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☆ Photos show what Costco looked like when it first opened in 1983
▼ + stars: | 2024-07-24 | by ( Áine Cain | Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Costco opened its first location in Seattle in 1983, building off Price Club's warehouse format. Today's company is the product of a 1993 merger between Costco and Price Club, which opened in 1976. Costco provided Business Insider with historical photos of the chain's inaugural warehouse. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The Costco of today is in fact the result of a 1993 merger between Costco and its predecessor, Price Club, which was founded in 1976 by legendary entrepreneur Sol Price.

Persons: —, Sol Price Organizations: Costco, Price Club, Service, Business Locations: Seattle, Price

☆ Saks Fifth Avenue in San Francisco will require all shoppers make an appointment. The controversial move could solve a major headache.
▼ + stars: | 2024-07-23 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +5 min

Read previewSaks Fifth Avenue shoppers visiting the brand's San Francisco store may need something they previously haven't: a reservation. AdvertisementThese appointment-only stores also require fewer staff, and the San Francisco Chronicle reported that the company will lay off an unspecified number of workers. Just as Union Square is a major center of retail in San Francisco, it has also been a statistical epicenter of retail crime. Advertisement"This move is essentially about Saks trying to make the San Francisco store work better," Saunders told BI. The San Francisco Standard spoke with several shoppers in the area who expressed disappointment at Saks becoming less accessible to regular people.

Persons: —, Larry Bruce, Neiman Marcus, Amanda Lai, McMillanDoolittle, Neil Saunders, Saunders, Breitling, Lange, Söhne, Patek Philippe, Emily Stewart Organizations: Service, Saks, Business, Gucci, San Francisco Chronicle, Nordstrom, Rolex, San Francisco Locations: San Francisco, Napa, Palo Alto, Las Vegas, L.A, New York, Union, Switzerland

☆ Rolex resale prices will likely continue to fall — and that could make it easier to buy a new one
▼ + stars: | 2024-07-21 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Pre-owned Rolex prices have declined for more than two years as the resale market cools. Still, nearly two thirds of Rolex models are worth more on the secondary market than at retail. One big reason for the softening prices: there are a whole lot more watches available to buy. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Morgan Stanley analyst Edouard Aubin said in a note that "it seems unlikely that secondary prices will stabilize in the near future."

Persons: —, Morgan Stanley, Edouard Aubin Organizations: Service, Business

☆ One likely reason Costco is hiking its membership fee
▼ + stars: | 2024-07-14 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Retailers' profits are seeing a pinch as inflation cools — and in some categories, even reverses. For Costco, raising membership fees can offset some of that deflationary bite. The wholesale club prides itself on ultra-low markups, and membership fees help it do that. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . A fall in prices (known as deflation) can put a pinch on retailers' profits as they must offer better promotions and discounts to keep shoppers coming back.

Persons: — Organizations: Costco, Service, Business

☆ Costco unexpectedly sold out of chickens this week — 22-inch garden statue roosters, that is
▼ + stars: | 2024-07-12 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

It's often said that you can buy anything at Costco, and that includes 22-inch chicken statues. A comically proportioned steel garden chicken has apparently struck a chord with Costco shoppers. The $38 product unexpectedly sold out online, leaving some Costco fans feeling left out. AdvertisementIf there are two things Costco is well known for, it's finding items you didn't know you wanted, and selling a lot of chickens. This week, those two things converged — in a way — when the company unexpectedly sold out of a 22-inch tall garden statue of a rooster.

Persons: It's, — Organizations: Costco, Service, Business

☆ PepsiCo just admitted that snackflation might have gone too far
▼ + stars: | 2024-07-11 | by ( Alex Bitter | Dominick Reuter | ) www.businessinsider.com time to read: +4 min

As food inflation rose over the last few years, companies like PepsiCo have been able to push through price increases to retailers and consumers — and then some. Food inflation has increased at a steady pace over the last few months. While PepsiCo is one of the largest food manufacturers in the world, it's far from alone in hiking prices. McMullen told investors last month he expects more discounts coming from national brands this year. Of course, national brands have been bragging about strong profits in recent years, which would suggest they're now in a position to offer discounts and promotions without breaking the bank.

