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☆ Americans are doom saving, too
▼ + stars: | 2023-12-01 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

While some are "doom spending" — mindlessly spending money — others are looking for ways to save. <ore than a quarter of Americans say they're turning to the financial equivalent — doom spending — to quell their concerns. If the antidote to "doomscrolling" is putting down the phone, then the opposite of "doom spending" might well be putting down the credit card in favor of "doom saving." AdvertisementAnd while the Intuit report that coined the "doom spending" neologism noted that a troubling 22% of Americans have no savings at all. AdvertisementSpending on discounts and deals is, of course, not saving — it's still spending — but the mindset of "doom saving" is about responding to uncertainty by trying to conserve a finite resource.

Persons: —, Jamie Dimon, we've, Brian Cornell, Doug McMillon, — it's, they'd Organizations: Service, Intuit, Walmart, Target

☆ One Costco employee at each new store can win $500 in cash if they correctly guess first-day sales
▼ + stars: | 2023-12-01 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

In a company tradition, employees at opening warehouses guess their location's first day sales. AdvertisementNovember was a busy month for Costco, with 10 new locations opening up during the month, and seven of those within a ten-day span. A year later I am on the marketing training team and part of my job is traveling to new warehouse openings. This is my first official new warehouse opening and I am so excited to be part of this opening in Newark, California. I love new warehouse openings because there are items that we do not carry all the time, and some warehouse traditions as well.

Persons: —, you've, Maggie Perkins, Perkins, Maggie Perkins 🍉, dentities, ure, ince, ostco, ike, alf o Organizations: Service, Costco Locations: Newark , California, rize

☆ I visited a Walmart 'store of the future' and got huge Target vibes
▼ + stars: | 2023-11-30 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

In November, Walmart reopened 117 stores "of the future" with more than $500 million in upgrades. I visited the redesigned supercenter near Milwaukee to see the changes for myself. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementEarlier in November, Walmart celebrated the grand reopening of 117 stores across 30 states that it had spent nearly a year redesigning into stores "of the future." Some features, such as new signage and wider aisles, were a noticeable improvement, but several areas didn't look finished yet.

Persons: — Organizations: Walmart, Service Locations: Milwaukee, Wisconsin, Germantown

☆ Charlie Munger was obsessed with Costco. Here's why the billionaire called himself a 'total addict.'
▼ + stars: | 2023-11-29 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

The late billionaire investor Charlie Munger loved Costco, and called himself a "total addict." "I wish everything else in America was working as well as Costco does," Munger said last year. AdvertisementWith the death of billionaire investor Charlie Munger on Tuesday, Costco is losing one of its most ardent fans. Munger famously declared himself a "total addict" of the company on whose board he served for more than a quarter century. "I love everything about Costco," Munger said last year.

Persons: Charlie Munger, Munger, —, I'm, Craig Jelinek, Jelinek, Costco, they've, Berkshire Hathaway, Warren Buffett, Buffett Organizations: Costco, Service, CNBC, Berkshire Locations: America, Berkshire

☆ Rate cuts are likely coming next year, but investors shouldn't bank on them saving the market
▼ + stars: | 2023-11-27 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In today's big story, we're looking at why the rate cuts investors have been praying for might not be the godsend they imagined. But rate cuts won't necessarily be the win markets are hoping for, Business Insider's Jennifer Sor writes. Still, some interest rate traders are predicting rate cuts coming as soon as this March, according to CME's FedWatch Tool. Another key piece of the economy facing headwinds complicates the case for rate cuts being a boon for investors.

