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☆ Costco CEO Craig Jelinek to step down Jan. 1; COO Ron Vachris will take over
▼ + stars: | 2023-10-18 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +1 min

A Costco Wholesale warehouse sign is seen outside of a store in Silver Spring, Maryland, on August 5, 2023Costco 's longtime CEO Craig Jelinek is stepping down from the company, after the warehouse club's spree of pandemic- and inflation-fueled growth. The company said Wednesday that Ron Vachris, the company's chief operating officer, will succeed him. In a news release, Costco said the two executives have worked together over nearly the past two years. So far this year, the company's stock has shot up by 26% — outperforming both the gains of the S&P 500 and most other publicly traded retailers. Jelinek has been at the helm of the warehouse club since January 2012.

Persons: Craig Jelinek, Ron Vachris, Jelinek Organizations: Costco Wholesale, Costco Locations: Spring , Maryland

☆ Walmart beefs up its third-party marketplace as it challenges bigger online rival Amazon
▼ + stars: | 2023-10-18 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +8 min

In this article WMTAMZN Follow your favorite stocks CREATE FREE ACCOUNTWalmart hosted its first seller summit for its third-party marketplace this summer. Walmart leaders gave third-party marketplace sellers an early gift, too: Waiving extra fees for storing merchandise during the peak season. Already, the company is using the third-party marketplace to try to drum up early business. About 70% of items included in Walmart Plus Week, which coincided with Amazon Prime Day in July, were marketplace items. There are signs Walmart's growing third-party marketplace could help the company defy slower spending patterns and capitalize on inflation-wary shoppers.

Persons: Doug McMillon, Santa Claus, Sam Walton, Walmart's, Tom Ward, Rick Watson, Watson, Melissa LaCognata, Jaré Buckley, Cox Organizations: Walmart, Amazon's, Amazon, Walmart U.S, eBay, RMW Commerce Consulting, Federal Trade Commission, Disney, Reebok, Lucky Locations: Las Vegas, Amazon

Some observers say his moves are largely consistent with both the views of California voters and the political tone that Newsom struck in his first term. While Newsom delighted labor advocates with many of his signatures, he also angered them with some vetoes. “It’s because that’s what Californians want their governor to be.”Newsom's actions reflect that he is “a consistently left-of-center Democratic governor,” said Wesley Hussey, a political science professor at California State University, Sacramento. Lorena Gonzalez Fletcher, who heads the California Labor Federation, said “it's almost cruel” that workers who go on strike aren't guaranteed insurance benefits. Newsom signed legislation to make sure LGBTQ+ foster youth are placed with families able to support their well-being, train school staff to better support LGBTQ+ students and seal legal gender-change petition documents for minors.

Persons: Gavin Newsom, Newsom, Elizabeth Ashford, Robert Rivas, Jerry Brown, Arnold Schwarzenegger, it's, “, ” Ashford, ”, Wesley Hussey, Mark Baldassare, Lorena Gonzalez Fletcher, ” Newsom, Baldassare, Melissa Romero, Assemblymember Chris Ward, ” Ward, Sen, Shannon Grove, Grove, ‘, ” ___ Sophie Austin, @sophieadanna Organizations: —, Democratic, California State University ,, Public, Institute of California, Hollywood, California Labor Federation, Republicans, California Environmental Voters, Homelessness, California Legislative, Caucus, Republican, Associated Press, America Statehouse News Initiative, America Locations: SACRAMENTO, Calif, — California, California, California State University , Sacramento, ”

A Rite Aid store stands in Brooklyn on August 28, 2023 in New York City. Rite Aid filed for Chapter 11 bankruptcy protection in New Jersey on Sunday and said it would begin restructuring to significantly reduce its debt. Rite Aid also said lenders agreed to provide $3.45 billion in new funding to "provide sufficient liquidity" as it embarks on its restructuring plan. During its most recent quarter ended June 3, revenue fell to $5.6 billion, down from $6.01 billion in the year-ago period. Rite Aid Chairman Bruce Bodaken said in a statement, "Jeff is a proven leader with a strong track record of guiding companies through financial restructurings.

Persons: hasn't, Jeffrey Stein, Elizabeth Burr, Bruce Bodaken, Jeff, Stein Organizations: New York City . Rite Aid, Aid, Rite Locations: Brooklyn, New York City, New Jersey

☆ Target CEO to meet with Biden as the company — and White House — try to figure out U.S. consumers
▼ + stars: | 2023-10-12 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Target CEO Brian Cornell will meet with President Joe Biden on Thursday afternoon as the retailer — and the White House — try to figure out U.S. consumers. Cornell is one of about a half dozen business leaders across industries who will offer up their point of view on the economy and the labor market at the White House. Through a spokesperson, Target confirmed Cornell's attendance at the meeting, but deferred to the White House for more details about the content of the meeting. Biden's meeting with the business leaders comes as the White House gears up for the next presidential election — a time when his track record on the economy and inflation will be under the microscope. Cornell has met with the White House before.

