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☆ When That Job Promotion Is Really a ‘Glass Cliff’
▼ + stars: | 2024-07-12 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +1 min

When Boeing tapped Stephanie Pope to run its commercial airplanes division in March, positioning her to become the company’s first female chief executive, not all gender equity advocates were celebrating. Examples of the glass cliff abound. When Bed Bath & Beyond was crashing toward bankruptcy, it appointed Sue Gove as its first female chief executive. But some researchers think companies in crisis sometimes turn to women because they are perceived as having the soft skills needed to navigate difficult situations. The glass cliff is also prevalent in other countries and outside the corporate world: in government, sports leagues and at universities.

Persons: Stephanie Pope, Stephanie Linnartz, Armour, Sue Gove Organizations: Boeing, Companies

☆ At Target, Store Workers Become A.I. Conduits
▼ + stars: | 2024-06-20 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +1 min

Target is the latest retailer to put generative artificial intelligence tools in the hands of its workers, with the goal of improving the in-store experience for employees and shoppers. On Thursday, the retailer said it had built a chatbot, called Store Companion, that would appear as an app on a store worker’s hand-held device. The idea is to give workers “confidence to serve our guests,” Brett Craig, Target’s chief information officer, said in an interview. Target is testing the device in 400 stores and plans to make the app available to most workers across its nearly 2,000 locations by August. As the retail industry experiments with generative A.I., some see its potential to eventually make in-store shopping feel more like online shopping, said Roy Singh, the global head of Bain & Co’s advanced analytics practice who works with retailers on generative A.I.

Persons: ” Brett Craig, Target’s, Roy Singh Organizations: Bain & Co’s

☆ Walmart Is Shutting Health Centers After Plan to Expand
▼ + stars: | 2024-04-30 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +1 min

Walmart, the world’s largest retailer, said Tuesday that it was shutting down its health care centers, a network that only last year it said it planned to expand. The retailer said in a blog post that its 51 health centers would close. The plans won’t affect the more than 4,600 pharmacies and more than 3,000 vision centers within Walmart stores. Walmart started the health-care clinic initiative in 2019 in Dallas, Ga., with centers providing primary care, labs, X-rays and electrocardiograms, counseling, and dental, optical and hearing services. In 2021, Walmart started offering a virtual option when it acquired MeMD, a telehealth provider.

Organizations: Walmart Locations: Dallas ,

The Federal Trade Commission on Monday sued to block Tapestry’s $8.5 billion acquisition of Capri, a blockbuster fashion tie-up that would bring together Coach, Kate Spade, Michael Kors and Versace. The lawsuit is a rare move by the agency to block a fashion deal, given that the industry does not suffer from a lack of competition. In her time as the chair of the F.T.C., Lina Khan has prioritized taking on the power of big business in suits across industries. The agency has moved to block the supermarket merger between Kroger and Albertsons; Meta’s acquisition of the virtual reality start-up Within; and Microsoft’s bid for the gaming giant Activision. failed to block Microsoft’s deal and Meta’s acquisition, both of which closed last year.

Persons: Kate Spade, Michael Kors, Versace, Lina Khan, ” Henry Liu, ” Organizations: Federal Trade Commission, Kroger, Albertsons, Activision, “, Competition Locations: Capri, ’

☆ Walmart Reports Rising Holiday Sales as Shoppers Seek Value
▼ + stars: | 2024-02-20 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +2 min

The NumbersWalmart said its comparable store sales were up 4 percent in the three months that ended in late January compared with the year before. In addition to its same-store sales, Walmart said its U.S. e-commerce business increased 17 percent. At the same time, many retailers, including Walmart, focused on value last year as the economy cooled and shoppers became more selective. The Road AheadAnalysts expect retail sales to continue to moderate this year after a surge in consumer spending during the early stages of the pandemic. U.S. retail sales fell 0.8 percent in January from a month earlier, according to data released from the Commerce Department last week.

Persons: John David Rainey Organizations: Walmart, Target, Kroger, National Retail Federation, Analysts, Commerce Department Locations: U.S

Hobby shops, though, remain the core of the card world, and shopkeepers are adjusting to Fanatics in different ways. Lately, he said, Panini, not Fanatics, has issued more cards that have been a hit with his customers. “Panini could have rolled over when Fanatics came in, but they care about the stores, the public,” he said. In the interim, Fanatics has issued cards with Mr. Wembanyama in street clothes, while Panini has issued unsigned Wembanyama cards. Mr. Calvanico added that Fanatics hadn’t provided enough information about its upcoming releases, which makes it hard for him to gauge customer demand.

