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☆ Look out, Costco. Sam’s Club drops its hot dog combo to $1.38
▼ + stars: | 2022-11-15 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: 1 min

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☆ Walmart earnings: Wealthier shoppers turn to Walmart for groceries
▼ + stars: | 2022-11-15 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN Business —Wealthier customers pinched by inflation are switching to Walmart for groceries, boosting sales at America’s largest retailer. Walmart is a bellwether of consumer spending, particularly on groceries, which account for more than half of its sales. The company said it is making “strong grocery share gains, including from high-income households.”It’s the latest sign that the highest inflation in decades is altering shoppers’ spending habits, including wealthier customers. Other discount supermarkets and Dollar General (DG) have said they are gaining new, wealthier customers because of inflation. Walmart had to mark down prices on many of these items to entice shoppers to buy, hurting its profit.

☆ Adidas will continue to sell Kanye West’s shoe designs without the Yeezy name
▼ + stars: | 2022-11-09 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

But Adidas (ADDDF) will continue to sell the lucrative sneaker and apparel line, stripped of the Yeezy name and branding. The company said it’s the sole owner of all Yeezy line design rights for both existing and future colors and versions. The Yeezy line was a key product for Adidas and the fallout has hurt the company. He will have to find ways to replace Yeezy sales and turn around the brand. It would be a mistake for Adidas to continue selling the line, said Darcey Jupp, an apparel analyst at GlobalData.

☆ Why these five states don’t sell lottery tickets
▼ + stars: | 2022-11-09 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

Since 1964, when New Hampshire became the first to offer a state lottery, 44 states have started their own or joined multi-state jackpots. More than 200,000 retail stores and other outlets in the United States sell lottery tickets. That’s because when one state adds a lottery, people often flood across state lines to buy tickets. Recently, states that have adopted lotteries have emphasized that sales from tickets will go to social programs. The people likeliest to buy tickets are often the same ones who most rely on these government programs, he said.

☆ Kohl’s CEO leaves for Levi’s
▼ + stars: | 2022-11-08 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

Activist groups have pushed Kohl’s (KSS) to spin-off its online business, sell its real estate or take the company private. Michelle Gass is leaving Kohl's for Levi's. “It is fair to say that Gass has saved Kohl’s from more serious decline.”Meanwhile, Levi (LEVI) has grown since it went public again in 2019. Gass will join the company in January as president and take over as CEO within 18 months, succeeding current CEO Chip Bergh, Levi’s said in statement. Gass leaving Kohl’s for Levi’s is symbolic of a larger shift in retail’s power balance.

☆ Powerball used to have a jackpot limit. Then it exploded
▼ + stars: | 2022-11-07 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

New York CNN Business —The Powerball lottery jackpot is expected to hit $1.9 billion for Monday’s drawing, making it the largest lotto prize ever. But in 1987 when Lotto America, the precursor to Powerball, was introduced, organizers prohibited jackpots of more than $80 million. ”This is a whole new ballgame” Lotto America spokesman Jack Ratigan said at the time. These changes have pushed Powerball jackpots way up. Lotteries are regressive, meaning lower-income groups spend more of their budgets on lottery games than higher-income groups.

☆ Why Costco, Trader Joe's stopped selling your favorites
▼ + stars: | 2022-11-05 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +5 min

Fans run social media accounts dedicated to tracking discontinued products at Trader Joe’s, and others blog about long-lost items at Costco. “We understand that it can be disappointing — devastating, even,” Trader Joe’s says on its “discontinued product feedback” contact page for customers. There are several reasons Trader Joe’s, Costco (COST) and other stores suddenly stop selling customer favorites. Also, for stores like Costco and Trader Joe’s, discontinuing items can reinforce the treasure hunt-like appeal of these stores. One major factor: It’s difficult to get shelf space inside Trader Joe’s and Costco and stay there.

