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☆ Dozens of stores you once loved that don't exist anymore
▼ + stars: | 2024-11-23 | by ( Joey Hadden | Dominick Reuter | ) www.businessinsider.com time to read: 1 min

AdvertisementDeclining foot traffic and rising e-commerce have led thousands of stores to permanently close. Former household names like Borders, Circuit City, and Blockbuster are now just retail history. BI rounded up dozens of once-beloved stores that no longer have a meaningful brick-and-mortar presence. AdvertisementThe only constant is change, especially as emerging trends, shopping patterns, and e-commerce players take larger pieces of the pie. Here's a look back at some of the retail brands whose stores once greeted thousands of people each day, but are now consigned to retail's history books — or exist only online or as a tiny fraction of what they once were.

Organizations: Circuit, Blockbuster Locations: Circuit City

☆ Target CEO says shoppers are stretched and waiting until 'the last moment of need' to buy items
▼ + stars: | 2024-11-20 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Now, they're waiting "until the last moment of need, focusing on deals, and then stocking up," CEO Brian Cornell said. Chief Commercial Officer Rick Gomez provided additional detail about how this new consumer pattern has played out for the company. Advertisement"Our Target Circle week this quarter was one of our biggest yet," he said. Unseasonably warm temperatures also meant that shoppers delayed their purchases of cold-weather apparel until they actually needed it, Gomez said. "Would you be willing to trade some of the upside in those areas for even more consistency from quarter to quarter?"

Persons: Brian Cornell, Rick Gomez, Gomez, Neil Saunders, —, Fitch, David Silverman, Michael Lasser, Cornell Organizations: Target, Walmart, Data, UBS Locations: New York

☆ I'm the CEO of an American-made electronics manufacturer. Here's how I'm preparing for new tariffs.
▼ + stars: | 2024-11-20 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +5 min

This as-told-to essay is based on a conversation with Karla Trotman, President and CEO of Electro Soft Inc., a US specialty electronics manufacturer in Pennsylvania. My dad and I worked together, and in 2020, I bought them out, so now I'm the owner, president, and CEO. We're still feeling the reverberation from the last round of tariffs, so they never really went away in our industry. Tariff proponents seem to think that enforcing them will cause stateside manufacturing to somehow jump up and be prosperous, but it doesn't really work that way. We really need to understand where our partners are headed so we can flex to meet whatever demand is going to come down the pike.

Persons: Donald Trump's, Karla Trotman, We're, Trump, I'm, we're Organizations: Electro Soft Inc, Ikea, Southeastern Pennsylvania Manufacturing Alliance Locations: Pennsylvania, Asia, Taiwan, China

☆ Walmart says prices will 'probably' go up if Trump tariffs take effect
▼ + stars: | 2024-11-19 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

AdvertisementWalmart's CFO said that Trump's proposed tariffs could lead the retailer to raise prices. During Trump's previous term, Walmart said it would try to avoid food price increases by managing costs elsewhere. Walmart CFO John David Rainey said on Tuesday that Trump's sweeping tariff plan could lead the retailer to raise prices on a portion of its products. Related Video"We never want to raise prices," he told CNBC. "Tariffs, though, are inflationary for customers, so we want to work with suppliers and with our own private-brand assortment to try to bring down prices."

Persons: John David Rainey, Trump, Rainey, Doug McMillon, McMillon Organizations: Walmart, CNBC, Walmart US, Target, Costco

☆ Here's why Target is more exposed than Walmart to the sweeping trade changes that Trump promised
▼ + stars: | 2024-11-16 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

AdvertisementAs America's grocery king, Walmart sources a high share of its products from the US. The difference puts more of Target's business at risk of being impacted if Trump follows through on his tariff promises. "Target is actually much more exposed than Walmart because Walmart is grocery-heavy and groceries are predominantly domestic," Jason Miller, supply chain professor at Michigan State University, told Business Insider. Food and beverage sales accounted for less than a quarter of Target's sales last year. AdvertisementTD Cowen retail analyst Oliver Chen told BI that Target's apparel segment presents another potential complication, as fashion is more sensitive to seasonality.

