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Wai and Hui rent a two-family house with Hui's parents. Photo by CNBC Make ItWhen the lease was up on the couple's apartment, Hui's parents knew about a two-family house in Bensonhurst that was available for rent. The average size for a Brooklyn, apartment is 660 square feet, and the average monthly rent is $3,558 a month, according to RentCafe. Wai and Hui live upstairs while his parents live in their own apartment downstairs. The couple pays $1,600 a month to live in the one-bedroom, one-bath apartment on the second floor, while Wai's in-laws pay $1,900 and live on the first floor, according to documents reviewed by CNBC Make It.
Persons: Vionna Wai, Chucky Hui, Hui, Wai, Mickey Todiwala, He's Organizations: CNBC Locations: Sunset, Brooklyn, N.Y, Bensonhurst, Williamsburg, Greenpoint, Manhattan
In this article JWNKSSM Follow your favorite stocks CREATE FREE ACCOUNTSignage of Macy's, Kohl's and Nordstrom retail stores. Department stores like Macy's , Kohl's and Nordstrom face an existential crisis, as they try to persuade investors to bet on their futures while sales slow and their core customers age. Melissa Repko | CNBCTo attract younger shoppers, Kohl's is adding trendier clothing for teens, opening more Sephora shops and bulking up its baby department. At the same time, Macy's is trying to go where younger shoppers are, including suburban strip malls and beauty aisles. The company plans to open up to 30 of its smaller off-mall Macy's stores over the next two years.
Persons: hasn't, Nordstrom, Oliver Chen, Cowen, Chen, Kohl's, Melissa Repko, Tom Kingsbury, Maxx, Kingsbury, Macy's, It's, Tony Spring, He's, TD Cowen's Chen, Scott Olson Organizations: Nordstrom, Getty Images Department, Department, Wall, Baby Boomers, Boomers, CNBC, Target, Costco, Getty Locations: Kohl's, Macy's, Sephora, Bluemercury, Bloomie's, Zara, Chicago , Illinois
Some budgeting apps work by auto-transferring money to your savings account. Financial therapist and podcast host Amanda Clayman said these apps make you disengaged from your money. Budgeting apps make it easier for you to transfer money into savings accounts without having to think about it. While some people credit budgeting apps as useful tools, they're far from the best way to save money in the long term, according to Amanda Clayman, a financial therapist and host of the Audible series "Emotional Investment." According to Clayman, apps that automatically move money to your savings account can be great for short-term goals like planning for an upcoming vacation.
Persons: Amanda Clayman, , Clayman, she's, Zers, millennials Organizations: Service, Business
That's the reality for the ultra rich, and people like Jaclyn Sienna India make it happen. India is the founder of a Sienna Charles, a members-only travel agency that caters to wealthy clients who take million-dollar trips around the world. That includes "arranging spa appointments, recruiting house staff, helping clients build a home gym, whatever they need," India told The Cut. "He has all the money in the world, but he didn't want to go to Michelin-star restaurants," India told The Cut. "A lot of our clients work really, really hard, and it's important for them to have consistency and routine wherever they go."
Persons: Jaclyn Sienna India, Sienna Charles, she's, they're Organizations: FedEx, Michelin Locations: Versailles, India, New York City, Dallas, Los Angeles, San Francisco
Despite enticing alternatives, a fixed-rate mortgage remains the best option for us. With mortgage interest rates still close to 7%, alternative mortgages like adjustable-rate loans and mortgages with shorter maturities are gaining in popularity. AdvertisementThe beauty of the fixed-rate mortgage is that it offers certainty in an uncertain world. Any gain somebody might get with a lower interest rate might be offset by paying more for the house. So, we will be sticking with a fixed-rate mortgage and shopping around for the best rate.
Persons: , Sarah Alvarez, Alvarez, Brandon Bell, Freddie Mac Organizations: Service, William, Mortgage, Business, ARM, Treasury, Street Journal, FG, National Association of Realtors Locations: Austin , Texas
Read previewI can almost guarantee that you own a white tank top. First debuting in 2022, Prada's signature white top is a lot like every other tank on the market. All Prada tank tops are also made entirely of cotton, according to the brand's website. Prada's tank top: the ultimate status symbolYou can't get more casual than a white tank top, so the style might not scream luxury when you first look at it. But even with a Prada logo stamped on the front, isn't a white tank top still just that?
