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☆ Target flashes a recession warning: Shoppers are buying fewer clothes and more necessities
▼ + stars: | 2023-05-17 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Shoppers are pulling back at Target, Home Depot and other major chains as they face pressure from higher prices and borrowing costs. But digital sales fell, and the company said shoppers pulled back on discretionary purchases in what CEO Brian Cornell called a “very challenging environment” for consumers. It’s the latest retailer to say shoppers pulled back on items like clothing and home goods and shifted to groceries and necessities. Retail shrink hit $94.5 billion in 2021, a 53% jump from 2019, according to the National Retail Federation’s annual survey of around 60 retail member companies. But the impact of shoplifting on retail losses may have been overstated in some cases.

☆ Etsy is wasting no time jumping into the wedding registry business
▼ + stars: | 2023-05-10 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

While Bed Bath and Beyond and its popular wedding registry service teeter on the edge, Etsy is stepping in to fill any potential void. Etsy announced on Wednesday that the online marketplace for handcrafted items is launching its own wedding registry. In addition to selecting registry items from Etsy’s vast offerings of handmade and vintage items, the company said the Etsy Registry will also provide couples with a personalization service for nuptial-related paraphernalia, such as wedding decor and bridal party items. “So, launching Etsy Registry was a natural next step,” she said. Etsy has launched its own wedding registry called Etsy Registry.

☆ This is what you need to know about ultra-cheap Chinese shopping app Temu, which sells a huge variety of weird things — and has some wondering if it's for real
▼ + stars: | 2023-05-08 | by ( Grace Dean | Mary Hanbury | ) www.businessinsider.com time to read: +11 min

It's listed as the top free app in both the Google Play store and the Apple App Store, ahead of TikTok, Amazon, and Instagram. These cost savings can then be passed on to the consumer, a spokesperson for Temu told Insider. But for the average North American shopper, such low prices can actually be disconcerting, especially when they don't know much about Temu. A spokesperson for Temu told Insider that it uses its parent company's supply chain and logistics network to ship these items. Read more: I ordered my first 4 items off Chinese e-commerce app Temu and came away annoyed with the dozens of marketing emails sent after making a single purchase

☆ Amazon, Target, and Walmart will be the biggest winners from Bed Bath & Beyond's demise
▼ + stars: | 2023-05-02 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Bed Bath & Beyond has filed for bankruptcy and is conducting an "orderly wind down" of its stores. 1 in several of the categories that Bed Bath & Beyond is best known for: kitchen and bathroom supplies, decor, storage, and bedding. Consumers will have fewer options with the demise of Bed Bath & Beyond, said Peter Greene, Numerator's Insights Practice Director for General Merchandise, in a statement. "Bed Bath & Beyond was slow to embrace and adopt the e-commerce boom, which was pioneered, advanced, and utilized to great success by direct competitors like Target, Walmart, and Amazon," Bed Bath & Beyond CFO Holly Etlin wrote in bankruptcy filings. Bed Bath & Beyond's sales plummeted from $11.1 billion in 2019 to an estimated $5.4 billion in 2022.

☆ A.I. market could be worth trillions in the long term, analyst says
▼ + stars: | 2023-04-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA.I. market could be worth trillions in the long term, analyst saysCyrus Mewawalla, head of investment research at GlobalData, says that this is a "turning moment" for the artificial intelligence market and discusses where players like Google and Microsoft currently stand within it.

☆ Google had a 'Kodak moment' last year as Microsoft takes lead in AI, strategist says
▼ + stars: | 2023-04-26 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Google launched Bard AI, it's own chatbot to rival Microsoft and OpenAI's ChatGPT. Google last year had a "Kodak moment" when it came to artificial intelligence, giving rival Microsoft an edge with the technology, one strategist told CNBC on Wednesday. "Microsoft is currently winning this race in AI," Mewawalla told CNBC's "Squawk Box Europe." Mewawalla said this should have been done "a long time ago" and that Google, even though it has "great AI," fell behind Microsoft last year. "In a way in 2022, it (Google) had a Kodak moment.

