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☆ Apple warns of a 'dangerous precedent' if the DOJ wins its lawsuit
▼ + stars: | 2024-03-22 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Apple's iPhone is at the center of a historic lawsuit from the US Justice Department. But Apple says the case would set a "dangerous precedent" if the DOJ wins. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. But Apple says the case "threatens who we are" and would radically transform tech companies' ability to serve their customers. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: US Justice Department, Prosecutors, Apple, DOJ, Service, US Department of Justice, Business

☆ Dollar General is taking a key strategy from Costco as it aims to lower costs
▼ + stars: | 2024-03-21 | by ( Dominick Reuter | Alex Bitter | ) www.businessinsider.com time to read: +5 min

Dollar General is sharply reducing the selection of products it sells in order to cut costs. The discounter previously stocked about 12,000 unique items, referenced by SKUs. AdvertisementSome Dollar General shoppers may see their favorite items disappearing from shelves as the discount retailer looks to control inventory costs. The move inches Dollar General closer to Costco's time-tested strategy for finding savings through simplicity — the wholesale club famously keeps its SKU count to around 4,000 in its warehouses. Last summer, Dollar General took a $95 million inventory write-down as it cleaned those stores up.

Persons: SKUs, —, Todd Vasos, there's, Neil Saunders, Vasos, didn't, Gina Goetter Organizations: Costco, Service, Walmart, Aldi, Hasbro

☆ Apple's horrible day — explained in 60 seconds
▼ + stars: | 2024-03-21 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

The US DOJ, with 16 state attorneys general, has filed a civil antitrust lawsuit against Apple. Apple says the suit is "wrong on the facts and the law," and it will "vigorously" defend itself. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Meanwhile, it was a bad day for Apple's stock, which was down more than 4% at market close. AdvertisementHere are the five key areas where prosecutors say Apple is breaking the law and harming consumers:1.

Persons: —, Apple, Prosecutors — Organizations: DOJ, Apple, Service, US Department of Justice, Prosecutors, Microsoft, Department

☆ Bill Gates says 'Steve Jobs was a natural' at appearing unrehearsed: 'I'll never achieve that level'
▼ + stars: | 2024-03-16 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Steve Jobs' seemingly unrehearsed presentation style is the stuff of legend in business and tech. "He would make it look like he's just thinking it up right there," Bill Gates said. AdvertisementWhen it comes to public speaking, few have matched the magic of Apple cofounder Steve Jobs. It's a skill that Jobs' chief rival, Microsoft cofounder Bill Gates, has long expressed jealousy of. More than a decade after Jobs' death, Gates says he has still not reached Jobs' mastery of appearing so natural and unrehearsed onstage.

Persons: Steve Jobs, Bill Gates, Gates, —, Jobs Organizations: Service, Apple, Business

☆ Target says 10-item limits made self-checkout twice as fast — and your store is likely next
▼ + stars: | 2024-03-15 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Target will limit self-checkout to 10 items or fewer at most of its stores, beginning March 17. Target says item limits helped make self-checkout twice as fast. AdvertisementBig baskets will be banished from self-checkout at most Target locations starting Sunday. Related storiesOne result of the test: self-checkout was twice as fast with item limits than without, the company said. Several Walmart locations have recently limited self-checkout lanes to Spark drivers and Walmart+ members using the company's app.

Persons: — Organizations: Service, Walmart

☆ Bill Gates says AI won't magically solve problems that humans aren't already good at
▼ + stars: | 2024-03-15 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Bill Gates is one of AI's most enthusiastic proponents, but is wary of the technology's limitations. The key for current AI models, Gates says, is to have "data that embodies the expertise." download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementBill Gates has been thinking about AI since long before there was AI. This story is available exclusively to Business Insider subscribers.