Persons: , Prada, that's, Miuccia Prada, Raf Simons, Victor Virgile, Kaia Gerber, Hunter Schafer, Tiziana Fabi, It's, There's, Prada Milano, Raimonda Kulikauskiene, Loewe, Miu Miu, what's, it's, Charli D'Amelio, Kendall Jenner, Ncuti, influencers, @dadouchic, it's Prada Organizations: Service, Target, Business, Prada, Vogue, Milan, prada, Harper's, MTV, Variety Locations: Italian, Milan
Meanwhile, the Roundhill Magnificent Seven ETF (MAGS) rose more than 4% and had already seen 280,000 shares traded as of Thursday afternoon, putting in on track to potentially set a new fund record for daily volume. The Roundhill fund has a simple structure that is resonating with some investors eager to buy even more of the Magnificent Seven. MAGS YTD mountain Roundhill's Magnificent Seven ETF tracks major tech stocks. In addition to capitalizing on investor demand for ways to play the megacap tech stocks, the Roundhill ETF is also a case study in fund marketing. So Roundhill pivoted out of "Big Tech" and into the trendier "Magnificent Seven."
Persons: BIGT, Tesla, MAGS, David Mazza, Mazza, Andrew Stewart Organizations: Nvidia, UBS, Nasdaq, Apple, Microsoft, Tesla, Big Tech, Roundhill Investments, Exchange Capital Management Locations: Americas
Florida, which has long attracted new residents thanks to its beaches and absence of state income tax, is getting an economic boost driven by young Americans seeking new opportunities. AdvertisementYoung people are driving Florida's economic strength. Getty ImagesFlorida's economy is growing thanks to the newcomersFlorida's population surge is driving the state's robust economy and demand for housing. The Sunshine State's economy is projected by Wells Fargo to expand in 2024, propelled by a robust job market. Thanks to the more damaging weather, Floridians paid more for home insurance in 2023 and the second-most for car insurance compared with other states.
Persons: , Wells, Sean Pavone, Wells Fargo, Taylor Tyson, Miami —, Policygenius, Hurricane Ian, Matias J, Forbes, Michael Bordenaro Organizations: Service, Smart Asset, " Employers, Wells, , Census, SEC, Miami, Miami Herald, Tribune, Getty Locations: Florida, Florida . Florida, Tampa , Florida, Wells, — New York , California, New Jersey, California, New York, Florida — Jacksonville, Tampa, Hurricane, Miami, St, Petersburg
The Cool Thing to Wear to the Big Game? Something Old.
  + stars: | 2024-02-06 | by ( Jessica Testa | ) www.nytimes.com   time to read: +1 min
The team store: A glorified souvenir shop at stadiums and arenas, where sports fans shop for official jerseys, snapback hats and a variety of magnets and key chains. “That is very out,” said Lily Shimbashi of Sportsish, a pop-culture newsletter and podcast aimed to female sports fans. It’s ugly.”For more and more fans, official game-day apparel has been replaced by less official, trendier gear sold online. items has nearly quadrupled in the last year, particularly in Missouri, home of the Kansas City Chiefs. The day after it was determined that Kansas City would play the San Francisco 49ers in the Super Bowl, eBay searches for vintage 49ers T-shirts rose by more than 400 percent in the United States and Canada.
Persons: , Lily Shimbashi, Organizations: Mets, M, Google, Kansas City Chiefs, Kansas City, San Francisco 49ers, Super, eBay, 49ers Locations: Florida, Missouri, Kansas, United States, Canada
Spring is former CEO of Bloomingdale's and begins as Macy's CEO in February 2024, succeeding longtime Macy's CEO Jeff Gennette, right. Spring will step onto a bigger stage and inherit the iconic department store's issues when he takes over the role of Macy's CEO on Sunday. He said after leading "the better-run part of the business" in Bloomingdale's, Spring needs to bring those "softer skills" to Macy's. Wooing investors and brandsIn his new role, Spring will have to charm investors, shoppers and hot brands. Macy's struggles have turned the retailer into a target for the activist investors Spring will face down as he becomes CEO.
