The coronavirus and online shopping are forcing brick-and-mortar retail stores to close, often for good.
Jul 6, 2020 - Economy & BusinessThat could benefit budget names like Ross and Kohl's.
May 19, 2020 - Economy & BusinessFashion is a massive polluter.
Mar 7, 2020 - Economy & BusinessIf Main Street is going to be saved, enduring American vanity will be among the primary reasons.
Updated Jan 12, 2019 - Economy & BusinessWhen it comes to retail and private equity, what's old is new again.
Driving the news: Insight Partners this morning announced that it will invest $500 million in the e-commerce business of Saks Fifth Avenue, which will become a standalone company valued at $2 billion. Saks owner Hudson's Bay will retain a majority stake, while Saks president and CEO Marc Metrick will move over to run the new company.
Some of the biggest chains in the U.S., including Target and Starbucks, will continue to require masks and limit capacity in Texas and Mississippi after the states lift coronavirus restrictions, Wall Street Journal reports.
Why it matters: The Republican governors' move to reopen "100%" has divided the business community, with some welcoming the decision while others worry about risk of backslide on progress and put workers at risk.
Target increased its comparable sales in 2020 by a whopping $15 billion — 19.3% more than 2019. That's also more growth for Target than the last 11 years combined.
The bottom line: Shares of Target finished at $173 on Tuesday, after the company released its fourth quarter earnings. That's up from around $94 a share at the start of the pandemic.
Home Depot has been a proxy for the white-hot housing market.
What's going on: The company rode the coattails of the pandemic building boom — and just gave us a hint that it hasn't slowed down.
Walmart on Thursday said it is raising wages for approximately 425,000 employees to somewhere between $13–$19 an hour following a strong Q4.
Why it matters: The pay boost puts about half of all Walmart employees at $15 an hour or above, per Yahoo Finance.
January's U.S. retail sales report showed a 5.3% gain, the third-largest month-over-month increase on record, trailing only the booming numbers seen in June and July, as states opened up after nationwide shutdowns because of the coronavirus pandemic.
Between the lines: January's big number was more impressive because it was 7.4% higher than in January 2020, whereas on a year-over-year basis both June and July's reports were below their commensurate 2020 figures.
Shoppers walk past a giraffe made from Lego blocks at the Easton Town Center Mall in Columbus, Ohio. Photo:grapher: Luke Sharrett/Bloomberg via Getty Images
Retail sales jumped 5.3% last month — blowing past the 1.2% increase anticipated by economists, the Commerce Department said on Wednesday.
Why it matters: It’s the first month-over-month increase in shopping figures since September — with consumers getting a boost from the most recent pandemic relief package.
Stock markets closed at record highs again but consumers remain in a malaise, with expectations for the future trending away from their high levels at the start of 2020 and back toward the lows they plumbed in May, as the pandemic forced municipalities around the country to impose lockdown restrictions.
Driving the news: Friday's release of the University of Michigan's consumer sentiment index showed the overall index and consumer expectations index at their weakest level since September.
Nearly 11 months after its temporary pandemic closure, foot traffic at the Mall of America in the Twin Cities appears to be way down.
State of play: Despite an increase since reopening in June, average activity levels are 45% below the February 2020 baseline, according to cell phone data analyzed by the geospatial analytics company Orbital Insight and provided to Axios.
A drone delivers Pizza Hut orders over central Israel. Photo: Courtesy of Dragontail Systems
A fledgling system north of Tel Aviv has three drones making six test runs a day from a Pizza Hut to designated parking lots, where drivers pick up the meals and deliver them the "last mile."
Why it matters: All signs point to a future in which systems like this are ubiquitous across America, with food and merchandise shuttled overhead to centralized landing hubs (as opposed to your doorstep or balcony).