Persons: —, Cheetos, Jefferies, Ramon Laguarta, Laguarta, Crisman White, Rodney McMullen, McMullen, John David Rainey, Christina Hennington, they're Organizations: Service, Frito, PepsiCo, Business, Quaker Foods, Pepsi, Kroger, Walmart Locations: Quaker Foods North America

☆ See inside one of the high-tech refrigerated warehouses powering Walmart's grocery dominance
▼ + stars: | 2024-07-10 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Walmart is America's grocery king, selling more food than the next two largest companies combinedThe retailer is leaning heavily into AI to get perishable foods to store shelves even faster. Take a look inside one of Walmart's state-of-the-art distribution centers for perishable goods. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementWalmart is the biggest grocery store in the US, with more shoppers getting their groceries there than from any other retailer. On Wednesday, Walmart pulled back the curtain on one of its state-of-the-art AI-powered refrigerated warehouses designed to handle perishable goods like meat, dairy, and produce.

Persons: — Organizations: Walmart, Service, Business

☆ Costco's hourly workers are getting a raise — read the CEO's memo
▼ + stars: | 2024-07-10 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Costco hourly workers in the US, Puerto Rico, and Canada are getting raises later this month. Pay at both ends of the scale will increase by $1 per hour, CEO Ron Vachris said in a memo obtained by BI. The raise follows several increases in recent years as Costco tries to stay competitive on wages. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . This story is available exclusively to Business Insider subscribers.

Persons: Ron Vachris, — Organizations: BI, Costco, Service, Business Locations: Puerto Rico, Canada

☆ Walmart is trying to lure Amazon shoppers with a half-price membership ahead of Prime Day
▼ + stars: | 2024-07-08 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Walmart is offering half off the price of a Walmart+ membership until July 18. That timing gets ahead of Amazon's Prime Day, which happens on July 16 and 17. AdvertisementWalmart's members-only sales event is in the rearview, and Amazon's Prime Day isn't for another week, but that doesn't mean the war between the two biggest retailers is on pause. Until July 18, Walmart is offering Walmart+ memberships for $49 a year, or half off the usual $98 fee. If that date catches your eye, it's because the timing gets ahead of Amazon's Prime Day, which happens on July 16 and 17.

Persons: —, isn't Organizations: Walmart, Amazon's, Service, Business

☆ I tested Walmart's new Bettergoods brand against Target's more established Good & Gather. I couldn't pick a winner.
▼ + stars: | 2024-07-07 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Walmart's new Bettergoods brand is strikingly similar to the Good & Gather line from Target. While I couldn't pick a decisive winner, the real advantage here goes to customers. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The latest significant entry into this premium owned-brand space comes from Walmart, which in April announced its Bettergoods line as the company's "largest private brand food launch in 20 years." This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Target, Service, Walmart, Business

☆ Costco had 100-gram gold bars for $7,600. They sold out in less than a day.
▼ + stars: | 2024-07-05 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Costco's largest gold product is a 100-gram bar from PAMP Suisse that last sold for $7,599.99. The jumbo-sized bar was briefly available this week, but sold out in less than a day. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Look no further than this week's sell-off of the company's largest gold product: 100-gram bars of 24-karat gold from PAMP Suisse that last sold for $7,599.99.

Persons: — Organizations: PAMP Suisse, Service, Costco, Business

☆ Millionaire Disney heiress says she's pulling funding to Democrats until Joe Biden exits the 2024 race
▼ + stars: | 2024-07-05 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

President Joe Biden is facing stiff opposition from some high-profile Hollywood donors. Heiress Abigail Disney told CNBC she is ending Democratic donations until Biden ends his 2024 bid. The statement comes a day after Netflix cofounder Reed Hastings said Biden needs to step aside. AdvertisementPresident Joe Biden is facing stiff opposition from some high-profile Hollywood donors a week after his disastrous debate performance against former President Donald Trump. Millionaire heiress Abigail Disney told CNBC on Thursday that she will stop donations to the Democratic Party "until they replace Biden at the top of the ticket."

Persons: Joe Biden, Abigail Disney, Biden, Reed Hastings, —, Donald Trump, Millionaire Organizations: CNBC, Netflix, Service, Democratic Party, Democratic, Business

☆ Netflix axes its cheapest ad-free plan in the UK and Canada, giving users deadlines to upgrade
▼ + stars: | 2024-07-04 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

The demise of Netflix's lowest-priced ad-free plan continues in the UK and Canada. Basic users in those markets report receiving deadlines to upgrade or accept ads. Co-CEO Greg Peters said the price hikes are intended to help pay for a wider range of content. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . So it goes with the demise of Netflix's lowest-priced ad-free plan, as users of the Basic tier in the UK and Canada report receiving deadlines to upgrade to a higher-cost option or accept ads.