Persons: Mike Calvanico, Panini, ”, “, haven’t, Victor Wembanyama, Calvanico, hadn’t, We’re Organizations: Panini, Topps, San Antonio Spurs Locations: Lyndhurst , N.J

☆ Macy’s Plans to Cut 2,350 Jobs and Close 5 Stores
▼ + stars: | 2024-01-18 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +1 min

Macy’s, the country’s largest department store operator, told employees Thursday that it was laying off 13 percent of its corporate work force. The move comes as the company prepares to unveil a new strategy that its incoming chief executive will oversee. The cuts amount to roughly 2,350 jobs, or about 3.5 percent of the company’s overall work force, which includes employees at the subsidiaries Bloomingdale’s and Bluemercury. The company also said it would close five of its more than 560 Macy’s stores. Tony Spring will take over as Macy’s chief executive next month from Jeff Gennette, a company veteran who is retiring after holding the post since 2017.

Persons: Tony Spring, Jeff Gennette, Adrian Mitchell Organizations: The New York Times, Wall Street, Mr

In recent years, Shein has gained popularity among U.S. consumers, particularly teenagers and young adults, for its wide variety of low-priced trendy apparel and accessories. But Shein has also faced claims that it has copied designs and unevenly benefited from a U.S. trade rule that allows it to avoid paying custom fees. In April, two members of Congress asked the Securities and Exchange Commission to require Shein, as a condition of its expected offering, to certify through an independent party that it doesn’t use Uyghur forced labor. It has also teamed up with Forever 21, the fast-fashion mall stalwart, which could lead to more Shein apparel in brick-and-mortar locations. In June, a trip that it hosted for influencers at some of its warehouses in China was widely panned on social media as being tone-deaf.

Persons: Shein, ” Shein Organizations: Securities and Exchange Commission, influencers Locations: U.S, Xinjiang, China

The holidays are a hectic time of year for everyone. But for those working in the retail and logistics industries, it’s the busiest time. From selecting the carols that play in the store to deciding the most eye-catching places to display toys to getting those Amazon packages to your doorstep on time, there are thousands of people responsible for making the holiday shopping merry. Here are a few of their stories. Nordstrom starts setting the scene a year in advanceWhen shoppers across the country walk into a Nordstrom this week, they will be met with twinkling lights, garlands hung around the store and Mariah Carey crooning that all she wants for Christmas is youuuuu.

Persons: Nordstrom, Mariah Carey crooning, Paige Boggs Organizations: Nordstrom

Ms. Aitchison, 55, who works for a senior living home, advises her family each year that she plans to make the holidays smaller, spending less. “I’m a huge gift giver,” Ms. Aitchison, who started her shopping in early November. I’m always running around the last week before Christmas because I have to find just a few more gifts.”There are many reasons for people to be more prudent in their holiday spending this year. While inflation is less rapid than it was a year ago, millions of shoppers still feel sticker shock when buying groceries. And higher interest rates have meant larger credit card bills and, for home buyers, mortgage payments.

Persons: Christina Beck, Beck, Kristin Aitchison, Aitchison, “, Ms, I’m Locations: Minneapolis

Activity picked up again this month, he said, as shoppers turned out for special promotions. Two-thirds of toys in its stores will be priced at less than $25, the company said. Target expects sales to continue falling in the final months of the year, subject to a “wide range” that reflects the uncertainty about holiday spending. The U.S. Commerce Department reported that retail sales nationwide nudged down 0.1 percent in October from the previous month, the first drop since March. The decline, which is not adjusted for inflation, was driven by weakness in big-ticket categories like furniture and cars, which may be weighed down by the higher interest rates consumers face when buying on credit.

Persons: “, ” Mr, Rainey, Brian C Organizations: Target, Cornell, U.S . Commerce Department

In September, WeWork said it would begin to renegotiate all its leases and exit certain locations. The company was renting nearly 20 million square feet of office space in June, more than any other company in the United States. Monday’s actions will not affect WeWork franchises outside the United States and Canada, the company said. WeWork’s demise is a blow for landlords who have leased a large proportion of their space to the company. It focused on leasing, rather than buying, office space and parceling it out to customers that included freelancers, small businesses and larger corporations.

Persons: WeWork, ” WeWork, Adam Neumann, Miguel McKelvey Locations: United States, Canada, WeWork, Lower Manhattan

☆ U.S. Retailers Say an Old Trade Law Puts Them at a Disadvantage
▼ + stars: | 2023-11-04 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +2 min

If it isn’t, they argue, companies may move their warehouses, and the jobs that come with them, outside the United States. In 2022, David’s Bridal said it paid about $20 million in fees to U.S. Customs. Competitors based in China that ship dresses directly to shoppers paid nothing, Mr. Marcum said. In the course of six years, he added, David’s Bridal paid about $100 million in duties that could have been invested in modernizing its business. “You can see the enormity of that — the disadvantage that we’ve had to face,” Mr. Marcum said.

