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☆ Target is dialing back on Pride merchandise after right-wing backlash
▼ + stars: | 2024-05-10 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Target is limiting the number of stores that will sell LGBTQ-themed merchandise for Pride Month in June following a boycott from right-wing activists last year that took a toll on the brand’s bottom line. About half of its 2,000 stores will sell the Pride collection, according to Bloomberg, which first reported the news. The changes are a “sensible approach,” Neil Saunders, managing director of retail for GlobalData, told CNN. Pride problemsLast year, Target pulled Pride merchandise from some stores after the company and its employees became the focus of a “volatile” anti-LGBTQ campaign, which included threats against its store workers. A Target executive said on the earnings call that there was a “strong reaction” to Pride merchandise and the reaction was a “signal for us to pause, adapt and learn.”–CNN’s Nathaniel Meyersohn contributed to this report.

Persons: Target, it’s “, ” Neil Saunders, “, ”, ” –, Nathaniel Meyersohn Organizations: New, New York CNN, Pride Month, Bloomberg, CNN, Pride, Target, GlobalData, Wall Street Journal, Republican Locations: New York, Minneapolis

☆ Express files for bankruptcy; closing more than 100 stores
▼ + stars: | 2024-04-22 | by ( Parija Bhatnagar | ) edition.cnn.com time to read: +2 min

New York CNN —Trendy fashion retailer Express Inc. has filed for bankruptcy after consistently struggling with continued missteps over its merchandise mix that failed to get shoppers excited. The retailer filed with the bankruptcy court in Delaware and said it also plans to shutter several stores as part of the process. The company operates Express, Express factory outlets, Bonobos and UpWest stores under its corporate umbrella and said in a release Monday that it plans to close 95 Express locations (it operates more than 500 in the US) and all UpWest locations with closing sales at those stores set to begin on April 23. “With the company struggling to gain traction with consumers, it has been obvious for quite some time that bankruptcy was the inevitable destination for Express,” Neil Saunders, managing director of GlobalData, said in a note Monday. “We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives.

Persons: “, Neil Saunders, GlobalData, ”, Saunders, ” Stewart Glendinning, “ WHP, ” Glendinning Organizations: New, New York CNN, Express Inc, Express, WHP Global Locations: New York, Delaware

☆ Dollar stores are shutting down across America. They did this to themselves
▼ + stars: | 2024-04-11 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +7 min

Dollar Tree believed acquiring Family Dollar would help it compete against larger rivals. “When Dollar Tree bought Family Dollar, they didn’t really know what they were doing,” D’Arezzo said. Many Family Dollar stores were located too close to each other and cannibalized each other’s own sales, too, D’Arezzo said. Family Dollar “needs more work than the company originally thought.”A year later, an activist investor pushed for a sale of the “underperforming” Family Dollar business, and Family Dollar announced it would close 390 stores. Dollar Tree and Family Dollar executives say Family Dollar can still succeed, however.

Persons: Dollar, Ron Holman, ” Neil Saunders, GlobalData, “, ”, David D’Arezzo, Rick Dreiling, Kelly Bania, Carl Icahn, Nelson Peltz —, ” D’Arezzo, D’Arezzo, Dreiling Organizations: New, New York CNN, Visalia Times, USA, Dollar, BMO Capital Markets, “, Street, Justice Department, Bloomberg, Walmart, Costco Locations: New York, West Coast and Texas, West Memphis, ”, California , Nevada , Arizona, Texas, California

NEW YORK (AP) — It may not be too “appeeling,” but the price tags of some bananas are rising by a few cents. Trader Joe's recently upped the price for a single banana to 23 cents, a 4-cent — or 21% — increase from the grocer's previous going rate for the fruit that had remained unchanged for over 20 years. In contrast to other foods more heavily impacted by inflation, bananas have stayed relatively affordable over time — with average global prices never exceeding more than about 80 cents per pound (0.45 kilograms). Still, banana prices have seen some jumps in recent years. In the U.S., the cost of a pound of bananas averaged at about 63 cents last month.

Persons: Joe's, “, we’ve, Louis, ” Neil Saunders, Saunders Organizations: Federal Reserve Bank of St, United Nations, Food, Agriculture Organization Locations: Monrovia , California, U.S, —

☆ Home Depot forecasts a weak 2024
▼ + stars: | 2024-02-20 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +1 min

New York CNN —Home Depot, a bellwether of the housing market and US economy, said sales dropped over the winter and it’s a expecting a slow 2024. Sales at stores open for at least one year fell 3.5% last quarter, and Home Depot projects that sales will continue to decline 1% in 2024. “2023 was a year of moderation,” Home Depot CEO Ted Decker said in a news release Tuesday. Demand for home improvement has fallen due to high mortgage rates and a slowdown in new home construction. “One of the main issues [for Home Depot] continues to be a very sluggish housing market,” Neil Saunders, an analyst at GlobalData Retail, said in a note to clients Tuesday.

