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☆ Michael Kors owner Capri cuts forecasts as demand slows, shares plunge 24%
▼ + stars: | 2023-02-08 | by ( Uday Sampath Kumar | ) www.reuters.com time to read: +2 min

Feb 8(Reuters) - Michael Kors owner Capri Holdings Ltd (CPRI.N) on Wednesday cut its annual profit forecast and provided a dour outlook for 2024, blaming a slowdown in demand from department stores for its luxury handbags and apparel and sending its shares tumbling 24%. Capri said third-quarter sales fell 6%, driven by a 20% fall in revenue from its wholesale channel, which includes department stores and other retailers. Revenue for Michael Kors, Capri's biggest brand, fell 4.5% to $777 million in the Americas during the third quarter. Capri, which also owns Jimmy Choo and Versace, cut its annual sales forecast to $5.56 billion, from $5.70 billion. Analysts expect earnings per share of $7.24 on revenue of $6.03 billion.

☆ How Bed Bath & Beyond ended up on the verge of bankruptcy
▼ + stars: | 2023-02-08 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +8 min

Here’s how Bed Bath & Beyond, once a retailer pioneer, veered to the edge of bankruptcy and where it turns next. Brands coveted a spot on Bed Bath & Beyond’s shelves, knowing it would lead to big sales. Discount chains such as HomeGoods and TJ Maxx and have also undercut Bed Bath & Beyond’s prices. Without the differentiators of the lowest prices or widest selection, Bed Bath & Beyond’s sales stagnated from 2012 to 2019. Otherwise, too much of Bed Bath & Beyond’s revenue will go toward repaying debt that it won’t be able to turn a profit.

☆ Australia Dec retail spending nosedives in warning for economy
▼ + stars: | 2023-01-31 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

Retail sales fell 3.9% in December from November, after 11 months of consecutive gains, Australian Bureau of Statistics (ABS) data showed on Tuesday, suggesting that rate hikes so far are working as intended. "The large fall in December suggests that retail spending is slowing due to high cost-of-living pressures," said Ben Dorber, ABS head of retail statistics. "With the impact of the 2022 rate hikes yet to be fully realised, we still expect two more hikes to be delivered in the first quarter." After the data, futures markets still priced in a hefty 85% chance the cash rate would be raised by a quarter-point next week to 3.35%. An analysis by UBS on Tuesday projects a sharp slowing in spending by those who hold "extra" cash savings to a well-below trend pace from mid-2023.

☆ Hong Kong is criminalizing CBD as a ‘dangerous drug’ alongside heroin
▼ + stars: | 2023-01-31 | by ( Jessie Yeung | ) edition.cnn.com time to read: +7 min

Hong Kong CNN —Two years ago, cannabidiol was booming in Hong Kong. CBD cookies at the Found cafe in Hong Kong on August 11, 2022. And while CBD products could avoid this trace amount by using a pure form of CBD, most manufacturers mix other compounds for higher potency. From 2019 to early 2022, Hong Kong authorities launched nearly 120 “operations” seizing and testing CBD products from restaurants and shops to warehouses, Secretary for Security Tang Ping-keung said last year. Now “there’s less choice for consumers in Hong Kong.

☆ Goldman Sachs says Macy's is 'best-positioned' among retail stocks and could rally more than 20%
▼ + stars: | 2023-01-30 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Macy's is one of the best-positioned retail stocks and has notable upside despite what is expected to be a tough year for the broader sector, Goldman Sachs said. "We believe M is best-positioned to navigate an uncertain but softer landing economic environment," Roach said in a Monday note to clients. Roach added that Macy's was one of few retailers that could manage inventory levels and market share shifts between product categories in 2022. That gives Macy's a "clean" inventory position starting the new year and allows the company to focus on innovation. Macy's stock has advanced 11.8% so far in 2023.

☆ Kohl's vs. T.J. Maxx: 5 reasons I find shopping at Kohl's faster, cheaper, and less overwhelming
▼ + stars: | 2023-01-30 | by ( Danielle Bauter | ) www.businessinsider.com time to read: +5 min

Danielle Bauter recently compared shopping at her local Kohl's and T.J. Maxx in Upland, California. Though T.J. Maxx offers more variety, Bauter said shopping there makes her feel a bit overwhelmed. T.J. Maxx also has a rewards program, but it requires that you sign up for a TJX Rewards credit card. Kohl's carries fewer brands than T.J. Maxx, but they speak more to my styleBauter compared shopping at T.J. Maxx to shopping at Kohl's. Though T.J. Maxx carries a wider variety of designers, I can be easily overwhelmed by too many options.