Persons: Greg Peters, — Organizations: Service, Canada, Business Locations: Canada

☆ Instacart shoppers are using the app's 'reorder items' button to see how much grocery prices increased over the years
▼ + stars: | 2024-07-03 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

And while few shoppers would save their old grocery receipts, using apps like Instacart keep your order history for years. Now, some customers are using those past orders to discover inflation's highly personal impact on them. AdvertisementIn a video on TikTok, White shared his experience using Instacart's "reorder items" function, explaining how a $35 order skyrocketed to more than $62 in the past five years. (Several commenters suggested this was due to the app replacing some out-of-stock items with more expensive offerings from third-party sellers.) White told BI the response to his video, which has nearly a million views, has been very polarized.

Persons: —, White, Manhattan —, It's, Andy Kiersz Organizations: Service, Business, Walmart, Pepsi Locations: Virginia, Los Angeles and New York City, Gelson's, LA, Wegman's, Manhattan

☆ Police say a man shot a Walmart drone. Armed Americans could pose a headache for air deliveries.
▼ + stars: | 2024-07-01 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

A Florida man admitted to shooting a Walmart drone last week, law enforcement officials said. Now, as more retailers use drones, armed Americans may add further complication to delivery by air. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementRetailers have had to solve a long list of technological, regulatory, and commercial challenges in order to offer deliveries by drone. This story is available exclusively to Business Insider subscribers.

Persons: —, Dennis Winn Organizations: Walmart, Service, Lake County Sheriff, Business Locations: Florida, Lake County

☆ People aren't spending like they used to and it's forcing companies like Nike and Walgreens to make drastic changes
▼ + stars: | 2024-06-29 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. People are still spending money, but there's an uncomfortable awareness that years of price hikes mean each dollar doesn't go as far as it used to. "This consumer remains very cautious, specifically when you think about larger ticket discretionary purchases," he told Oppenheimer analysts Wednesday. "Why have people who are having a hard time paying their rent have to pay more for our drink?"

Persons: —, they're, Joseph Lewis, Marvin Ellison, Oppenheimer, John David Rainey, Federal Reserve Banks, San Francisco Fed, Don Vultaggio Organizations: Service, Business, Bloomberg, Nike, Walgreens, Walmart, Federal Reserve, San Francisco, Philadelphia Fed, Iced Tea Locations: San Francisco, Philadelphia

☆ Why your local pharmacy may be closing
▼ + stars: | 2024-06-28 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Read previewThursday's news that Walgreens will close a "significant" number of underperforming stores threw a spotlight on struggles facing the retail pharmacy industry. Related storiesIn short, regardless of which national pharmacy brand you pick, there's a fair chance the location in your neighborhood could close, if it hasn't already. For starters, retail pharmacies make money in two key ways: by dispensing prescription medication and ancillary medical services, and by selling an assortment of merchandise in their "front of house" retail stores. But even if things were going well for Walgreens, Wentworth suggested there would likely still be quite a few closures. "I think most of us knew — when I was in the PBM [pharmacy benefit management] business — I knew that retail pharmacy was largely overbuilt for where the future was going to be."

Persons: —, Tim Wentworth, Wentworth, Manmohan Mahajan, execs, Neil Saunders Organizations: Service, Walgreens, Business, CVS

☆ A Sam's Club worker used to worry a robot might take his job — instead, AI replaced his most tiresome task
▼ + stars: | 2024-06-27 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Sam's Club uses a system of floor-scrubbing robots that have AI inventory scanners. A worker tells BI this automation has made his job more enjoyable, and eased his concerns about AI. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . "I had general sense of fear of losing my job to robots," a Sam's Club forklift operator told Business Insider. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Sam's, Service, Accenture, Business

☆ Walmart says automating its warehouses will actually give workers longer careers
▼ + stars: | 2024-06-26 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Warehouse work is physically taxing, with employees moving thousands of pounds per day. As Walmart automates distribution centers, new robots and forklifts are lightening the load. CFO John David Rainey says Walmart's labor-saving automation may add a decade to workers' careers. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementWarehouse work is one of the most physically taxing jobs in the digital age.

