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☆ Overstock.com CEO says he was jealous of Bed Bath & Beyond's name for years — now, his company is taking its name
▼ + stars: | 2023-08-01 | by ( Grace Eliza Goodwin | Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Overstock.com's CEO told NBC News he was always jealous of Bed Bath & Beyond's iconic name. Overstock.com, led by CEO Jonathan Johnson, first bought Bed Bath & Beyond's digital assets in June after it went bankrupt earlier this year. With that purchase, Overstock has adopted Bed Bath & Beyond's brand image in place of its own — as of Tuesday, Overstock.com is out, and BedBathandBeyond.com is back in the game. "We've looked at Bed Bath and Beyond jealously for several years," Johnson told NBC News. The relaunched website allows customers to use up to $50 of their rewards points from old Bed Bath & Beyond accounts.

Persons: Overstock, Overstock.com, he's, Jonathan Johnson, We've, Johnson, Patrick Byrne's Organizations: NBC News, Service, Bed, NBC Locations: Wall, Silicon, Russian

☆ I visited Costco on my vacation to Japan. I was surprised to find a 48-piece sushi platter and bulgogi bake — and I even got a free sample of booze.
▼ + stars: | 2023-07-31 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Richard Truong is a 26-year-old software engineer from Pennsylvania who has been a Costco member since 2016. On a recent trip to Japan, Truong stopped by the Costco warehouse in Kyoto to see the differences. I work as a software engineer for a large insurance company in Pennsylvania, and I've been a member of Costco since 2016. It's fun to wander around Costco warehouses in different countries and see what they have — what's similar to the US and what's specific to that region. Japan has 32 Costco warehouses – here's what I saw on my visit to the one in Kyoto.

Persons: Richard Truong, Truong, I've, it's Organizations: Costco, Service Locations: Pennsylvania, Japan, Kyoto, Wall, Silicon

☆ Workers at a Burger King near Atlanta say they're getting sick working with no AC in 95-degree heat
▼ + stars: | 2023-07-28 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

The exhaust over the grill doesn't even work," Burger King employee and USSW member Arnice Sykes said in a statement. At a @BurgerKing in Decatur, the A/C is broken, workers are getting sick because of it, and Burger King does nothing. We spoke out along with other service workers to demand this extreme heat issue is stopped! Last week, workers at McDonald's locations in Houston, Texas, and Los Angeles each walked out after working without AC during heatwaves. And in Italy, unionized McDonald's workers went on strike as temperatures there reached 104 degrees Fahrenheit.

Persons: Burger, walkouts, Arnice Sykes, I've, Burger King Organizations: Burger King, Service, Dollar, Union of Southern Service Workers, US Occupational Safety, Health Administration Locations: Georgia, Wall, Silicon, Decatur , Georgia, Atlanta

☆ The 'aspirational' luxury shopper is suffering, but don't expect any deals
▼ + stars: | 2023-07-27 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

US consumers earning less than $100,000 fueled record profits last year for French luxury group LVMH. These "aspirational" customers are now pulling back on spending as pandemic cash reserves run dry. Important as these shoppers are, don't expect to see huge markdowns from Louis Vuitton and Dior. "The cost of all these initiatives was obviously quite high," Guiony said. Not every luxury brand can pull this strategy off, but it appears LVMH certainly can.

Persons: Louis Vuitton, that's, Christian Dior, Tiffany, LVMH, Jean, Jacques Guiony, Neil Saunders, Saunders, Michael Kors, Guiony, Hitha Herzog, Herzog, Pharrell Williams Organizations: Dior, Service, Louis Locations: Wall, Silicon, Asia, Pont, Paris

☆ Rolex makes more than 123 watch models — most of them are worth more used
▼ + stars: | 2023-07-25 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

The pre-owned luxury watch market has been declining for over a year, driven largely by the top three brands. Even so, nearly three quarters of currently-made Rolex models are worth more pre-owned than new. Patek Philippe still commands the highest resale premium, though only half its models beat their retail price. Spencer Platt/Getty ImagesEighty-nine of Rolex's 123 current models included in the analysis are worth more used than new. On average, pre-owned Rolex watches cost 24% more than retail, less of a markup than pre-owned Patek Philippe, and more than that of Audemars Piguet.