☆ What happens to buybuy BABY with Bed Bath & Beyond planning to go out of business
▼ + stars: | 2023-04-23 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

CNN —America’s leading specialty baby products retailer will shutter its 120 stores, a consequence of parent company Bed Bath & Beyond’s bankruptcy filing on Sunday. “The buybuy BABY business is the one part of the operation that will probably attract interest from buyers,” Saunders said. Bed Bath & Beyond placed some hope in buybuy BABY while it struggled to survive. He joined Bed Bath & Beyond in 2019 from Target, where he was in charge of expanding its private label brands. In its bankruptcy filing, Bed Bath & Beyond said it had $5.2 billion in debt and assets of just $4.4 billion.

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☆ Walmart’s US chief marketing officer stepping down as retailer warns of tough year
▼ + stars: | 2023-04-15 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —Walmart’s chief merchandising officer for its US operations is stepping down from the job as the retailer faces a tougher year ahead, an internal memo shared to US associates Friday said. In a memo viewed by CNN Business, Walmart U.S. CEO John Furner said Redfield wants to spend more time with his family. Redfield held his position at the retailer for a little more than a year, beginning in January 2022. Its strong holiday sales were fueled by groceries. “There are merchants, and then there’s our Chief Merchandising Officer Charles Redfield,” CEO John Furner said in a memo viewed by CNN Business.

☆ David’s Bridal laying off over 9,000 workers
▼ + stars: | 2023-04-14 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +2 min

New York CNN —David’s Bridal, one of largest sellers of wedding gowns in the United States, is laying off thousands of workers nationwide, according to a notice filed to the Pennsylvania Department of Labor. “The scale of these layoffs suggest that David’s Bridal is in crisis mode,” said Neil Saunders, managing director at GlobalData Retail. David’s Bridal filed for bankruptcy in 2018 after being laden with growing debt and declining sales of wedding dresses. The following year, David’s Bridal, which operates more than 300 stores, said it had anticipated weddings to return with a vengeance because of pent-up demand. But the layoffs at David’s Bridal come amid ongoing job losses across retail, tech and other industries.

☆ Gen Z isn't letting the economy keep them from living their most luxurious lives. They're just buying stuff secondhand instead.
▼ + stars: | 2023-04-12 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

About a third of Gen Z choose secondhand to afford higher-end brands, according to a ThredUp report. And even increasing economic uncertainty is not deterring their pursuit of the good life — they're just buying secondhand instead. About 30% of Gen Z — those born between 1997 and 2012 — are buying secondhand items to afford higher-end brands, according to an April 5 resale report by ThredUp, an online thrift store and resale platform. Moreover, 64% of the surveyed members of Gen Z look for an item secondhand before buying it new, up four percentage points from 2021, per ThredUp's report. And while Ricci wasn't specifically referencing her habits in relation to buying secondhand items, ThredUp's report states that more than 80% of Gen Z considered the resale value of apparel before making a purchase.

☆ The most-wanted clothing brands at resale are probably hanging in your closet
▼ + stars: | 2023-04-11 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

Resale clothing shoppers are bypassing previously-owned luxury brands at discounted prices in favor of scoring secondhand mid-tier brands for less. As many as 75% of consumers have shopped, or are open to shopping, for secondhand clothing – and demand has only grown during the pandemic. Mid-tier brands like Zara, Levi's and Abercrombie & Fitch have emerged as some of the most popular clothing brands among resale shoppers. In this environment, he said secondhand shoppers are hyper-focused on value, especially when buying clothes, and mid-tier brands are sitting in this sweetspot. ThredUp competitor Poshmark said mid-tier brands like Nike, Free People, Zara and J.

☆ Tupperware stock plunges after warning it could go out of business
▼ + stars: | 2023-04-10 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Tupperware shares fell nearly 40% in early trading Monday following a bleak warning that its future is looking murky. Tupperware said it won’t have enough cash to fund its operations if it doesn’t secure additional money. The company said it is exploring potential layoffs, and it’s reviewing its real estate portfolio for potential money-saving efforts. The New York Stock Exchange also warned that Tupperware’s stock is in danger of being de-listed for not filing a required annual report. Tupperware (TUP) said the entry into Target is part of the brand’s reinvention, which includes plans to grow the business through multiple retail channels and get its products in front of younger consumers who’ve never even heard of Tupperware (TUP) parties.

