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☆ 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

☆ How Tractor Supply managed to shrink theft rates when they're surging almost everywhere else
▼ + stars: | 2023-09-07 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Tractor Supply Co.'s CEO says retail crime is a major problem, but his company is bucking the trend. He revealed four factors that have helped Tractor Supply see lower rates of inventory shrink this year. AdvertisementAdvertisementIf it costs a lot at Tractor Supply, it's probably also heavy. "You basically get greeted and you're checked out right in the front of our store," Lawton said. Hard-to-steal merchandiseOf course, the types of products that Tractor Supply sells — livestock feed, gun safes, truck boxes, etc.

Persons: Jahi, Hal Lawton, Lawton, it's, Dominick Reuter, Jason Aldean Organizations: Target, Tractor Supply, Service, Dick's Sporting Goods, National Retail Federation, Giant Food, Washington, Getty, Tractor, Home, eBay, Retail Industry, Association, Supply, Costco Locations: Wall, Silicon, Macy's

☆ 11 of the most faked foods in the world
▼ + stars: | 2023-09-05 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Fraudulent foods cost legitimate producers and pose a risk to consumers, to the tune of $40 billion. Some highly prized products – like honey or caviar – are too rare or expensive to meet global demand. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. "The sort of least end of it you're getting ripped off, at the worst end you're literally getting poisoned." Here are 11 of the most faked food products, and how to spot the real thing.

Persons: Larry Olmstead Organizations: Service Locations: Wall, Silicon

☆ You can shop Drake's virtual $100 million mansion for everything from a $3,000 robe to a $69 Hotline Bling pool float
▼ + stars: | 2023-08-29 | by ( Dominick Reuter | Madeline Stone | ) www.businessinsider.com time to read: +2 min

Fans can explore and buy exclusive products through a digital rendering of Drake's Toronto mansion. Shopify's latest tool allows the rap star to partner with other brands for unique merch drops. True to form, his approach has been a bit unconventional, with a flagship e-commerce site modeled off his $100 million Toronto mansion, The Embassy. Rather than scroll through the same-old grid of product listings, fans can explore various virtual rooms strewn about with items to buy, all powered by Shopify's e-commerce platform. Shopify Collective is one of several new business-to-business initiatives the company has announced recently, and on the earnings call Finkelstein highlighted the launch of dozens of new B2B features in the last year alone.

Persons: Drake, Everette Taylor, Harley Finkelstein, Finkelstein Organizations: Service, Shopify's Locations: Toronto, Wall, Silicon, Canadian, Embassy

☆ I tried the same steak at Texas Roadhouse and LongHorn and can see why the younger brand is more popular — even though it didn't have the better meal
▼ + stars: | 2023-08-28 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

LongHorn Steakhouse and Texas Roadhouse are two chains serious about serving the best meat. I visited both chains to see how each handles the ultimate steak lover's cut, the bone-in rib eye. Even though LongHorn delivered the better meal this time, I'd sooner go back to Texas Roadhouse. Look no further than the booming growth of national chains like LongHorn Steakhouse and Texas Roadhouse, which have both seen substantial gains in new locations and sales in the past year, boosting the share prices of their respective parent companies. Although neither brand has actual origins in the Lone Star state — LongHorn was founded in Georgia in 1981 and Texas Roadhouse in Indiana in 1994 — both have adopted Texas-inspired identities and a mission to serve the best meat.

Persons: — Organizations: LongHorn, Texas Roadhouse, Service, Texas, Lone Star, — Locations: Texas, Wall, Silicon, Georgia, Indiana, Madison , Wisconsin

☆ I visited Costco in Sydney while vacationing in Australia and was amazed at the fresh meats and the bulk quantities that were massive even by US standards
▼ + stars: | 2023-08-23 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Richard Truong is a software engineer in Pennsylvania who has been a Costco member since 2016. On a recent trip to Australia, Truong visited a Costco warehouse near Sydney to see the differences. He found an impressive meat selection and bulk sizing that was massive "even by US standards." After checking out Costco on a recent trip to Japan, I traveled to Australia to visit family and also because Sydney's one of the most well-known Australian cities. The Sydney Costco is about an hour west of town and I actually went to it accidentally.