☆ PREVIEW Luxury giants bank on Chinese return as Western shoppers sober up
▼ + stars: | 2023-01-24 | by ( Mimosa Spencer | ) www.reuters.com time to read: +4 min

They are expected to see a deceleration in sales growth over the quarter as the post-pandemic splurge on designer fashions begins to ease in the United States and Europe. Hermes (HRMS.PA), which reports fourth-quarter results on Feb. 17, is expected to show sales growth of 17%, a decline from 24% in the third quarter. Luxury spending by Chinese nationals had dipped from 33% of the global personal luxury goods market in 2019 to as little as 17% last year, according to estimates from consultancy Bain. Burberry's like-for-like sales growth slowed sharply to 1% in the quarter to end-December after a 23% fall in mainland China. Although the Chinese are expected to initially resume travelling within Asia, Europe is a region that particularly stands to benefit from a return of Chinese tourists.

☆ Luxury giants bank on Chinese return as Western shoppers sober up
▼ + stars: | 2023-01-23 | by ( Mimosa Spencer | ) www.reuters.com time to read: +4 min

Review: Is the Capital One Quicksilver Secured card the best credit card for you? Insider's Featured Secured Credit Cards Discover it® Secured Credit CardCapital One Platinum Secured Credit CardCapital One Quicksilver Secured Cash Rewards Credit Card Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. How to earn rewards from Capital One Quicksilver Cash Rewards Secured credit cardThe rewards rate on the Capital One Quicksilver Secured Cash Rewards Credit Card is straightforward, with no complicated bonus categories to track and no limits to what you can earn. Capital One Quicksilver Secured card benefits and featuresAs with most secured credit cards, the Capital One Quicksilver Secured Cash Rewards Credit Card isn't packed with perks. If your credit score is already good, don't apply for the Capital One Quicksilver Secured Cash Rewards Credit Card — you'll want to look at unsecured cards instead, like the Capital One Quicksilver Cash Rewards Credit Card.

☆ Retail CEO crisis: why the industry's top job is suddenly the hardest to fill
▼ + stars: | 2023-01-23 | by ( Matthew Kish | Avery Hartmans | ) www.businessinsider.com time to read: +8 min

It's the surest sign yet of a crisis facing the retail industry. Supply chains got snarled, shoppers stopped visiting stores, and stimulus payments spiked demand, each making it difficult to measure how business was doing. Then stimulus payments sent demand for everything from sneakers to home goods spiking while supply chains snarled. And just when supply chains started to sort themselves out, inflation hit, and shoppers started to scale back spending. Retail CEOs need 'peripheral vision'Workers at Starbucks stores and Amazon warehouses across the country have pushed to unionize, with many calling out the pay disparity between front-line workers and top executives.

☆ The new U.S. Bank Business Altitude Connect card is built for road warriors, with up to 5x points earning, rideshare credits, and great bonus categories
▼ + stars: | 2023-01-19 | by ( Joseph Hostetler | Credit Cards Reporter | Read More | ) www.businessinsider.com time to read: +14 min

The U.S. Bank Business Altitude™ Connect World Elite Mastercard® Card will open to applicants in February 2023.will open to applicants in February 2023. The new U.S. Bank Business Altitude™ Connect World Elite Mastercard® Card could be a great fit. Plus, you won't have to make any travel purchases through a specific travel portal — you can make reservations directly with the travel company. What to know about the U.S. Bank Business Altitude Connect cardThe U.S. Bank Business Altitude™ Connect World Elite Mastercard® Card will open to the public in late February 2023, but you can join the waitlist now. Because it's a small business card, you'll need a for-profit venture (even a side gig) to qualify.

☆ As consumer spending slows, Club holding TJX is the off-price retailer to own
▼ + stars: | 2023-01-18 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

That's likely to make off-price retailers like Club holding TJX Companies (TJX) even more attractive to many Americans looking for cost-saving deals in the new year. Total retail sales in the U.S. dropped 1.1% in December month-on-month, the Commerce Department said Wednesday, in the second consecutive monthly decline. Retail sales had fallen by 1% in November. Morgan Stanley analysts expect off-price retailers to benefit from consumers shifting spending habits away from high-end shopping toward discounts. Off-price retailers like TJX have a great opportunity to snag a wide range of merchandise from big-box retailers with elevated inventory for very cheap prices.