Persons: —, I've, we're, Patrick Semansky, Jennifer Sor, CME's, Jennifer, Insider's Dominick Reuter, Miles Goodloe, Domenic, Robert Oszust Jr, Domenic Boresta, Alice Brooks, Jennifer Campbell, Sean Jacobsohn, he's, Jacobsohn, Chelsea Jia Feng, They're, it's, Gen, Bradley Cooper, Ben Affleck, Greta Gerwig, Bill, Bill —, Bill Nye, Science Guy, Manolo Blahnik, Jimi Hendrix, Steve Bannon, Bruce Lee, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Tech, Business, Federal Reserve, Fed, UBS, Big Tech, Retail, Walmart, Target, Financial Times, Echo, Khosla Ventures, Science Locations: Washington, Miles, Chelsea, New York City, San Diego, London, New York

☆ How self-checkout took over our favorite stores — and how it's upending the way we shop
▼ + stars: | 2023-11-25 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

The kiosks are usually a help for both shoppers and retailers, but there's much room for improvement. AdvertisementSince the introduction of self-checkout more than 30 years ago, the technology has become ubiquitous in stores across the US and around the world. Meanwhile, those anti-shoplifting measures are frustrating some customers who say they are fed up with systems flagging them as potential criminals. AdvertisementI tried Walmart's self-checkout to see if it was as frustrating as some shoppers say. More than 100 Walmart stores nationwide have a new look.

Persons: — Organizations: Service, Walmart, Costco, Lowe's, Tractor Supply, Giant, San Francisco Safeway, Amazon

☆ Why buying a Costco gift card should be your go-to holiday gift hack
▼ + stars: | 2023-11-24 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

The wholesale club sells gift card bundles with discounts of 20% or more on the combined face value. In addition, the company's own Shop card acts as an access pass for non-members to visit a warehouse. AdvertisementThe same things that make cash a great holiday gift — it's always the right size and color — largely apply to gift cards as well. Warehouses often have jumbo-sized sheets of gift cards on display featuring national chains as well as local restaurants and teams. While buying gift cards through Costco may be a bargain, the better gift (for certain recipients) just might be a gift card to Costco.

Persons: —, — it's, Papa Johns, Eddie Organizations: Costco, Service, Papa, NFL, NHL, MLB

☆ How Walmart, Kroger, and other major retailers are ramping up self-checkout tech to combat theft
▼ + stars: | 2023-11-23 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +6 min

Retailers and tech firms are developing new ways to detect — and prevent — theft. Companies like Walmart and Kroger are using cameras, AI sensors, and other tech at self-checkouts. These days, companies like Walmart, Kroger, and more are outfitting their self-checkouts with cameras, AI-enabled sensors, and other high-tech tools to tamp down theft at self-checkout stations. They previously said, "As with other retailers, theft is always a challenge, and we're always looking for better ways to tackle this issue. The presence of a person is one of several low-tech ways retailers have managed to curb shoplifting at self-checkout lanes.

Persons: —, Craig Szklany, Dominick Reuter, we're, Sensormatic, Kroger, Abhinai Srivastava, haven't, Srivastava, Sensormatic's Szklany Organizations: Companies, Walmart, Kroger, Service, Business, BP

☆ Walmart Black Friday crowds and chaos are a thing of the past — but the deals could be better than ever
▼ + stars: | 2023-11-21 | by ( Alex Bitter | Dominick Reuter | ) www.businessinsider.com time to read: +6 min

Sales are spread over multiple weeks, and shoppers are going online to snag deals instead of lining up outside a store. Former Walmart employee Karen Baker told Business Insider she worked each Black Friday in her decade with the company and described it as a "free for all." One current and two former Walmart employees told Business Insider that stores in recent years aren't bracing for chaos on the day after Thanksgiving. "It's made just for Black Friday," Baker said of on-sale products that might otherwise appear similar to regularly available merchandise. "Because of my time at Walmart, because me and my husband both have done it, we just don't do Black Fridays," she said.

Persons: —, Karen Baker, Baker, Athenia Camacho, Brittany Chang, hasn't, Camacho, It's, " Baker, it's, Mario Tama, abitter@businessinsider.com Organizations: Walmart, Service, Business, Southwest . Business, Black, Southwest, Adobe Analytics Locations: California, Southwest

☆ Walmart Black Friday crowds and chaos are a thing of the past
▼ + stars: | 2023-11-21 | by ( Alex Bitter | Dominick Reuter | ) www.businessinsider.com time to read: +5 min

One current and two former Walmart employees told Business Insider that stores in recent years aren't bracing for chaos on the day after Thanksgiving. AdvertisementInstead of one day of sales, Walmart now offers a series of items on mark-down, from pajamas to electronics. "It's made just for Black Friday," Baker said of on-sale products that might otherwise appear similar to regularly available merchandise. AdvertisementA Black Friday sales event at a Walmart Supercenter on November 14, 2023. Advertisement"Because of my time at Walmart, because me and my husband both have done it, we just don't do Black Fridays," she said.

