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☆ Billions of dollars are locked up in a present that's easily given and forgotten -- gift cards
▼ + stars: | 2023-02-23 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

Such is the sad fate of gift cards – millions of which go unused each year and have a collective value estimated to be in the billions of dollars. Almost two-thirds of American consumers have at least one unspent gift card tucked away in a drawer, pocket, wallet or purse. A separate study on gift card usage found the average amount on unused gift cards last year was $175 per person, up from $116 in 2021. “I thought with high inflation, people would go to town with their gift cards. Some Visa, Mastercard and American Express gift cards add penalties if they’re not used in a specific period of time, said Stumpf.

☆ California’s heavy rains deliver hope of a lifeline for one devastated industry – rice
▼ + stars: | 2023-02-16 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +8 min

After years of drought, California has received an epic amount of rain already in 2023. The Sacramento Valley is the hub of California’s rice production. During the seed planting and growing season, which runs from March through August, farmers flood rice fields with up to five inches of water. The way the rice business goes is how the economy goes,” Ponciano said. “After harvest season, the sky over the rice fields would be filled with geese and ducks,” he said.

☆ Valentine's Day chocolate boxes look big, but have more plastic than ever
▼ + stars: | 2023-02-14 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +5 min

Dworsky said his research shows the over-sized boxes deceive consumers into believing there’s more chocolate inside when there isn’t. Dworsky bought a 9.3-inches wide and 10-inches high Whitman's Sampler heart-shaped chocolate box, with 11 pieces of chocolate inside. Dworsky said a reader alerted him to the chocolate boxes a few days ago and sent him evidence of a heart-shaped Whitman’s chocolate sampler box. Swiss chocolate company Lindt & Sprüngli, which owns Russell Stover, Whitman’s and Ghirardelli brands, referred requests for comment to Russell Stover Chocolates. He said Dworsky had reached about to him about his most report looking at the Russell Stover and Whitman’s chocolate candy boxes.

☆ The last Blockbuster store has an ad timed for the Super Bowl
▼ + stars: | 2023-02-10 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

That’s exactly what the only remaining store of the Blockbuster video rental chain is doing, and it’s during the Super Bowl. This photo taken on July 26, 2020 shows the interior of the last remaining Blockbuster store, in Bend, Oregon. Blockbuster store in Bend, Oregon has created a retro 1990's living room setup for customers to watch its ad on Super Bowl Sunday. Blockbuster stores fell one by one, with only 10 left in 2017, and then just one. Adding a quirky ad during Super Bowl is just par for the course for this holdout from a bygone era.

☆ Their Super Bowl game plan: Rescue leftover food and serve it to those in need
▼ + stars: | 2023-02-07 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +9 min

Regina Anderson, executive director of Food Recovery Network, is coordinating a campaign to rescue leftover food on game day. The Super Bowl is as much an annual food event as it is the biggest sporting event of the year. But while food is an essential part of Super Bowl celebrations, food wastage doesn’t have to be. In 2020, just before the United States was plunged into a pandemic, FRN did just that by organizing its first Super Bowl food rescue effort. Food Recovery Network collected close to 2,000 pounds of leftover food from the Players Tailgate Event at last year's Super Bowl in Los Angeles.

☆ Super Bowl party people rejoice: Chicken wings and guacamole will cost much less this year
▼ + stars: | 2023-01-30 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +2 min

Load up on wings and guacWing fans will like this: A pound of chicken wings is down 22% from January 2022 because of more supply. Last year at this time, the retail price for whole chicken wings was $3.38 per pound for the week of Super Bowl LVI, according to the US Department of Agriculture’s weekly retail price report. “Chicken wings were so expensive last year that consumers were looking for alternatives to serve at the party. “The dollar amount per person at this year’s Super Bowl party ultimately depends on what they drink and consume,” said Swanson. The 57th Super Bowl will take place on February 12, 2023, at State Farm Stadium in Glendale, Arizona.