☆ Here's how Macy's is doing business differently, according to the brand's Chairman and CEO
▼ + stars: | 2023-01-16 | by ( Alexandra York | ) www.businessinsider.com time to read: +4 min

Macy's CEO Jeff Gennette joined the National Retail Federation's "Retail's Big Show" event this month. Retail leaders can predict consumer trends with pricing science and credit card data. One way the store is predicting consumer trends is with digital strategy, allocation science, and pricing science. A shift in supply chain proceduresThe supply chain has been a pain point for many businesses over the last three years. In recent years, Macy's has "totally redone" its supply chain, said Gennette, adding that it's reducing its dependence on China and shifting to more duty-free countries.

☆ UBS sees these retail stocks winning from a potential Bed Bath & Beyond bankruptcy
▼ + stars: | 2023-01-09 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Bed Bath & Beyond warned last week that it is running out of cash and is considering filing for bankruptcy protection . Buy Buy Baby is owned by Bed, Bath & Beyond. Some 59% of Bed, Bath & Beyond stores have a Sleep Number location within 10 minutes, according to UBS. HomeGoods, owned by TJX , competes with Bed, Bath & Beyond in home furnishings, kitchen products and other accessories. Some 40% of Bed, Bath & Beyond stores have a Costco within a 10-minute drive, while 43% have a Sam's Club.

☆ Yes, there are some products you really should skip at TJ Maxx - but here's a few more you should definitely buy
▼ + stars: | 2023-01-07 | by ( Bethany Biron | ) www.businessinsider.com time to read: +2 min

We consulted a shopping expert and several blogs and online reviews to find the best and worst products at TJ Maxx. Here are 23 products to buy at TJ Maxx and eight to consider skipping. According to the shopping expert Michelle Madhok, TJ Maxx's primary appeal is the opportunity for discovery. Another expert tip is to hit TJ Maxx on Wednesdays, which is when most of the stores restock with new products, Madhok said. With that in mind, here are 23 products to buy at TJ Maxx and eight you should skip.

A comparative few credit cards on the market specify that EV charging stations will receive bonus rewards. Popular charging stations include:TeslaChargePointEVgoLet's examine how to get the most return for EV charging expenses. These cards do not officially list EV charging stations in their bonus categories, so your results may vary. Electric vehicle charging station credit cards frequently asked questions (FAQ)Is there an EV charging stations map? The above credit cards offer effective bonuses between 2% and 4.5% back for EV charging stations.

☆ The pandemic didn't kill stores but they'll never be the same again
▼ + stars: | 2022-12-30 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +5 min

Brick-and-mortar stores are acting like mini fulfillment centers. These shifts, which began with the pandemic, have lingered even as life in the US has mostly returned to normal. Stores have become a lot like fulfillment centersPATRICK T. FALLON/AFP via Getty ImagesThe pandemic didn't kill brick-and-mortar retail, but it did change it. Big-box retailers are opening stores againWith all these changes, you'd think brick-and-mortar retail would be on its deathbed. Big-box retailers are opening more stores than they're closing for the first time in years, despite experts warning that brick-and-mortar would never recover from the pandemic.

Like many residents, he's been on a spree - because on Jan. 1 Singapore's sales tax goes up for the first time in 15 years. From next year, the sales tax on everything from groceries to diamond rings goes from 7% to 8%. By buying everything now before the hike, Soif said he's saving S$250 ($185) on his purchases, now in storage at retailers' facilities. The upbeat spending comes against a backdrop of concern, and some opposition, among the population about the tax hike. It has also said it would review the second step of the tax hike if there was a major global downturn next year.

[1/2] People visit a retail store during the holiday season in New York City, U.S., December 15, 2022. So far, shopper visits to many retail segments, including apparel and electronics, are down year-over-year, according to foot-traffic data from Placer.AI. Zara, the fast-fashion chain, aggressively raised prices this year without turning off shoppers, while dollar stores including Dollar General (DG.N) expanded their array of merchandise. Dollar stores have also shown momentum as more consumers traded down. Discount and dollar stores saw visits up 1.1% year-over-year, and up 7.8% compared to Super Saturday 2019, according to Placer.AI foot-traffic data.