☆ Walmart wants to lower your grocery bill
▼ + stars: | 2023-11-16 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

The company said it hopes falling food prices will free up shoppers' wallets to buy other merchandise. AdvertisementJust as inflation refers to rising prices, "deflation" refers to prices falling — and even though it may help consumers, it presents a surprisingly tricky challenge for businesses and policymakers. In contrast to periods of rising inflation in which corporate profit margins typically grow, deflation tends to squeeze companies in a few ways. AdvertisementThe upside of falling food prices for Walmart — more than say Kroger or Albertsons — is that Walmart sells a whole lot more than groceries. "If the food prices come down," McMillon said, "that'll free up dollars to be spent in general merchandise."

Persons: —, Doug McMillon, it's, McMillon, John Furner Organizations: Walmart, Service, Rabo Research, Albertsons

☆ Walmart and Target signal more cracks in consumer spending
▼ + stars: | 2023-11-16 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

A day earlier, Target noted that shoppers continue to curb spending and delay purchases. 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 . Walmart, which has previously appeared almost immune from the decline in consumer spending affecting other retailers, said Thursday that it saw an unexpected softness in October sales. "This year, we've seen more and more consumers delaying their spending until the last moment," Cornell said.

Persons: —, John David Rainey, Rainey, Brian Cornell, we've, Cornell, That's Organizations: Walmart, Service

☆ Target CEO signals a halt to revenge spending and delays in impulse buys
▼ + stars: | 2023-11-15 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTarget's CEO said Wednesday that customers are continuing to make more tradeoffs in their family budgets and delay some spending. The lower price-points are meant to inspire more of the unplanned purchases that make a Target run a Target run. "This year, we've seen more and more consumers delaying their spending until the last moment," Cornell said. "It all puts pressure on discretionary spending."

Persons: —, Brian Cornell, Christina Hennington, we've, Cornell, Anna Wong Organizations: Service, Bloomberg Economics, Target

☆ Is shoplifting getting worse? It depends on how you measure it.
▼ + stars: | 2023-11-10 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

While rates are up in New York and Los Angeles, they're down in Seattle and San Francisco. In short, the question of whether shoplifting is getting worse depends a lot on how you define "worse." New York and Los Angeles led the pack with the largest increases in shoplifting (more than 60%) from 2019 to 2023. AdvertisementAdvertisementIn other words, apart from New York and Los Angeles, shoplifting incidents are at or below levels long considered "normal" in the US. Target, for example, closed nine stores after CEO Brian Cornell said in August that shoplifting incidents "involving violence or threats of violence" had more than doubled since January.

Persons: they're, —, CCJ, Brian Cornell Organizations: Service, Seattle Locations: New York, Los Angeles, Seattle, San Francisco, Francisco

☆ San Francisco's retail crime may not be as bad as you think
▼ + stars: | 2023-11-09 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Early 2022 seemed to be a dire time for San Francisco, with shocking examples of retail crime. But according to a recent report, retail crime in San Franciscio is now 5% below its pre-pandemic norm. Retailers like Whole Foods and Walgreens referenced retail crime as a rationale for shuttering San Francisco stores. A San Francisco Target placed more merchandise under lock and key and increased reporting to police. Of the numerous challenges confronting San Francisco one year ago, retail crime is one that at least seems not to be getting worse.