Persons: Donald Trump, Jason Miller, Cowen, Oliver Chen, Gina Logan, Logan, Trump, Brian Cornell Organizations: Target, Trump, Walmart, Michigan State University, Walmart US Locations: AlphaSense

☆ Next year is already looking rough for retail store closures
▼ + stars: | 2024-11-15 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

If this year's closures are any indication — and if the economy worsens — they won't be alone. 2025 is still more than a month away, but it's already shaping up to be another rocky year for retail. Analysts at UBS project the total number of US retail closures could reach 45,000 over the next five years. For one thing, even healthy retailers like Walmart and Target periodically review and trim their store fleets in the normal course of business. In any event, the year hasn't even begun, but nearly 1,500 retail closures are slated — already roughly half the amount BI has tracked for full-year totals in recent years.

Persons: —, Topping, Shane O'Kelly, Donald Trump's Organizations: Parts, Walgreens, UBS, Coresight Research, Walmart, Target, Blockbuster

☆ Trump's win is already scrambling supply chains
▼ + stars: | 2024-11-12 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +5 min

Donald Trump's election victory last week is already having an effect on global supply chains. While many firms are waiting to see what Trump's trade policies will be, some are moving ahead. From medical supplies to consumer products, several companies are getting an early start to changing their supply chains. Several companies, however, aren't waiting to make changes to their supply chains. Fortune Brands, which owns a portfolio of home products brands like Moen plumbing fixtures and Yale locks, has been rethinking its supply chain since Trump's tariffs in 2017.

Persons: Donald Trump's, —, Donald Trump, they've, Trump, TD Cowen, Oliver Chen, Matt Meeker, Michael Alkire, We've, Nick Fink, Clarus, Neil Fiske, Robert Scaringe, Schneider, Jim Filter Organizations: Service, Republican, Inc, Fortune Brands, Moen, Yale, Diamond Locations: China, Americas, Southeast Asia, Vietnam

☆ Home Depot says shoplifting challenges aren't getting any easier
▼ + stars: | 2024-11-12 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Home Depot said retail theft continues to be a challenge. However, the executive said investments to combat shoplifting and organized theft "are paying off." AdvertisementShoplifting and organized retail crime was a dominant story in retail last year. Home Depot has been both a prominent target and opponent of organized retail theft in recent years. AdvertisementLast year, a Florida pastor was charged with running a retail crime ring responsible for stealing $3 million worth of goods from the chain.

Persons: Richard McPhail, —, McPhail, Scott Glenn, Glenn, Dominick Organizations: Service, Home Depot, Watch, Home, Prosecutors, Depot, Business Locations: Florida

☆ Walmart is testing a new way to make it easier to access locked-up items. Here's why that's smart.
▼ + stars: | 2024-11-11 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Walmart is testing tech that lets employees use an app to unlock anti-shoplifting displays. The tech, currently in several hundred stores, could lead to shoppers having access too. 1 in 5 shoppers surveyed said they would buy from another retailer when faced with locked-up merch. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The assumption behind the Freedom Case is that customers who share their personal information in order to access merchandise are unlikely to steal.

Persons: —, Carol Spieckerman, Chris Walton, Spieckerman Organizations: Walmart, Service, Bloomberg, Omni, Kroger, Safeway

☆ Corporate execs are already talking about how Trump's election is shaking up their businesses
▼ + stars: | 2024-11-08 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Consumer-facing brands from Traeger to Yeti are addressing the election of Donald Trump. On earnings calls, executives said they're adjusting their businesses in anticipation of tariffs. From shuffling sourcing strategies to passing along anticipated costs, here's what they're saying. Executives at companies from Warby Parker to Traeger to Yeti say they're adjusting their businesses in consideration of some of Trump's campaign promises. Here is an overview of how some household names are shaking up their businesses, from shuffling sourcing strategies to passing along anticipated cost increases to customers.

Persons: Donald Trump, —, — they're, Warby Parker, Traeger Organizations: Service

☆ What Trump's win means for retail giants like Walmart, Target, and Costco
▼ + stars: | 2024-11-07 | by ( Dominick Reuter | Nora Redmond | ) www.businessinsider.com time to read: +7 min

Trump's second term likely means changes are on the way that will impact retailers. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementDonald Trump's return to the White House is likely to usher in sweeping changes that will impact retailers like Walmart, Target, and Costco — ranging from new tariffs to tax cuts and a new regulatory environment. Trump's campaign promises, along with his prior term record, offer some insights into what major retailers can expect from his second term. Advertisement"That's actually very unhelpful for a lot of retailers, especially in areas like technology, which a lot of retailers are involved," he said.

