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☆ Costco is cracking down Netflix-style on shoppers sharing membership cards to use at self-checkout
▼ + stars: | 2023-06-26 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Costco says more shoppers have been improperly sharing membership cards to use at self-checkout. Employees at self-checkout are increasingly asking shoppers to show a member card with their photo. But Costco says it has noticed an increase in shoppers using cards that aren't theirs, especially to check out at the self-service lanes. "As we already ask for the membership card at checkout, we are now asking to see their membership card with their photo at our self-service checkout registers." More than 69 million households have a Costco membership, and there are nearly 125 million authorized cardholders, according to third-quarter SEC filings.

Persons: —, Richard Galanti, we've Organizations: Costco, Netflix, Employees, Service, Privacy, Star, Dallas Morning News, SEC Locations: Michigan, Texas

☆ Rolex certified pre-owned watches cost 25% more on average than those from traditional resellers
▼ + stars: | 2023-06-23 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Rolex last month expanded its certified pre-owned watch program from Europe to the US. Every model except the Daytona is at least 17% more expensive on average when certified by the Crown. Used watches that have the official stamp from Rolex currently command a 25% higher price on average across the portfolio, according to data from WatchCharts, a price-tracking platform for luxury watches. The CPO markup does not apply uniformly across all models, however: more popular watches appear to have a lower relative increase than less popular ones. With extremely constrained supplies of new watches and yearslong waitlists for certain models, the CPO program is essentially the only way to buy a Rolex on-demand from an authorized dealer.

Persons: — Organizations: Rolex, Crown, Service, CPO Locations: Europe, WatchCharts

☆ Costco is asking employees to heavily monitor self-checkout at some stores — and customers are divided
▼ + stars: | 2023-06-22 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Customers say employees often intervene when they are trying to purchase lots of items or bulky products. Several self-checkout users said workers have rung up everything in their cart with a handheld scanner and sent them on their way. They also compared Costco's process unfavorably to those of retailers that allow customers to use handheld scanners for large or bulky items at self-checkout. "Your Costco has hand scanners for members? If I want to use the hand scanner I have to take my food to Home Depot," a shopper said.

Persons: — Organizations: Costco, Service, Shoppers, Costco Corporate, Sam's Club

☆ Bed Bath & Beyond poised to join the list of 'zombie brands' like Radio Shack and Toys R Us
▼ + stars: | 2023-06-22 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Bed Bath & Beyond has reached a deal to sell its primary brand assets to Overstock for $21.5 million. The agreement covers trademarks, business data, and e-commerce sites, but not stores or inventory. The sale will make the former housewares giant the latest retail "zombie brand." A shuttered Bed Bath & Beyond store in suburban Detroit. The survival of Bed Bath & Beyond on paper and online will make it the latest retail "zombie brand" — a list that includes former industry titans like Radio Shack, Lord & Taylor, and Toys R Us, whose new owners aim to cash in on the label's established credibility with customers.

Persons: —, Overstock.com, Leslie J, Allen, Taylor Organizations: Service, Bed, titans, Radio, New York Times, & $ Locations: New Jersey, Detroit

☆ How Costco is winning the war against rising retail theft
▼ + stars: | 2023-05-26 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Walmart, Target, and other major retailers are sounding alarms about rising losses due to theft. The warehouse chain's chief financial officer, Richard Galanti, said Thursday that shrinkage — or inventory losses due to theft, fraud, or other causes — was largely unchanged. Overall, theft helps drive about $95 billion in losses every year for US retailers, according to estimates by the National Retail Federation, an industry group. "By strictly controlling the entrances and exits and using a membership format, we believe our inventory losses (shrinkage) are well below those of typical retail operations," Costco says in its annual report each year. In short, Costco is better able than most retailers to control its losses to retail theft thanks to some key strategies that are core to its business.

☆ Target is expanding removal of Pride merchandise across the country, workers say, in a potential win for anti-LGBTQ protestors
▼ + stars: | 2023-05-26 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Target reportedly is doubling down on its controversial decision to pull Pride merchandise from its stores. Sources tell Insider that Target ordered stores across the US to remove swimwear and other items. Workers in Florida and Texas, where displays were previously removed, told Insider that products and apparel that mention or celebrate transgender Pride were no longer for sale either. A day earlier, CEO Brian Cornell defended the decision to remove some Pride month displays in an email to staff. If you are a Target worker who wants to share your perspective, please contact Dominick via email or Signal 646.768.4750.

