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☆ Boxed bankruptcy could be blamed on Silicon Valley Bank's collapse, but its problems extend far beyond the bank run
▼ + stars: | 2023-04-03 | by ( Alex Bitter | ) www.businessinsider.com time to read: +4 min

Lower demand for grocery delivery hurt sales long before the bank's collapse. But since then, the pandemic-fueled demand for grocery delivery has dissipated. Consultancy Brick Meets Click forecasted in January that grocery e-commerce sales will grow at a rate of 12% through 2027. That's a tremendous slowdown from early in the pandemic when e-commerce grocery jumped an average of 300% each month. Other startups in the grocery delivery space have faced issues.

☆ Dollar General has close to 20,000 stores across the US. Here's how it keeps prices so low.
▼ + stars: | 2023-04-02 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +6 min

Dollar General sells items at 20% to 40% less than full-price retailers, with most under $10. Dollar General, one of the best-known discount chains, is growing rapidly and now has more than 19,000 stores across the US. Justin Sullivan/Getty ImagesDollar General leases – rather than owns – most of its stores, which helps it to keep costs down. According to a 2021 survey done by the nonprofit think tank, Economic Policy Institute, 92% of Dollar General workers earn less than $15 an hour. It has a limited assortment of groceries, though this is on the riseThe fresh food section at a Dollar General store.

☆ Walmart is cheaper than Dollar General for groceries, as the dollar chain hikes prices faster than its rivals
▼ + stars: | 2023-03-31 | by ( Alex Bitter | ) www.businessinsider.com time to read: +4 min

Dollar General has hiked food prices more than Walmart and Kroger, Bank of America analysts found. At Dollar General, prices rose 36%, the steepest increase of all the retailers, Bank of America analysts Robert Ohmes and Kendall Toscano wrote. At Family Dollar, another chain of dollar stores, it was $203.67." Consumers have also turned to Dollar Stores, given their reputation for inexpensive stuff, CNBC reported in February. Do you work or shop at a Dollar General and have a story to share?

☆ This Bernstein stock-picking model beats the market by 6% a year. Here are its top picks today
▼ + stars: | 2023-03-29 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Instead of relying on fundamental research or quantitative analyses alone to identify stocks that will outperform, Bernstein combines both models. The Wall Street firm used its Bernstein and Autonomous sell-side analysts' recommendations as a proxy for the fundamental stock picker. His $200 target price suggests nearly 26% upside from Tuesday's close. According to his $265 price target, the stock could rally 38% from Tuesday's close. Rosenblum's price target of $54 implies 10.4% upside from Tuesday's close.

☆ Shrinking food stamp benefits for families mean yet another challenge for retailers
▼ + stars: | 2023-03-26 | by ( Melissa Repko | ) www.cnbc.com time to read: +2 min

This month, pandemic-related emergency funding from the Supplemental Nutrition Assistance Program, formerly known as food stamps, is ending in most states, leaving many low-income families with less to spend on food. More than 41 million Americans receive funding for food through the federal program. For those households, it will amount to at least $95 less per month to spend on groceries. The nonprofit used to provide about 7 million meals per month before the pandemic and now provides between 11 million and 12 millions meals per month. "We knew these [extra SNAP funds] were going away and they were going to be sunsetted," she said.

Illustration by Gene KimAs weed becomes legal in more states, how and if travelers can bring their stash on board remains up in the air. Traveling between states where marijuana is legal in both the origin and destination may sound straight-forward, but with overlapping jurisdictions and hard-to-enforce guidelines, it gets complicated. Under federal law, the possession and sale of marijuana is illegal. Despite President Joe Biden's recent pardons for anyone convicted of a federal crime for simple possession and his directive to review how marijuana is scheduled under federal law, marijuana is still classified as a Schedule I substance. And even though airports are locally owned and operated, air travel still falls under federal law.

☆ UBS details how consumer spending is under pressure as inflation remains a threat — and reveals 4 top retailers worth investing in
▼ + stars: | 2023-03-22 | by ( James Faris | ) www.businessinsider.com time to read: +5 min

Consumer spending hasn't collapsed due to high inflation, though pressure is building. The resilience of consumer spending might be the biggest surprise in markets in the past year. To that point, $44 billion AutoZone (AZO) indicated it hasn't seen consumer behavior change and has maintained its margins by passing on costs. 4 retail stocks to buy nowIf there's a consensus among the companies that attended UBS' conference, it's that although consumer spending has held up for now, pressure from inflation is steadily mounting. Those are listed below, along with each company's ticker and market capitalization, as well as selected insights their management teams provided at UBS' retail conference.

