DIRS.INFO The most relevant business & tech news

☆ Costco CEO Craig Jelinek stepping down after more than a decade in the role
▼ + stars: | 2023-10-19 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Costco CEO Craig Jelinek will step down from the role at the end of this year, the company said. The incoming CEO, Ron Vachris, has worked with Costco for over 40 years, starting as a forklift driver. The transition caps off a decade in the role for Jelinek, who took over from co-founder Jim Sinegal in 2012. Prior to becoming CEO, Jelinek was one of Costco's earliest leadership hires, serving in roles ranging from director of regional operations to vice president of merchandising. AdvertisementAdvertisementJelinek and Vachris worked "hand in hand" for nearly two years to ensure a smooth transition, the company said.

Persons: Craig Jelinek, Jelinek, Jim Sinegal, Ron Vachris, —, Vachris Organizations: Costco, Service, Company

☆ Billionaire founder of Victoria's Secret pulls funding from Harvard, accusing the school of 'dismal failure' to take a stand for Israel
▼ + stars: | 2023-10-16 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

The Wexner Foundation accused Harvard of a "dismal failure" to condemn the Hamas attacks last week. AdvertisementAdvertisement"In the absence of this clear moral stand, we have determined that the Harvard Kennedy School and The Wexner Foundation are no longer compatible partners. The foundation supports a fellowship for government and public service professionals from Israel who pursue a one-year degree from the Harvard Kennedy School. The Kennedy School did not immediately respond to Insider's request for comment on this story. He launched The Wexner Foundation in 1983 with the goal of "strengthening leadership for the Jewish people," according to the foundation's website.

Persons: Les Wexner, —, Leslie, Abigail Wexner, Rabbi B, Abrahamson, Ra'anan, Jeffrey Epstein, Wexner, Epstein Organizations: Harvard, Wexner Foundation, Israel, Service, Ivy League, Wexner, Harvard Kennedy School, Kennedy School of, Israel Fellows, The Kennedy, Body Locations: Israel, Harvard

AdvertisementAdvertisementWalmart employees say working with anti-theft technology at self-checkouts has led to some tense confrontations with customers. The seven former and current Walmart employees Insider interviewed had direct experience with the company's anti-theft self-checkout technology. Athenia Camacho, a former Walmart employee, detailed the process in a recent TikTok video. Walmart prohibits employees from accusing customers of stealing, even if theft is suspected, the seven people who spoke with Insider said. Another Walmart employee in Missouri said she was told to approach customer confrontations with the mindset: "Don't blame the customer.

Persons: —, they're, we're, Joe Pennington, Athenia Camacho, Camacho, Jeffrey Greenberg, SAMUEL CORUM, Dominick Haar, Patti Leroy, Leroy, Dominick Organizations: Walmart, Service, Employees, Universal, Getty, SCO Locations: Arkansas, Florida, Miami , Florida, Doral, Illinois, Missouri, AFP, Southern Illinois, Kentucky

☆ Pepsi says people are skipping meals — and it's great for business
▼ + stars: | 2023-10-10 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

PepsiCo says the impact of weight-loss drugs on its sales has so far been "negligible." Analysts say companies will have plenty of time to prepare for the impact of weight-loss drugs. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisement"This is not going to have a material impact on the food industry in the next six months to one year," CFRA analyst Arun Sundaram told Insider. "The food industry overall will continue to evolve and innovate," he added.

Persons: —, Ramon Laguarta, Sabra hummus, Laguarta, Arun Sundaram Organizations: PepsiCo, Analysts, Service, Nordisk, North Locations: AlphaSense

☆ Walmart is tackling its $6 billion healthcare bill by pushing employees to see telehealth doctors
▼ + stars: | 2023-10-10 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Walmart is expanding its virtual health care service to employees across the US. Roughly half of traditional health plan participants do not receive primary care, due in part to lack of access. AdvertisementAdvertisementMore Walmart workers across the US will soon have access to virtual health care services as the country's largest employer expands the offering to all states starting October 14, the company said Tuesday. Employees in 21 states were previously eligible for the telehealth benefit through a provider called Included Health, which rolled out its virtual primary care offering in 2020. Walmart's US health plan spent more than $6 billion last year on claims, premiums, and administrative costs, Bloomberg reported, citing Labor Department filings.