Persons: ”, Shein, ” Jim Marcum, “, David’s, Marcum, ” Mr, Ron Sorini Organizations: Chinese Communist Party, ”, . Customs Locations: United States, China, U.S

The rule, de minimis, exempts packages shipped into the United States from duties and fees if they are worth less than $800. U.S. retailers want that rule changed. Over six years, that amounted to about $100 million in duties that could have been invested in modernizing the business, he added. Temu and Shein most likely account for 30 percent of packages shipped daily under the provision, according to a report from the House Select Committee on the Chinese Communist Party. A Shein spokeswoman said de minimis “is not critical to the success of our business,” and in July, Shein’s executive vice chairman said the company was “eager” to work with lawmakers to help change the rule.

Persons: de, minimis “, David Bridal’s, Jim Marcum, DealBook, Marcum, ” Organizations: Customs, Chinese Communist Party Locations: United States

☆ Holiday Retail Sales Are Expected to Increase, but at a Slower Pace
▼ + stars: | 2023-11-02 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +3 min

The ContextHoliday retail sales are a closely watched measure of the health of the U.S. consumer and often the most lucrative time of the year for major retailers. The BackgroundThis year’s estimate of holiday sales growth is lower than in previous years. In 2022, holiday sales increased 5.3 percent from the year before to $936.3 billion. Average holiday sales growth from 2010 to 2019 (right before the pandemic) was 3.6 percent, the organization noted. What’s NextThis month, major retailers like Walmart, Target and Macy’s will report quarterly earnings and are expected to give their outlook on the fourth quarter.

Persons: ” Matthew Shay, ” Mr, Shay, Brian Cornell, “ They’re, Mr, Cornell, ” Organizations: Federal Reserve, Wall, Fed, National Retail Federation, Walmart, Target, CNBC

But for companies like Soergel Orchards in western Pennsylvania, a slowdown is nowhere in sight. “People love to pick — people will pick anything.”Sales are up even though a string of rainy weekends have held back attendance at the farm’s annual fall festival. And the owners are bracing for a strong season in their store selling Christmas decorations. Consumer demand has unexpectedly boomed in 2023, defying widespread expectations for a slowdown and helping to fuel strong overall growth. The economy expanded at an eye-popping 4.9 percent annual rate in the third quarter, far faster than the roughly 2 percent pace officials at the Fed think of as its standard growth pace.

Persons: ”, Amy Soergel Organizations: Federal Reserve, Consumer Locations: Pennsylvania

☆ Target, Citing Theft, to Close Nine Stores
▼ + stars: | 2023-09-26 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: 1 min

Target announced on Tuesday that it was closing nine stores across four states, saying theft at the locations was harming its business and threatening the safety of employees and customers. The stores being closed next month include one in Manhattan’s East Harlem, which has been open since 2010, and multiple locations in San Francisco, Seattle and Portland, Ore.“We know that our stores serve an important role in their communities, but we can only be successful if the working and shopping environment is safe for all,” the retailer said in a statement. In recent months, Target has been vocal on the topic of theft within its stores, particularly about organized retail crime, in which a large amount of merchandise is stolen with the aim of its being sold on the black market.

Locations: Manhattan’s East Harlem, San Francisco, Seattle, Portland

Most economists think that while the hit could be substantial, it will not be so big that it would plunge America into a recession. Goldman Sachs analysts expect renewed student loan payments to cost households about $70 billion per year. But the student loan payments will also restart at the same time consumers face a number of other headwinds, including shrinking savings piles, a cooler job market and higher price levels after two years of rapid inflation. Retailers have begun to publicly fret that the resumption of student loan payments could collide with those other developments, pushing their shoppers closer to a breaking point. Executives from companies like Walmart, Macy’s, Best Buy and Gap have all warned analysts and investors that student loan payments may put pressure on shoppers’ budgets, eating into some of their sales in the process.

Persons: Goldman Sachs, Biden, Julia Coronado, “ It’s, ” Organizations: Hollywood, United Auto Workers, Retailers, Walmart, Macy’s

Representatives for the company declined to comment on its business. In the days after Mr. Buffett’s death, retail and marketing experts said his legacy would continue to lure his fans — known as Parrot Heads, along with their children, called parakeets — and others to his businesses. “It’s definitely a lifestyle associated with him and his personality and his music that he created,” said Barbara Kahn, a professor of marketing at the Wharton School at the University of Pennsylvania. But, she said, because his business is “bigger than just that, it could definitely live on.”Mr. Buffett’s original idea for Margaritaville was “to expand the opportunity for as many people to experience the lifestyle immortalized in his iconic song as possible,” according to the statement on the company’s website. The company had $2.2 billion in gross annual revenue last year.

