DIRS.INFO The most relevant business & tech news

☆ 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.

☆ Mall of America can continue to fight Sears' new owners – who are hoping to keep the retailer's shocking $10-a-year lease
▼ + stars: | 2023-04-19 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

The Supreme Court unanimously decided that the Mall of America can challenge a lease it has with Sears. In 1991, the mall gave Sears a 100-year lease on a three-story location for just $10 per year. Mall of America objected, saying that landlords have a right to "adequate assurance of future performance" by whoever took over Sears' lease. The bankruptcy court overruled the mall's objection. That appeal too was dismissed, which led the mall to petition the Supreme Court.

☆ Target workers reveal the best perks and biggest frustrations of the job
▼ + stars: | 2023-04-17 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +9 min

But as attractive as the incentives may be for new applicants, some Target workers say the daily realities of working for the company can make those perks lose their luster. Most workers who spoke to Insider said that managers often pull them from one task to another to support a lean-staffing model. Joe Raedle / Getty ImagesAdditionally, all the workers Insider spoke with agreed that the company's interest in tracking metrics on activities from restocking and repricing to drive-up-order fulfillment can increase the pressure on workers. The company's benefits website says hourly workers' benefit eligibility is reviewed annually and averaged over the prior twelve months. A majority of the sources Insider spoke with said a big reason they sought a job at Target was that they love shopping there — and they still do.

☆ Legal pot sales eclipse sales of chocolate in the US as Americans reach for joints and berry edibles instead
▼ + stars: | 2023-04-14 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

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. Of course, legal sales are still vastly outweighed by illicit ones – Whitney Economics estimated that legal transactions constituted just 25% of the total cannabis market in the US in 2021. Robust as the total US sales numbers are, recent years have not been kind to the cannabis industry.

☆ Swiss watch execs say the market is 'slowing down' — but that just means waitlists for new Rolexes or Patek Philippes are a little less long
▼ + stars: | 2023-04-12 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

The frenzy for new Swiss luxury watches is softening from its pandemic peak, when exports hit $27.6 billion. "The market is a little bit slower than before," Patek Philippe chairman Thierry Stern told Bloomberg. That doesn't mean watches from top brands are suddenly available to buy — it just means waitlists are slightly shorter. "I see in the past two months, the market is a little bit slower than before," chairman Thierry Stern told Bloomberg. Swiss exports boomed during the pandemic to a record 25 billion Swiss francs ($27.6 billion), but even with the recent softening, Stern told Bloomberg demand still vastly outstrips supply.

☆ Walmart's plan to abruptly close 4 Chicago stores slammed as 'unethical' and 'unceremoniously abandoning these neighborhoods'
▼ + stars: | 2023-04-12 | by ( Ben Tobin | Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Walmart announced this week that it is closing four stores in Chicago in a matter of days. Elected officials said that the decision to close the stores "worsens food deserts" in the area. In a rare press release on April 11 announcing store closures, Walmart said bluntly that these stores "have not been profitable since we opened the first one nearly 17 years ago." "Walmart's decision to close four stores in predominantly Black and Brown communities not only worsens food deserts, but will also increase grocery costs for families." The four Walmart stores closing in Chicago

☆ More than 50,000 US retail stores are expected to close in the next 5 years as e-commerce and rising costs push smaller shops out of business
▼ + stars: | 2023-04-11 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

The US has almost a million retail stores, and is on track to shed over 50,000 of them by 2028. Rising costs and more ecommerce are favoring large retailers and pushing smaller ones out of business. UBS analysts say closures could tick even higher if sales growth slows below long-term trends. According to UBS, e-commerce sales are projected to rise to 26% of total retail sales by 2028, up from the current estimated level of 20%. Conversely, stronger sales growth would keep more stores open, the analysts said.