Persons: Patek Philippe, Audemars, Philippe's, Rolex's, Charles Tian, Morgan Stanley, Spencer Platt, Piguet, Tian Organizations: Service, Rolex, Audemars, Oaks, Getty Locations: Wall, Silicon, New York, Swiss

☆ Here's what the Costco 'star of death' means for your favorite warehouse items
▼ + stars: | 2023-07-23 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Costco price tags convey a lot of information for employees and customers in the warehouse. Recently, an asterisk on Bud Light products led to rumors that Costco was giving the "star of death" treatment to Bud Light in the wake of a conservative boycott. But closer inspection of the signage showed that only 16-ounce cans of Bud Light and 12-ounce bottles of Bud Light Platinum were getting the star of death treatment. Costco did not respond to Insider's questions regarding the status of Bud Light in its stores. With that one little symbol, buyers can communicate with store managers across the country and help them plan ahead, the Texas manager said.

Persons: markdowns, Justin Sullivan, I've, Bud Light, Dominick Organizations: Service, Costco, Bud Locations: Texas, Wall, Silicon, Novato , California

☆ Plans for the world's largest Costco warehouse are under review, but customers would only be able to shop in part of it
▼ + stars: | 2023-07-20 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Costco is seeking to build a new 241,342 square-foot warehouse in Fresno, California. The facility would replace an existing location and combine ecommerce fulfillment under one roof. This would be the wholesale club's largest warehouse, but shoppers would only be able to access part of the location. Target has gone all-in on using its stores to fulfill orders, and Walmart has used its stores for e-commerce fulfillment for years. The Salt Lake City location also opened as a hybrid concept, with a general members store and a dedicated business center for commercial customers under one roof.

Organizations: Costco, Service, Walmart, Fresno Bee Locations: Fresno , California, Wall, Silicon, Salt Lake City , Utah, Target, Salt Lake City, Fresno, Fresno . City

☆ Waffle House violence is so common it has become a meme. Now, fed-up workers are unionizing and demanding the company improve security.
▼ + stars: | 2023-07-20 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Waffle House restaurants have developed a reputation for violent incidents over the years. In response, some employees in South Carolina have unionized, demanding better security and pay. Representatives for Waffle House did not immediately respond to Insider's request for comment on this story. About two dozen other labor organizers joined the Waffle House workers for a three-day strike, backed by the newly formed Union of Southern Service Workers. Waffle House denied engaging in unfair labor practices in a letter to employees that was shared with the newspaper.

Persons: Jenna Ortega, Marcello Hernández, I've, Jessica Gantt, Naomi Harris, Harris, Gantt, Shae Parker, Dominick Organizations: Workers, Service, Representatives, Waffle, Waffle House, Union of Southern Service Workers, Service Employees International Union, Columbia, Courier Locations: South Carolina, Wall, Silicon, Columbia, Union, North Carolina, Georgia

☆ You can thank the American retail consumer for the soft landing
▼ + stars: | 2023-07-18 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Economists this week are embracing a higher probability that the Fed will achieve a "soft landing." A much-hoped-for "soft landing" indeed seems increasingly likely now as inflation cools and the job market remains strong. US retail and food services sales were up 1.6% from April to June, following a slight decline in March. "Consumers are far from depressed, but neither are they in celebratory mood," GlobalData retail analyst Neil Saunders said in a note. As consumer spending accounts for roughly 70% of the US economy, the continued strength in that area has been key to the US outperforming every other wealthy nation in the world.

Persons: —, Jerome Powell, Alastair Borthwick, Neil Saunders Organizations: Fed, Service, Commerce Department, Bank of America, Retailers Locations: Wall, Silicon

☆ Walmart shoppers may have used fake payment machines that look identical to the real thing — here's how to avoid 'skimmers'
▼ + stars: | 2023-07-17 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). Authorities have seized a batch of remarkably sophisticated credit card skimmers that fraudsters installed in Walmart stores in central New York and Maine. The skimming devices are designed to fit over the real payment terminal in order to capture customers' financial data during a transaction. One of the card skimming devices seized by law enforcement. The FBI estimates credit card skimming fraud costs consumers and financial institutions more than $1 billion per year, and recommends shoppers take precautions to avoid falling victim to the scam.