Persons: Bill Gates, Gates, — Organizations: Service, Microsoft, Business

☆ TikTok CEO doubles down and urges users to get loud and contact senators
▼ + stars: | 2024-03-14 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Hours after the US House of Representatives voted in favor of the bill by a wide margin, 352 to 65, Shou responded with a video on TikTok urging users to "make your voices heard." The rallying cry follows an earlier TikTok action that prompted users to input their ZIP code in order to identify and contact their representatives in Congress. Share them with your friends, share them with your family, share them with your senators. Over the past week, X users have responded in droves with their all-time favorite clips after @destroynectar asked, "What video is the reason they shouldn't ban TikTok?"

Persons: —, Shou Chew, Shou, TikTok's, Joe Biden, @destroynectar, ITYNCTnThf, Steven Mnuchin — Organizations: Service, Business, Big Tech

☆ This winter was weirdly warm — and rough for retailers
▼ + stars: | 2024-03-13 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

The US just experienced the warmest "meteorological winter" on record, NOAA said last week. It also led to unpredictable consumer demand, causing headaches for retailers and other businesses. For Dick's, warmer weather means that sales skew toward lightweight fleeces rather than pricier down parkas, she said. A retailer in South Dakota surveyed by the Federal Reserve said that even though the warmer weather led to higher foot traffic, sales of winter gear and equipment fell. AdvertisementFrom major complications to minor inconveniences, it's looking like this winter could be a preview of what's to come thanks to the climate crisis.

Persons: Lauren Hobart, Hobart's, didn't, Hal Lawton, Lawton isn't, Raymond James, Lowe's, Marvin Ellison, Bill Boltz, Wisconsin's Organizations: NOAA, Service, National Oceanographic, Atmospheric Administration, Sporting, Tractor, Co, Raymond, Raymond James Institutional Investors, Federal Reserve, Climate Central Locations: NOAA's, East, Midwest, South Dakota

☆ Costco CFO's go-to meal is a $5 rotisserie chicken, shrimp cocktail, and Kirkland Signature vanilla ice cream
▼ + stars: | 2024-03-12 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Costco CFO Richard Galanti received a $6.7 million pay package last year, but can be frugal at dinnertime. "I will buy a rotisserie chicken, shrimp cocktail and the Kirkland Signature vanilla ice cream, which is the best," he said. NEW LOOK 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 . AdvertisementCostco's outgoing CFO Richard Galanti has been with the company for all but a few months of the wholesale club's 40-year history.

Persons: Richard Galanti, Galanti, he's, — Organizations: Costco, Progressive, Kirkland, Service, Business

☆ Costco's CFO reveals what you can learn when you arrive 30 minutes early to a job interview
▼ + stars: | 2024-03-11 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Costco's longtime CFO Richard Galanti will step down Friday after a 40-year career with the company. In an interview with Progressive Grocer, Galanti revealed a bit of advice he gives to students. Arriving 30 minutes early to an appointment can show you how a company's culture really is, he said. AdvertisementAfter an impressive 40-year career with Costco, Richard Galanti will step down from his longtime role as CFO on Friday. In a recent interview with Progressive Grocer, Galanti revealed a bit of advice he gives to students that goes beyond simply being on time for appointments like job interviews.

Persons: Costco's, Richard Galanti, Galanti, — Organizations: Progressive, Service, Costco, Atlanta, Business

☆ Target says Cat & Jack is the biggest kids' clothing brand in the US. Parents love the label's generous 1-year return policy.
▼ + stars: | 2024-03-06 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Target says its in-house children's apparel brand Cat & Jack is the largest kids brand in the US. Like all of Target's owned brands, Cat & Jack has a 1-year return policy, which parents love. AdvertisementFor parents of young children, the odds are pretty strong that there's at least one piece of clothing in the laundry bearing the name Cat & Jack. The children's apparel brand Target launched back in 2016 has exploded in popularity, reeling in more than $3 billion in annual sales for the Bullseye. Cat & Jack is "the biggest kids brand in America," said Jill Sando, Target's head of apparel merchandising, during the company's earnings call on Tuesday.