Persons: —, Elon Musk, that's, there's, San Organizations: San, Service, Walgreens, Billionaire, Criminal Locations: San Francisco, Franciscio, Chattanooga , Tennessee, Memphis, Tennessee, Lincoln , Nebraska, Bay

☆ Walmart, Amazon, and others lost millions of dollars to an organized online refund fraud scheme
▼ + stars: | 2023-11-07 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Retailers, including Walmart and Amazon, lose millions of dollars to refund fraud schemes. AdvertisementAdvertisementA coordinated refund fraud scheme has cost online retailers like Walmart and Amazon millions, according to Federal prosecutors. If the retailer provided a no-return refund, ARG would take a percentage cut, and the customer would keep the item. Retailers like Amazon, Walmart, and Target sometimes offer no-return refunds when the cost of the return outweighs the value to the seller. 404 Media also found numerous Reddit and Telegram groups openly swapping tips on perpetrating refund fraud, with specific advice for individual retailers.

Persons: Courtwatch, —, Artemis, Kate Spade Organizations: Walmart, Amazon, Service, Media, Watch

☆ More than 100 Walmart stores nationwide have a new look. See 5 key changes in the $500 million redesign.
▼ + stars: | 2023-11-04 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Walmart reopened 117 locations on Friday that showcase the "store of the future." Here are five ways the redesign is expected to make the shopping experience more enjoyable. 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 . AdvertisementAdvertisementOn Friday, Walmart reopened 117 locations across 30 states that the company has spent the better part of a year redesigning into what it calls the "store of the future."

Persons: — Organizations: Walmart, Service

☆ I tried Walmart's self-checkout to see if it was as frustrating as some shoppers say. Here's what I found.
▼ + stars: | 2023-11-01 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +5 min

Walmart shoppers have told me about their frustration with the retailer's self-checkout security. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . From my conversations with shoppers, I've learned that problems tend to arise with large or bulky items, multiple items of the same kind, and especially when using the handheld scanner. Dominick Reuter/InsiderAll four self-checkout kiosks were in use, and everyone appeared to be getting through without any issues. AdvertisementAdvertisementOf course, people paying for things and not taking them is far less of a problem for retailers than people taking things and not paying for them.

Persons: I've, —, Walmart's, inbox, Dominick Reuter Organizations: Walmart, Service

☆ Meet the typical retail worker: an elder millennial woman earning $18 hourly picking online Walmart orders
▼ + stars: | 2023-10-29 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

The company's typical worker is a 39-year-old woman in Dallas earning $18 per hour. She would also work at a Supercenter near Dallas, Texas, where the company told Insider it has the highest density of stores. Her job assignment is most likely to be either a stocker, who refills shelves with merchandise, or a digital picker, who collects orders for online shoppers, the company told Insider. Although she might be demographically "typical," the job she does is anything but, a worker in Illinois told Insider. Walmart told Insider it does not keep track of how many jobs associates have at a time.

Persons: —, stocker, Doug McMillon, McMillon Organizations: Walmart, Service, Target, Kroger, Depot, Retail Locations: Dallas, Dallas , Texas, Illinois, Texas

☆ I went to Cheesecake Factory to see firsthand why it's a mainstay at so many successful malls
▼ + stars: | 2023-10-26 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

The Cheesecake Factory is more than a staple of US shopping malls – it's a sign of financial health. Malls without a Cheesecake Factory were much more likely to be behind on their loans, Moody's found. AdvertisementAdvertisementThe Cheesecake Factory first opened in Beverly Hills, California, in 1978 and has since grown to more than 200 restaurants across North America. The chain is typically located in or near shopping malls — a commercial real estate segment that has seen a rough few years with changing shopping patterns. To see how that relationship plays out in real life, I headed off for lunch at my local Cheesecake Factory at the West Towne Mall in Madison, Wisconsin.

Persons: Moody's, —, Matt Reidy, Reidy Organizations: Service, Sears, Nordstroms, Apple, Factory, West Locations: Beverly Hills , California, North America, West Towne, Madison , Wisconsin

☆ A running store in Paris invited people to steal its products — if they could outrun one of France's fastest sprinters disguised as a security guard
▼ + stars: | 2023-10-24 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

For one day in September, a Paris running boutique let people try to steal from it. There was catch though: they had to outrun one of the fastest sprinters in France. 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 . AdvertisementAdvertisementStill, chasing people for hours was exhausting: "It was a long, long, long day," he said.