Persons: York State Police Major Vincent Lightcap, we're Organizations: Service, Privacy, Police, Authorities, Walmart, New York State Police, York State Police, YouTube, NewsChannel Locations: Wall, Silicon, New York, Maine, Oswego , New York

☆ Target workers can wear shorts now, and they're thrilled about it
▼ + stars: | 2023-07-14 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Target employees are permitted to wear shorts to work after the company updated its dress code. Workers can now wear "capris, skirts or shorts mid-thighs or longer," the policy says. Previously, only cart attendants and drive-up fulfillment workers were allowed to hike their hemlines, Target spokesperson Brian Harper-Tibaldo told Insider. Our current uniform standards ask team members to wear solid color pants, capris, skirts or shorts in good condition," Harper-Tibaldo said. "Man, wearing shorts today was amazing lol it felt so nice not having to wear pants when it was 116 and only getting hotter," another Reddit user said.

Persons: Brian Harper, Tibaldo, Harper, subreddit, Dominick Organizations: Workers, Service, Midwest, Employees Locations: Wall, Silicon

☆ Soccer superstar Cristiano Ronaldo pumps money into luxury watch resale marketplace Chrono24
▼ + stars: | 2023-07-12 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +5 min

Cristiano Ronaldo has become an investor in Chrono24, the global luxury watch resale marketplace. International soccer superstar Cristiano Ronaldo has become an investor in Chrono24, CEO Tim Stracke told Insider in an exclusive interview. Luxury watch resale prices have declined for more than a year. The investment comes at a rocky time for the luxury watch resale market, which has seen more than a year of price declines following the tightening of interest rates and the implosion of crypto. Stracke says he and Ronaldo both believe in the long-term prospects of the watch resale market.

Persons: Cristiano Ronaldo, Ronaldo, Tim Stracke, Forbes, Stracke, Chrono24, Bernard Arnault, Al Nassr, – Stracke, Jacob &, Franck Muller Cintree Curvex, Georgina Rodríguez Organizations: Aglae Ventures, Service, International, Manchester United, Portuguese national team, Nike, Rolex, Excel, Rodríguez's Rolex Locations: Chrono24, Wall, Silicon, Saudi, Dubai

☆ Walmart customers kept accidentally buying $49 Walmart+ memberships at self-checkout, forcing the company to abruptly yank a promotion
▼ + stars: | 2023-07-12 | by ( Yeji Jesse Lee | Dominick Reuter | ) www.businessinsider.com time to read: +6 min

The company has been pushing discounted memberships during its Walmart Plus Week event. The membership offer was part of Walmart Plus Week, the retailer's answer to Amazon's Prime Day. Just like the Amazon program, Walmart Plus Week is about not just sales, but driving new members to sign up for the service, which normally costs Walmart shoppers $98 a year. A push to grow Walmart+Walmart has pushed to grow its Walmart+ membership base for some time now. Are you a Walmart employee or a shopper with a story to share?

Persons: Dominick Reuter, Yeji Lee Organizations: Walmart, Service, Privacy, Paramount, Amazon, Wisconsin Walmart Locations: Wall, Silicon, Wisconsin, Texas

☆ All the major retailers have started using Meta's new Threads platform — except Costco
▼ + stars: | 2023-07-10 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

All of the largest retailers have activated their accounts, with the notable exception of Costco. That's not to say Costco doesn't have a presence on Threads — it's just not official. Dozens of Costco fan pages have already activated their accounts and are racking up thousands of followers. Unless Threads shows it can drive those two behaviors, it seems the famously frugal Costco will be content to sit this one out. Look no further than its official Twitter account, which contains zero posts and a bio reading, "Our Twitter account is currently inactive.

Persons: That's, Costco execs Organizations: Costco, Service, Twitter, Walmart, Kroger, Facebook Locations: Meta, Wall, Silicon

☆ Student-loan holders will soon have $300 less to spend each month. That could be bad news for Target and Dick's.
▼ + stars: | 2023-07-10 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Student loan payments are set to resume in October following a Supreme Court ruling last month. Analysts at Morgan Stanley project this will have a broad — but uneven — impact on major retailers. Retailers are already bracing for the shift, which analysts at Morgan Stanley project will affect nearly every company — some more than others. "Retailers with high exposure to student loan holders that sell into a discretionary category are likely most at risk, while retailers with low exposure to student loan holders are likely most insulated," the analysts note. In addition to Target, the analysis calls out Dick's Sporting Goods, Wayfair, and Williams-Sonoma as particularly vulnerable to this pullback in discretionary spending.