☆ Meet the typical CVS shopper: a white, Gen X, college-educated city dweller earning a high income
▼ + stars: | 2023-04-04 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

CVS's average customer is a white, urban Gen Xer earning a high annual income. Numerator found that CVS's typical shopper is a white, urban Gen Xer who has a college education and an annual income of more than $80,000. In addition to OTC pain medication and cough remedies, the typical retail shopper often prefers to buy candies, chocolates, and bottled water. Just 1.6% of a CVS shopper's total dollars are spent at CVS, compared with 6.8% of their spending on Amazon. At other retailers, the CVS shopper buys more fresh garlic, hand sanitizer, bar soap, and non-dairy milk alternatives than the national average shopper.

☆ Starbucks union is using billboards, a brass band and a butter sculpture to pressure board members from Nike, Land O'Lakes and Lego
▼ + stars: | 2023-04-04 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Starbucks union organizers are stepping up pressure on individual members of the company's board. Leaders at Nike, Lego, and Land O' Lakes were targeted using billboards, a movie trailer, a brass band, and even a butter sculpture. The push comes a week after shareholders voted in favor of an investigation into Starbucks' labor practices. Meanwhile, in Los Angeles and online, a Lego Movie-styled trailer premiered with the aim of enlisting Lego President Jorgen Vig Knudstorp to join the side of Starbucks workers. And now, those tensions are spilling over to other companies as the union targets Starbucks' board of directors.

☆ Bed Bath & Beyond's ousted CEO says he's not to blame for the company's failed turnaround and demands his $6.7 million severance
▼ + stars: | 2023-04-03 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Former Bed Bath & Beyond CEO Mark Tritton is suing the company, alleging non-payment of his severance agreement. Bed Bath & Beyond said Thursday it needs to raise up to $300 million in new funding to avoid bankruptcy. A representative for Bed Bath & Beyond told Insider the company does not comment on legal matters. One of Bed Bath & Beyond's biggest problems in 2019, the suit says, was its failure to have a serious private-label strategy and Tritton was specifically hired to give it one. If you are a current or former employee of Bed Bath & Beyond or Harmon who would like to share your story, please get in touch with Dominick via email.

☆ A dozen fake Easter eggs in dying kits from Walmart and Target are cheaper on average than a dozen real ones
▼ + stars: | 2023-04-01 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Egg prices are off of their January peak, but a dozen still costs more than $4, inflation numbers show. With Easter approaching, fake-egg dye kits from Walmart and Target may be cheaper than the real thing. The high cost of eggs led one of the largest dollar-store chains to decide not to carry them for now. (Actual egg prices vary substantially by geography. Easter decorators aren't the only ones adjusting their plans due to the still-high cost of eggs this spring.

☆ Target workers say the company's deference to customers can go too far: 'Sometimes the guest is wrong'
▼ + stars: | 2023-03-31 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +5 min

Target prides itself on being an extraordinarily customer-centric retailer, but some shoppers push that too far, according to workers. At Target, where shoppers are referred to as "guests," one worker in Texas said that motto would be right at home. That's kind of the culture that we have at Target," the worker said, a sentiment echoed by workers from four more states who spoke with Insider. "I don't think guests realize just exactly how they're coming across to us and how privileged it all feels," the Oklahoma worker said. If you are a Target worker who would like to share your perspective, please get in touch with Dominick via email.

☆ Bed Bath & Beyond is now offering $500 bonuses to hourly employees to stop them from quitting before their stores close
▼ + stars: | 2023-03-30 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Bed Bath & Beyond will give workers at closing stores $500 to stay until the end, sources tell Insider. Sources tell Insider that workers in many stores were quitting before their store's liquidation process was complete, complicating efforts to shut down more than 400 retail stores. Store managers are now expected to receive $2,250, assistant managers should see $1,750, and supervisors should receive $1,000, multiple store managers told Insider. Multiple workers also told Insider the company said it will no longer match 401k contributions for 2022. If you are a current or former employee of Bed Bath & Beyond or Harmon who would like to share your story, please get in touch with Dominick via email.