Persons: Brian Cornell, Joe Biden, Biden, Brendan Bechtel, Calvin Butler, Kenneth Chenault, Thasunda Brown Duckett, Arvind Krishna, Judy Marks, —, Cornell, Doug McMillon, Donald Trump Organizations: White, Cornell, Bechtel Group, Catalyst, IBM, Otis Worldwide, Target, White House, New, Pride Locations: New York City, San Francisco

☆ Levi Strauss cuts full-year sales forecast again, as inflation takes a toll
▼ + stars: | 2023-10-05 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

It said it anticipates adjusted earnings per share to be on the low-end of the previously shared range of $1.10 to $1.20. Those retailers, which buy wholesale items from Levi to carry on their stores and websites, have seen weaker discretionary sales. For Levi, direct sales and international sales have been the stronger parts of its business. Like Nike , Levi has tried to control its own destiny by driving more of its overall sales through its own stores and website. Along with driving more direct sales, Levi is looking to expand in international markets.

Persons: LEVI, Sean Gallup, Levi Strauss, Chip Bergh, Harmit Singh, Levi —, Levi, Bergh, Denizen, Michelle Gass, Chip Bergh Levi Strauss Organizations: Getty, U.S, CNBC, LSEG, Walmart, Target, Nike Locations: U.S, Target, Asia, America, North America, Europe, Mexico, India, Macy's

☆ Macy's will open up to 30 stores, as department store looks to strip malls as key part of its future
▼ + stars: | 2023-10-03 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +6 min

In this article M Follow your favorite stocks CREATE FREE ACCOUNTMacy's is opening more small-format stores across the country. Macy'sMacy's on Tuesday said it will open up to 30 smaller stores in strip malls over the next two years, as the retailer chases customers out of dying malls and into bustling suburbs. Chief Stores Officer Marc Mastronardi said small-format stores are part of the solution. Macy's smaller, off-mall stores have spacious fitting rooms and a curated mix of merchandise that's frequently swapped out. The company is phasing out Market by Macy's, the name it initially used for the smaller Macy's stores.

Persons: Macy's, —, Marc Mastronardi, that's, Mastronardi, Jeff Gennette, Gennette, Tony Spring, Oliver Chen Organizations: Macy's, Cowen, Nike, Armour, 34th, Shoppers Locations: Macy's, floundering

☆ GameStop's survival demands 'extreme frugality,' CEO Ryan Cohen tells employees
▼ + stars: | 2023-09-28 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

Just hours after being named GameStop 's CEO, Ryan Cohen sent out a memo to employees Thursday that emphasized he will take dramatic steps to ensure the struggling video game retailer survives. I expect everyone to treat company money like their own and lead by example." Cohen, a billionaire activist investor and founder of direct-to-consumer pet food and supply retailer Chewy , was named the company's new leader Thursday morning. Cohen's CEO announcement previewed the company's emphasis on slashing costs: He will not receive a salary in his new role. I expect everyone to treat company money like their own and lead by example.

Persons: Ryan Cohen, " Cohen, Cohen, Matt Furlong, Mike Recupero, Furlong, Ryan, CNBC's Gabrielle Fonrouge Organizations: GameStop, CNBC, RC Ventures Locations: Grapevine , Texas

Target said Tuesday that it will close nine stores in major cities across the country, citing violence, theft and organized retail crime. Target, which has nearly 2,000 stores in the U.S., has been outspoken about organized retail crime at its stores. When the company reported fiscal second-quarter earnings in mid-May, CEO Brian Cornell said organized retail crime had shot up at its stores. When asked if the company plans to close stores because of rising shrink, Cornell stressed Target's reluctance to shutter locations. Since 2022, at least nine states — six so far this year — have passed similar laws to impose harsher penalties for organized retail crime offenses.