☆ Few stores closed in 2022. UBS says get ready for that to change in 2023, starting with department stores
▼ + stars: | 2022-12-19 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +3 min

After a record number of store closures in 2020, retailers have shuttered far fewer doors over the last two years, but that may be about to change, especially for department stores, according to UBS. He also said that he believes the lack of store closures has made it harder for retailers to grow sales. Compares got tougher in 2Q22 as the industry lapped the big store closures. Our view is tough compares remain a reason Department Store sales will remain under pressure in the 1H23." Instead, he said, many store closures that would have occurred in 2021 or 2022 were accelerated by the pandemic.

[1/2] A woman holds a placard during a candlelight vigil to commemorate the victims of the crowd crush that happened during Halloween festivities, at Seoul City Hall Plaza, in Seoul, South Korea, November 5, 2022. The placard reads: "We are commemorating the victims of the Itaewon crowd crush". REUTERS/Kim Hong-Ji/FilesSEOUL, Dec 19 (Reuters) - Usually glitzy and buzzing in the holiday season, South Korea's popular Itaewon night-life district looks like a ghost town this year, as people still mourning 158 killed in a Halloween crowd crush go elsewhere for festivities. "It's not Christmas yet, but I guess Christmas won't be so different." "That might mean that we won't be able to fully enjoy the Christmas atmosphere this year."

☆ A real-estate investor who owns 9 commercial properties explains how he retired at 32 after just 5 years of investing by branching into commercial properties over residential — and shares where he see
▼ + stars: | 2022-12-18 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +14 min

Justin Sloan retired at 32 years old, just five years after he started investing in real estate. Sloan did this by branching out to commercial real estate, which he prefers over residential. Buying his first residential propertySloan began researching other investable assets such as franchises and municipal bonds, but found the idea of real estate investing especially appealing. "I was that naive to the idea that you could hire someone else to take care of your real estate." That same year, he stopped opening more cell phone stores, and instead directed all his revenue towards real estate investing.

Chase Freedom Flex℠ and Chase Freedom® cardholders can activate the Q1 bonus categories through their Chase account starting December 15, 2022, until March 14, 2023. How Chase Freedom quarterly bonus categories workEach quarter of the year, the Chase Freedom Flex℠ and Chase Freedom® cards earn 5% back (or 5x points) on a different set of bonus categories. That's why you can think of the Chase Freedom Flex℠ and Chase Freedom® bonus categories as earning you either 5% back or 5x points. Previous Chase Freedom quarterly bonus categoriesFor Q4 2022 (October through December), the Chase Freedom bonus categories are Walmart and PayPal. Right now, there are alternative bonuses available directly through Chase for the Freedom cards — find out more in our guide to the current Chase Freedom offers and in our Chase Freedom Flex review.

☆ The retail apocalypse isn't over: it's coming back to bite department stores, experts warn
▼ + stars: | 2022-12-15 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +4 min

Sales are stalling in 2022, but department store closures have stayed flat since early 2021. "These trends are likely not good for department stores as both luxury companies as well as off-price retailers compete directly with department stores," UBS analysts Jay Sole, Mauricio Serna, Shoshana Pollack, and Tiffany Agard wrote. Department stores like Nordstrom and Kohl's were left with too many stores as consumer spending wanes. Things didn't improve for department stores during the start of the holidays shopping season. According to Commerce Department data, November department store sales were down nearly 3% from last year, and UBS analysts predict department store sales will "remain under pressure" in the first half of 2023.

☆ The Rise and Fall of Respectability
▼ + stars: | 2022-12-09 | by ( Adam Kirsch | ) www.wsj.com time to read: +1 min

When the ledger is drawn up on the tech revolutions of the last thirty years—the internet, smart phones, social media, crypto—the losses are generally outweighed by the gains. It’s hard to deeply regret the disappearance of department stores, CD players and checkbooks when we have Amazon , Spotify and Apple Pay. The decline of respectability as an ideal has been at the center of two tech-world sagas unfolding in recent weeks: the collapse of the crypto exchange FTX and Elon Musk’s tumultuous takeover of Twitter. In this context, the most telling detail in the FTX saga doesn’t have to do with dubious tokens or suspicious accounting. Rather, it involves League of Legends, the massive multiplayer online game that is a favorite of FTX founder Sam Bankman-Fried .

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