☆ The Happy Meal inventor says McDonald’s didn’t want it at first
▼ + stars: | 2022-10-29 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +9 min

But four decades ago, when the first Happy Meal debuted, the company didn’t quite get it. They didn’t immediately embrace it,” Bob Bernstein, an advertising executive who created the Happy Meal in the late 1970s, said in a video interview from his Kansas City office, which is decked out with Happy Meal memorabilia and original art. The meal’s name was an offshoot of a 1960s McDonald’s jingle, in which it called itself the “happy place.” “It’s such a happy place / Hap, hap, hap, happy place,” it went. For some reason, the company’s corporate offices outside Chicago were reluctant to roll out the Happy Meal nationally. Mario Anzuoni/ReutersIn the 1990s, Beanie Babies, Transformers and Power Rangers Happy Meal toys were massive hits for McDonald’s.

☆ Kanye West: What took Adidas, Gap and others so long to cut ties?
▼ + stars: | 2022-10-28 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +6 min

New York CNN Business —Earlier this week Adidas ended its partnership with rapper and fashion designer Ye (who previously went by Kanye West). He even called out Adidas directly during a podcast appearance in which he made antisemitic comments, bragging the company would never cut ties with him. He referenced Adidas directly: “I can say antisemitic things, and Adidas can’t drop me,” he said. Gary Gershoff/WireImage/Getty ImagesAdidas didn’t announce it was severing ties with Ye until Tuesday, October 25, over a week after the podcast was released. Adidas said it will take a big loss in the fourth quarter because its cutting ties with Ye.

☆ Ye's ugly break-up with Adidas and Gap show the risks of celebrity partnerships
▼ + stars: | 2022-10-25 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

The line also helped Adidas (ADDDF) get shelf space at major retailers and brought new customers into the stores who bought other Adidas (ADDDF) merchandise. Other fashion brands that bet on Ye, including Gap (GPS)and Balenciaga, have also ended their partnerships in recent weeks. The partnership with Ye and subsequent fallout highlights the risks of retail brands relying on celebrities to appeal to shoppers. A 2012 study published in the Journal of Advertising Research found that celebrity endorsements from athletes can increase a brand’s sales by 4%. Instead of pulling the plug on Ye immediately, Adidas’ slow response allowed anger and protests over the brand’s ties to him to grow online for more than a week.

☆ Dove, Nexxus and other dry shampoos recalled for cancer-causing chemical
▼ + stars: | 2022-10-24 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +1 min

New York CNN Business —Unilever has recalled certain Dove, Nexxus, Suave, TIGI and TRESemmé aerosol dry shampoos because of the potential presence of benzene, a chemical that can cause cancer. The affected products were produced prior to October 2021 and were distributed at retailers nationwide, the Food and Drug Administration said in an announcement Friday. They include products such as Dove Dry Shampoo Volume and Fullness, Dove Dry Shampoo Fresh Coconut, Nexxus Dry Shampoo Refreshing Mist and Suave Professionals Dry Shampoo Refresh and Revive. Consumers should stop using the affected aerosol dry shampoo products and visit UnileverRecall.com for instructions on how to receive reimbursement for eligible products, the FDA said. Last year, Procter & Gamble (PG) recalled more than 30 aerosol spray haircare products, including many dry shampoos and dry conditioners, warning that the products could contain benzene.

☆ This is Gen Z’s favorite restaurant, survey says
▼ + stars: | 2022-10-22 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +1 min

New York CNN —It’s been a good year for Chick-fil-A – a recent survey ranked it as Gen Z’s top restaurant, with 15% of respondents listing it as their favorite choice. The annual Piper Sandler study surveyed 14,500 teens in 47 states, whose average age was just under 16 years old (15.8 years old, to be exact.) Starbucks came in second at 12% of teens, followed by Chipotle (7%), McDonald’s (6%) and Olive Garden (3%). But that was primarily because it’s so popular that it has a lot of cars lined up for its meals. The chain’s support for anti-LGBTQ organizations and its opposition to same-sex marriage has been at the center of political debates and calls for boycotts.