Persons: Ted Decker, ” Neil Saunders Organizations: New, New York CNN, Depot, GlobalData Locations: New York

☆ Free Shipping and Free Returns From Online Shopping Are Dying. Good.
▼ + stars: | 2024-02-18 | by ( Emily Stewart | ) www.businessinsider.com time to read: +6 min

Well, if you’ve ever bought stuff online and received free shipping or returns, you’ve also been a little bit of a jerk — and now it’s time to pay up. Fast, free shipping and easy, no-cost returns have become a baseline expectation in the modern online shopping experience. Instead of fighting for market share by offering free shipping and no-hassle returns, retailers are trying to squeeze more money out of every transaction. Free shipping is not actually free . Returns are a necessary and inevitable part of online shopping.

Persons: you’ve, —, ASOS, ” Neil Saunders, hasn’t, Emily Stewart Organizations: National Retail Federation, Appriss, Urban Outfitters, Saks, Amazon, Retailers, Business Locations: Zara, J.Crew, what’s

☆ Target creates its cheapest in-store brand as spending dips
▼ + stars: | 2024-02-15 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Target is taking aim at budget-conscious customers with a new value brand with prices for everyday basics that start at less than $1. Most of the items cost less than $10, with the cheapest coming in under $1. The entrance of Dealworthy means a shakeup of two other Target budget-focused brands that it produces: Smartly and Up&Up. The former, which largely focused on household essentials like soap and trash bags, will be discontinued and replaced by Dealworthy items. Up&Up, another affordably priced Target brand, is getting a redesign and will be priced slightly higher than Dealworthy.

Persons: Rick Gomez, ” Neil Saunders, ” Saunders, “, Smartly Organizations: New, New York CNN, Target, Walmart, GlobalData, CNN, “ Locations: New York

☆ Target is taking booze-less spirits mainstream
▼ + stars: | 2023-12-01 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —With sales of non-alcoholic beverages recently becoming a nearly half-billion dollar industry, even Target is becoming sober curious. Drinks in the lineup include two celebrity-backed companies: Kin Euphorics, a trendy brand co-founded by model Bella Hadid, and Katy Perry’s De Soi, which makes non-alcoholic apéritifs. Other brands include NOPE and Ghia, both of which produce non-alcoholic canned cocktails, and alcohol-free wine company Surely. “Séchey is a great curator of non-alcoholic brands and will help Target to really elevate its offer,” Neil Saunders, retail analyst and managing director at GlobalData Retail, told CNN. That has created a boom in sales for non-alcohol spirits, wine and beer, which surpassed $500 million this year according to research firm NIQ.

Persons: Sèchey, Kin, Bella Hadid, Katy Perry’s, apéritifs, Kendra Scott, “, ” Neil Saunders, it’s, Molson Coors, Roxie, Molson Coors Beverage Company Roxie, Jamie Rotnicki, Katy Perry, Morgan McLachlan, ” Perry, Perry, she’s, De Soi, Soi Organizations: New, New York CNN, Ghia, GlobalData, CNN, Molson, Molson Coors Beverage Company, Molson Coors, Whole Foods Locations: New York, ”

☆ Rosalind Brewer Steps Down as Walgreens Chief After a Short Tenure
▼ + stars: | 2023-09-01 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +3 min

Walgreens has been shifting away from pharmacy and retail to focus more on health care services, with mixed results. “While the wisdom of this move is debatable, health care is not Ms. Brewer’s forte.”Before joining Walgreens, Ms. Brewer was the chief operating officer of Starbucks and previously served as chief executive of Sam’s Club, a division of Walmart. As Walgreens leans more into the health care business, it faces several hurdles, industry experts said. It is rare for a woman to replace another female chief executive.

Persons: ” Neil Saunders, GlobalData, Brewer, Brewer’s, ”, James Kehoe, “, Walgreens, Stefano Pessina, Graham, Ms, Eli Lilly Organizations: Walgreens, Starbucks, Sam’s, Walmart, Deutsche, Deutsche Bank analysts, Amylin Pharmaceuticals, Guidant Corporation

☆ Dollar General shares tumble after it cuts forecasts, blaming a spending slump and theft
▼ + stars: | 2023-08-31 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN —Dollar General slashed its sales and profit outlook for the year on Thursday, blaming headwinds including weaker consumer spending on non-essential purchases and increasing theft. Dollar General shares tumbled nearly 17% in pre-market trading Thursday. For its second quarter, Dollar General logged a 1% drop in its same-store sales. Meanwhile, close on the heels of Dick’s Sporting Goods sounding the alarm on store theft eating into its profit this year, Dollar General also flagged an increase in product theft, among other factors, hurting its profit. Target warned earlier this year that it was bracing to lose half a billion dollars because of rising theft.