Persons: —, Donald Trump's, Donald Trump, Neil Saunders, it's, John David Rainey, Trump, Chris Walton, Walton, Jonathan Gold, Johns, Tinglong Dai, Saunders, He's, Lina Khan Organizations: Service, Walmart, Target, Costco, TractorTractor, Dick's Sporting Goods, Data, Omni, National Retail Federation, Trump, Pew Research, Federal, FTC, Kroger, Albertsons, Republican Locations: China, Johns Hopkins, Washington

AI regulation is likely to change under Trump, but major antitrust cases are unlikely to be impacted. While on the campaign trail, Trump threatened retribution against some tech companies, including jailing Meta chief Mark Zuckerberg. "That is likely to have devastating consequences for US tech companies that sell in foreign markets as well as crippling domestic consumption." AdvertisementBut still, new guidelines won't have much impact on the biggest tech companies, Hay said. Experts fear that, if H1-Bs are restricted under the second Trump administration, the US could lose its competitive edge on the world stage.

Persons: Donald Trump, —, Trump, Elon, marveling, — Musk, jailing, Mark Zuckerberg, Zuckerberg, Mark Lemley, Lemley, Neil Saunders, Chris Walton, Walton, there's, George Hay, Hay, wouldn't, Kamala Harris, Dan Romanoff, Joe Biden, Anna Rathbun, Biden, Rathbun, James Brundage, Ernst, Saunders, Valerie Wirtschafter, Harris, Romanoff, Wirtschafter Organizations: Trump, Big, Service, SpaceX, Big Tech, jailing Meta, Google, Justice Department, Department, Barclays, Stanford Program, Law, Science & Technology, Retail, Target, Apple, Cornell University, Republicans, Morningstar, AT, Time Warner, Republican, Walmart, Brookings, Artificial Intelligence, Emerging Technology Initiative Locations: Americas

While on the campaign trail, Trump threatened retribution against some tech companies, including jailing Meta's chief, Mark Zuckerberg. "That is likely to have devastating consequences for US tech companies that sell in foreign markets as well as crippling domestic consumption." Hay said that while most presidents wouldn't have any say on existing cases, "Trump is a bit more of a wild card." AdvertisementBut still, he said, new guidelines wouldn't have much impact on the biggest tech companies. There are fears that if H1-Bs are restricted under the second Trump administration, the US could lose its competitive edge on the world stage.

Persons: Donald Trump, —, Trump, Elon, marveling, — Musk, jailing, Mark Zuckerberg, Zuckerberg, Mark Lemley, Lemley, GlobalData's Neil Saunders, Chris Walton, Walton, there's, George Hay, Hay, wouldn't, Kamala Harris, Dan Romanoff, Joe Biden, Anna Rathbun, Biden, he's, Rathbun, James Brundage, Saunders, Valerie Wirtschafter, Harris, Romanoff, Wirtschafter Organizations: Trump, Big, Service, SpaceX, Big Tech, Google, Justice Department, Department, Barclays, Stanford Program, Law, Science & Technology, Business, Retail, Target, Apple, Cornell University, Republicans, Morningstar, AT, Time Warner, Republican, Walmart, Brookings, Artificial Intelligence, Emerging Technology Initiative Locations: Americas

☆ Home Depot co-founder Bernie Marcus has died at 95
▼ + stars: | 2024-11-05 | by ( Alex Bitter | Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Bernie Marcus, who co-founded The Home Depot with Arthur Blank, has died at the age of 95. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementBernard Marcus, the co-founder of Home Depot, has died at the age of 95. Along with Arthur Blank, Marcus opened the first two Home Depot stores in Atlanta in 1979. Here's how Marcus and Blank built Home Depot.