☆ TikTokers are dropping buckets on the heads of unsuspecting shoppers – but the viral prank took a dangerous turn at a California Target
▼ + stars: | 2023-03-30 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

A TikTok trend took a dangerous turn at a California Target store. One mother was a recent victim of the prank while she was at a Target in Tustin, California. Clay-Monaghan told Insider the object was more like a cloth-lined laundry hamper, which got stuck when she struggled to take it off, causing her to panic. The rapidly changing lighting and panicked breathing were a recipe for triggering her epilepsy, Clay-Monaghan told Insider. Clay-Monaghan told Insider she and her family are waiting for identification of the boys who attacked her, and that she is still suffering from shock and neurological side effects.

☆ Rolex just released its 2023 watch collection. See the platinum 60th-anniversary Daytona and 8 other new designs which are likely to have years-long wait lists.
▼ + stars: | 2023-03-28 | by ( Dominick Reuter | Lakshmi Varanasi | ) www.businessinsider.com time to read: 1 min

The other, known as the Rolesor, is a combination of gold and steel. This one is made from a combination of Rolex's proprietary Oystersteel alloy, and yellow gold. RolexSource: Rolex

☆ Rolex is discontinuing its $9,300 'mad scientist' Milgauss watch — and now some resellers are listing it for over $13,000
▼ + stars: | 2023-03-28 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Rolex has quietly discontinued one of its professional watches, the magnetic field-resistant Milgauss. Bob's Watches CEO Paul Altieri told Insider he's holding off selling until prices find a new steady state. The original version was worn by the scientists at CERN, the European Organization for Nuclear Research, in Geneva, Rolex says. It even ranks near last place among the 16 Rolex models tracked on the site. Of course, Rolex could resurrect the Milgauss in a few years, but until it does, mad scientists will have to content themselves with a pre-owned model.

☆ Bed Bath & Beyond set to complete a round of layoffs in New Jersey the day before a new state law takes effect that would mean millions more in severance for workers
▼ + stars: | 2023-03-24 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +5 min

Bed Bath & Beyond is closing 43 stores, two warehouses, and one fulfillment center in New Jersey. New layoff rules go into effect on April 10 in the state, which could have cost the company millions. On the morning of Tuesday, January 10, Bed Bath & Beyond CEO Sue Gove offered a rosy update about the company's turnaround strategy during its third-quarter earnings call. Representatives for Bed Bath & Beyond did not respond to Insider's question about whether the law influenced the timing of its New Jersey closures. Unlike prior cuts in which as many as 12 weeks of severance pay were given, Bed Bath & Beyond workers in several states affected by this round of layoffs tell Insider they will receive nothing.

☆ Target drive-up workers say app 'double-tapper' customers are a daily source of chaos and disruption as they try to meet tight fulfillment deadlines
▼ + stars: | 2023-03-18 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +5 min

Some customers neglect to notify the fulfillment team that they are en route until they've already arrived. The dreaded "double-tap" sets off a scramble to get an order out the door and can cause other delays. She and other Target workers who spoke with Insider asked that their names not be used, but their identities are known to Insider. Once the customer taps "I'm here," the fulfillment team is given a three-minute window in which to get the order to the customer's car. A team lead in Michigan said she's had workers in tears from bad customer interactions that stem from frustrations with delayed orders.

☆ Dollar General enters the retail 'labor hoarding' war with a $100 million investment to boost scheduled hours for employees
▼ + stars: | 2023-03-17 | by ( Dominick Reuter | Alex Bitter | ) www.businessinsider.com time to read: +3 min

Discount retailer Dollar General is the latest employer to join the industry's "labor hoarding" war. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyRetail's "labor hoarding" war now has a General — Dollar General, that is. CEO Jeff Owen told investors to expect an additional investment of approximately $100 million in 2023 as the company aims to boost scheduled hours for store associates. Rolltainers full of candy, toilet paper, and other dry goods sit in cage-like rolltainers outside of a Dollar General store in Minnesota. Insider sourceKeeping shelves stocked and unpacking inventory has been a problem for many Dollar General locations.