Persons: Spring, Jeff Gennette, Melissa Repko, Macy's, Tony Spring, Bloomingdale's, Neil Saunders, Gennette, Tony, I'm, Sandro, Alice, Olivia, GlobalData's Saunders, Saunders, Jan, Arkhouse, Gavriel Kahane Organizations: CNBC, Herald, Investors, Maxx, Walmart, Cornell University, Arkhouse Management, Brigade Capital Management Locations: New York, Macy's, White Plains , New York, Bloomingdale's
Read previewMillennials, take note — it's actually pretty easy to dress like a trendy member of Gen Z. In an interview with Business Insider, Lavrusik said that while Gen Z often finds inspiration in '90s styles, millennials "are stuck" between 2010 and 2016. AdvertisementLavrusik describes herself as a millennial mom with Gen Z style. While Gen Z embraces baggy, low-rise pants in fun prints, millennials cling to their high-waisted, skinny-fit denim . "A great alternative to try for mom jeans since they're not as trendy right now would be high-waisted, wide-leg jeans," she said.
Persons: , Krista Lavrusik, Lavrusik, Gen, Edward Berthelot, it's, I'm Organizations: Service, Business Locations: Instagram
Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead underwriters on the offering, and Shein could go public sometime in 2024, the sources said. Shein has been planning to go public for the last few years, but halted plans almost twice since then. The fast-fashion giant's decision now comes at a time when the broader market for new issues remains laggard. Fast fashion retailers have been gaining popularity in the United States, with Shein taking away market share from the likes Gap (GPS.N) as shoppers look for fresher styles and trendier clothing. Shein's confidential IPO was first reported by the Wall Street Journal earlier on Monday.
Persons: David, Dee, Delgado, Shein, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Didi Global's, Simon Property, Pritam Biswas, Ananya Mariam Rajesh, Anirban Sen, Rishabh Jaiswal, Arun Koyyur, Sherry Jacob, Phillips Organizations: REUTERS, Reuters, JPMorgan, chipmaker Arm Holdings, New York Stock Exchange, Nasdaq, SPARC Group, Forever, Brands, Simon, Wall Street, Thomson Locations: New York City, U.S, China, United States, Singapore, Bengaluru, New York
The Nordstrom store is pictured in Broomfield, Colorado, February 23, 2017.REUTERS/Rick Wilking Acquire Licensing RightsNov 21 (Reuters) - Nordstrom (JWN.N) missed Wall Street targets for third-quarter revenue on Tuesday as sticky inflation pressured consumer spending in the months leading up to the all-important holiday shopping season. "The consumer is phasing out their shopping ... they are shopping cheque to cheque," Jane Hali & Associates senior analyst Jessica Ramirez said. Nordstrom executives said in a post-earnings call that the active, beauty and accessories segments were leading sales growth. "They did not do as much discounting as expected, but that may have hurt the top-line sales ... especially at Nordstrom," said Morningstar analyst David Swartz. Best Buy and Kohl's had trimmed their annual sales expectations to account for difficult-to-predict consumer demand in an uncertain economy, but Nordstrom maintained its forecast.
Persons: Rick Wilking, Jane Hali, Jessica Ramirez, David Swartz, Nordstrom, Ananya Mariam Rajesh, Devika Organizations: Nordstrom, REUTERS, Associates, Thomson Locations: Broomfield , Colorado, Nordstrom, Bengaluru
The Gap logo is seen on the front of the company's store in Paris, France, July 1, 2021. If current gains hold, shares will have nearly doubled since late July after the former Mattel (MAT.O) executive was appointed to revive the once sought-after brand. Gap's third-quarter earnings release Thursday showed significant inventory destocking, even as its holiday-season forecast disappointed. However, Gap joined other retailers in sounding a cautious note on spending, heading into the all-important shopping season. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shinjini Ganguli and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.
Persons: Sarah Meyssonnier, Richard Dickson, Dickson, David Swartz, Swartz, Katrina O'Connell, Gap, Ananya Mariam Rajesh, Shinjini Ganguli Organizations: REUTERS, Mattel, Gap's Old Navy, Morningstar, Navy, Walmart, Banana Republic, Thomson Locations: Paris, France, Bengaluru
Gap shares soar on Old Navy brand renewal, controlled inventory
  + stars: | 2023-11-17 | by ( ) www.reuters.com   time to read: +2 min
Comparable sales at Old Navy rose 1% in the third quarter, the first increase in 10 quarters. "Old Navy gained market share, an encouraging early proof point that work to improve both product assortment and brand messaging" were driving results, Gap Chief Financial Officer Katrina O'Connell said on Thursday following the earnings. Gap's struggles with outdated inventory at its namesake brand and Old Navy had pushed customers to look for newer and fresher styles at rivals like Shein and Amazon.com (AMZN.O). Jefferies analysts said new CEO Richard Dickson's prior experience in reinvigorating brands like Barbie at Mattel (MAT.O) could bring a lift to the Old Navy banner. The apparel maker's executives also alluded to a "longer recovery" time for Banana Republic and Athleta, which has seen "product misfires" and weak "retail execution".