☆ Live Nation exec will face lawmakers about Taylor Swift concert tickets fiasco
▼ + stars: | 2023-01-24 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +7 min

“It goes without saying that I’m extremely protective of my fans,” Swift wrote on Instagram in November. The mergerCriticism of Ticketmaster’s dominance dates back decades, but the Swift ticketing incident has once again turned that issue into a dinner table discussion at many households. Concert promoter Live Nation and ticketing company Ticketmaster, two of the largest companies in the concert business, announced their merger in 2009. ‘Customers are the ones that pay the price’While irate fans were left scrambling to wade through the Swift ticket confusion, their collective anger caught lawmakers’ attention. To me, what happened with the Swift concert tickets was not necessarily the result of Ticketmaster being the dominant player in the industry,” he said.

☆ Why this retailer is bypassing Millennials and Gen Zers for Gen X customers
▼ + stars: | 2023-01-21 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +4 min

Not Lands’ End. As it looks to grow its customer base, Lands’ End is bucking the trend by purposely embracing the “forgotten generation,” Gen Xers. “It didn’t fly with our customers.”In a rush to grab the attention of younger consumers, the retailer stumbled and made fashion missteps. But the company says it knows who its core customers are. They’re Gen Xers,” he said, adding that Gen X shoppers showed the same long-term loyalty to the brand as Baby Boomers.

☆ Here are the companies that have laid off employees this year
▼ + stars: | 2023-01-21 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +7 min

Tech firms went on a hiring spree. “Over the past two years we’ve seen periods of dramatic growth,” CEO Sundar Pichai said in an email to employees. The crypto brokerage announced in early January that it’s cutting 950 people – almost one in five employees in its workforce. Departments from human resources to the company’s Amazon (AMZN) Stores will be affected. They’re not in heavy people expansion mode every year,” CEO Andy Jassy said in a memo to employees.

☆ Resale value of Gucci, Chanel, Louis Vuitton handbags is falling
▼ + stars: | 2023-01-19 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

“Demand for higher-priced luxury brands at resale is down, which is pushing prices for brands like Chanel, Gucci and Louis Vuitton down.”At the same time, she said, demand for previously owned lower-priced luxury brands — such as Miu Miu and Bottega Veneta — is up. They are no longer willing to pay the same price at resale that were willing to pay last year for brands like Hermes, Gucci and Louis Vuitton,” Skoda added. According to The RealReal’s Annual Luxury Consignment Report 2023, which was released Thursday, handbag resale prices fell 20% for Louis Vuitton, 17% for Gucci, 10% for Hermès and 9% for Chanel over the past 90 days. Resale prices are cooling somewhat for luxury handbag brands like Gucci and Louis Vuitton, according to The RealReal. As they embrace lower prices, resale shoppers have become less picky about the condition of the items they buy.

☆ Mud, mold, and destruction: California businesses face catastrophic damage
▼ + stars: | 2023-01-13 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +9 min

New York CNN —At the end of a long wooden Southern California pier that juts out above the Pacific ocean sits the Wharf House. Powerful winter storms have unleashed heavy rain, wind, flooding and dangerous mudslides the likes of which California hasn’t seen in decades. An aerial view shows damage to the pier on which the Wharf House restaurant is located. Businesses digging outAbout 5 million people were under flood watches Wednesday as yet another atmospheric river brings more rain to California. “There was water damage, but luckily our floors are concrete and easy to clean and sanitize.

☆ Mattel is giving preschoolers an age-appropriate Barbie
▼ + stars: | 2023-01-12 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN —Mattel is giving preschoolers a new age-appropriate Barbie doll that it says is better suited for their needs. Mattel launched a new Barbie doll, called My First Barbie, specifcially designed for preschoolers. My First Barbie is larger, 13.5 inches tall versus 11.5 inches for the standard Barbie fashion doll. My First Barbie is bigger than the originally Barbie fashion doll and features a softer body. First introduced as Barbie Millicent Roberts in 1959, Mattel sold 300,000 Barbie dolls in the first year of her launch.