Persons: John David Rainey, — Organizations: Walmart, Service, Bank of America's London Investor Conference, Business

☆ Sam's Club is winning over Gen Z shoppers with convenience, and that could spell trouble for Costco
▼ + stars: | 2024-06-24 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Sam's Club has grown its Gen Z membership by 68% in the past two years, CEO Chris Nicholas said. While the main attraction is low prices, the real difference for the club is its tech, he said. That could spell trouble for Costco, which lags far behind when it comes to digital innovation. AdvertisementLong a mainstay for boomers and Gen X shoppers, warehouse clubs increasingly have a new set of fans: Gen Z. "That generation believes it's cool to save money and we agree with them," Sam's Club CEO Chris Nicholas told CNBC last week.

Persons: Chris Nicholas, —, Gen, Nicholas Organizations: Sam's, Costco, Service, CNBC, Walmart, Business

☆ What's it like to work at Costco? A front-end manager shares what the job entails
▼ + stars: | 2024-06-22 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Costco warehouses require a lot of different jobs to run smoothly each day. Few workers have more customer-facing responsibilities than front-end managers. Business Insider spoke with a longtime front-end manager about what the day-to-day is like. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Business Insider spoke with an assistant front-end manager in Texas who has been with the company for more than 20 years to learn what the day-to-day is like.

Persons: — Organizations: Business, Service, Costco Locations: Texas

☆ The new laptop-sized Starlink Mini could be the ultimate off-grid travel gadget
▼ + stars: | 2024-06-21 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

SpaceX internet division Starlink is offering a new smaller, more portable satellite dish. The laptop-sized Mini device draws less power than the full-sized Standard, and can reach 100Mbps. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Starlink, the satellite internet division of SpaceX, is now offering a new smaller, more portable dish it calls the Mini. At 11.75 inches by 10.2 inches and weighing less than 2.5 pounds, the laptop-sized device fits easily into a backpack and can reach 100Mbps.

Persons: — Organizations: SpaceX, Service

☆ A Costco manager who has been with the company for over 20 years shares his No. 1 tip for getting promoted
▼ + stars: | 2024-06-20 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

A manager who has been with the company over 20 years shared his best tip for getting promoted. "Move to some of the areas where they're growing," he told Business Insider. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Business Insider spoke with a manager who joined the company more than 20 years ago slinging hot dogs in the warehouse food court to make money for college. This story is available exclusively to Business Insider subscribers.

Persons: —, Ron Vachris Organizations: Costco, Service, Business

☆ Best Buy has trained more than 30K employees to help sell new AI-enabled computers in hopes of ending a sales slump
▼ + stars: | 2024-06-19 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Best Buy is hoping Microsoft's Copilot+ will help end its 10 quarters of declining comparable sales. More than 30,000 employees have been trained to help sell the new AI-enabled PCs. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . With 10 consecutive quarters of declining comparable sales in the rearview, the electronics retailer is hoping a partnership with Microsoft will help end the slump. On Tuesday, Best Buy began selling the tech company's AI-enabled Copilot+ PCs in stores and online.

Persons: Microsoft's, — Organizations: Geek Squad, Service, Microsoft, Business

☆ Apple's AI chief gave this warning to the Siri team when he started working with them
▼ + stars: | 2024-06-18 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Read previewWhen Apple's head of AI strategy and machine learning, John Giannandrea, joined the company in 2018, the company's voice assistant, Siri, was struggling to live up to its promise. Looking for a turnaround, Giannandrea says his first instruction to the Siri team was inspired by legendary NASA Chief Flight Director Gene Kranz: "Failure is not an option." Related stories"A lot of people use Siri a lot of the time," Giannandrea said in an interview with John Gruber after Apple's WWDC last week. Now 14 years after Apple launched Siri, the voice assistant's growing popularity has made it an exceptional proving ground for AI, raising the stakes still further. He has long argued that on-device AI models are critical to the technology being practical for everyday users.

Persons: —, John Giannandrea, Siri, Giannandrea, Gene Kranz, John Gruber, Apple's WWDC, OpenAI, We've, Apple Organizations: Service, NASA, Business, Apple, Apple Intelligence

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