☆ Walmart, Target and Best Buy will be closed on Thanksgiving
▼ + stars: | 2022-10-19 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

We’ll again be closed on Thanksgiving,” Walmart (WMT)US CEO John Furner said in an interview Wednesday on NBC. Target (TGT) last year announced its stores would close on Thanksgiving for good. Holiday shopping used to be highlighted by a few key days — Black Friday being the biggest. But with the growth of online shopping, retailers aren’t as reliant on specific days to drive sales anymore. Costco (COST), Home Depot (HD), Nordstrom (JWN), Publix, Trader Joe’s and others have been closed on Thanksgiving for many years.

☆ What would a Kroger-Albertsons merger mean for grocery prices?
▼ + stars: | 2022-10-17 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +6 min

A Kroger-Albertsons merger could reshape the grocery industry. The companies say they will divest hundreds of stores in areas where they overlap to win regulatory approval. Albertsons has higher prices than Kroger and other grocers, analysts say, and they predict Kroger will try to reduce Albertsons prices to be more competitive against discount chains like Aldi. Antitrust advocates say the merger would force out competition and concentrate power among the largest chains, driving up prices. A Kroger-Albertsons merger would spark a fresh wave of mergers and acquisitions as companies seek to keep up, analysts predict.

☆ Premarket stocks: The housing market is a mess, but this isn't 2008
▼ + stars: | 2022-10-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

But within those reports, investors found ominous clues about the future of the housing market, underscoring fears of an upcoming crisis. “We’ve had a time of a red-hot housing market all over the country,” Fed President Jerome Powell told me in September. “For the longer term what we need is supply and demand to get better aligned so that housing prices go up at a reasonable level…and people can afford houses again. “This is the sharpest turn in the housing market since the housing market crash in 2008,” said Redfin’s chief economist, Daryl Fairweather, last month. What’s next: Investors will next look to housing starts data next week as an indicator of where the housing market is headed.

☆ How TJ Maxx and Ross discount their clothes by so much
▼ + stars: | 2022-10-15 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

New York CNN Business —It’s a great time to be a closeout store like TJ Maxx. In July, they were sitting on $713 billion in inventory, according to the latest data from the Census Bureau. That’s a prime opportunity for “off-price” retailers such as TJX (TJX) – the parent of TJ Maxx, Marshalls and HomeGoods – as well as Ross (ROST), Burlington (BURL) and Ollie’s Bargain Outlet (OLLI). And if a designer changes the style or color of a dress, for example, off-price stores are happy to take it and sell it on the cheap. “We are seeing extraordinary off-price buying opportunities in the marketplace,” TJX CEO Ernie Herrman said in August.

☆ These retail chains may not survive a recession
▼ + stars: | 2022-10-13 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

New York CNN Business —America’s retail chains have proven surprisingly strong during the pandemic. At the beginning of the pandemic, stores temporarily closed to halt the spread of Covid-19 and retail sales tumbled. “That wave of defaults effectively flushed out a lot of debt and unprofitable stores from the sector,” Sokolyanska said. Retail sales quickly recovered thanks to federal stimulus checks, growing personal savings accounts and pent-up consumer demand. Retail sales remain above pre-pandemic levels and more stores have announced openings than closings this year.

☆ Food prices are still surging — here’s what’s getting more expensive
▼ + stars: | 2022-10-13 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN Business —Prices at the grocery store continued to soar last month, adding even more pressure to shoppers’ wallets. The food at home index, a proxy for grocery store prices, increased 0.7% in September from the month prior and a stunning 13% over the last year, according to new government data released Thursday. Fruits and vegetables surged 1.6% for the month, while cereals and bakery products rose 0.9%. The company’s prices increased 17% annually. But higher prices at the grocery store are forcing customers to make some trade offs.