Persons: Brian Cornell, Cornell, We'll, we'll Organizations: Coordination, CNBC Locations: New York, Harlem, Seattle, San Francisco, Oakland, Portland , Oregon, U.S

☆ Costco tops quarterly earnings expectations, even as sales remain soft
▼ + stars: | 2023-09-26 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

Costco on Tuesday reported quarterly earnings that topped Wall Street's expectations, as shoppers turned to the membership club for groceries but bought fewer big-ticket items. As of the end quarter, Costco had 32.3 million paid executive memberships, an increase of 981,000 since the end of the prior quarter. Those higher-tier members now account for slightly over 45% of all paid membership, Galanti said. Costco echoed a trend seen at rival retailers, including Walmart and Target : Groceries are the category driving sales. In the year-ago fiscal fourth quarter, comparable sales rose 15.8% in the U.S., but since then they have largely decelerated.

Persons: Richard Galanti, Galanti Organizations: Costco, Walmart, Sam's, BJ's Wholesale Locations: U.S, LSEG, —, Puerto Rico, Canada, China, Japan, Australia

☆ Walmart opens a pet center with veterinary care and grooming as it signals bigger ambitions
▼ + stars: | 2023-09-20 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

Walmart is piloting a pet services center in a suburb of Atlanta, but plans to open more locations in other parts of the country. Walmart is opening a dedicated pet services center, signaling it wants to be a place that customers turn to for veterinarian visits and dog grooming appointments along with grocery runs. Walmart's pet services center will have its own dedicated entrance next to a store. PetIQ has rented space for vet clinics inside more than 65 Walmart stores, after opening its first one in 2016. "We know pet services is an important need for our customers and we want to be able to provide that all in one place," she said.

Persons: Ol, Roy, Sam Walton's, PetIQ, Kaitlyn Shadiow, Morgan Stanley Organizations: Walmart, Walmart U.S, Wellness Locations: Atlanta, Dallas , Georgia, Georgia

☆ Target strikes deal with jeweler Kendra Scott as it gets ready for holiday season
▼ + stars: | 2023-09-12 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +1 min

Shoppers will soon see jewelry designed by Kendra Scott at about 150 Target stores. Target said Tuesday that it has struck a deal with jeweler Kendra Scott to carry exclusive collections of earrings, bracelets and more, as it looks to get its sparkle back ahead of the key holiday season. With the new deal, colorful jewelry designed by Kendra Scott for Target will be available online and at about 150 stores. Most items cost less than $40, Target said. The big-box retailer declined to share the deal's financial terms, but described it as "a long-term strategic partnership."

Persons: Kendra Scott, Target, Levi Strauss, — Organizations: Disney, Apple, Target

☆ Macy's-owned Bloomingdale's taps international exec Olivier Bron as its next CEO
▼ + stars: | 2023-09-12 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

Shoppers walk past a Bloomingdale's store in the SoHo neighborhood of New York, US, on Wednesday, Dec. 28, 2022. With the move, the legacy retailer is adding an outside perspective and a dash of global flair to the higher-end department store. Bron, 46, is a French national who was most recently CEO of Central and Robinson department stores in Thailand. A 36-year veteran of Bloomingdale's, Spring became CEO-elect of the parent company Macy's in March. Macy's said Tuesday that it has tapped international retail executive Olivier Bron as the next CEO of its upscale department store, Bloomingdale's.

Persons: Bron, Tony Spring, Spring, Jeff Gennette, Macy's, Olivier Bron, Michael Gould, Beverly, Bloomingdale's, Nordstrom Organizations: Bain & Company, Central, Robinson, Bloomingdale's, Macy's, Beverly Hills Locations: SoHo, New York, Lafayette, Paris, Bron, French, Thailand, Dubai, Kuwait, Manhattan, New York City, Seattle, Macy's

☆ Slowing inflation is dragging on Kroger sales, even as consumers still feel a pinch
▼ + stars: | 2023-09-08 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +6 min

But it has created risk that customers could turn to retailers known for lower food prices, such as Walmart, Aldi or Dollar General . Kroger reaffirmed its full-year guidance, saying it expects identical sales excluding fuel to range between 1% and 2%. In an earnings release, he said the grocer expects inflation to "continue to decelerate" and expects a tougher backdrop for consumers in the months ahead. Kroger CEO Rodney McMullen said on an earnings call that slowing inflation could lift sales in another way. He said Kroger has stepped up security and added new tech to try to fight crime, but said Kroger expects the theft trends "will continue to be a challenge for the remainder of the year."