Persons: Sarah Meyssonnier, Katrina O'Connell, Richard Dickson's, Barbie, Ananya Mariam Rajesh, Sriraj Organizations: REUTERS, Old Navy, Walmart, Advisory, Navy, Jefferies, Mattel, Banana Republic, Thomson Locations: Paris, France, trendier, encouragingly, Bengaluru
The pandemic pushed financial giants to embrace a more casual dress code that many other corporations had begun to embrace. Diversity in dressFor some women on Wall Street, the shift from business formal to business casual has allowed them to step out of the unofficial uniform of pantsuits and sheath dresses. Lululemon in the boardroomNo Wall Streeters mentioned buying more Ferragamo ties, but many said they were leaning into athleisure. People still come in wearing their suits and ties and their Louboutins, and I'm like, 'what are we doing here?' "For a lot of client interactions, dressing business casual can make it more comfortable and can lead to a better relationship-building experience."
Persons: Luis Arteaga, Shanta Wu, Kristen Powers, Morgan Stanley, She's, Thom Browne, Anne, Victoire Auriault, Goldman Sachs, Jack Dillon, He's, David Trinh, It's, we've, Thoma Bravo, Andrew Almeida, Richard Handler, Jefferies, Katya Brozyna, I'm, Benjamin Kiflom, Neil Kamath, Sarah Sigfusson, Michael Wilkinson, Wells, Patrick McGoldrick, Laiwala, I've, Rachel Hunter, Goldman, Luna McKeon, Ricky Mewani, Dominic Rizzo, Rowe Price Organizations: Barclays, Fidelity, Vista Equity Partners, Bridgewater, Jefferies, Nike Air Force, Goldman Sachs Asset Management, Bank of, Moelis & Company, KKR, Blue Owl, Citadel Locations: Bridgewater, New York, Florida, Miami, San Francisco
Britain's Keir Starmer plots painstaking path to power
  + stars: | 2023-10-05 | by ( Elizabeth Piper | ) www.reuters.com   time to read: +10 min
[1/2] British Labour Party leader Keir Starmer speaks during Prime Minister's Questions, at the House of Commons in London, Britain, May 24, 2023. Hours later, those from the opposition Labour party were summoned by senior members in charge of discipline and ordered to delete the posts and apologise. Welcome to Keir Starmer's Labour Party. "Thanks to Keir Starmer's leadership, voters see a changed Labour Party that is ready to change the country with a mission-driven government," a Labour spokesperson said when asked to comment for this story. 'CORBYN WITHOUT THE MADNESS'Named after the founder of the Labour Party, Keir Hardie, Starmer was brought up in a staunchly left-wing household.
Persons: Keir Starmer, Jessica Taylor, Handout, Gene Simmons, Simmons, Islam, Keir Starmer's, Jeremy Corbyn, we've, Starmer, Tony Blair, Rishi Sunak, Keir Hardie, Charlie Falconer, Claire Ainsley, Olaf Scholz, Australia's Anthony Albanese, Ainsley, Falconer, COVID, Keir, Mark Stephens, Blair, Starmer's, Andrew Cooper, David Cameron, Cooper, David Clarke Organizations: British Labour Party, REUTERS, Labour, Reuters, Keir Starmer's Labour Party, Conservatives, Conservative, Labour Party, Policy Institute, Labor Party, Public Prosecutions, Critics, Board, Police Service, Northern, Human, OF, DPP, of Human, Reigate Grammar, Thomson Locations: London, Britain, Australia, Germany, U.S, Caribbean, Uganda, Reigate
GU is a fast-fashion brand targeting Gen Z with stylish, affordable clothing. I visited the store and found some of the trendier pieces, like cargo pants, quite approachable. GU has grown to nearly 450 stores in Asia but didn't enter the US market until it opened its Soho store in October 2022. Much like Uniqlo, GU carries basics like logo-free t-shirts, simple sweaters, minimalist shoes, and dress pants. I wanted to check it out for myself, so I visited to see why it's become popular among Gen Zers.