☆ CVS drops prices on its tampons and will pay the ‘pink tax’
▼ + stars: | 2022-10-12 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN Business —CVS will reduce prices on its store-branded menstrual products nationwide and pay the sales taxes on those products in a dozen states. Starting Thursday, CVS (CVS) will drop prices by 25% on CVS (CVS) Health and Live Better tampons, menstrual pads, liners and cups. The chain last week also began paying sales taxes for customers on period products in 12 states — Arkansas, Georgia, Hawaii, Louisiana, Missouri, South Carolina, Tennessee, Texas, Utah, Virginia, Wisconsin and West Virginia. CVS said it cannot cover the taxes in other states that levy them due to laws preventing third parties from paying taxes on a customer’s behalf. “Too often period products are taxed as luxury items and not recognized as basic necessities,” the organization said.

☆ How to be a smart holiday shopper
▼ + stars: | 2022-10-11 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

New York CNN Business —It’s only October, but holiday shopping promotions are here with retailers bringing out the Christmas trees, turning on the holiday music and dangling sales from now until January. Soon will come way-too-early Black Friday promotions weeks before the actual shopping holiday, then the December-long sales events and post-holiday clearance deals. Shopping smart may feel more challenging in this environment, but retail analysts and researchers have tips for deciding when and what to buy. Many major stores have extended their holiday price match policies to cover a longer time period. So make sure to be a smart shopper even after you buy.

☆ Holiday sales creep has gotten out of hand
▼ + stars: | 2022-09-29 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

Christmas trees are already on sales floors at Costco and Lowe’s, Walmart’s year-end holiday sales start October 1 and Target (TGT) is offering its “earliest access ever” to holiday deals beginning October 6. Holiday creep is nothing new, as each year retailers start the Christmas season earlier and earlier. A weak holiday season can prove ruinous. But there are risks to dragging out holiday deals for too long. “If I’m going to have a four-month holiday season, I’m not as driven to buy now,” Katz said.

☆ Why stores start selling Christmas stuff in September
▼ + stars: | 2022-09-29 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

Christmas trees are already on sales floors at Costco and Lowe’s, Walmart’s year-end holiday sales start October 1 and Target (TGT) is offering its “earliest access ever” to holiday deals beginning October 6. Holiday creep is nothing new, as each year retailers start the Christmas season earlier and earlier. Shoppers respond to emotional and behavioral cues from stores, and starting holiday themes early can tee consumers up to start buying gifts. But there are risks to dragging out holiday deals for too long. “If I’m going to have a four-month holiday season, I’m not as driven to buy now,” Katz said.

☆ Band-Aids and Tylenol will have a new name on their packages: Kenvue
▼ + stars: | 2022-09-29 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

New York CNN Business —We have all heard of Band-Aid, Tylenol, Benadryl and Johnson’s baby powder. We have never heard of the new made-up word Kenvue. But Kenvue will be the new corporate parent of these familiar consumer health brands next year. The name Kenvue reflects J&J’s desire for the new consumer company identity to take a backseat to well-known brands such as Band-Aid. Then there have been brands that changed their names to signal strategy shifts, such as Dunkin’ dropping “Donuts” in 2018.

New York CNN Business —FedEx (FDX)will raise ground and express shipping rates by an average of 6.9% next year, the company said Thursday. Freight rates will increase by an average of 6.9% to 7.9%. Both mark an increase from FedEx’s rate hikes for this year. Last week, FedEx warned that a global recession could be coming, as demand for package deliveries around the world tumble. The weakening global economy, particularly in Asia and Europe, has hurt FedEx’s express delivery business.

☆ Walmart and Target push to lower credit card fees
▼ + stars: | 2022-09-20 | by ( Nathaniel Meyersohn | Cnn Business | ) edition.cnn.com time to read: +3 min

A pair of bipartisan bills in Congress aim to lower the swipe fees, also known as interchange fees, that retailers pay every time a customer makes a purchase with their card. Visa V Mastercard MA anddominate more than 80% of the US credit card market. Proponents of these bills say they would generate more competition in the credit card network market and break Visa and Mastercard's hold over the industry. "Credit card swipe fees inflate the prices that consumers pay for groceries and gas," Durbin said in July. "Bringing real competition to credit card networks will help reduce swipe fees and hold down costs for Main Street merchants and their customers."

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