☆ I took ThredUp's Fashion Footprint quiz. My annual shopping habits equaled driving 614 miles in a gas-powered car.
▼ + stars: | 2023-04-06 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

ThredUp's Fashion Footprint calculator tallies the climate impact of the clothes we buy. Turns out, the climate impact of my annual shopping habits is still 65% lower than the average customer, at least according to ThredUp's new Fashion Footprint calculator. Resale captured 9% of the US apparel market in 2022, compared with 3% a decade ago, according to ThredUp's latest annual report. Americans spent $1.4 billion on secondhand clothes last year that they normally would have bought new, a 40% jump over 2021. I plugged that into ThredUp's calculator.

☆ Old Navy wants to solve a major bugbear of female shoppers by selling more dresses with pockets, as it looks for creative ways to boost sales
▼ + stars: | 2023-04-05 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Old Navy says it has doubled the number of dresses with pockets in its new collection. One expert said Old Navy also needs to focus on styles and freshness to win over shoppers. Old Navy, which accounts for more than half of Gap Inc's total sales, has seen sales fall in recent years. "However, adding pockets is not a solution for all of Old Navy's woes – which run much deeper than the absence of pockets. Old Navy did not immediately respond to Insider's request for comment asking how many dresses it currently sells that contain pockets.

☆ Old Navy’s response to slumping sales: More pockets
▼ + stars: | 2023-04-04 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN —Old Navy, known for its low-priced basic and trendy seasonal clothing, has adopted an interesting sartorial tactic amid sinking sales. The new dress styles with pockets rolled out into Old Navy stores this month and the retailer said it will also increase the number of summer dresses with pockets. As such, it is a good move for Old Navy to add them,” said Neil Saunders, retail industry analyst and managing director of GlobalData. Old NavyOld Navy’s fourth-quarter sales fell 6% over the previous year, while sales at its stores open at least a year fell 7%. Specifically, Old Navy and Gap brands both said shoppers were pulling back their spending on babies’ and kids’ items.

☆ Beep! The barcode turns 50, who invented it?
▼ + stars: | 2023-04-04 | by ( Dayun Park | ) edition.cnn.com time to read: +4 min

The barcode, that rectangle of thick and thin parallel lines seen on seemingly every grocery product, package, prescription bottle and piece of luggage is turning 50 years old. There’s hardly any products now that don’t use a barcode for identification.”Who got there first? A replica of a package of Wrigley's Juicy Fruit Chewing Gum used in a Smithsonian museum exhibition. The Wall Street Journal, in a 2022 obituary of Collins, gives the nod of inventing the barcode to him. Years later, the Smithsonian had a replica of that Wrigley’s gum installed in a museum exhibition on the history of the barcode.

☆ Without regulation of A.I., businesses could enter a dangerous place
▼ + stars: | 2023-03-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWithout regulation of A.I., businesses could enter a dangerous placeGlobalData Head of Thematic Research Cyrus Mewawalla gives his opinion on artificial intelligence.

☆ Macy's CEO Jeff Gennette to retire after 40 years at the department store
▼ + stars: | 2023-03-29 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +3 min

Macy's CEO Jeff Gennette will retire and step down from his role in February 2024. Gennette has been at the department store chain for 40 years. Jeff Gennette joined Macy's in 1983 as an executive trainee and worked his way up the ranks, becoming CEO in 2017. Macy's said Wednesday that Tony Spring, CEO of Macy's sister company Bloomingdale's, will take over Gennette's role. CFO Adrian Mitchell will add the role of COO to his responsibilities – overseeing stores, tech, and supply chain needs, Macy's said.

☆ Macy's will have a new CEO. He's from Bloomingdale's
▼ + stars: | 2023-03-29 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

Macy’s (M) CEO Jeff Gennette will retire in 2024, the company announced Wednesday. Gennette, 61, has been Macy’s CEO for seven years. He led the 165-year-old department store chain through the rise of Amazon (AMZN), the Covid-19 pandemic, and industry upheaval. Under Gennette, Macy’s most notably built out its online platform and shifted away from malls. “Thanks to Mr. Gennette, Macy’s isn’t dead or even circling the drain,” GlobalData Retail analyst Neil Saunders said in a note to clients Wednesday.