Persons: Gen Z, that's, didn't, it's, Zers Organizations: GU, New York City, Service, Fast Retailing Group Locations: New York, Wall, Silicon, Asia, Soho, Uniqlo
In an effort to boost sales, Macy's - which reports second-quarter results on Tuesday - has focused on revamping its private brands, including its new On 34th label launched in July. Analysts expect Macy's to post a 87% slide in second-quarter profit, dragged down by heavy discounting to clear spring and early summer merchandise, according to Refinitiv. Thirteen percent answered Walmart and 9% answered Amazon, compared to 5.8% for Macy's and 3.3% for Nordstrom. Nordstrom so far has disclosed few specifics about the new merchandise intended to revive the Rack, including the brands and categories it plans to prioritize. On Monday, Rack’s website was advertising brands including Kate Spade, Adidas, Steve Madden and Cole Haan.
Persons: Andrew Kelly, Nordstrom, Erik Nordstrom, Macy's, Nordstrom's, Prosper, Macy’s, Kathy Gersch, , Kate Spade, Steve Madden, Cole Haan, Katherine Masters, Granth Vanaik, Savyata Mishra, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Nordstrom, U.S ., Target, Walmart, Nordstrom . Consulting, Deloitte, Private, Kotter, Adidas, Thomson Locations: Manhattan , New York City, U.S, New York, Bengaluru
FRESH CANVAS Three great styles. From left: Asahi Sneakers, $165, us.OfficineGenerale.com; Shoes Like Pottery by Moonstar Sneakers, $81, GoodWeaver.jp; Novesta Sneakers, $99, AlexMill.com Photo: Joel Arbaje/The Wall Street JournalMAY TO OCTOBER is canvas-shoe season for guys. When it’s warm out, simple sneakers made of light cloth and vulcanized (hardened) rubber take on an air of inevitability. So ubiquitous are Converse Chuck Taylors that the iconic, century-old kicks can appear to be the only canvas option on the menu. Their trademark five-pointed stars (or, in trendier neighborhoods, hearts from Converse’s popular Comme des Garçons Play collab) dominate sidewalks across America.
Persons: Joel Arbaje, Taylors Organizations: Asahi, Converse Locations: trendier, America
New York CNN —Tupperware shares fell nearly 40% in early trading Monday following a bleak warning that its future is looking murky. Tupperware said it won’t have enough cash to fund its operations if it doesn’t secure additional money. The company said it is exploring potential layoffs, and it’s reviewing its real estate portfolio for potential money-saving efforts. The New York Stock Exchange also warned that Tupperware’s stock is in danger of being de-listed for not filing a required annual report. Tupperware (TUP) said the entry into Target is part of the brand’s reinvention, which includes plans to grow the business through multiple retail channels and get its products in front of younger consumers who’ve never even heard of Tupperware (TUP) parties.
Gap announced Thursday that it's cutting back on managers to reduce costs. Meta and Twitter have also been cutting management jobs in recent weeks. Gap announced Thursday that it is cutting back on these workers to reduce costs and become more nimble. Neil Saunders of GlobalData Retail told clients this week: "Gap is rather like a lazy student that has the capability but completely lacks the capacity or will to put in the work to deliver a better performance." Gap did not immediately respond to a request for comment from Insider, made outside normal working hours.
An increased number of mannequins feature clothing and shoes throughout the remodeled Target store in Orange, California. It also intends to expand a network of hubs to make it cheaper and faster to get online orders to customers. Target plans to offer more items at lower price points, such as $3, $5, $10 and $15. "Given value is absolutely top of mind right now, being able to deliver affordable joy differentiates us in the marketplace," CEO Brian Cornell said. "And that's a clear advantage in the near term and remains our focus over the long term."
Macy's will close four additional stores across the country in the first quarter of 2023. Macy's has been experimenting with opening smaller concept stores outside of suburban malls. A Macy's spokesperson told Insider that employees at the affected stores would be offered roles at nearby stores or severance packages. Macy's closed stores in 2020, 2021, and 2022, including seven locations in January of last year. The department store chain has been experimenting with opening smaller, trendier concept stores known as Market by Macy's, which are located outside of suburban shopping malls.
But JCPenney earned my money. I purchased the $15 jeans for myself and the $24 Hickory Farms collection as a gift. The low-cost items at Macy's can't compete with the quality of JCPenney's regular-priced merchandise. The giant JCPenney sign on the outside of the Queens Center mall. Allie Nelson
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