Persons: Kroger, Fred Meyer, Ralphs, King Soopers, Gary Millerchip, Rodney McMullen, McMullen, Millerchip Organizations: Kroger, LSEG, Target, Walmart, Aldi, Express, U.S . Bureau of Labor Statistics, Albertsons, S Wholesale Grocers, Grand Union Locations: U.S, Florida, Washington ,

☆ Walmart cuts starting pay for new hires who prepare online orders, stock shelves
▼ + stars: | 2023-09-07 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

A worker stocks the shelves at a Walmart store on January 24, 2023 in Miami, Florida. Walmart announced that it is raising its minimum wage for store employees in early March, store employees will make between $14 and $19 an hour. Walmart has cut starting pay for new store employees who pick and pack online orders and stock shelves, raising questions of whether companies face a cooling labor market or are adjusting to a return to pre-pandemic shopping habits. New Walmart employees who join the digital or stocking teams now make about a dollar-an-hour less than they would have if hired several months ago. In a statement, Walmart said it made the change so its starting pay was consistent, whether a store employee worked at the cashier, stocked shelves or helped with online orders.

Persons: Anne Hatfield, Hatfield, John Furner, That's Organizations: Walmart, Amazon, Wall Street, Walmart U.S Locations: Miami , Florida, U.S, Target

☆ NYC Airbnb reckoning: New restrictions will make life more difficult for hosts, and some may find their listings banned altogether
▼ + stars: | 2023-09-03 | by ( Dan Latu | ) www.businessinsider.com time to read: +7 min

The new rules threaten to shutter thousands of short-term rentals and fundamentally redraw what kinds of apartments and homes are used for short-term rentals in New York City. Data site Inside Airbnb estimates there are 40,000 Airbnb listings alone, while an economic study prepared for Airbnb by Boston University Professor Michael Salinger estimates that number is closer to 36,000. One reason for New York City's crackdown is a concern over how short-term rentals squeeze an already incredibly tight housing market. "But a lot of short-term-rental hosts are getting caught up in this lazy sweep." Currently, the average daily rate for New York City listings on Airbnb and Vrbo is $251, according to AirDNA.

Persons: it's, Michael Salinger, AirDNA, Grant, Eric Adams, Melissa, I've, Melissa isn't, she'd, Larry Korman, Siegfried Layda, Korman Organizations: Service, New York, Boston University, Street Journal, New York City's, Special, York City, New Locations: New York City, Wall, Silicon, New, Airbnb, Hollywood, York, Philadelphia, New York, Ridgewood , Queens, Central Park, Central

☆ Walmart looking for new ways to attract sellers to its third-party marketplace
▼ + stars: | 2023-09-01 | by ( Melissa Repko | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWalmart looking for new ways to attract sellers to its third-party marketplaceCNBC's Melissa Repko joins 'Power Lunch' to report on Walmart looking for new ways to woo sellers to its third-party marketplace.

Persons: Melissa Repko Organizations: Walmart

☆ Walmart ramps up efforts to grow third-party marketplace with Las Vegas event, new perks
▼ + stars: | 2023-08-30 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Walmart is hosting its first seller summit businesses that are part of its third-party marketplace. LAS VEGAS — Walmart is looking for new ways to woo sellers to its third-party marketplace, as it pushes to drive more online sales and close a wide gap with rival Amazon . Walmart also hired another Amazon veteran, Jare' Buckley-Cox, as vice president of Walmart Fulfillment Services. Walmart is the nation's largest retailer, but it lags far behind Amazon in online market share and e-commerce sales. Walmart's annual online sales were less than one-fifth of Amazon's last year, according to Insider Intelligence.

Persons: Doug McMillon, Manish Joneja, Sellers, Jare, Buckley, Cox, John David Rainey, Amazon's Organizations: Walmart, LAS, Amazon, Wednesday, Walmart Marketplace, Joneja, eBay, Intelligence Locations: Chile, North America, U.S

☆ Best Buy scales back sales outlook as results top expectations
▼ + stars: | 2023-08-29 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

A shopper pushes a cart with a TV in front of a Best Buy store in Chicago, Illinois, November 25, 2022. Best Buy is seeing a reversion to pre-pandemic sales levels, as consumers return to more typical spending patterns and feel pressure on their budgets because of inflation. Similar to Home Depot and Lowe's , Best Buy had outsized gains during Covid, fueled by big purchases that people don't frequently repeat. Best Buy has looked to new categories, such as health care, and launched a paid subscription program, My Best Buy, to keep driving growth. Correction: The top tier of the My Best Buy program costs $179.99 per year.

Persons: Corie Barry, buybacks, Matt Bilunas, Barry Organizations: Refinitiv, Gaming Locations: Chicago , Illinois, U.S

College students around America are beginning the trek back to campus. A precursor to that journey is the back-to-school shopping season, and this year it's estimated to hit a record-breaking $94 billion for college students. Inflation is driving the price of school supplies up, but it's a TikTok trend that may be fueling a part of the high spending for college students. Back-to-school shopping is also used as a barometer to gauge potential holiday spending. Watch the video above to find out more about the TikTok trend fueling back-to-college spending.