Persons: —, ROB, Méba, Zeze, shoplifter Laurie Sicot, Lionel Jagorel, Distance's Organizations: Service, Distance's, Washington Post Locations: Paris, France, Distance's Paris

Stover is one of the leaders who helped design two generative AI tools for GE Appliance's SmartHQ app, including the SmartHQ Assistant and a recipe-generating tool called Flavorly AI. When using Flavorly AI, users can select a breakfast, lunch, appetizer, dinner, or dessert option for generating a recipe. Stover sees generative AI continuing to change the appliance industry, by making appliances more personalized for users. He also thinks there's an opportunity for generative AI in appliances to cross over into the wellness space. "I think there are teachable moments with generative AI.

Persons: Shawn Stover, Stover, there's Organizations: SmartHome Solutions, GE, GE Appliances SmartHome, GE Appliances, GE Appliance's, Google, Consumers

☆ Walmart shoppers say they are fed up with the store's self-checkout system
▼ + stars: | 2023-10-23 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Workers told Insider the tech has led to confrontations with customers who trigger the alert. AdvertisementAdvertisementEven in cases where theft is suspected, the employees told Insider they are not allowed to accuse customers of stealing. "We're continuously working on our security processes, and we encourage customers with concerns to let us know," Walmart spokesperson Joe Pennington told Insider. Shopper Daniel Jones told Insider he was "appalled" when his kiosk lit up and began playing security video footage of an alleged missed scan. Waiting for an employee to come over, question him, and reactivate his system made Jones feel like he was being "punished" for using the available hand scanner to ring up his order.

Persons: —, Charles Bisbee, Bisbee, Joe Pennington, Karen Baker, Daniel Jones, Jones, Bisbee's Organizations: Walmart, Workers, Service, US Marine Locations: Alamogordo , New Mexico

☆ Walmart shoppers say they feel 'treated like thieves' when self-checkout mistakes happen
▼ + stars: | 2023-10-22 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

But shoppers say they've felt "treated like thieves" due to honest mistakes and technical glitches. AdvertisementAdvertisementEven in cases where theft is suspected, the employees told Insider they are not allowed to accuse customers of stealing. Shopper Daniel Jones told Insider he was "appalled" when his kiosk lit up and began playing security video footage of an alleged missed scan. Waiting for an employee to come over, question him, and reactivate his system made Jones feel like he was being "punished" for using the available hand scanner to ring up his order. AdvertisementAdvertisement"It does make the honest shopper feel unwelcome, and feel like they are being treated like thieves," he said.

Persons: —, Charles Bisbee, Bisbee, Joe Pennington, Karen Baker, Daniel Jones, Jones, Bisbee's Organizations: Walmart, Workers, Service, US Marine Locations: Alamogordo , New Mexico

☆ How Costco's next CEO, Ron Vachris, went from driving the retailer's forklifts to earning millions in the C-suite
▼ + stars: | 2023-10-20 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Costco president and COO Ron Vachris will take over as CEO from Craig Jelinek on January 1. The 40-year employee started as a forklift driver at Costco's predecessor, Price Club. AdvertisementAdvertisementWhen Ron Vachris steps into his new role as CEO for wholesale club Costco, he will have worn more hats for the company than probably anyone alive. "If Vachris is appointed CEO, he would be the third CEO in Costco's history." When Price Club and Costco merged in 1993 (Costco co-founder Jim Sinegal was a protégé of Price), Vachris was tasked with overseeing the company's expansion back in Arizona.

Persons: Ron Vachris, Craig Jelinek, —, Vachris, Morgan Stanley, Simeon Gutman, Jelinek, Sol Price, Jim Sinegal, — Jelinek, Doug McMillon, Brian Cornell Organizations: Costco, Price, Service, Company, Price Club, SEC, Walmart Locations: Arizona, Colorado, Price

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