Persons: —, Owen Tripp, Lisa Woods, telehealth Organizations: Walmart, Service, Bloomberg, Employees, Data, Labor

☆ Your local Walgreens might be closed this week. Here's why pharmacy workers are walking off the job.
▼ + stars: | 2023-10-09 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Pharmacy staff at dozens of Walgreens locations have walked off the job over workplace conditions. AdvertisementAdvertisementPharmacy staff at dozens of Walgreens locations walked off the job Monday, calling for increased staffing levels and improved safety policies. Walgreens has approximately 9,000 locations across the US, and a comprehensive list of affected locations was not available as of Monday morning. Pharmacy workers at CVS locations in Kansas City walked off the job in September over similar issues of unsafe and stressful workplace conditions. AdvertisementAdvertisementHogue also said that the APhA supports workers who have decided to "pull back from unsafe work conditions," such as harassment and understaffing.

Persons: Walgreens, —, undertrained, Michael Hogue, Hogue, I'm Organizations: Walgreens, Service, American Pharmacists, Pharmacy, Kansas City, Kansas City Star Locations: Kansas

☆ Target says it's closing 9 locations over crime, but New York City crime stats surrounding its East Harlem store tell another story
▼ + stars: | 2023-10-07 | by ( Dominick Reuter | Jennifer Ortakales Dawkins | Alex Bitter | ) www.businessinsider.com time to read: +8 min

The company plans to open a location on 125th Street — less than 2 miles from the East Harlem store. A police cruiser outside a boarded-up retail store near Union Square in San Francisco in November 2021. Ethan Swope/Getty ImagesIn San Francisco, another complicated narrative on crimeIn San Francisco, a Target on Folsom Street location went viral earlier this year for its aisles of locked-down merchandise . AdvertisementAdvertisementWalgreens had been closing thousands of stores for years before it decided the fate of the five San Francisco locations. "That's why we're actively collaborating with legislators, law enforcement, and retail-industry partners to advocate for public-policy solutions to combat organized retail crime."

Persons: —, Djeneba Kone, she's, Brian Cornell, Jim Joice, Jennifer Ortakales Dawkins, Kone wasn't, That's, there's, Ethan Swope, shoplifters, James Kehoe, Kehoe, Cornell, we're Organizations: Service, Target, Aldi, Costco, East Harlem, New York City Police, St, Herald, East, Seattle Times, San Francisco Police Department, Walgreens, San, San Francisco Chronicle Locations: Harlem, Manhattan , New York, New York, San Francisco, Seattle, Spanish Harlem, El Barrio, Manhattan, Bronx, East Harlem, Columbus, SoHo, Folsom, Target's, Francisco

☆ Retailers appear to be facing a self-checkout reckoning
▼ + stars: | 2023-10-05 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +5 min

Retailers hoped to save big on labor costs by introducing self-checkout lanes. Now retailers including Costco, Walmart, and Kroger are rethinking some self-checkout strategies. Costco, for example, has started asking staff to check membership cards in the self-checkout lanes, as well as assist with scanning items. This is not exactly the labor-minimizing tech retailers were promised. AdvertisementAdvertisementWalmart and Kroger use sophisticated video-monitoring and sensor tech to track merchandise through stores and self-checkout lanes.

Persons: —, Dominick Reuter, Kroger, Matt Kelley, Kelley, Christopher Andrews Organizations: Service, Costco, Walmart, Kroger, Depot, LiveView Technologies, Drew University, CNN Locations: Albuquerque , New Mexico

☆ Walmart is stripping some stores of self-checkout lanes and bringing back cashiers
▼ + stars: | 2023-09-28 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Walmart is pulling self-checkout lanes from at least three stores in Albuquerque, New Mexico. AdvertisementAdvertisementWalmart is pulling self-checkout lanes from at least three stores, requiring shoppers to have an employee ring up their orders. The three stores losing self-checkout are at 400 Eubank NE, 2701 Carlisle NE, and 2266 Wyoming NE, the Albuquerque Journal reported. Walmart shoppers can opt for full-service or they can scan and pay by themselves in the company's new front-end layout. When a separate Albuquerque Walmart closed in March, the company cited "underperformance," but several shoppers told Insider the location was routinely targeted by criminals.

Persons: —, Josh Havens, Matt Kelley, Kelly Organizations: Walmart, Service, Eubank, Albuquerque Journal, CTV, Albuquerque Walmart, Police, Costco, Tractor Supply, LiveView Technologies Locations: Albuquerque , New Mexico, Carlisle, Wyoming, Ottawa , Ontario, Albuquerque

☆ Costco is mandating that its tech employees work in the office at least three days a week, internal memo shows
▼ + stars: | 2023-09-28 | by ( Ashley Stewart | Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Costco wants its tech employees to work from the office at least three days a week beginning in January, according to a memo viewed by Insider. Starting January 2, individual contributors and supervisors must work from the office a minimum of three days, managers must work in the office a minimum of four days, and directors and above must work on site full-time, Costco Chief Information Officer Terry Williams told employees in an email. Costco has a similar policy for other corporate employees, but allowed for flexibility for IT employees until now. Another tech challenge for the company is its continued reliance on archaic warehouse management software for inventory management, which several employees have told Insider is a frequent source of frustration. The company doesn't specify how many of those employees are corporate, nor how many work in IT.