Persons: Jack, —, Jill Sando Organizations: Service, Business Locations: America

☆ Target just announced a new paid membership tier. Here's what $49 gets you.
▼ + stars: | 2024-03-05 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Target says it will soon launch Circle 360, a paid membership tier with unlimited same-day delivery. Target fulfills 95% of its web and app orders from its fleet of around 2,000 stores. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTarget is stepping up the competition with Amazon and Walmart with a new paid membership tier, Circle 360, that offers unlimited same-day delivery. CEO Brian Cornell said Tuesday the new Circle 360 service will launch on April 7 and will lean heavily on Target's Shipt service to "build unmistakable recognition for Target same-day delivery."

Persons: —, Brian Cornell Organizations: Walmart, Amazon, Service, Business

☆ Some Walmart stores are limiting self-checkout lanes just for Spark drivers and Walmart+ customers
▼ + stars: | 2024-03-04 | by ( Dominick Reuter | Alex Bitter | ) www.businessinsider.com time to read: +3 min

Read previewYou might need an app on your phone to use self-checkout during your next trip to Walmart — the lanes might be one reserved for the retailer's Spark delivery drivers or Walmart+ subscribers. Drivers with the company's Spark delivery platform told Business Insider they've seen the limited kiosks at their stores, and photos showing cordoned-off lanes have been cropping up on social media over the past few weeks. At these stores, shoppers need to use the full-service lanes unless they're buying for themselves using the Walmart app's scan-and-go feature or for someone else using the Spark app. A Spark driver in California told BI that designated lanes for Spark drivers showed up at a store there at the end of February. Requiring shoppers to log in to an account before using self-checkout could help stem some of those losses.

Persons: —, they've, Joe Pennington, Pennington, they're, abitter@businessinsider.com Organizations: Service, Walmart, Business Locations: California

☆ Amazon's average customer is a white Gen X woman who spent $2,662 there last year
▼ + stars: | 2024-03-03 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Amazon's average customer is a white Gen X woman who earns about $60K per year and spends $2,662. Numerator found that Amazon's typical shopper is a white Gen X woman earning around $60,000 per year. Although Baby Boomers slightly outnumber Gen X among Amazon shoppers, Boomers are slightly less likely to shop with the company than the overall US consumer, while Gen X shoppers are slightly more likely. Boomers and Gen X shoppers are also increasingly fans of Amazon's Chinese-owned challenger, Temu. About one fifth of the typical Amazon shopper's consumer spending takes place online, more than the overall US average.

Persons: —, you've Organizations: Amazon, Service, Walmart, Boomers, Temu, Disney, Hanes, Kraft, Apple Locations: Seattle

☆ Panera is exempt from California's fast-food wage increase. A billionaire franchisee previously donated to Gov. Newsom.
▼ + stars: | 2024-03-01 | by ( Ana Altchek | Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Read previewCalifornia's minimum wage increase from $16 to $20 an hour for fast-food restaurant workers, set to go into effect in April, caused a stir among fast-food chains — but not Panera. He owns 12 Panera locations in California. When asked last year about the bread exemption that baffled many, Newsom said, "That's part of the sausage-making," declining to elaborate further. Flynn, in a conversation with Bloomberg, denied having a hand in the bread exemption. A few smaller brands appear to benefit from the carve-out, including Paris Baguette and Great Harvest Bread Co, Bloomberg reported.

Persons: —, Gavin Newsom, Greg Flynn —, Flynn, Taco Bell, Flynn Group's, Newsom, Panera, Paris Baguette Organizations: Service, Flynn Group, Business, Bloomberg, San Francisco Chronicle, Flynn Properties Inc, US Food and Drug Administration, Co Locations: California, Paris

☆ Even Best Buy's CEO thinks laptops haven't seen enough innovation recently to convince you to replace your aging one yet
▼ + stars: | 2024-02-29 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

For companies that specialize in this area, like Best Buy, that has contributed to several years now of sluggish sales. AdvertisementBeyond the pull-forward effects, Best Buy CEO Corie Barry laid some of the blame for the continuing sales lull at the feet of tech brands. Indeed, tech companies haven't exactly inspired shoppers to race into their nearest Best Buy for an upgrade, especially when they could buy tickets to a Taylor Swift concert instead. Other tech companies are tossing some bold ideas at the walls too. Either way, whatever the next buzzy tech may be, Barry says Best Buy would love for you to come check it out in their stores.