Persons: Buffett’s, —, It’s, ”, Barbara Kahn, Mr, Margaritaville, Dolly Parton Organizations: Wharton School, University of Pennsylvania Locations: Belize, Pigeon Forge, Tenn

☆ 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

☆ Politicians to Shein: Not So Fast on U.S. Expansion
▼ + stars: | 2023-08-29 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +1 min

Shein, the ultrafast fashion retailer widely popular among Generation Z and millennial shoppers, faces demands from more than a dozen state attorneys general to answer questions about its business practices as the company’s U.S. expansion continues. Shein has not commented on potential I.P.O. “It is apparent that Shein is attempting to launch an I.P.O. before the end of this calendar year,” the letter from the attorneys general said. of this magnitude — involving a foreign-owned company that is facing credible concerns about its core business practices — cannot move forward on self-certification alone.”

Persons: Gary Gensler, Shein, ” Organizations: Securities and Exchange Commission, U.S, Arm Holdings Locations: U.S, United States, China, Singapore

☆ ‘The Moat That We Have to Protect’: The RealReal’s C.E.O. on Reviving the Brand
▼ + stars: | 2023-08-26 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +1 min

Now, it’s really, “You used to take this designer, you won’t anymore. Why won’t you?” In a perfect world, we’d say, “OK, we will take everything.” But there’s an economic reality, right? Certain brands of jeans we used to be able to sell for over $100. So instead of upsetting you by us taking them and selling them for way less than you want, we’re just telling you now we don’t take them. Before your time at the company, there was reporting about the RealReal selling inauthentic items on its platform.

Persons: we’re

☆ U.S. Consumers Are Showing Signs of Stress, Retailers Say
▼ + stars: | 2023-08-25 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +1 min

Consumers power the U.S. economy, and their capacity to spend has repeatedly defied predictions. In early 2020, after a short but severe recession caused by the pandemic, consumers splurged on big-ticket goods, from patio furniture to flat-screen TVs and home gym equipment. Then came what economists called “revenge spending” with experiences that were off-limits during lockdowns, like traveling and going to concerts, taking precedence. Financial reports from retailers — including Macy’s, Kohl’s, Foot Locker and Nordstrom — that landed this week suggest a shift is underway, from consumers buying with abandon to spending more on their needs. Retail sales in July were stronger than expected, leading some economists to raise their forecasts for economic growth this quarter.

Persons: Locker, Nordstrom, “, ”, Janine Stichter Organizations: ” Locations: U.S, Kohl’s

☆ Shein and Forever 21 Team Up in Fast-Fashion Deal
▼ + stars: | 2023-08-24 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +1 min

Shein, the e-commerce retailer founded in China, is partnering with the parent of Forever 21 to expand its reach into Americans’ closets. The tie-up will bring together two of the biggest names in the fast-fashion sector online and in malls across the country. As part of the agreement, Shein could one day operate stores-within-stores at Forever 21 outlets, while Forever 21’s clothes would be sold on Shein’s site. In the early 2000s, Forever 21 helped popularize the concept of fast fashion to American shoppers, standing out in malls with a revolving carousel of $5 tops and $10 dresses that hit racks more quickly than traditional department store schedules. Shein, founded in 2012 and now headquartered in Singapore, has gained popularity among American shoppers in recent years by taking fast fashion to the next level.

Persons: Shein Locations: China, Singapore

☆ Walmart Records Strong Sales as It Draws More Shoppers
▼ + stars: | 2023-08-17 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +1 min

Walmart, the largest retailer in the United States, on Thursday reported stronger-than-expected growth in sales and profit, and raised its full-year forecast for the second consecutive quarter, as it continued to attract shoppers spending more per visit to its stores. Comparable sales rose more than 6 percent in the second quarter, versus the prior year, comfortably beating Wall Street’s expectations. Grocery sales were particularly strong, the company said, while spending on general merchandise fell slightly. “We had another strong quarter,” Doug McMillon, Walmart’s chief executive, said in a statement. Home Depot and Target reported declines in their latest quarterly sales, while TJX’s off-price retailers reported a bigger-than-expected rise in sales and the company revised its forecast for the full year higher, like Walmart.

Persons: Doug McMillon, we’re, ”, TJX’s Organizations: Walmart, Home, Target, Marshalls, Home Depot Locations: United States, Maxx

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