Retail industry
Canada inflation rate gallops to near 40-year high, calls for supersized rate hike mount
The Bank of Canada raised interest rates to 1.5% from 1.0% this month and said it was ready to act “more forcefully” if needed to tame inflation. David Kawai | Bloomberg via Getty Images Canadian consumer prices increased in May at rates not seen since January 1983, surging past analyst forecasts, largely driven by pricey […]
Read More
Online lottery ticket company Jackpot gets funding from top sports executives
Online lottery ticket company Jackpot announced Wednesday that it closed on $35 million in series A funding, led by some of the biggest names in sports who see the promising growth potential in digital lottery sales. The cash infusion could enable Jackpot to start rolling out its website and app later this year in select […]
Read More
Lowe’s expands into the metaverse with a tool to help visualize projects
Lowe’s Metaverse Open Builder. Courtesy: Lowe’s It seems like every company is getting into the metaverse these days. Lowe’s doesn’t want to miss out on the opportunity to use it to help builders imagine projects. But unlike other retailers that chose a particular virtual platform or game like Fortnite or Roblox, Lowe’s metaverse assets – […]
Read More
Canada is banning single-use plastics, including grocery bags and straws
Restaurants and grocery stores worry about a supply of alternative products as the government announces details of its ban on single-use plastics. in Toronto. June 20, 2022. Steve Russell | Toronto Star | Getty Images Canada is banning the manufacture and import of single-use plastics by the end of the year, the government announced on […]
Read More
Amazon announces Doug Herrington as CEO of Worldwide Amazon Stores
People walk past an Amazon Fresh store in Washington, DC, on August 26, 2021. Nicholas Kamm | AFP | Getty Images Long-time Amazon executive Doug Herrington will take over as the new CEO of Worldwide Amazon Stores, CEO Andy Jassy announced on Tuesday. Herrington has served on the high-level S-team at Amazon since 2011 after […]
Read More
Kellogg to split into three independent companies
Kellogg announced Tuesday that it plans to separate into three independent public companies. Shares of the company rose 8% in premarket trading on the news. The company will spin off its North American cereal business and plant-based division, which accounted for about 20% of its revenue last year. The remaining business includes its snacks, noodles, […]
Read More
Inflation and recession fears are squeezing some industries more than others
A woman pushes a shopping cart through the grocery aisle at Target in Annapolis, Maryland, on May 16, 2022, as Americans brace for summer sticker shock as inflation continues to grow. Jim Watson | AFP | Getty Images People still appear willing to shell out to travel, go to the movies and have a drink […]
Read More
Starbucks’ North American head to leave the company as chain shakes up leadership
A pedestrian carries a Starbucks branded cup in San Francisco, California, U.S., on Thursday, April 28, 2022. Starbucks Corp. David Paul Morris | Bloomberg | Getty Images Starbucks’ North American president Rossann Williams is leaving the company and will be replaced by the head of the coffee chain’s Asia Pacific division. The announcement Friday marks […]
Read More
Stolen goods sold on Amazon, eBay and Facebook are causing havoc for major retailers
Over the past year, large-scale robberies have swept through stores like Louis Vuitton in San Francisco’s Union Square and a nearby Nordstrom, which was robbed by 80 people. Law enforcement and retailers have warned the public that this isn’t traditional shoplifting. Rather, what they’re seeing is theft organized by criminal networks. And there’s a reason […]
Read More
China’s tech regulation is getting more ‘rational,’ says top executive of JD.com
China’s annual 618 shopping festival sees domestic e-commerce giants including JD.com rack up billions of dollars of sales across their platforms. The 2022 edition comes against a backdrop of slowing economic growth in China and sluggish consumer spending. VCG | Getty Images EMBARGO to lift at 6am Singapore on Friday, June 17 Regulation on China’s […]
Read More