Persons: Morgan Stanley, Joe Biden's, O'Reilly, Jeffries Organizations: Service, Target, Walmart, Sporting Goods, Dollar, Tractor Supply Co Locations: forbearance, Wall, Silicon, Williams, Sonoma, Amazon

Since 2015, Prime Day sales have risen to more than $7 billion and could top $8 billion this year. Now in its ninth year, Amazon's annual Prime Day has become a fact of American life — a quasi-holiday that retailers of all types pile into. Protestors in New York raising awareness of Amazon facilitating ICE surveillance efforts coinciding with Amazon Prime Day 2019. How Prime Day is goingLast year, Amazon drove more than $7 billion in sales through its Prime Day sales, according to Insider Intelligence. The number of Amazon Prime account holders has ballooned too, with nearly 175 million people using Amazon Prime in the US today — around two-thirds of the country's population — according to a report by Insider Intelligence.

Persons: Michael M, Jack Ma's Alibaba, Diego Piacentini, Jeff Bezos, Brad Stone, Bezos, Execs, Stone, Meagan Wulff Reibstein, Wulff, Kevin Hagen, Brian Olsavsky, Rafael Henrique, Scott Olson, Andrew Lipsman, Lipsman, — Organizations: Amazon Prime, Companies, Amazon, Intelligence, Insider Intelligence, Workers, Walmart, Getty, Target, Target Circle, Black, Prime Locations: China, Tokyo, London, Paris, Munich, Japan, Europe, New York

☆ Costco is telling Instacart shoppers: Stop lurking in the parking lot while you wait for orders
▼ + stars: | 2023-07-06 | by ( Alex Bitter | Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Some Costco locations are asking Instacart workers to wait outside of their parking lots. "I'm sure there are some people who are doing dumb stuff in parking lots," one commenter on the Reddit post said. Instacart does not require shoppers to wait in a store's parking lot to be eligible for an order. "Shoppers who are shopping an active batch may utilize the Costco parking lot," Instacart said. "Access to batches extends beyond each Costco parking lot," the company said.

Persons: —, we're, Instacart, Alex Bitter, Dominick Reuter Organizations: Costco, Costco doesn't, Walmart, Target, Service, Shoppers, dreuter Locations: Los Angeles

☆ A grocery store security guard filmed three men stealing $500 worth of detergent. He's yet another worker who got fired after confronting shoplifters.
▼ + stars: | 2023-07-06 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

A Colorado man says he was fired from King Soopers grocery store after filming a shoplifting incident. As it happens, King Soopers' parent company, Kroger, has a policy against engaging or interfering with shoplifters. Burrola told the Denver CBS affiliate he was suspended when he arrived for his next shift and fired the following week. A spokesperson for King Soopers did not respond to Insider's request for comment on this story. "I hope this changes the policy," Burrola told CBS regarding Kroger's stance, "and gives power back to retail workers like myself."

Persons: King, —, Santino Burrola, Burrola, Snoop Dogg, King Soopers, Soopers, Jorge Pantoja, Bugsy, Pantoja, Robert, Calvin McDonald, Burrola's, who's, Dominick Reuter Organizations: Kroger, Service, Samsung Galaxy, Chevrolet Trax, Father's, Denver CBS, Arapahoe County Sheriff, CNBC, CBS Locations: Colorado, Denver, Arapahoe County, Georgia, Florida

☆ Costco still has 3 ways to shop without a membership even as the retailer cracks down on card-sharing — but the math still favors paying the fee
▼ + stars: | 2023-07-05 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Costco says more shoppers are sharing cards at self-checkout, so it's clamping down on checking IDs. There are still ways to shop without a membership: online, with a gift card, or as a member's guest. Still, there are a few ways to shop Costco's selection without paying the fee. In that scenario, the $60 membership fee basically pays for itself after just two trips. Use a Costco gift card without a membershipAnother popular workaround is to use a Costco gift card, known as a Shop Card, which allows shoppers to access the warehouse to use the funds.

Persons: — Organizations: Costco, Service, Netflix, Gold Star, Walmart Locations: Instacart

☆ Bud Light tries to win back conservatives one grunt at a time in a new ad featuring NFL star Travis Kelce
▼ + stars: | 2023-07-04 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Bud Light released a new ad with Kansas City Chiefs star Travis Kelce, titled "Backyard Grunts." Bud Light aims to win back conservatives with a new ad featuring Kansas City Chiefs star Travis Kelce and several decidedly less athletic men gingerly easing themselves into various seats — and grunting. Bud Light faced backlash over partnering with transgender influencer Dylan Mulvaney in April. The new 15-second spot depicted various backyard gatherings and has no dialogue apart from grunts, sighs, and Kelce saying "yeah." He also said about the summer advertising strategy: "you can look forward to Bud Light reinforcing what you've always loved about our brand – that it's easy to drink and easy to enjoy."