Persons: Terry Williams, Richard Galanti, Galanti, Dominick Reuter Organizations: Costco, IT, Apple, Sam's, U.S Locations: Issaquah, Washington

☆ Little Caesars knows what you're going to order before you do. With AI tools, soon more restaurants will.
▼ + stars: | 2023-09-28 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +5 min

AI tools are enabling some restaurants to get a jump on what customers want — and when. AdvertisementAdvertisementLittle Caesars, Darden Restaurants, and Jack in the Box are each tapping into troves of sales data. "If you forecast your traffic better, you order better, you receive better, you schedule better," Cardenas said. AdvertisementAdvertisementService is also better, Klopfenstein said, since the AI tools enable Little Caesars to hire more easily and train new employees more quickly — a big lift in a tight labor market. If tech isn't easy to use, customers won't come back, Anita Klopfenstein, Little Caesars' chief information officer, said.

Persons: —, Jack, Anita Klopfenstein, Danny Meyer, Ricardo Cardenas, Cardenas, Klopfenstein, Mike Glinski, Darin Harris, Harris, they're Organizations: Service, Darden, Little Caesars, Olive Garden, LongHorn, Caesars, Microsoft

☆ Here's why Target and Costco are having wildly different experiences with America's $41 billion shoplifting problem
▼ + stars: | 2023-09-27 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +6 min

Costco and Target issued contrasting statements Tuesday about how retail crime is affecting them. Target said it would close 9 stores, citing crime – Costco said theft was "not a big issue for us." It also noted that theft incidents seem to be getting increasingly violent. Costco's success in skirting the impact of retail theft comes down to several operational factors that seem to run counter to Target's approach to business. AdvertisementAdvertisementAlthough Costco and Target are reporting almost opposite experiences with retail theft, the bigger picture resists superlatives.

Persons: Costco, —, Brian Cornell, Frederic J . Brown, Richard Galanti, Galanti, Cornell, Lindsey Nicholson, Charles Dickens, Dominick Organizations: Costco, Target, Service, Shoppers, Getty Locations: Queens , NY, Seattle, Kirkland, Portland, New York

☆ Shoplifting and other inventory loss cost retailers $112 billion last year
▼ + stars: | 2023-09-26 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Retailers lost a record $112.1 billion to inventory shrink in 2022, per an industry survey. External and internal theft accounted for roughly two-thirds of the losses. AdvertisementAdvertisementRetailers reported losing a record $112.1 billion to inventory shrink in 2022, according to the National Retail Federation's annual Retail Security Survey, published Tuesday. Combined, the two categories of theft account for roughly two-thirds of total shrink. As a percentage of sales, inventory shrink ticked up to 1.6% from 1.4% in 2021, and the total losses are roughly $18 billion higher than the prior record of $94 billion in 2021.

Persons: — Organizations: Service, National, Security

☆ Target to close 9 stores across 4 states, citing retail crime. See the full list.
▼ + stars: | 2023-09-26 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Target will close nine stores in New York, Seattle, Portland, and the Bay Area due to crime. CEO Brian Cornell previously said retail theft is driving $1.2 billion in missing inventory this year. AdvertisementAdvertisementTarget will close nine locations in four metro areas as a result of "unsustainable" levels of organized retail crime, the company said Tuesday. AdvertisementAdvertisementCornell also said theft incidents at Target stores with "violence or threats of violence" have more than doubled since January. Employees at the affected stores will be offered positions at other Target locations, the statement said.

Persons: Brian Cornell, —, Cornell Organizations: Service, San Francisco Bay Area, Broadway, Portland Washington Locations: New York, Seattle, Portland, San Francisco Bay, Folsom, San Francisco, California, Folsom St, Oakland, Pittsburg, York, Harlem , New York City Oregon, Morrison St, Powell, Halsey St, Market St, Ste

☆ Costco is still holding out on raising its membership fees
▼ + stars: | 2023-09-26 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Costco still won't raise its annual membership fees, CFO Richard Galanti said Tuesday. Costco collected nearly $4.6 billion in fees for the past year, representing 72% of profits. Costco will not raise its annual membership fees, CFO Richard Galanti told analysts on the company's quarterly earnings call Tuesday. Because Costco sells merchandise at extremely low mark-ups, membership fees are a key way the company is able to turn a profit. Costco reported nearly $4.6 billion in revenue from membership fees last year, representing over 72% of the total annual profits of $6.3 billion.