☆ Target CEO defends the decision to remove Pride displays and pledges to support the LGBTQ community. Read his letter to employees.
▼ + stars: | 2023-05-25 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

The company has long been an outspoken LGBTQ supporter, but some employees have felt let down by the move. CEO Brian Cornell defended the choice, saying it took "many difficult days of deliberation." A Target spokesperson told Insider the move was a response to "threats impacting our team members' sense of safety and wellbeing." This has been a very hard day for Target, and it follows many difficult days of deliberation and decision-making. Thank you for the care you've shown each other, our frontline teams and the LGBTQIA+ community.

☆ Lowe's is trying to lure rural shoppers by copying Tractor Supply and selling livestock products, Carhartt, and Wrangler
▼ + stars: | 2023-05-25 | by ( Ben Tobin | ) www.businessinsider.com time to read: +4 min

Analyst group Jeffries says Lowe's may cut into Tractor Supply Co.'s rural-customer market share. They will roll out in up to 300 Lowe's stores by the end of the year and include new Carhartt apparel, an expanded Wrangler lineup, as well as items for pets, livestock, and trailers. Lowe's push to expand farm and ranch offerings could be troubling news for Tractor Supply Co., which has more than 2,000 stores nationwide. Per the Jeffries report, Lowe's rolled out a pilot of its rural concept in two stores in rural parts of Tennessee in 2020. Tractor Supply could face greater competition from Lowe's.

☆ Target offers 1 year to return items from store brands like Cat & Jack kids' clothes. Here's everything you need to know about the unusually generous policy.
▼ + stars: | 2023-05-22 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +7 min

Target guarantees satisfaction for a year on owned-brand goods, including Cat & Jack kids clothes. Here's Target's policy, the strategy behind it, and what could cause it to change. Target's policy says most items must be returned within 90 days and they must be in new condition or unopened. In a way, the return policy helps Target make sales, as it incentivizes shoppers to buy its in-house brands. "These are people admitting on social media that they were actually quite satisfied, but they are just finding a loophole and this return policy," Herzog said.

Organizations: & &

☆ The most dangerous place for retail workers might be right outside their stores
▼ + stars: | 2023-05-19 | by ( Ben Tobin | Dominick Reuter | ) www.businessinsider.com time to read: +5 min

Store parking lots can present dangers for workers and customers alike. Roughly half of all deaths one outlet recorded at retailers in early 2022 occurred in parking lots. The incident illustrates a particular danger for retail workers that lies not within the confines of their brick-and-mortar stores but outside them, in the parking lot. Many of them identified the parking lot as the place they felt most unsafe. Retail store's parking lots are the scene of both violence and accidentsA worker collects shopping carts from the parking lot of a Walmart store in Chicago.

☆ Sales are up at T.J. Maxx as consumers turn to discount retailers. We visited stores in the US and UK and found that both had great bargains but were a mess to navigate.
▼ + stars: | 2023-05-18 | by ( Grace Dean | Dominick Reuter | ) www.businessinsider.com time to read: 1 min

Most shoes were straight on the shelves, but some were kept in boxes, which seems a bit impractical for shoppers. Because of the way that TK Maxx sorts its items according to size, you have no idea what might be in the boxes until you open them. The TK Maxx store in Leeds. Grace Dean/Insider

☆ Home Depot says its $1 billion boost to wages has already improved customer satisfaction and worker safety – a bright spot in an otherwise gloomy Q1
▼ + stars: | 2023-05-16 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Home Depot says the $1 billion boost to worker pay that it announced earlier this year is already yielding results. The move has led to better staffing, which has improved customer satisfaction and worker safety, the company told investors. In spite of a gloomy financial forecast, the company says the investment in employees is locked in. Campbell said the wage boost has enabled Home Depot to hire top-tier workers across the US — and keep them for longer, even as labor turnover remains high in the retail industry. If you are a Home Depot worker who wants to share your perspective, please contact Dominick via email or Signal 646.768.4750.