Privately-owned Miki House, like other Japanese companies, is contending with a shrinking workforce, with an estimated shortage of 3.41 million workers by 2030, according to labour policy research group Recruit Works Institute. When Kimura founded Miki House in 1971, Japan had about 2.6 million births a year and was undergoing a rapid economic expansion that prompted parents to splurge on fashionable goods for their youngsters. PRODUCTION SHIFTSJapan's Fast Retailing (9983.T), the nation's biggest clothing seller and owner of bargain brand Uniqlo, manufactures almost all of its products overseas. At Miki House, about 70% of products are still made domestically, but some items, such as children's shoes, cannot be made locally at scale and are manufactured in Vietnam. Demand is shifting too, with about 60% of sales coming from overseas, where Miki House operates 95 stores in 16 countries and regions.

☆ Cup Noodles' new ramen tastes like a 'classic diner breakfast in a cup'
▼ + stars: | 2023-03-29 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +4 min

New York CNN —The high price of eggs and other breakfast staples is forcing some to look for cheaper breakfast alternatives. Aptly titled “Cup Noodles Breakfast,” the meal takes four minutes to cook in the microwave and results in a soup-based ramen that also contains “visible ingredients” of sausage and eggs. "Cup Noodles Breakfast" is on sale at Walmart. The company’s research discovered that eggs, sausage and pancakes were the picks to create the best breakfast combination. Breakfast ramen is Cup Noodles second limited time offering, following the sale of pumpkin spice ramen last fall.

☆ Everything we know about Chinese app Temu. It sells a weird variety of things for cheap — and has some wondering if it's legit.
▼ + stars: | 2023-03-23 | by ( Grace Dean | Mary Hanbury | ) www.businessinsider.com time to read: +11 min

☆ General Motors' China business is hurting, and it's not just because of Covid
▼ + stars: | 2023-03-17 | by ( Michael Wayland | ) www.cnbc.com time to read: +11 min

He purchased his Nio over models from rival Chinese automakers Xpeng , Li Auto and IM Motors. GM's operations in the country are much larger than those of its crosstown rival Ford Motor, for example. Equity income from GM's Chinese operations and joint ventures has fallen 67% since its peak of more than $2 billion in 2014 and 2015. And the rising quality of domestic-made electric vehicles helped support — and tap — growing nationalistic pride among China's consumers. In February, Ford named Sam Wu, a former Whirlpool executive who joined the automaker in October, as president and chief executive of its China operations, starting March 1.

☆ Dollar General is luring more shoppers with its cheap groceries — but it might be backfiring
▼ + stars: | 2023-03-16 | by ( Mary Hanbury | Alex Bitter | ) www.businessinsider.com time to read: +4 min

While more people are shopping for groceries at Dollar General, other categories are suffering. Dollar stores, in general, have been gaining market share in the grocery sector as inflation bites and shoppers look for cheaper alternatives. According to a recent report from Coresight Research, Dollar Tree and Dollar General ranked in the top five retailers from which consumers bought food in 2022. Dollar General shoppers are still employed but are "relying more on savings, credit cards, and, quite frankly, borrowing money from friends," Dollar General CEO Jeff Owen said on Thursday during the company's fourth-quarter earnings call. "While Dollar General has been steadily improving the offer ... there is still more work to do to improve the proposition," he said Thursday.

☆ India-Russia defence firm eyes $200 mln missile deal with Indonesia
▼ + stars: | 2023-03-15 | by ( Devjyot Ghoshal | ) www.reuters.com time to read: +4 min

The company has been in protracted negotiations with Indonesia and details about the size and timeline of a potential deal have not been previously reported. "I have a team right now in Jakarta," Rane told Reuters in an interview, adding that a deal could be in place within the year. "The defence forces of Indonesia are extremely interested." A spokesperson for the Philippine Department of National Defence did not immediately respond to a request for comment. Western-led sanctions against Russia for its invasion of Ukraine have not impacted BrahMos production or planning, said Rane.

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