Persons: Richard Galanti, —, Galanti Organizations: Costco, Service, Netflix, Star, BJ's Wholesale, Sam's

☆ Costco teams up with Google-backed health startup to offer $29 virtual doctor's visits to members
▼ + stars: | 2023-09-25 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Costco members will soon be able to receive low-cost health care through a partnership with Sesame. In addition to $29 virtual visits, Costco members will receive discounts on other services. Through a new partnership with Sesame, a healthcare marketplace startup backed by Google, Costco members can receive virtual doctor's visits for $29, plus discounts on other telehealth and in-person services, Sesame said Monday. The move into primary care follows similar investments by retailers Walmart and Amazon, as well as from pharmacies CVS and Walgreens. In addition to $29 virtual visits, Costco members will be able to receive virtual mental health sessions for $79, health checkups for $72, and a 10% discount on other services.

Persons: Sesame, —, David Goldhill, Goldhill Organizations: Costco, Walmart, Amazon, CVS, Walgreens, Service, Google, Costco Members, Bloomberg

☆ Costco, Lowe's, Best Buy, and Tractor Supply are winning the battle against retail theft in a strikingly similar way
▼ + stars: | 2023-09-23 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +6 min

Retail executives generally agree that retail theft is worse than they've ever seen. Even so, leaders from Costco, Lowe's, Best Buy, and Tractor Supply have said their businesses aren't so affected. The companies have five striking similarities that are helping them win the war on retail theft. "Organized retail crime is worse now than I've ever seen it," Tractor Supply CEO Hal Lawton told Insider in August. Meanwhile, a typical Tractor Supply location may have as many as eight people working in a relatively small, 20,000 square-foot store.

Persons: Hal Lawton, I've, Marvin Ellison, Corie Barry, Richard Galanti, We've, Lawton, Dominick Reuter, John Tlumacki, Ben Tobin, they're, Paul Hennessy, Lowe's, Mario Tama, Barrie, Ellison Organizations: Costco, Lowe's, Tractor Supply, Service, Goldman Sachs, Conference, Supply, Massachusetts Costco, Boston Globe, Getty, Electronics, Retailers, Tractor Locations: Wall, Silicon, Massachusetts, Costco, Orlando

☆ Diners are clamoring for earlier reservations. 'When did a 6:00 dinner reservation become the new 8:00?' New York restaurateur Danny Meyer asks.
▼ + stars: | 2023-09-21 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

The 6 p.m. reservation is now the "most prized table" in New York, per restaurateur Danny Meyer. Meyer offered three theories for the change, including the social isolation of remote work. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. "When did a 6:00 dinner reservation become the new 8:00, most prized table of the night — and will it last?" celebrated restaurateur Danny Meyer asked in a Wednesday post on X, the social media network formerly known as Twitter.

Persons: Danny Meyer, Meyer, Steve Hafner, It's, Roni Mazumdar Organizations: Shake, Service, Twitter, New York Times Magazine, Wall, Square Hospitality, Gramercy Locations: New York, Wall, Silicon

☆ Costco superfans now have their own warehouse-themed Monopoly game – with tokens like the $1.50 hot dog combo
▼ + stars: | 2023-09-19 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

A new Costco-themed Monopoly game celebrates 40 years of the warehouse club. Die-cast player tokens immortalize the food court's pizza slice and $1.50 hot-dog and soda combo. AdvertisementAdvertisementThe player tokens are sure to present some tough choices – and arguments – before the game even begins. CostcoSix die-cast player tokens reflect such warehouse icons as the $1.50 hot-dog and soda combo, the pizza slice, the jumbo shopping cart, and the all-important pallet jack. Sure to be a popular holiday or birthday gift for super-fans, Costco Monopoly is currently available in warehouses for $39.99 and online for $44.99.

Persons: Uncle Joe, —, Eric Dowdle Organizations: Costco, Service, Monopoly, Pharmacy, Costco Travel, Gold Star, Costco Monopoly Locations: Wall, Silicon

☆ Fog is the latest tool retailers are deploying to fight theft
▼ + stars: | 2023-09-19 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

One such system fills a space with a dense, dry fog to reduce visibility and disorient criminals. In particular, the system was so effective at curbing cigarette theft from UK convenience stores, the company said, that thieves began targeting stores without the tech. Large retailers including Target and Dick's Sporting Goods have blamed a rise in retail theft for taking a larger bite out of profits, as well as jeopardizing the safety of workers and customers. Industry groups estimate inventory shrink costs companies more than $100 billion, with external theft contributing about 37% of that figure. A small business owner in Chicago told the local CBS affiliate she installed the Density system after her store was hit with a pair of robberies within one year.