Persons: Richard Truong, Truong, I've Organizations: Costco, Service, Sydney Costco Locations: Pennsylvania, Australia, Sydney, Wall, Silicon, Japan

☆ Macy's, Dick's, and Lowe's are sounding alarms on US shoppers
▼ + stars: | 2023-08-22 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Macy's said US consumers have less cash to spend, and are choosing experiences over products. Dick's meanwhile reported an unexpected uptick in inventory shrink, presumably from theft. Macy's, Dick's Sporting Goods, and Lowe's each sounded alarm bells on Tuesday about the financial state of US shoppers, with each company reporting softening profit margins in key categories. Lowe's — like rival Home Depot last week — is seeing weaker demand from its DIY shoppers after a burst of home spending during the pandemic. In a press release, Dick's CEO Lauren Hobart called shrink "an increasingly serious issue impacting many retailers."

Persons: Macy's, Lowe's, Dick's, they're, Jeff Gennette, Lauren Hobart, Neil Saunders, Brian Cornell, John David Rainey Organizations: Service, Dick's Sporting Goods, CNBC, Total, Depot, Walmart Locations: Wall, Silicon

☆ Dick's CEO blames 'alarming' retail theft for a surprising profit drop: 'It's a problem for our entire country'
▼ + stars: | 2023-08-22 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

However, the number of incidents and the organized retail crime impact came in significantly higher than we anticipated," Gupta said. Gupta said inventory shrink accounted for one-third of the decline in merchandise profits. AdvertisementAdvertisementWhile theft is the largest contributor to inventory shrink, the figure also includes merchandise lost to damage or other errors. The National Retail Federation estimates that retail shrink cost retailers a combined $94.5 billion in 2021, up from $90.8 billion in 2020. AdvertisementAdvertisementEven with the higher rate of shrink, Gupta said the company is in better shape now than it was just a few years ago.

Persons: Lauren Hobart, Navdeep Gupta, Dick's, Gupta, Hobart Organizations: Sporting Goods, Service, Goods, National Retail Federation Locations: Wall, Silicon, Hobart

☆ Walmart vs Target: When it comes to groceries it's not really a competition
▼ + stars: | 2023-08-17 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Walmart posted surprisingly strong sales growth in the last quarter, while Target reported a decline. As shoppers increasingly prioritize essentials, one in four US grocery dollars are spent at Walmart. When Walmart's grocery sales are combined with those of its subsidiary warehouse club Sam's Club, the total approaches a third of total US grocery spending. Target meanwhile accounts for 3% of grocery dollars, or about a tenth of Walmart Inc., per Numerator. Target sells those things too, of course, but if shoppers are already heading to Walmart for groceries, they may not want to make a second stop.

Persons: headwind, Walmart's, John David Rainey, Rainey, Target's, Sara Batchelder, Neil Saunders Organizations: Walmart, Target, Service, Costco, Walmart —, Kroger, Albertsons, Sam's Club, Walmart Inc, Target's Locations: Wall, Silicon

☆ Target CEO says thefts 'involving violence or threats of violence' have more than doubled this year so far
▼ + stars: | 2023-08-16 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Target says it's seeing more than twice as many theft incidents involving violence or threats of violence this year. "Safety incidents associated with theft are moving in the wrong direction," CEO Brian Cornell said. "Our team continues to face an unacceptable amount of retail theft and organized retail crime," Target CEO Brian Cornell said in the company's second quarter earnings call on Wednesday. "During the first five months of this year, our stores saw a 120% increase in theft incidents involving violence or threats of violence," he added. The National Retail Federation estimates that retail shrink cost retailers a combined $94.5 billion in 2021, up from $90.8 billion in 2020.

Persons: Brian Cornell, Cornell Organizations: Service, Target, National Retail Federation Locations: Wall, Silicon

☆ Target acknowledges the Pride backlash hurt sales in June and says it will rethink its approach to 'heritage moments' going forward
▼ + stars: | 2023-08-16 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Target said right-wing outrage over its annual LGBTQ Pride Month merchandise hurt sales in June. Unlike boycotts against Bud Light, the anti-LGBTQ reaction included threats against workers. "The reaction is a signal for us to pause, adapt and learn," Target's chief growth officer said. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Cornell said Target would continue to celebrate Pride and other heritage months, noting that the company would be "mindful of timing, placement, and presentation."