Persons: ” Neil Saunders, ”, “, it’s Organizations: New, New York CNN —, Dollar, Sporting Locations: New York

☆ Coach Owner to Buy Parent of Versace in Luxury Mega Merger
▼ + stars: | 2023-08-10 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +1 min

The companies said the merger also presented an opportunity to increase their direct-to-consumer business and save them $200 million in operating and supply-chain costs within three years. Tapestry’s stock was down 3 percent before the market open on Thursday. On Wednesday, before the news was announced, Capri’s stock closed at just under $35. “This has put pressure on Tapestry and Capri, both of which are now looking to international markets to bolster growth. There is more security in embarking on bold international plans as a larger entity.”

Persons: ” Joanne Crevoiserat, ” John D, ” Neil Saunders Organizations: Capri

☆ Amazon Fresh grocery chain has struggled. See its stores of the future
▼ + stars: | 2023-08-03 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Amazon has faced challenges getting shoppers to buy groceries in its Amazon Fresh grocery stores and recently laid off workers — but it’s betting a new strategy and redesigned stores will be the answer to its struggles. An Amazon Fresh redesigned grocery store. Amazon has paused its Amazon Fresh store expansion plans. Meanwhile, Amazon Fresh grocery stores are targeted at lower- and middle-income customers and function as full-size grocery stores. Amazon had big plans to grow Amazon Fresh stores, but it has paused store expansion.

Persons: ” Neil Saunders, “, Andy Jassy, “ We’ve Organizations: New, New York CNN, Amazon, GlobalData, Amazon Fresh Locations: New York, Chicago, Boston, Denver, Austin, United States

☆ Abercrombie & Fitch is cool again
▼ + stars: | 2023-01-10 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

New York CNN Business —Abercrombie & Fitch has shed its perfume-filled mall stores, shirtless models and logo sweatshirts to win over Millennials and Gen Z.It’s working. Abercrombie (ANF) said Monday that its women’s segment was on track to deliver its highest holiday sales period ever, and its men’s division was growing, too. “Abercrombie was a key destination for holiday shopping,” Neil Saunders, an analyst at GlobalData Retail, said in a note to clients Monday. “This a further sign that the brand has successfully ditched the baggage of its past.”The brand, which has about 225 stores, plans to open around 10 Abercrombie stores a year over the next three years. Today, Abercrombie’s stores are lighter than they once were and its clothes are looser.

☆ Premarket stocks: These three big unknowns will drive markets in 2023
▼ + stars: | 2023-01-06 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

And there are three big “ifs” that will determine the health of the economy: The strength of the labor market, the American consumer and the Federal Reserve. Will the labor market cool off? This is all happening as the Fed tries to actively cool the labor market. Policymakers fear that persistent wage growth in a tight labor market will keep already sky-high inflation levels elevated. Mortgage rates continue to soarMortgage rates rose again last week, beginning 2023 twice as high as they were a year ago.

☆ Walmart earnings: Wealthier shoppers turn to Walmart for groceries
▼ + stars: | 2022-11-15 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN Business —Wealthier customers pinched by inflation are switching to Walmart for groceries, boosting sales at America’s largest retailer. Walmart is a bellwether of consumer spending, particularly on groceries, which account for more than half of its sales. The company said it is making “strong grocery share gains, including from high-income households.”It’s the latest sign that the highest inflation in decades is altering shoppers’ spending habits, including wealthier customers. Other discount supermarkets and Dollar General (DG) have said they are gaining new, wealthier customers because of inflation. Walmart had to mark down prices on many of these items to entice shoppers to buy, hurting its profit.

☆ Home Depot customers are spending more, but that’s mainly due to inflation
▼ + stars: | 2022-11-15 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +3 min

Now for the bad news: Home Depot lost customers again. The DIY leader said in its third quarter earnings report that the number of customer transactions fell more than 4% from a year ago. Home Depot noted that the average customer ticket was nearly $90, up about 9% from a year ago. “Home Depot is not immune to a tightening economy,” Neil Saunders, managing director of GlobalData, said in a report. “Moving into 2023, the picture becomes more complicated and much depends on the trajectory of the economy,” Saunders said.

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