Persons: Bernie Marcus, Arthur Blank, Marcus, Blank, —, Bernard Marcus, Bernie, Here's Organizations: Service, Home, Home Depot Locations: Atlanta

☆ Target changes app to curb 'double-tapper' customers who caused chaos with drive-up orders
▼ + stars: | 2024-11-05 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Target released an update to its app to curb a shopper behavior workers call the "double tap." Workers previously said drive-up order customers caused chaos by waiting until arrival to tap a button saying they were en route. Whether by accident or on purpose, hundreds of Target drive-up customers using the retailer's mobile app arrive each day in the stores' parking lots before hitting the "I'm on my way" button. Now, following a mobile app released last week, shoppers will no longer be able to "double-tap" their drive-up orders. The company confirmed the change to Business Insider and said it continues to look for ways to improve the app for both workers and customers.

Persons: —, hasn't Organizations: Workers, Service, Business Locations: New York, Wisconsin

☆ Fast food chains are locked in a 'value war' for US customers
▼ + stars: | 2024-11-02 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +6 min

Fast food chains say they're locked in a "value war" to win increasingly choosy US customers. As a flurry of summer deals come to an end, quick-serve chains say they're now locked in a "value war" to win increasingly choosy US customers. Between higher ingredient usage and other costs on the one hand, and a more competitive consumer economy, interim CEO Scott Boatwright said Chipotle was well-positioned to win the "value war" in fast-casual dining. "We absolutely believe that value in an environment of value-seeking consumers is not about only executing price-pointed promotions and value deals and value bundles — there's more to that." Plosch added that beyond the burger chain's creative promotions, the core menu remains essential to getting customers to come back.

Persons: —, Michael Zuccaro, Chipotle, Scott Boatwright, Brian Niccol, who's, we've, Alex Kaleida, Chris Kempczinski, Kempczinski, Ian Borden, Shack, Robert Lynch, Gunther Plosch Organizations: Service, Starbucks

☆ Wendy's is closing another 140 'outdated' stores as it looks to build out new higher-tech locations
▼ + stars: | 2024-11-01 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Wendy's says will close 140 "outdated" stores this year, leaving its growth count flat for 2024. Wendy's is in the home stretch of a redesign that features new tech and drive-thru improvements. The fast-food chain said Thursday that it will close 140 "outdated" stores in underperforming areas this year, ahead of schedule. Wendy's has 7,000 worldwide locations, and previously said it expected to close around 100 locations this year. AdvertisementTanner said annual sales and profit margins at the closing locations are far below the overall company average.

Persons: Wendy's, —, Kirk Tanner, Tanner, Gunther Plosch Organizations: Service

☆ Uber drops after its bookings results and forecast fail to impress
▼ + stars: | 2024-10-31 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Uber's stock fell Thursday after the ride-share company reported mixed third-quarter results. Uber is "pretty optimistic" about key US market going forward, CEO says. AdvertisementUber took a hit Thursday after the ride-hailing and delivery company reported mixed third-quarter results. The company reported gross bookings of $41 billion in the quarter, up 16% from the same period last year. Uber is "pretty optimistic" in general in terms of the US going forward, he said.

Persons: Gross, —, Uber, Dara Khosrowshahi, Prashanth Mahendra, Rajah, Khosrowshahi Organizations: Service, Bloomberg, CNBC

☆ Chipotle says ensuring 'consistent and generous portions' has taken a toll on its profitability
▼ + stars: | 2024-10-30 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Chipotle says it's tried to ensure "consistent and generous portions" after customer complaints. The move and unusual price fluctuations for avocados have hit the chain's profitability. Profit margins for the chain suffered last quarter due to a concerted effort to provide "consistent and generous portions" in every order, the company said Tuesday. "We are committed to ensuring that we give the right portion to every guest that walks into the building." Related storiesWhile that's good news for Chipotle diners, the chain said it was partly the reason for a hit to profitability in the last fiscal quarter.

Persons: Chipotle, it's, —, Scott Boatwright, Adam Rymer Organizations: Service, New York Locations: Chipotle, New York City

☆ Starbucks CEO set to announce strategy to fix the coffee chain
▼ + stars: | 2024-10-30 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Starbucks' new CEO, Brian Niccol, is set to lay out plans to turn around the struggling coffee chain. "It is clear we need to fundamentally change our strategy to win back customers," he said Wednesday. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementStarbucks' new CEO, Brian Niccol, says he has a plan to turn around the struggling coffee chain — but investors will need to wait a little longer. "It is clear we need to fundamentally change our strategy to win back customers," Niccol said in a statement Wednesday.