☆ Gap has quietly dissolved its advertising business. It shows the challenges companies have competing for the $45 billion retail media industry.
▼ + stars: | 2023-03-22 | by ( Lauren Johnson | ) www.businessinsider.com time to read: +4 min

Gap was hoping to tap into a lucrative new revenue stream called retail media, projected to be worth $45 billion in 2023, according to Insider Intelligence, Insider's sister company. Instead of GPS Media, Gap is devoting resources to support GPS Platform, which handles logistics and fulfillment services for other retailers including next-day and two-day shipping. Gap has also started GPS Apparel, which customizes apparel for companies. Lipsman said that Gap also had a disadvantage in retail media because it only sold its own brands. Are you a Gap employee or do you have insight about retail media to share?

☆ Dollar General enters the retail 'labor hoarding' war with a $100 million investment to boost scheduled hours for employees
▼ + stars: | 2023-03-17 | by ( Dominick Reuter | Alex Bitter | ) www.businessinsider.com time to read: +3 min

Discount retailer Dollar General is the latest employer to join the industry's "labor hoarding" war. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyRetail's "labor hoarding" war now has a General — Dollar General, that is. CEO Jeff Owen told investors to expect an additional investment of approximately $100 million in 2023 as the company aims to boost scheduled hours for store associates. Rolltainers full of candy, toilet paper, and other dry goods sit in cage-like rolltainers outside of a Dollar General store in Minnesota. Insider sourceKeeping shelves stocked and unpacking inventory has been a problem for many Dollar General locations.

☆ Retail media is upending the business relationship between brands and ad sellers like Amazon and Walmart
▼ + stars: | 2023-03-16 | by ( Lauren Johnson | ) www.businessinsider.com time to read: +4 min

In order for retail media to continue its surge, retailers are rethinking their pitches so they can continue to attract ad spend. Masters said Amazon is trying to entice sellers to buy ads by bundling a cloud-based ad product called Amazon Marketing Cloud into JBPs to smooth over some of sellers' frustrations. Walmart said it offers benefits to brands that buy ads as part of their JBPs, but declined to comment on specific details. Also, retail media has significant benefits and can lead to non-advertising perks, said Dieringer. For instance, brands that buy ads from retailers may have first access to unique data and insights about shoppers.

☆ Retailers see a tough year ahead, so they're rolling out the recession playbook
▼ + stars: | 2023-03-16 | by ( Melissa Repko | ) www.cnbc.com time to read: +8 min

Now, major retailers are dusting off their playbook for a recession — or at least for a period of slower sales. Target shoppers can soon get a Starbucks coffee, make a return and retrieve an online purchases without leaving their cars. Some retailers are rethinking their approach to discounts while questioning other costs, such as giving away free shipping or deliveries without strings attached. Some retailers have also turned free shipping into a perk for only engaged or higher spending customers. Nike , for instance, offers free shipping for shoppers – if they share their personal data by joining its membership program.

☆ Self-driving startup Gatik to double workforce, strikes Kroger deal
▼ + stars: | 2023-03-15 | by ( Abhirup Roy | ) www.reuters.com time to read: +3 min

SAN FRANCISCO, March 15 (Reuters) - Self-driving trucking startup Gatik will double its workforce by year end, a top executive said, after it announced a deal on Wednesday with grocer Kroger Co (KR.N) to transport goods within its Dallas, Texas network. Gatik, which operates traditional mid-sized trucks fitted with its autonomous technology, aimed to expand to 15 new U.S. states over five years, CEO Gautam Narang told Reuters. Many investors in the self-driving industry have grown sceptical as complicated technology and tough safety regulations have delayed large-scale commercialization. Autonomous truck company Embark Technology (EMBK.O) said this month it would lay off 70% of its employees and start evaluating options, including winding down the business. Microsoft (MSFT.O)plans to invest more than $10 million in Gatik at a valuation above $700 million, sources told Reuters in January.

☆ Costco Gets a Boost as Impact of Last-In, First-Out Accounting Fades
▼ + stars: | 2023-03-15 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: 1 min

Costco is seeing a slight decline in inflation, according to the retailer’s finance chief. With inflation stuck at high levels, some U.S. companies’ use of an accounting method that lowers their federal tax bill has increased costs and hit earnings. But for retail giant Costco Wholesale Corp., it is a different story. Companies including wholesale specialty foods distributor United Natural Foods Inc. and grocery chain Kroger Co. have recently announced last-in, first-out accounting—also known as LIFO—charges. Costco, meanwhile, had no LIFO charge for the quarter ended Feb. 12, compared with a $71 million charge a year earlier as the company sees some inflationary relief, said Chief Financial Officer Richard Galanti .