☆ Bed Bath & Beyond is reportedly skipping on severance payments for workers
▼ + stars: | 2023-03-16 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Bed Bath & Beyond is skipping out on some severance payments, Bloomberg reported Thursday. More than 400 locations are slated to close as the company aims to avoid filing for bankruptcy. Bed Bath & Beyond has previously paid as much as 12 weeks' wages — worth several thousand dollars — in severance packages for employees as recently as last year, per Bloomberg. Denying severance for store employees could complicate efforts to finish selling inventory, as some workers are quitting their jobs weeks before their locations actually close, Bloomberg reported. Are you a Bed Bath & Beyond employee affected by these closures?

☆ Meet the typical Dollar General customer: An older rural worker with a high school education and an income of less than $40,000
▼ + stars: | 2023-03-16 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Dollar General has 19,147 stores across the US and Mexico and employs more than 163,000 people. Dollar General's average customer is older, has a high-school diploma, and earns less than $40,000 per year. The first Dollar General store opened in 1955 in Springfield, Kentucky. Dollar General, now based in Tennessee, has 19,147 stores across the US and Mexico, mostly concentrated in the Sunbelt and Midwest. Numerator found that Dollar General's typical shopper is an older worker with a high-school education who lives in a two-person household in a rural area and earns less than $40,000 per year.

☆ Dyeing Easter eggs? The fake ones are cheaper than the real thing at Target and Walmart as egg prices soar
▼ + stars: | 2023-03-15 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Egg prices are off of their January peak, but a dozen still costs more than $4, inflation numbers show. With Easter approaching, fake-egg dye kits from Walmart and Target may be cheaper than the real thing. The high cost of eggs led one of the largest dollar store chains to decide not to carry them for now. (Actual egg prices vary substantially by geography.) Easter decorators aren't the only ones adjusting their plans due to the still-high cost of eggs this spring.

☆ The 'lipstick index' strikes again: Beauty shoppers are still spending big, even as US consumers dial back on everything else
▼ + stars: | 2023-03-13 | by ( Avery Hartmans | Dominick Reuter | ) www.businessinsider.com time to read: +6 min

Beauty sales are bucking a trend of declining consumer spending in other categories. The strength in beauty is reflecting a long-held retail indicator called the "lipstick index." Consumers are spending more on beauty in general, with over a third of survey respondents saying they spent over $500 on beauty products in the past year, up from a quarter the year prior, according to Inmar Intelligence. Other beauty retail partnerships, like Sephora and Kohl's, are getting a boost from the lipstick indexUlta and Target aren't the only retailers seeing beauty products fly off the shelves. In fact, the allure of Sephora is so strong that it's helped buoy same-store sales for Kohl's and draw younger consumers.

☆ Gen Alpha loves eating McDonald's, watching YouTube and Disney+, and telling their parents what to buy at the store
▼ + stars: | 2023-03-10 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Generation Alpha is the most plugged-in generation of children yet, and they are developing strong brand awareness by age 9. 37% of Gen Alpha parents said their kids' favorite restaurant was McDonald's, handily besting second-place Chick-fil-A's 6%. Fifty-four percent of Gen Alpha kids own tablets – and they watch a lot of streaming video content, mostly on YouTube, Disney+, and Netflix, the survey found. Still, digital influence is a distant follower to the top driver of Gen Alpha brand and product selection: seeing stuff on store shelves. "When seeking to connect with Gen Alpha, brands can look to established leaders like McDonald's and Disney," the Morning Consult researchers conclude.

☆ Target employees say they are overworked and dreading the arrival of drive-up returns: 'Somebody is going to get hurt or killed doing this.'
▼ + stars: | 2023-03-09 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Target said last week that a new option for drive-up returns would roll out to stores nationwide this year. On social media and in interviews, Target workers expressed concerns about the additional work and potential complications. "Guest service and drive-up are already overloaded with work," one employee in Illinois told Insider. Adam Ryan, a backroom worker in Virginia and organizer with Target Workers Unite, told Insider the move will "make the job even more difficult and tedious," and doesn't come with additional pay. If you are a Target worker who would like to share your perspective, please get in touch with Dominick via email.

Search resuls for: "Dominick Reuter"

25 mentions found