☆ Target is letting parents return entire wardrobes of outgrown or damaged kids' clothing for cash or all new items
▼ + stars: | 2023-05-15 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Target offers one-year returns on owned-brand items, including the Cat & Jack children's clothing line. While some retailers are introducing limits on returns, Target is trying to make the process even easier. "If you guys buy Cat & Jack for your kids, there is a one-year warranty that Cat & Jack offers if your kid outgrows the clothes, whether it's stained, ripped, whatever it is, they'll refund you." Besides, what do many shoppers do right after returning a batch of Cat & Jack? Buy more Cat & Jack.

☆ A discontinued Rolex just sold at auction for a record-breaking $2.5 million — the winning buyer reportedly was the watchmaker
▼ + stars: | 2023-05-15 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

A rare Rolex Milgauss "mad scientist" watch sold at auction for $2.5 million. The winning buyer purchased the timepiece on behalf of Rolex itself, sources told Bloomberg. Phillips in Association with Bacs & RussoThe winning buyer was acting on behalf of Rolex itself, sources told Bloomberg. Earlier this year, the Swiss brand quietly discontinued production of the Milgauss, known to many as Rolex's "mad scientist" watch for its magnetic interference-resistant design. The world record auction price for any wrist watch remains $17.8 million in 2017 for Paul Newman's very own Daytona Reference 6239.

☆ I went to Tractor Supply and saw why Wall Street loves the rural retailer, but I wasn't convinced of its appeal to millennial and Gen Z shoppers
▼ + stars: | 2023-05-14 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Tractor Supply Co. is an 85-year-old rural retailer that has recently become a Wall Street favorite. It owns more than 2,300 midsize stores in rural and suburban areas across the US, and sales are booming. The CEO credits millennials for the growth, but the brand appears geared to older, wealthier customers. Top editors give you the stories you want — delivered right to your inbox each weekday. Insider went to a Tractor Supply Co. location in Wisconsin and found a store that specializes in selling sensibly priced stuff for people with expensive hobbies.

☆ Americans are buying weed more than chocolate, data shows
▼ + stars: | 2023-05-13 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

In 2022, Americans spent an estimated $30 billion on legal marijuana products. Legal pot sales could top $33 billion this year – more than chocolate and craft beer combined. Last year's total also exceeds the combined total sales of chocolate and craft beer, which saw $20 billion and $7.9 billion, respectively. If trends continue, MJBizDaily projects cannabis sales could reach as high as $33.6 billion this year and climb to nearly $57 billion by 2028. Robust as the total US sales numbers are, recent years have not been kind to the cannabis industry.

☆ Walmart and Target employees reveal the most dangerous parts of working in retail, from towers of boxes to armed customers and inattentive drivers
▼ + stars: | 2023-05-12 | by ( Dominick Reuter | Ben Tobin | ) www.businessinsider.com time to read: +7 min

Front-line retail workers face a variety of workplace hazards both inside and outside their stores. "There are a lot of dangerous aspects to working retail," said a Walmart employee of eight years who works at a store in Minnesota. In a statement to Insider, Walmart said, "The safety of our customers, suppliers, and associates is a top priority. Insider spoke to a dozen current and former Walmart and Target employees nationwide to understand the dangers that retail workers face on the job. Three Walmart employees and a former Target executive team lead told Insider about incidents with customers wielding guns.

☆ Meet the billionaire family behind Tyson Foods, the beef, pork, and chicken juggernaut whose heir apparent has battled legal troubles
▼ + stars: | 2023-05-10 | by ( Dominick Reuter | Katie Warren | ) www.businessinsider.com time to read: +1 min

Tyson Foods owns brands including Jimmy Dean and Hillshire Farm, producing roughly 20% of America's beef, chicken, and pork. The Arkansas-based company made $53.6 billion in sales last year and has been family-run for generations. Chairman John H. Tyson and his family are worth $2.3 billion, making the Tysons one of the country's wealthiest families. The company has been family-run ever since it was founded in 1931, with chairman John H. Tyson — grandson of founder John W. Tyson — and his relatives controlling a majority of the company's stock. Here's a look at the massive beef, pork, and poultry company and the billionaire family behind it.

☆ Starbucks to Charge Customers $1 for 'No Water' Refresher Requests
▼ + stars: | 2023-05-08 | by ( Gloria Dawson | Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Starbucks told Insider it will charge customers $1 for Refresher drinks requested with no water. Starting May 9, Starbucks will charge $1 to customers who request no water in Refreshers, a company spokesperson told Insider. A Starbucks spokesperson said the customization requires more Refresher base, and the price increase accounts for the additional product. Three Starbucks employees told Insider they were nervous about facing backlash from customers over the new charge. In the past, when Starbucks discontinued syrups or changed how customers earned Starbucks Star rewards, some employees have said they faced angry customers.