Persons: Target, Bud Light, Michael Fiddleke, Brian Cornell, Cornell, Christina Hennington Organizations: Pride, Service, Disney, Target Locations: Wall, Silicon

☆ A TikToker shows how to get an entire week's worth of groceries from Dollar General for just $35
▼ + stars: | 2023-08-14 | by ( Dominick Reuter | Alex Bitter | ) www.businessinsider.com time to read: +6 min

Rebecca Chobat is an expert at shopping Dollar Tree to stock up on groceries with a $35 budget. DollarTreeDinnersAlthough she said Dollar General is sometimes known as being the more expensive option, the brand's 19,000 locations in the US exceed the 16,400 stores owned by Dollar Tree. Dollar Tree also owns Family Dollar. Dollar Tree and Dollar General ranked among the top five retailers from which consumers bought food in 2022, per Coresight Research. "Ultimately I paid $35.71, plus tax, and for that I got a pretty considerable amount of groceries," Chobat said.

Persons: Rebecca Chobat, Chobat, creamer Organizations: Dollar, Service, creamer Locations: Wall, Silicon, United States, bologna

☆ Packing your kid's lunch will be more expensive this year. The price of bread alone has gone up 30% since 2020.
▼ + stars: | 2023-08-10 | by ( Dominick Reuter | Alex Bitter | ) www.businessinsider.com time to read: +3 min

Inflation is cooling, but food prices remain stubbornly high, led by typical school lunch supplies. Groceries like bread, ham, lettuce, condiments, apples, and juice cost up to 15% more than last year. The lunchbox price increases are even more striking when compared against 2020: Bread prices alone have risen nearly 30%. That has sent wheat prices higher, which in turn raises prices that consumers pay, economist Paul Krugman noted. At the same time, many reported increased profits, a sign that the higher prices weren't always about offsetting higher costs for inputs like ingredients and labor.

Persons: Paul Krugman, Nestle Organizations: Service, US Bureau of Labor Statistics Locations: Wall, Silicon, Ukraine

☆ Target will now let you add Starbucks to your curbside delivery order, but there's a catch — you have to buy something from Target
▼ + stars: | 2023-08-09 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Target is rolling out an option that lets customers nationwide order Starbucks food and beverages for curbside delivery. Unlike a regular drive-thru, Starbucks customers will have to pair their order with a Target product purchase. The purchase requirement appears to be designed to keep Starbucks order volumes under control and could boost sales. The Target app will prompt drive-up customers to add a Starbucks item to their order and to customize it. TargetHere are the states where Starbucks ordering is currently available via Target drive-up:(* indicates select stores)

Persons: We've, who've, Mark Schindele Organizations: Service, Pumpkin, Starbucks Locations: Wall, Silicon, Wisconsin

☆ How Rao's pasta sauces went from the kitchen of New York's most exclusive Italian restaurant to be sold to Campbell's in a $2.7 billion deal
▼ + stars: | 2023-08-08 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Specialty foods company Sovos bought the brand in 2017 and grew sales to more than $600 million. Bobby Bank/WireImageSales grew slowly until 2017 when specialty foods company Sovos Brands bought the Rao's Homemade packaged foods division and turned up the proverbial heat. Hermida added that sauce makes up more than 80% of Sovos' business, and that one in eight US households buy Rao's Homemade sauce. Sovos reported Rao's brand sales of $580 million in 2022, largely through Costco and Walmart, and sales have already climbed more than 33% in 2023. On Monday, Sovos announced a $2.7 billion deal with Campbell Soup in which the packaged foods giant would acquire the group, including Rao's Homemade.

Persons: Sovos, Campbell Soup, Frank Pellegrino Sr, Frank Pellegrino, Dino Gatto, Yuri Hermida, Forbes, Hermida, Campbell Organizations: Service, Bobby Bank, WireImage, Sovos Brands, Costco, Walmart Locations: Wall, Silicon, East Harlem, New York, Las Vegas, Los Angeles, Rao's

☆ See inside Drake's collab with Shopify, a messy virtual mansion stocked with exclusive merch curated and designed by the rap star
▼ + stars: | 2023-08-04 | by ( Dominick Reuter | Madeline Stone | ) www.businessinsider.com time to read: +2 min

Fans can explore and buy exclusive products through a digital rendering of Drake's Toronto mansion. Shopify's latest tool allows the rap star to partner with other brands for unique merch drops. Rather than scroll through the same-old grid of product listings, fans can explore various virtual rooms strewn about with items to buy, all powered by Shopify's e-commerce platform. "We can actually match incredible content creators that have massive audiences with incredible brands," Shopify President Harley Finkelstein said on the company's second-quarter earnings call. Shopify Collective is one of several new business-to-business initiatives the company has announced recently, and on Wednesday's call Finkelstein highlighted the launch of dozens of new B2B features in the last year alone.

