Retail industry
Abercrombie shares fall over 10% after retailer posts loss, offers weak outlook
A person carries a bag from the Abercrombie & Fitch store on Fifth Avenue in New York City, February 27, 2017. Andrew Kelly | Reuters Abercrombie & Fitch shares tumbled more than 10% in premarket trade Tuesday after the retailer reported an unexpected loss in its fiscal first quarter, with freight and product costs weighing […]
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After seeing Hawaii’s beaches littered with plastic, this islander built a company to make straws from seaweed
At Sunday Motor Co. Café in Madison, New Jersey, customers are sampling the latest in biodegradable non-plastic utensils. Specifically, straws made of seaweed. The dispenser says, “Designed to Disappear,” which is exactly what the co-founder of sustainable start-up Loliware envisioned. Chelsea Briganti, who goes by “Sea,” was born and raised in Hawaii, where, as a […]
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Starbucks will exit Russia after 15 years, closing 130 licensed cafes
A woman drinks coffee in a Starbucks in a mall in Khimki outside Moscow. Alexander Natruskin | Russia After 15 years operating in Russia, Starbucks will exit the market, joining companies like McDonald’s, Exxon Mobil and British American Tobacco in withdrawing from the country completely. The coffee giant announced Monday that it will no longer […]
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Citi downgrades several apparel stocks, including Gap, because of inflation hitting consumers
A squeeze on lower-income consumers as shown by last week’s earnings reports are a “wake-up call” for retail companies including Gap , according to Citi. Analyst Paul Lejuez downgraded a string of apparel names, saying in a Monday note that the companies will find it hard to pass on rising costs to consumers given that […]
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Breaking down the market’s tumble into a bear market — and what comes next
The relentless sell-off in stocks started marking some grim milestones this past week. The S & P 500 briefly dipped on Friday into bear market territory, trading more than 20% below its January intraday record. There’s no official definition for a bear market, so investors will debate whether we are in one officially now or […]
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Asian grocery start-up Weee! draws shoppers with tradition, tech and a dash of Hollywood
Online grocery delivery start-up Weee! encourages customers to share videos of recipes and favorite items on its app. It specializes in hard-to-find Asian foods, along with fruits, vegetables and other staples. Weee! Online grocery start-up Weee! specializes in hard-to-find foods from Asian and Hispanic cuisines. It nabbed another kind of rarity earlier this year: A […]
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McDonald’s to sell Russian business to existing Siberian licensee
The Kremlin’s towers and passers-by are seen reflected in the window of a closed McDonald’s restaurant in Moscow on May 16, 2022. Natalia Kolesnikova | AFP | Getty Images McDonald’s said Thursday it has struck a deal to sell its Russian business to Alexander Govor, its current licensee in the market. Govor will acquire all […]
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Ex-Amazon engineers roll out their smart shopping carts in Albertsons stores
Albertsons is deploying self-checkout grocery carts in some of its locations to try to make in-person shopping easier as consumers head back to brick-and-mortar stores. The carts are made by Veeve, a Seattle-based start-up founded by two former senior Amazon managers in 2018. Veeve is one of several companies developing smart grocery carts, which often […]
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We’re selling the rest of a specialty retailer and putting more cash to work in a beer stock
Half the cash raised from this sale is funding our additional purchase of shares in a company better suited for the current market. Source
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Battle over smoking in New Jersey casinos pits workers’ health against profits
Legislation pending in New Jersey’s statehouse would end the exemption Atlantic City casinos have long enjoyed from a statewide ban on indoor smoking in public places. About 2,500 casino workers have united to push for the ban. And the state’s governor supports it, as well. “If a bill came to my desk, I would sign […]
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