the sale transaction of Rockport, a Newton, Massachusetts-based footwear label. Rockport said in June that it filed for Chapter 11 bankruptcy and would put itself up for sale. … [Read more...]
What Happens When Your Favorite Store Goes Out of Business?
A number of big retail stores, including Bed Bath and Beyond, Tuesday Morning, Christmas Tree Shops, and others have recently gone out of business forever. These stores were heavy promoters and had loyal followings, but still couldn't keep the doors open. What will happen to the vendors and the sales generated by their advertising now that they're gone? Warren Shoulberg discusses the future of retail in The Robin Report, writing: As recently as just a few years ago, Bed Bath & Beyond did over $5 billion in annual retail sales. Tuesday Morning was doing close to $700 million a year before … [Read more...]
UNPAID WORK: The Fallacy of Self Checkout
Americans have been duped into doing grocery store work for themselves at self-checkout aisles across the nation. In The Robin Report, Pam Danziger slams the idea and calls for better options. She writes: Nobody likes waiting in line for a checkout lane to open. No one likes waiting in line, period. Self-checkout was supposed to solve for that, but self-checkout comes with its own set of frustrations, not the least of which is customers are doing unpaid work. Grocery store shopping is something most of us must suffer through, if not weekly, at least occasionally. The average consumer … [Read more...]
Retailers Want Your Returns Faster: Here’s Why
At The Wall Street Journal, Dalvin Brown explains why retailers are willing to go all out to get returns processed faster, even picking them up at your home. Watch: … [Read more...]
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