Persons: Drake, Harley Finkelstein, Finkelstein Organizations: Service, Shopify's Locations: Toronto, Wall, Silicon, Canadian, Embassy

☆ Barbie doll sales are booming online as the blockbuster film barrels toward $1 billion at the box office
▼ + stars: | 2023-08-03 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

The "Barbie effect" is also boosting Mattel's direct-to-consumer sales of dolls, per Shopify. Shoppers are "voting with their wallets" for their favorite brands, even as they cut spending elsewhere, one exec said. Two weeks after the hit summer film's release, box office sales are on track to top $1 billion, and retail sales of the namesake dolls are booming. "We're seeing [Mattel] doll sales up 56%," said Harley Finkelstein, president of Shopify, the e-commerce platform that powers the direct-to-consumer operation for Barbie's parent company. "Consumers are voting with their wallets to buy from their favorite brands," he said.

Persons: Barbie, Harley Finkelstein, Finkelstein, Richard Dickson, Dickson, we've Organizations: Service, Shopify, Mattel Locations: Wall, Silicon

☆ The average Chick-fil-A franchise makes nearly $8.7 million in sales and has one of the lowest fast-food franchise startup fee — here's how to open one
▼ + stars: | 2023-08-03 | by ( Hayley Peterson | Dominick Reuter | Nancy Luna | ) www.businessinsider.com time to read: +7 min

Chick-fil-A 's fee for a new restaurant is $10,000 – one of the lowest of any major fast-food brand. In 2022, most locations average nearly $8.7 million in sales per year, up from $8.1 million a year ago, according to the chain's 2023 Franchise Disclosure Document. McDonald's, for example, requires potential franchisees to pay from $1.5 million and $2.5 million in startup costs — including a $45,000 franchise fee, according to the chain's 2023 FDD. Total costs to launch a franchised Chick-fil-A restaurant ranges from $518,385 to $2,803,435, according to the 2023 FDD documents. No transfer or sale of a Chick-fil-A business is allowed, not even family inheritance in the event of death or disability.

Persons: Mark Kalinowski, Chick, McDonald's, Noam Galai, Jay Reed Organizations: Service, Business, Taco Bell Locations: Wall, Silicon, York

☆ Overstock.com CEO says he was jealous of Bed Bath & Beyond's name for years — now, his company is taking its name
▼ + stars: | 2023-08-01 | by ( Grace Eliza Goodwin | Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Overstock.com's CEO told NBC News he was always jealous of Bed Bath & Beyond's iconic name. Overstock.com, led by CEO Jonathan Johnson, first bought Bed Bath & Beyond's digital assets in June after it went bankrupt earlier this year. With that purchase, Overstock has adopted Bed Bath & Beyond's brand image in place of its own — as of Tuesday, Overstock.com is out, and BedBathandBeyond.com is back in the game. "We've looked at Bed Bath and Beyond jealously for several years," Johnson told NBC News. The relaunched website allows customers to use up to $50 of their rewards points from old Bed Bath & Beyond accounts.

Persons: Overstock, Overstock.com, he's, Jonathan Johnson, We've, Johnson, Patrick Byrne's Organizations: NBC News, Service, Bed, NBC Locations: Wall, Silicon, Russian

☆ I visited Costco on my vacation to Japan. I was surprised to find a 48-piece sushi platter and bulgogi bake — and I even got a free sample of booze.
▼ + stars: | 2023-07-31 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Richard Truong is a 26-year-old software engineer from Pennsylvania who has been a Costco member since 2016. On a recent trip to Japan, Truong stopped by the Costco warehouse in Kyoto to see the differences. I work as a software engineer for a large insurance company in Pennsylvania, and I've been a member of Costco since 2016. It's fun to wander around Costco warehouses in different countries and see what they have — what's similar to the US and what's specific to that region. Japan has 32 Costco warehouses – here's what I saw on my visit to the one in Kyoto.