☆ Albertsons, Kroger reiterate store divestiture plan ahead of merger
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: 1 min

March 14 (Reuters) - Albertsons Companies Inc (ACI.N) reiterated in a filing on Tuesday it would divest some stores owned by the company and Kroger Co (KR.N) to obtain the regulatory clearance needed to go ahead with the merger of the two firms. Last month, Reuters reported citing sources that the supermarket operators were advancing plans to sell between 250 and 300 stores, which they hope would alleviate U.S. antitrust concerns over their combination. The Federal Trade Commission (FTC), which is reviewing Kroger's proposed $24.6 billion acquisition of Albertsons, is under pressure from some U.S. lawmakers and consumer advocacy groups to block the deal on concerns it may lead to higher grocery prices. Reporting by Ananya Mariam Rajesh in BengaluruOur Standards: The Thomson Reuters Trust Principles.

☆ Senate Democrats urge Walmart, Costco, Albertsons and Kroger to sell abortion pill mifepristone
▼ + stars: | 2023-03-14 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

Erin Hooley | Tribune News Service | Getty ImagesSenate Democrats called on Walmart , Costco , Albertsons and Kroger to sell the prescription abortion pill mifepristone and clearly let customers know how to get it at their pharmacies. The companies have not publicly stated yet whether they plan to sell mifepristone at their pharmacies. The 17 senators told Walmart CEO Doug McMillon, Costco CEO Craig Jelinek, Albertsons CEO Vivek Sankaran and Kroger CEO Rodney McMullen that they are frustrated the companies have not yet publicly indicated whether they will sell mifepristone. Major retailers in the U.S. have been thrust in the middle of the nation's deep divisions over abortion as they weigh whether to sell mifepristone. Walgreens has come under fire after it told the GOP attorneys general that it would not sell mifepristone in their states.

☆ Albertsons, Kroger to divest some stores ahead of merger
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: 1 min

March 14 (Reuters) - Albertsons Companies Inc (ACI.N) said on Tuesday it would divest some stores owned by the company and Kroger Co (KR.N) to obtain the regulatory clearance needed to go ahead with the merger of the two firms. Reporting by Ananya Mariam Rajesh in BengaluruOur Standards: The Thomson Reuters Trust Principles.

☆ Kroger's new payroll system resulted in workers receiving less pay than owed or no paycheck at all according to 4 lawsuits filed agains the grocery chain
▼ + stars: | 2023-03-14 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

Kroger employees say they were underpaid, or not paid at all, according to class-action lawsuits. A new payroll system known as "MyTime" or "MyInfo" is to blame, HR Dive reported. At least four class-action lawsuits claim that the system, implemented last year, resulted in workers receiving less pay than they were owed or no paycheck at all, industry publications HR Dive and Grocery Dive reported. "For example, Kroger employees have been forced to work second jobs, or take on high-interest and risky payday loans in order to meet daily expenses," according to the complaint. Kroger is one of the major retailers that have promoted their efforts to pay workers more in recent weeks.

☆ 38-year-old mom launched a frozen yogurt startup from her kitchen—now she's a 'Shark Tank' CEO with a $1.5 million company
▼ + stars: | 2023-03-13 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

The whipped, frozen Greek yogurt delicacy she put together became Sweetkiwi, a Dallas-based food startup founded in 2011. And on Friday's episode of ABC's "Shark Tank," Eigbe and her business partner — her husband, Michael Kindele — landed a $250,000 investment deal with Robert Herjavec valuing the company at more than $1.5 million. She initially offered the Sharks 5% of her company for that $250,000 investment, noting that the money would go toward brand-building and marketing. The duo expressed confidence despite their industry's heavy competition, noting that Sweetkiwi pints have less sugar than most other frozen yogurts. Herjavec's final offer was $250,000 for a 16% stake in the company — which Sweetkiwi accepted.

☆ Oklahoma Republican tells Teamsters president 'shut your mouth' in terse exchange at Senate hearing
▼ + stars: | 2023-03-08 | by ( Chelsey Cox | ) www.cnbc.com time to read: +5 min

WASHINGTON — A Republican lawmaker Wednesday told Teamsters General President Sean O'Brien to "shut your mouth" in a terse exchange at a hearing examining so-called union busting by U.S. companies. O'Brien said the International Brotherhood of Teamsters had examples of employers illegally pressuring workers not to join unions. When O'Brien said Mullin was out of line, the lawmaker shot back: "You need to shut your mouth." "You think you're smart? You think you're funny?