☆ SEC fines McDonald's ex-CEO Easterbrook $400,000 for allegedly misleading investors about his firing
▼ + stars: | 2023-01-09 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN —Disgraced former McDonald’s CEO Steve Easterbrook will pay $400,000 to settle charges that he allegedly misled investors about the circumstances of his 2019 firing following a relationship with an employee. McDonald’s later filed a lawsuit against Easterbrook that ended with the ex-CEO paying back his $105 million severance payment, but the SEC charged both the executive and the company for making such a deal in the first place. In addition to the $400,000 civil penalty, Easterbrook is also banned from serving as a director or officer at any company that reports to the SEC. In August 2020, McDonald’s filed a lawsuit claiming Easterbrook lied to the board about the extent of his relationships with employees. Steve Easterbrook, former CEO of McDonald's Corp. Brendan McDermid/ReutersMcDonald’s settled the lawsuit with Easterbrook in 2021, forcing him to repay his severance package of $105 million.

☆ Bed Bath & Beyond says its days are numbered. The same might be true for its big blue 20% coupons
▼ + stars: | 2023-01-06 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +4 min

New York CNN —Bed Bath & Beyond coupon shoppers take note: If you have a stash of its big blue 20% off coupons in your drawer or in your inbox, better use them soon. “If Bed Bath & Beyond files for bankruptcy, the retailer might honor the 20% coupons for a 30-day period. Big Blue became a company iconBed Bath & Beyond introduced its oversized coupon for 20% off a single item three decades ago. Rumors swirled on various social platforms that Big Blue coupons never expire, even though the weekly coupon does feature an expiration date. With stores closed for months, and consumers rethinking their non-essential purchases, Bed Bath & Beyond sales and profit took a hit.

☆ This L’Oreal device aims to help people with limited mobility apply makeup
▼ + stars: | 2023-01-05 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

French cosmetics giant L’Oreal unveiled a new handheld makeup applicator called HAPTA at this year’s the Consumer Electronics Show (or CES) in Las Vegas, that aims to assist people with limited mobility or tremors to apply makeup independently. L'Oreal unveiled its HAPTA device at CES 2023. L’Oreal debuted another invention at CES called Brow Magic, a handheld electronic eyebrow makeup applicator to create customized brow shapes. L'Oreal's Brow Magic device L'OrealAfter brushing a Brow Magic primer through brows, users move the printer across the eyebrow in a single motion. Balooch said Brow Magic should also hit the market at the end of 2023, priced between $150 and $200.

☆ Stitch Fix lays off 20% of workforce and its CEO steps down
▼ + stars: | 2023-01-05 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +2 min

New York CNN —Stitch Fix, facing economic turbulence, announced a double whammy on Thursday: CEO Elizabeth Spaulding is stepping down and the company planned to lay off 20% of its salaried staff. “We will be losing many talented team members from across the company and I am truly sorry,” Stitch Fix (SFIX)founder and former CEO Katrina Lake wrote in a blog post. Shares of Stitch Fix rose 6% on the news. Elizabeth Spaulding, CEO of Stitch Fix, announced she was stepping down on Thursday. But Stitch Fix has struggled as more shoppers return to in-person buying at stores and pull back on their online spending.

☆ What's open and closed on New Year's Day 2023
▼ + stars: | 2022-12-31 | by ( Parija Kavilanz | ) edition.cnn.com time to read: 1 min

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☆ Premarket stocks: Why the market is obsessed with unemployment
▼ + stars: | 2022-12-19 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Stocks plunged earlier this month after the closely watched November jobs report showed a resilient labor market. They fell again on Thursday when weekly numbers showed the number of Americans filing for unemployment benefits fell, indicating a still-tight labor market. “There’s an imbalance in the labor market between supply and demand,” he said, adding that it will take a “substantial period” to fix that imbalance. That path to the Fed’s 2% inflation target is through the jobs market. “There will be some softening in labor market conditions,” Powell said.