☆ Bed Bath & Beyond will reportedly pay severance to 1,293 workers in New Jersey after it faced sharp criticism over prior cuts
▼ + stars: | 2023-05-08 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Bed Bath & Beyond will cut another 1,293 jobs in its home state of New Jersey, public records show. New rules in the state mean the company will need to pay severance to those employees. Cryan sponsored legislation, which took effect on April 10, requiring large employers to pay severance to more employees than is required under federal law. New Jersey law broadens severance coverageMark Diana, a management-side employment lawyer with Ogletree Deakins, previously told Insider the new law requires employers to:Give 90 days' notice of a mass layoff. Pay mandatory severance of one week's earnings per year of service, with no cap on the number of weeks.

☆ Target CEO Brian Cornell earned 680 times its median employee's pay last year. And that was after he saw a pay cut.
▼ + stars: | 2023-05-03 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

The median employee — a part-time hourly worker — earned $25,993 for the full year. Cornell's pay ratio works out to 680 times that of the median worker, down from last year's figure of 775. That works out to a CEO-to-median worker pay ratio of 680 to one. McMillon's pay ratio was even higher, earning 933 times the typical worker's annual pay. Most companies argue that the mandatory CEO pay ratio figure should not be used to compare different types of businesses.

☆ Amazon, Target, and Walmart will be the biggest winners from Bed Bath & Beyond's demise
▼ + stars: | 2023-05-02 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Bed Bath & Beyond has filed for bankruptcy and is conducting an "orderly wind down" of its stores. 1 in several of the categories that Bed Bath & Beyond is best known for: kitchen and bathroom supplies, decor, storage, and bedding. Consumers will have fewer options with the demise of Bed Bath & Beyond, said Peter Greene, Numerator's Insights Practice Director for General Merchandise, in a statement. "Bed Bath & Beyond was slow to embrace and adopt the e-commerce boom, which was pioneered, advanced, and utilized to great success by direct competitors like Target, Walmart, and Amazon," Bed Bath & Beyond CFO Holly Etlin wrote in bankruptcy filings. Bed Bath & Beyond's sales plummeted from $11.1 billion in 2019 to an estimated $5.4 billion in 2022.

☆ Here's why Rolex watches are so expensive and how the brand gained its luxury status
▼ + stars: | 2023-04-29 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +6 min

With their precision manufacturing, specially sourced materials, and exceptional craftsmanship, Rolex watches have never come cheap, but neither were they out of financial reach for 1960s working professionals in search of perfect timekeeping and technical innovation. "Back then, anybody could afford a Rolex," Hess told Insider. Dealers would buy luxury watches in Switzerland to carry across the border and sell in Italy. That reputation has helped Rolex crush the competition with a quarter of the luxury watch market — more than double that of runner-up Omega. "They all buy the little wannabe Rolex brands in the beginning and finally, when they achieve success, they buy that Rolex."

☆ I went to a doomed Bed Bath & Beyond in my city and found stocked shelves, no deep discounts and few signs that the end was near
▼ + stars: | 2023-04-27 | by ( Dominick Reuter | ) www.businessinsider.com time to read: 1 min

But since the coupons were now unusable at that store, many ended up in a stack in a chair near the front door. They're not completely useless, though. Big Lots and The Container Store have said they will honor them. Dominick Reuter/InsiderSource: Insider

☆ Viral TikTok shows a Target San Francisco store going to extreme measures to deter shoplifters, with an entire aisle locked up
▼ + stars: | 2023-04-25 | by ( Dominick Reuter | Ben Tobin | ) www.businessinsider.com time to read: +4 min

A TikTok video showing an aisle of items including toothpaste and razors under lock and key has gone viral. News outlets cited it as further evidence of "a shoplifting crisis that has crippled retailers" in San Francisco. A recent study found low-cost items in the health and beauty section are a top target for retail thieves. The new TikTok video only shows one aisle and the rear of the store, and a Target spokesperson told Fox News that other aisles were not so heavily protected. "We're taking proactive measures to keep our teams and guests safe while deterring and preventing theft," a Target spokesperson said in a statement to Insider.

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