☆ Retail worker quits are on the rise again even as workers in other industries increasingly try to hold onto their jobs
▼ + stars: | 2023-03-08 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

US workers are quitting their jobs less frequently than last year, but retail quits are trending up. The increase is surprising in part because major retailers are spending big money to keep workers. More quits are likely to further escalate a "labor hoarding" war among brands like Walmart, Home Depot, and Kroger. Long known for having some of the lowest wages around, retail workers collectively have seen their pay increase more since 2019 than almost any other group. With nearly two job openings per unemployed worker, rising quits in retail are likely to further escalate the ongoing labor hoarding war among major employers.

☆ Nestle, Tyson and other food giants bet on air fryer boom to grow sales
▼ + stars: | 2023-03-05 | by ( Amelia Lucas | ) www.cnbc.com time to read: +4 min

An Air Fryer for sale at Kroger Marketplace in Versailles, Kentucky, U.S., on Tuesday, Nov. 24, 2020. Adam Graves, president of Nestle U.S.'s pizza and snacking division, said the company is leaning into the air fryer boom through its frozen food brands, specifically to offer customers more value. Other Nestle products, like Hot Pockets, now include air fryer cooking instructions alongside directions for heating up in the microwave and oven. Tyson is also a third of the way through adding air fryer directions to its packaging for its frozen prepared foods. The air fryer directions are boosting Tyson's brand favorability, according to Hall, who cited recent brand health data.

☆ Walmart, Target, Kroger, and more major retailers go head-to-head in an escalating 'labor hoarding' war over hourly employees
▼ + stars: | 2023-03-04 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +5 min

As companies of all stripes tighten their budgets, retailers are still spending big on hourly workers. Big hourly wage increases of the past three years are here to stay, and more are in the works. Kroger is the latest to join other major brands like Walmart and Target in the "labor hoarding" war. There's a quiet war being waged among America's largest retailers, and the winner might be the previously under-appreciated hourly worker. In January Walmart announced it would increase its minimum wage from $12 to $14 per hour, bringing the US average hourly wage up to $17.50.

☆ Kroger is the latest retailer to spend big on employee wages as the job market tightens
▼ + stars: | 2023-03-03 | by ( Alex Bitter | ) www.businessinsider.com time to read: +2 min

Kroger is latest retailer to say it will spend more this year on worker wages as companies fight to keep employees in a tight labor market. The grocery chain will spend $770 million more on employee pay and benefits in 2023, it said after reporting earnings on Thursday. Kroger operates stores under 19 different names, including Ralph's in Southern California and Mariano's in Chicago. The Ohio-based grocer follows companies like Home Depot and Walmart in committing to raise wages this year. Walmart said in January that it would increase its minimum wage to $14 from the previous $12-an-hour rate.

☆ Here are Friday's biggest analyst calls: Apple, Tesla, Alphabet, Kroger, Meta, Silvergate, UPS & more
▼ + stars: | 2023-03-03 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Friday's biggest calls on Wall Street: Morgan Stanley reiterates Apple as a top pick Morgan Stanley said it sees a "catalyst rich event path" for the tech giant. Morgan Stanley names Alphabet, Amazon and Meta top AI picks Morgan Stanley named Alphabet, Amazon and Alphabet as top picks and said AI is at an inflection point. Barclays reiterates Alphabet as overweight Barclays said it's standing by its overweight rating on the stock but sees it range-bound for the foreseeable future. Morgan Stanley reiterates Eaton as a top pick Morgan Stanley said it sees several cyclical growth drivers for the multination power management company. Morgan Stanley names Eli Lilly as a catalyst driven idea Morgan Stanley named Eli Lilly as a catalyst driven idea, saying that the stock "levered" to a likely positive outcome from upcoming obesity drug trials.

New York CNN —Walgreens on Friday said it will not distribute abortion medication in 20 states, bowing to pressure from anti-abortion lawmakers and lawsuits targeting the legality of medication abortion. The company said it will not dispense mifepristone, the first of two drugs in the medication abortion process, in 20 states following a February 1 letter from GOP attorneys general in those states. Companies are loath to antagonize lawmakers in states where they may face politically motivated reprisals. The US Food and Drug Administration had previously said that pharmacies that become certified to dispense mifepristone can do so directly to someone who has a prescription from a certified prescriber. Medication abortion, which now accounts for a majority abortions obtained in the United States, has become a flashpoint in the fallout from the Supreme Court’s decision last year overturning Roe v. Wade.

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