☆ Holiday discounts are already hard to resist. The best bargains are yet to come
▼ + stars: | 2022-12-17 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +4 min

New York CNN —Stores are drowning in a glut of merchandise this holiday season, keeping the discounts fast and furious in the runup to Christmas. With Christmas Day falling on a Sunday, and Christmas Eve falling on the preceding Saturday, Super Saturday this year is on Dec. 17th. With eight days to go until Christmas Day, and drop-dead shipping deadlines approaching, people have a lot more buying to do. Well ahead of the final full weekend before Christmas, stores this year were already offering discounts of 50% to 60% off, and tacking on free shipping for online orders. “Retailers want to start selling for the next big holiday, which is Valentine’s Day,” said Davis.

☆ Attention procrastinators: Drop-dead holiday shipping deadlines are coming soon
▼ + stars: | 2022-12-14 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN —It happens every year — the mad dash to ship holiday gifts to get them to loved ones on time. This means they’re also shipping those purchases later, adding to the congestion.”Another reminder: Christmas Day falls on a Sunday this year, which means virtually no overnight delivery. The overall holiday gift shipping window is also shorter this season. Last-minute shipping dates are coming up for holiday gifts. With less than two weeks to Christmas Day, that really means this week.

☆ Jim Beam offers novel fix for holiday blues: hug-simulating pajamas
▼ + stars: | 2022-12-08 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +2 min

New York CNN —Bourbon brand Jim Beam is offering what could possibly be the weirdest gift for the holidays — hug-simulating pajamas. The unisex red flannel “Kentucky Hug” PJ set looks like your basic comfy plaid pajamas, with one exception. This helps foster that spirit of connection, no matter your proximity to your people,” said Matt Plumb, senior director of marketing for North American Whiskey at Beam Suntory, maker of Jim Beam. JIm Beam is selling hug-simulating pajamas for the holidays. Jim BeamSo why are they called “Kentucky hug” pajamas?

☆ Move over kiddo. Teens and grownups want their own teddy bears
▼ + stars: | 2022-12-07 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNNBusiness —We know young kids love teddy bears and cute cuddly stuffed animals. But Build-A-Bear Workshop says older consumers can’t resist them, either. Shoppers can stuff a teddy bear or another furry animal and personalize it with clothes, accessories and their own voice-recorded message. Among the older shoppers are collectors and gift buyers. Courting teens and older customers has benefits.

☆ Who are the eager beaver holiday shoppers unhindered by inflation? Gen Z
▼ + stars: | 2022-12-04 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +4 min

They’re Gen Z. “One standout this Black Friday was the high turnout of Gen Z in stores,” said Kristen Classi-Zummo, apparel industry analyst with market research firm NPD. They came early, they came with friends, and they came to shop.”She said the prevalence of younger shoppers on Black Friday and over the Thanksgiving holiday shopping weekend surprised her. Mall operator PREIT, which owns 18 shopping centers primarily on the East Coast, confirmed that Gen Z consumers were out in force. “For Gen Z, it wasn’t just about shopping.

☆ Chick-fil-A is selling merchandise for the first time ever
▼ + stars: | 2022-11-30 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN Business —If your holiday wish list includes a Chick-fil-A sauce-themed blanket or a chicken nugget pillow, look no further. The chicken chain has launched its first-ever online store, and it’s filled with quirky merchandise that pays homage to cult-favorite items. Chick-fil-A said it expects the products, which range from $15 to $75, to “sell out quickly” — and the chain is already planning for more merchandise next year. Chick-fil-A is selling merchandise for the first-time ever. “Our studies show that one-third of consumers in the 18-44 age range are likely to buy products from collaborations,” Jensen told CNN Business earlier this year.

☆ Gap's slowing sales of baby clothes indicate inflation is deeply hurting families
▼ + stars: | 2022-11-18 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +4 min

New York CNN Business —Customers are pulling back on spending at Gap and Old Navy — particularly in one specific category that shows just how much families are feeling inflation’s pinch. But Gap and Old Navy said Thursday they’re now seeing less spending on babies’ and kids’ items. “Old Navy customers still have a propensity to buy. More than a quarter said inflation motivated those purchases, and half of parents surveyed sold a secondhand item in the kids’ and baby items category. Mercari said parents of kids 2 and under are the most active secondhand shoppers, according to its survey.

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