Persons: Bud Light, Travis Kelce, influencer Dylan Mulvaney, Brendan Whitworth, Mulvaney, Whitworth, Bud, Busch, you've Organizations: Kansas City Chiefs, Anheuser, Busch US, Morning, Busch, CBS, Bud Light, Modelo Especial Locations: America

☆ Music containing AI-generated elements could win a Grammy as long as a human contributes in 'a meaningful way,' Recording Academy CEO says
▼ + stars: | 2023-07-04 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Music containing AI-generated elements is eligible to win a Grammy, the Recording Academy CEO said. While the award will only be given to "human creators," those artists can use AI in their work. In order to win a Grammy, you need a great song, excellent distribution — and a pulse. "Music that contains AI-created elements is absolutely eligible for entry and for consideration for Grammy nomination. "What's not going to happen is we are not going to give a Grammy or Grammy nomination to the AI portion."

Persons: Harvey Mason Jr, Mason, What's Organizations: Recording Academy, Associated Press, Oxford, Cambridge

☆ Luxury retail workers earn about $45,000 per year to sell handbags and jewelry that can cost more than their take-home pay
▼ + stars: | 2023-06-30 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Luxury brands are increasingly having trouble finding and retaining talent for high-touch sales roles. Entry-level associates earn about $35,000 base pay per year, plus about $10,000 commission. On average, luxury retail sales associates earn about $35,000 base pay per year, plus about $10,000 commission, per Glassdoor data. A job at Gucci required three years of luxury fashion experience and the ability to "maintain an active, accurate, neat and organized client book," per BoF. Do you work in luxury retail?

Persons: —, salespeople, Sandy Sholl, there's, Teddy Bear, Jessica Cloutier, Nordstrom's, Cloutier, Neiman Marcus, Sukeena Rao, Dominick Organizations: Service, Target, Walmart, MadaLuxe, Business, Gucci, SMCP, Saks Fifth Locations: Costco, Patagonia

☆ Overstock's CEO explains why the surprise decision to rename the brand after bankrupt Bed Bath & Beyond is actually a brilliant move
▼ + stars: | 2023-06-29 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Overstock.com acquired Bed Bath & Beyond's brand and digital assets for $21.5 million. CEO Jonathan Johnson said the 20-year-old Overstock brand was overdue for an overhaul. Bed Bath & Beyond's Canadian website has already been refreshed with the names of both brands. The Bed Bath & Beyond brand we think will be such a brand." Johnson said the additional Bed Bath & Beyond shoppers — who accounted for more than $1 billion in sales last year — will triple Overstock's existing customer base.

Persons: Overstock.com, Jonathan Johnson, —, Johnson, Neil Saunders, Overstock, Saunders Organizations: Service, Beyond's, Bed, —

☆ Costco is more like Netflix than Walmart — and it's key to how the company stays profitable
▼ + stars: | 2023-06-28 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Although it's the third-largest retailer in the world, most of its profit comes from membership fees. The recent news shows how wholesale clubs like Costco have more in common with Netflix than Walmart. Although Costco is the third-largest retailer in the world, its reliance on membership fees means it's in some ways more like Netflix than Walmart. Other operating costs, like payroll and utilities, mean the company retained less than $3.5 billion from its top-line sales last year. High costs have led Costco, Netflix to crack downFor years now, both Costco and Netflix have been content to look the other way as paying members shared passwords and ID cards in violation of their respective policies.

Persons: — Organizations: Costco, Netflix, Walmart, Service, Sam's

☆ Allbirds is trying to win back Silicon Valley with a weird sock shoe
▼ + stars: | 2023-06-27 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

The jumbo logo badge serves a key role in offsetting the shoe's carbon impact, the company said. AllbirdsLike every aspect of the shoe however, the company said the badge serves an important function in attaining a net-zero carbon rating. A typical pair of running shoes generate about 30 pounds of CO2. AllbirdsWith the M0.0nshot, Allbirds said it takes this number down to zero, which is why "0.0" is featured in the name of the shoe. The company hasn't shared pricing, but interested sneakerheads can sign up on Allbird's website to the the first to know.

Persons: Allbirds, Tim Robinson's, Tom Nikic, Jamie McLellan, We've Organizations: Service, bros, Global Fashion, MIT, Adidas, Wedbush Securities Locations: Copenhagen

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