Persons: Brian Niccol, —, Niccol Organizations: Starbucks, Service Locations: China

☆ Starbucks CEO's plan to fix the chain includes coffee in 4 minutes and comfy chairs
▼ + stars: | 2024-10-30 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Starbucks CEO Brian Niccol just laid out his plan to turn around the struggling coffee chain. AdvertisementStarbucks CEO Brian Niccol gave investors the first look at his plan to turn around the struggling chain, and it involves faster coffee orders and better decor. For starters, Niccol said in-store orders will need to be fulfilled much faster than they currently are in many cases. "Before discussing China in detail, I need to spend time there to better understand our operations and the market," he said. Niccol said his optimism is rooted in Starbucks employees, who he said are passionate about coffee, the company, and its customers.

Persons: Brian Niccol, —, Niccol, Diana Frost, Kraft Heinz, I'm, aren't Organizations: Service, Business Locations: China, North Carolina

☆ McDonald's says store visits and sales dropped in wake of E. coli outbreak
▼ + stars: | 2024-10-29 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

McDonald's says daily sales took a hit as some customers avoided its restaurants during the E. coli outbreak. AdvertisementA number of McDonald's US customers stayed away from the arches last week as news of the E. coli outbreak spread. The company said Tuesday that daily sales took a hit as customers avoided its restaurants during the health scare. Related storiesOver the weekend, health officials linked the outbreak to slivered onions from a single supplier, an ingredient ordinarily used on McDonald's Quarter Pounder burgers. McDonald's began resuming sales of Quarter Pounders in the affected areas this week, although some locations will not serve the entrée with onions.

Persons: McDonald's, —, Ian Borden, Chris Kempczinski, Borden, Kempczinski, we've Organizations: Service Locations: Colorado

☆ Sam's Club CEO says automating stores isn't a move to eliminate jobs
▼ + stars: | 2024-10-28 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +6 min

Sam's Club CEO told BI the warehouse club's automation push isn't about wanting to trim its workforce. Sam's Club CEO Chris Nicholas told Business Insider that the company's automation push isn't about trimming the number of employees in stores long-term. That's almost double what a typical club employs, according to Sam's Club. In the low-markup world of warehouse club retail, overall profitability is heavily tied to membership fees. If you are a Sam's Club worker who wants to share your perspective, please contact Dominick via email or text/call/Signal at 646.768.4750.

Persons: Chris Nicholas, —, Sam's, That's, Nicholas, that's, We've, we've, Damion Shelton, it's, he's, Dominick Organizations: Sam's, Service, Business, Walmart, Costco, Sam's Club, MIT Locations: Dallas, Grapevine , Texas

☆ The latest sign Costco is having a 'Netflix moment'
▼ + stars: | 2024-10-26 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Morgan Stanley analysts say they've seen "surprising conversion rates" of shoppers paying the fee. Costco could grow US signups by about 8%, or about 4 million people, analysts estimated. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The Morgan Stanley analysts said, "Our analysis is theoretical and we are not changing our estimates." AdvertisementIf you are a Costco worker who wants to share your perspective, please contact Dominick via email or text/call/Signal at 646.768.4750.

Persons: Morgan Stanley, —, Morgan, Simeon Gutman, they've, Dominick Organizations: Netflix, Costco, Service, Business, Star, Walmart, Amazon Locations: Issaquah , Washington

☆ More cases reported in McDonald's E. coli outbreak
▼ + stars: | 2024-10-25 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

The E. coli outbreak cases linked to McDonald's have widened to include 75 people in 13 states. Slivered onions from a McDonald's supplier are under investigation, leading to recalls at other brands. AdvertisementThe McDonald's E. coli outbreak cases have increased to 75 people in 13 states as of Thursday, the US Centers for Disease Control said in a Friday update. AdvertisementThe CDC reiterated that slivered onions and beef patties used in McDonald's Quarter Pounder burgers are under investigation. Taylor Farms, McDonald's regional supplier of slivered onions, has issued a recall of its product, which has affected several other restaurant brands.

Persons: —, McDonald's, Dominick Organizations: CDC, Service, US Centers for Disease Control, Business Locations: Colorado, Michigan, New Mexico, Washington

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