Persons: Richard Truong, Truong, I've, it's Organizations: Costco, Service Locations: Pennsylvania, Japan, Kyoto, Wall, Silicon

☆ Workers at a Burger King near Atlanta say they're getting sick working with no AC in 95-degree heat
▼ + stars: | 2023-07-28 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

The exhaust over the grill doesn't even work," Burger King employee and USSW member Arnice Sykes said in a statement. At a @BurgerKing in Decatur, the A/C is broken, workers are getting sick because of it, and Burger King does nothing. We spoke out along with other service workers to demand this extreme heat issue is stopped! Last week, workers at McDonald's locations in Houston, Texas, and Los Angeles each walked out after working without AC during heatwaves. And in Italy, unionized McDonald's workers went on strike as temperatures there reached 104 degrees Fahrenheit.

Persons: Burger, walkouts, Arnice Sykes, I've, Burger King Organizations: Burger King, Service, Dollar, Union of Southern Service Workers, US Occupational Safety, Health Administration Locations: Georgia, Wall, Silicon, Decatur , Georgia, Atlanta

☆ The 'aspirational' luxury shopper is suffering, but don't expect any deals
▼ + stars: | 2023-07-27 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

US consumers earning less than $100,000 fueled record profits last year for French luxury group LVMH. These "aspirational" customers are now pulling back on spending as pandemic cash reserves run dry. Important as these shoppers are, don't expect to see huge markdowns from Louis Vuitton and Dior. "The cost of all these initiatives was obviously quite high," Guiony said. Not every luxury brand can pull this strategy off, but it appears LVMH certainly can.

Persons: Louis Vuitton, that's, Christian Dior, Tiffany, LVMH, Jean, Jacques Guiony, Neil Saunders, Saunders, Michael Kors, Guiony, Hitha Herzog, Herzog, Pharrell Williams Organizations: Dior, Service, Louis Locations: Wall, Silicon, Asia, Pont, Paris

☆ Rolex makes more than 123 watch models — most of them are worth more used
▼ + stars: | 2023-07-25 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

The pre-owned luxury watch market has been declining for over a year, driven largely by the top three brands. Even so, nearly three quarters of currently-made Rolex models are worth more pre-owned than new. Patek Philippe still commands the highest resale premium, though only half its models beat their retail price. Spencer Platt/Getty ImagesEighty-nine of Rolex's 123 current models included in the analysis are worth more used than new. On average, pre-owned Rolex watches cost 24% more than retail, less of a markup than pre-owned Patek Philippe, and more than that of Audemars Piguet.

Persons: Patek Philippe, Audemars, Philippe's, Rolex's, Charles Tian, Morgan Stanley, Spencer Platt, Piguet, Tian Organizations: Service, Rolex, Audemars, Oaks, Getty Locations: Wall, Silicon, New York, Swiss

☆ Here's what the Costco 'star of death' means for your favorite warehouse items
▼ + stars: | 2023-07-23 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Costco price tags convey a lot of information for employees and customers in the warehouse. Recently, an asterisk on Bud Light products led to rumors that Costco was giving the "star of death" treatment to Bud Light in the wake of a conservative boycott. But closer inspection of the signage showed that only 16-ounce cans of Bud Light and 12-ounce bottles of Bud Light Platinum were getting the star of death treatment. Costco did not respond to Insider's questions regarding the status of Bud Light in its stores. With that one little symbol, buyers can communicate with store managers across the country and help them plan ahead, the Texas manager said.

Persons: markdowns, Justin Sullivan, I've, Bud Light, Dominick Organizations: Service, Costco, Bud Locations: Texas, Wall, Silicon, Novato , California

☆ Plans for the world's largest Costco warehouse are under review, but customers would only be able to shop in part of it
▼ + stars: | 2023-07-20 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Costco is seeking to build a new 241,342 square-foot warehouse in Fresno, California. The facility would replace an existing location and combine ecommerce fulfillment under one roof. This would be the wholesale club's largest warehouse, but shoppers would only be able to access part of the location. Target has gone all-in on using its stores to fulfill orders, and Walmart has used its stores for e-commerce fulfillment for years. The Salt Lake City location also opened as a hybrid concept, with a general members store and a dedicated business center for commercial customers under one roof.

Organizations: Costco, Service, Walmart, Fresno Bee Locations: Fresno , California, Wall, Silicon, Salt Lake City , Utah, Target, Salt Lake City, Fresno, Fresno . City

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