Persons: —, haven't, Matt Bilunas, Corie Barry, We're, Taylor, Apple, Barry, Scot Ciccarelli Organizations: Service, Business, Lenovo

☆ HomeGoods has become 'a bit of a cult,' TJX CEO says
▼ + stars: | 2024-02-29 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

HomeGoods is the housewares and furnishings brand in TJX's off-price retail family. "It's become a bit of a cult," TJX CEO Ernie Herrman joked about the brand's popularity on TikTok. AdvertisementAnyone who has ever set foot in a HomeGoods store has likely walked out with at least one thing they hadn't planned on purchasing. HomeGoods is the housewares brand in the TJX off-price retail family, which includes megastars T.J. Maxx and Marshalls, plus the outdoorsy Sierra. Advertisement"It's become a bit of a cult," TJX CEO Ernie Herrman joked during the company's fourth-quarter earnings call on Wednesday.

Persons: HomeGoods, It's, Ernie Herrman, —, Herrman, housewares Organizations: Service, HomeGoods, Marshalls, TJX Locations: Maxx, HomeGoods

☆ You can now file your taxes directly to the IRS for free — if you live in 1 of these 12 states
▼ + stars: | 2024-02-28 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

The IRS' much-anticipated free tax filing software is now online. Direct File is in a pilot phase and available for "simple" tax returns for 2023. For now, the tool is limited to taxpayers who lived in one of 12 states last year. The much-anticipated Internal Revenue Service software — aptly named Direct File — opened as of Wednesday in a pilot phase ahead of its wider public launch in mid-March. While it's free to sign up, there is a catch: to file using the tool, taxpayers must have been a resident of one of 12 states for all of 2023 and not have income from any other state.

Persons: —, Taylor Swift, aren't Organizations: IRS, Service, Revenue Service, Arizona California Florida Massachusetts Nevada New Hampshire New, Account Locations: Arizona California Florida Massachusetts Nevada New Hampshire, Arizona California Florida Massachusetts Nevada New Hampshire New York South Dakota Tennessee Texas Washington Wyoming, Arizona , California , Massachusetts, New York

☆ Lowe's average customer is a white baby boomer who spent $809 there last year
▼ + stars: | 2024-02-28 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

The store's typical customer is a more rural baby boomer who earns $60K a year and owns her home. But which of those millions of shoppers is the "typical" Lowe's shopper? In addition to taking on Home Depot, Lowe's is looking to win over customers from outdoor lifestyle retailer Tractor Supply Co. with a push into smaller-format rural stores. Lowe's shoppers have dialed back in recent months, but the company said a few are still splurging on its offerings of high-tech, futuristic appliances at price points of $2,500 or more. The typical customer earns between $40,000 and $80,000 a year and now makes nine trips to Lowe's, spending about $90 per trip for an annual total of $809.

Persons: Lowe's, boomer, — Organizations: Service, Tractor Supply, Home Locations: North America, Wilkesboro , North Carolina, Lowe's

☆ Costco's average customer shops there at least twice per month and spends around $100 on each visit
▼ + stars: | 2024-02-27 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Every day, thousands of shoppers push their ultra-wide shopping carts through Costco's warehouse doors, collectively spending more than $237.7 billion last fiscal year. The wholesale club boasts 129.5 million membership cardholders representing households and small and midsize businesses, but which shoppers are the "typical" Costco shoppers? The retailer also consistently leads the pack when it comes to customer satisfaction, though Walmart and Target are gaining ground. The typical customer visits Costco every two weeks or so — about 30 trips per year — and spends about $100 per trip for a total annual expense of $3,018. Compared with other shoppers, Costco members are more likely to be homeowners who love organic foods and actively manage their health.