Persons: Simeon Siegel Organizations: National Retail Federation, BMO Locations: America, U.S

☆ The Fulton County courthouse has been slogging through more than 2,000 potential jurors for the RICO case against Young Thug. Here's what that means for Georgia's case against Trump and associates.
▼ + stars: | 2023-08-25 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +5 min

Fulton County has spent eight months picking jurors for the trial of Young Thug and his associates. One involves the prolific Atlanta rapper Young Thug and his associates, who prosecutors allege are all part of a "criminal street gang" called Young Slime Life or YSL. Defendants, including Young Thug, whose real name is Jeffery Williams, have maintained that YSL is just an artist label. In the past eight months, the Fulton County courthouse has been slogging through more than 2,000 potential jurors for the Young Thug trial. Similarly, jurors will be questioned about their political beliefs and if they will be able to put that aside in the Trump case.

Persons: Young Thug, Young, Jeffery Williams, Donald Trump, Fani Willis, Trump, Georgia's, Melissa Redmon, Redmon Organizations: Service, Atlanta, University of Georgia School of Law, Attorney's, New York Times, Republican Locations: Fulton County, Wall, Silicon, Fulton County , Georgia, Fulton

☆ How TikTok is fueling the back-to-college shopping season
▼ + stars: | 2023-08-25 | by ( Delon Thornton | Melissa Repko | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow TikTok is fueling the back-to-college shopping seasonBack to school shopping is expected to soar even higher than last year's record breaking season with a whopping $94 billion spent for college students, a $20 billion increase over 2022 spending. Inflation is driving the price of common school supply items higher, but a new social media trend is also helping push spending dollars up.

☆ Nordstrom tops Wall Street’s quarterly expectations, even as it braces for sales declines
▼ + stars: | 2023-08-24 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

Nordstrom begins the process of closing its stores in Canada with the first day of a sale at the Eaton Centre in Toronto. Nordstrom on Thursday surpassed Wall Street's quarterly sales and earnings expectations, as it showed signs of progress in turning around its lagging business. Sales for the upscale department store operator in the fiscal second-quarter still fell below pre-pandemic levels. And Nordstrom Rack, the off-price chain that the retailer wants to fuel its revival, still posted sales declines during the quarter reported Thursday. CEO Erik Nordstrom said Nordstrom will focus on boosting the Rack's sales, better managing inventory and making its supply chain more efficient for the rest of the year.

Persons: Nordstrom, Erik Nordstrom Organizations: Eaton Centre Locations: Canada, Eaton, Toronto

☆ Shein strikes deal with fast-fashion retailer Forever 21 that will expand reach of both brands
▼ + stars: | 2023-08-24 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

A Shein App is shown in the iOS App Store in Bargteheide, Germany, May 3, 2021. Fast-fashion competitors Shein and Forever 21 have joined forces. Shein's deal with Forever 21 comes as it tries to distance itself from sharp criticism and gear up for a widely rumored U.S. initial public offering. While Shein and Forever 21 have similar shoppers, they have catered to those customers in different ways. By teaming up, Shein and Forever 21 will have new ways to reach customers.

Persons: Shein, Brooks, Lucky Brand, — CNBC's Gabrielle Fonrouge Organizations: Sparc Group, Sparc, Authentic Brands, Simon Property Group, Wall Street Locations: Bargteheide, Germany, Shein, China, Singapore, Dallas, Los Angeles

☆ Dollar Tree's shares sink, as CEO says 'challenging' economy is pressuring discounter
▼ + stars: | 2023-08-24 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

Shoppers are seen at the parking lot of a Dollar Tree store in Bloomsburg, Pennsylvania. Shares of Dollar Tree fell on Thursday and hit a 52-week low, after the retailer said customers' shopping lists have largely narrowed to food and necessities. On a call with investors, Dollar Tree CEO Rick Dreiling said customers' shopping patterns reflect a tougher economic backdrop and a reversion to pre-pandemic spending habits. At the Dollar Tree chain, same-store sales increased 7.8% and for Family Dollar, same-store sales rose 5.8% year over year. Separately, U.S. regulators announced a settlement this week with Dollar Tree and competitor Dollar General, which were both issued workplace safety violations.

Persons: Macy's, Locker, Rick Dreiling, Wall, Dreiling, Mike Creedon Organizations: Dollar, Refinitiv Locations: Bloomsburg , Pennsylvania

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