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Kroger could announce a deal to buy rival grocery company Albertsons this week, sources told CNBC's David Faber. The companies could announce the all-cash deal as soon as Friday morning, sources told Faber. Albertsons' market cap is about $14.9 billion. Its stores, which now include Amazon Fresh, still command a small percentage of the overall U.S. grocery market, but sparked a wave of investment. Kroger, for example, struck a deal with British online grocer Ocado to build huge robot-powered fulfillment centers to pick and pack online grocery orders.
It was a 52-week low for the stock. Applied Materials – The chip stock turned 4% higher after hitting a 52-week low earlier on disappointing revenue outlook. Otonomy — The biopharmaceutical company shot down 56.1% after the company said a drug for hearing loss showed "no clinically meaningful improvement." Dish Network — The TV and wireless company hit a 52-week low, down 2%. The stock was at a 52-week low during day trading.
Peak Design CEO Peter Dering compares his company's Everyday Sling Bag to the Amazon private label version at his San Francisco headquarters on September 6, 2022. A selection of some of Amazon's 118+ private label brands as of October, 2022. Then there are specialty firms that only do private labels, and some store brands have their own devoted manufacturing facilities. By comparison, private labels make up a whopping 77% of Aldi's sales, followed by Trader Joe's at 59% and Wegmans at 49%. A variety of Amazon's private label goods are shown on September 29, 2022.
Israel-based robotics startup Get Fabric Ltd., which has placed so-called microfulfillment centers in New York City and Dallas, is focusing on selling its warehouse automation platform rather than building more specialized small distribution sites. Some companies leased vacant retail spaces for use as “dark stores” for fulfillment and delivery, while others opened smaller warehouses near population centers. The shift makes the niche logistics business the latest to see a business strategy that gained traction during the Covid-19 pandemic lose its momentum as consumers have resumed prepandemic buying habits. That has some retailers rethinking their heavy investments in online fulfillment. Takeoff Technologies Inc., a microfulfillment system provider, expanded its business in the past year, said co-founder and Chief Executive Max Pedró.
Here are Kroger's biggest e-commerce and technology initiatives:A ClusterTruck ghost kitchen inside a Kroger in the Midwest. ClusterTruckGhost kitchensIn December 2019, Kroger began improving its prepared meals offering by partnering with ghost kitchen startup ClusterTruck. The delivery-focused ghost kitchen touts a Cheesecake Factory-inspired menu of 80 to 100 food items. Over the last few years, ClusterTruck opened locations inside Kroger stores in Indiana and Ohio. But the firm, which tracks where consumers shop, said Kroger stores with the ghost kitchens are seeing an uptick in visits compared to neighboring Kroger branches.
Target CEO Brian Cornell had decades of retail experience under his belt by the time he took the reins at the Minneapolis-based retailer. In 2014, he became the first outside hire ever appointed as Target's CEO. Target announced in September 2022 that Cornell will remain CEO for 3 more years, past the traditional retirement age of 65. Target CEO Brian Cornell is unique among chief executives of the Minneapolis-based retailer. In September 2022, the retailer threw out its traditional retirement age of 65, to allow Cornell to stay on for three more years.
A smoked salmon product sold in 10 states is being recalled after a sample tested positive for Listeria. St. James Smokehouse brand, Scotch Reserve Scottish Smoked Salmon. packages of St. James Smokehouse’s Scotch Reserve Scottish Smoked Salmon sold between February and June 2022. The affected products were distributed to stores in Alabama, Colorado, Florida, Illinois, New Jersey, New York, Massachusetts, Washington State, Virginia and Wisconsin. That includes Safeway stores in Washington State, according to the recall notice.
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