Organizations: Costco, Business, Walmart, Target, Star Locations: North America

☆ Some shoppers are spending big money on 'craft ice' fridges and high-tech washing machines, Lowe's exec says
▼ + stars: | 2024-02-27 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

While most shoppers are more budget-conscious, Lowe's execs say some are spending big on appliances. One smart LG fridge that makes "craft ice" is a "top-seller despite retailing for over $2,500," one exec said. This fridge makes really nice ice. Lowe'sIndeed, one model in the LG line that makes the fancy ice has a list price of a whopping $4,299. "They're not afraid to invest in, for example, the GE Profile all-in-one washer-dryer combination that retails for over $2,500," Boltz said.

Persons: —, Lowe's, Marvin Ellison, They're, Bill Boltz, that's, Boltz, Katie Notopoulos, Notopoulos Organizations: LG, Service, Home Depot, GE, Wall Street Journal

☆ The family behind Walmart cashed out $1.5 billion as the stock neared an all-time high last week
▼ + stars: | 2024-02-26 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

The Walton family sold nearly 9 million shares of Walmart stock last week for over $1.5 billion. The sale brings the family's total proceeds to nearly $2.3 billion in the span of three months. Monday's three-to-one stock split means the Waltons now hold about 3.75 billion shares. AdvertisementThe Walton family's cash accounts are a whopping $1.5 billion bigger after they sold nearly 9 million shares of Walmart stock last week, according to SEC filings. The latest sales bring the Walton family's total proceeds to nearly $2.3 billion from Walmart shares in the span of three months, the disclosures show.

Persons: Walton, —, Sam Walton Organizations: Walmart, Service, SEC, Walton, Business

☆ Walmart's average customer is a suburban baby boomer who spent $3,578 there last year
▼ + stars: | 2024-02-23 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

4,600 locations in the US The company also has among the highest customer loyalty for leading retail brands. Walmart's average customer is a white baby boomer who owns her home and earns less than $80K per year. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Because of the retail giant's scale, the average Walmart customer has a lot in common with the average US shopper, according to data from the consumer analytics firm Numerator. Roughly 95% of the shoppers in Numerator's survey visited Walmart two or more times in the past year.

Persons: —, John David Rainey Organizations: Walmart, Service

☆ Home Depot's average customer is a white baby boomer who spent $856 there last year
▼ + stars: | 2024-02-21 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Two thirds of US consumers shop at Home Depot, and the brand has similar customer loyalty as Lowe's. The store's typical customer is a white baby boomer who earns over $80K a year and owns her home. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Numerator found that Home Depot's typical shopper is a white woman over 60 years old who owns her home in the suburbs. The typical customer now makes 10 trips to Home Depot and spends about $85 per trip for an annual spend of $856, whereas, in last year's report, they spent $1,052 across 12 trips the year before.

Persons: boomer, —, Lowe's Organizations: Service, Depot, Home Depot Locations: North America, Atlanta

☆ Target fired me after I let a worker buy a Stanley cup. The emotional and financial toll have been severe.
▼ + stars: | 2024-02-20 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +6 min

Target fired me after I allowed one of my baristas to buy a Stanley x Starbucks cupI never even bought a Stanley cup for myself — I hate the cups if we're being honest. Getting fired emotionally destroyed me because I'd spent the past eight months putting all of my time and energy basically rebuilding the store’s entire Starbucks team. I would go on Indeed.com and apply for every single job that I qualify for — and jobs I was overqualified for. Now I'm going to look at every single job as a means to an end. I'm going to make sure I read every single page of that employee handbook, and if there's something I don't understand, I'm going to get clarification on it.

Persons: Nikcole Smith, I'd, I’ve, Burger King, I’d, I've, I'm, they've Organizations: Starbucks, Target, Stanley, Business, Medicaid, Walgreens Locations: Baltimore , Maryland, Indeed.com, Burger

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