Persons: Mike Egel, DensityUSA, Egel Organizations: Service, Target, Dick's Sporting Goods, Industry, Washington Examiner, CBS Locations: Wall, Silicon, Chicago

☆ Walmart reduces hours at 5 Atlanta stores after announcing a police workspace in separate area store
▼ + stars: | 2023-09-18 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Walmart has shortened the hours at five Atlanta stores, now closing at 9 p.m. instead of 11 p.m. The company cited feedback from store managers, employees, and shoppers in making the decision. Last month, city officials announced that another area store would include a workspace for police. Effective September 16, closing time at the stores is two hours earlier — at 9 p.m. instead of 11 p.m. — a Walmart spokesperson said, citing feedback from store managers, employees, and shoppers. Here is the full list of Atlanta-area Walmart locations closing earlier, effective September 16:

Persons: Atlanta Mayor Andre Dickens Organizations: Walmart, Service, —, Atlanta Mayor Locations: Atlanta, Wall, Silicon

☆ Lowe's CEO says the 'greatest deterrent' for retail theft is hiring and training workers
▼ + stars: | 2023-09-15 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Incidents of retail theft appear to be rising, but some companies are managing to avoid the trend. Although Lowe's has reported an increase in inventory shrink, it's not expected to hurt profits. CEO Marvin Ellison attributed low theft rates to investing in the company's workers. But unlike dozens of other retail executives, Lowe's CEO Marvin Ellison says the losses from retail theft this year are not expected to have a material impact on the company's profits. Lowe's CEO Marvin Ellison says the home improvement chain's low inventory shrink rate is "not by accident."

Persons: Lowe's, Marvin Ellison, Ellison, David Swanson, they've Organizations: Service, CNBC, Tractor Supply Locations: Wall, Silicon

☆ The main reasons retailers are posting weaker profits this year have nothing to do with theft
▼ + stars: | 2023-09-13 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +5 min

A growing number of retailers are blaming retail theft for hurting their profits this year. Estimates say inventory shrink will exceed $100 billion for 2023, with over a third due to external theft. Inventory shrink is an accounting term that refers to several reasons merch goes missing, including damage, managerial errors, and, most conspicuously, theft. Dick's Sporting Goods cited an "alarming" rise in retail crime as responsible for one-third of the decline in merchandise profits for the last quarter. CFO Navdeep Gupta said the surprisingly high inventory losses were discovered as a result of the company's annual inventory audit.

Persons: merch, Lowe's, Brian Cornell, Navdeep Gupta, Dick's, — Organizations: Service, National Retail, CNBC, Dick's Sporting Goods, Cornell, Dick's, Goods Locations: Wall, Silicon

☆ Walmart customers either hate or love the chain's new shopping carts. We tried one out, and it's clear why they are so polarizing.
▼ + stars: | 2023-09-12 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +5 min

Walmart's new taller shopping cart design features a cupholder and a slot for phone or grocery list. Sam's Club and Costco shoppers might recognize the cart's side profile, though this one is narrower. Sam's Club and Costco shoppers might recognize the cart's side profile with its low basket and high seat. The main difference is the narrower, single-seat design, while the warehouse club carts accommodate two children. Target's shopping carts also feature a nice phone tray and cupholder.

Persons: Kelsey Bohl, Dominick Reuter, hadn't, Maddy Charlson, TikToker Tyler Paboucek Organizations: Sam's, Costco, Service, Walmart Locations: Wall, Silicon, Mayfield , Kentucky, Madison , Wisconsin

☆ I tried Chick-fil-A's new honey pepper pimento chicken sandwich and caramel crumble shake. One time was enough for me.
▼ + stars: | 2023-09-07 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Chick-fil-A is offering a twist on its classic filet with the honey pepper pimento chicken sandwich. The seasonal offering is complemented with a new caramel crumble shake, so I tried both. I was skeptical of the sandwich, which was better than I expected, but the original's still the best. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. My skepticism was further heightened at the notion of putting pimento cheese – which is typically served in a cold sandwich – on top of a piping hot filet of fried chicken.

Organizations: Service Locations: Wall, Silicon

Search resuls for: "Dominick Reuter"

25 mentions found