Chewy CEO Sumit Singh said online pet retailer wants to evoke same feelings as Disney World

Chewy CEO Sumit Singh said at CNBC's Evolve event that the now publicly traded company wants to hold on to the corporate culture that drew customers when it was a start-up. The online pet retailer developed a cult following for its fast shipping and automatic deliveries of food and supplies. The company went public roughly… Continue reading Chewy CEO Sumit Singh said online pet retailer wants to evoke same feelings as Disney World

With retail earnings in focus, Oppenheimer analyst names favorite play in the space

Retail is in full focus this week. In earnings reports Tuesday morning, Walmart and Home Depot beat estimates. Major players such as Target, Kohl's, Macy's and Foot Locker will release results in coming days. July retail sales are also out Tuesday. All that data should reveal whether pent-up demand from the consumer was enough to… Continue reading With retail earnings in focus, Oppenheimer analyst names favorite play in the space

Retail sales drop worse-than-expected 1.1% in July as rising Covid fears hit consumers

Retail sales declined 1.1% in July, worse than the expected drop of 0.3%. Motor vehicles and parts dealers led the decline, along with clothing and sporting goods stores. Gasoline sales and eating and drinking establishments saw the biggest gains. Shoppers in the U.S. cut back their purchases in July even more than expected as worries… Continue reading Retail sales drop worse-than-expected 1.1% in July as rising Covid fears hit consumers

Nike supplier halts production at 3 Vietnam plants due to Covid-19

The factories in Dong Nai province, which employ nearly 42,000 workers, will remain shut until July 20, the Vietnamese government said in a statement. Vietnam had until recently successfully contained coronavirus outbreaks, with limited disruption to its crucial manufacturing sector. However since late April, it has seen record cases on many days this month, most… Continue reading Nike supplier halts production at 3 Vietnam plants due to Covid-19

Supply chain pressures are still a problem due to workforce shortages, manufacturing group says

Supply chain disruptions and inflated prices are not abating yet, National Association of Manufacturers CEO Jay Timmons told CNBC on Thursday. "We're seeing rising cost pressures" due to workforce shortages and demand exceeding supply, he said. "What that's doing is it's causing bottlenecks in a lot of the supply chain for manufacturers who make the… Continue reading Supply chain pressures are still a problem due to workforce shortages, manufacturing group says

Cramer says meme stocks 'should be offered at the casino,' not on Wall Street

Trading meme stocks is more like gambling than investing, CNBC's Jim Cramer said. "These should be offered at the casino," he said. "Why are they offered at the New York Stock Exchange?" Cramer added that he wants young investors to make money in the stock market, but they must know "it's not a game." CNBC's… Continue reading Cramer says meme stocks 'should be offered at the casino,' not on Wall Street

IHOP to launch new restaurant, Flip'd by IHOP, after rethinking pilot during pandemic

After pausing the launch because of the coronavirus pandemic, IHOP plans to open its first Flip'd by IHOP location this summer. Flip'd is a fast-casual spinoff of the pancake chain, with a menu formulated to appeal to on-the-go consumers. IHOP is offering $150,000 to the first 10 franchisees who open a Flip'd location as a… Continue reading IHOP to launch new restaurant, Flip'd by IHOP, after rethinking pilot during pandemic

Why some employees are quitting the 9-to-5 to be their own boss during the pandemic

Fiona Loh quit her tech job in the middle of the pandemic to run her own bakery business. The 28-year-old is one of a growing number of people leaving behind 9-to-5 jobs to pursue their passion after the pandemic disrupted traditional industries and careers. Last year, even as job security fell, more than two in five (41%) employees were considering leaving their… Continue reading Why some employees are quitting the 9-to-5 to be their own boss during the pandemic

McDonald's teams up with BTS to spotlight the K-pop band's favorite order

McDonald's is teaming up with K-pop band BTS as part of its Famous Orders campaign. The fast-food giant started highlighting celebrities' orders last year when it teamed up with rapper Travis Scott and caused a Quarter Pounder shortage for some of its restaurants. The promotion will start rolling out on May 26. In this article… Continue reading McDonald's teams up with BTS to spotlight the K-pop band's favorite order

Boohoo in talks to buy Dorothy Perkins, Wallis and Burton

The fast fashion retailer Boohoo has entered exclusive talks to buy the Dorothy Perkins, Wallis and Burton brands. The brands are part of Sir Philip Green’s fashion empire, Arcadia Group, which collapsed into administration last year. Boohoo buying Debenhams: a changing of the guard in retail The development comes days after Boohoo paid £55m to… Continue reading Boohoo in talks to buy Dorothy Perkins, Wallis and Burton

Study warns of huge jobs losses in retail in England after pandemic

England’s high streets could lose up to 400,000 retail jobs as a result of more people working from home and shopping online after the coronavirus pandemic, according to a report, with affluent towns in the south among the most vulnerable. Out of the 109 towns and cities studied by the accountancy firm KPMG, Bracknell in… Continue reading Study warns of huge jobs losses in retail in England after pandemic

Christmas on the UK high street: where did shoppers spend their money?

The crucial pre-Christmas trading period for retailers was disrupted in 2020 by stop-start coronavirus restrictions, which forced shops selling non-essential items to close their doors for certain periods of time, following months of shutdown earlier in the year. As the nation stayed at home, shoppers bought leisurewear but overall fewer items of clothing, knocking sales… Continue reading Christmas on the UK high street: where did shoppers spend their money?

New £90m Asos investment to create 2,000 jobs

Asos is investing £90m in a new distribution centre in Lichfield, Staffordshire, that will handle parcels for its online clothing and beauty business and employ 2,000 people over the next three years. The 437,000 sq ft warehouse at Fradley Park is expected to begin operating within 12 months and serve customers in both the UK… Continue reading New £90m Asos investment to create 2,000 jobs

Biggest fall in UK retail sales since 1995 despite online boom

UK retail sales suffered the biggest decline in 25 years last year as the closure of non-essential shops during lockdowns more than outweighed the online spending boom fuelled by Covid-19. The British Retail Consortium (BRC) said total sales fell by 0.3% last year from the level in 2019 – the worst performance since records began… Continue reading Biggest fall in UK retail sales since 1995 despite online boom

Biggest fall in UK retail sales since 1995 despite online boom

UK retail sales suffered the biggest decline in 25 years last year as the closure of non-essential shops during lockdowns more than outweighed the online spending boom fuelled by Covid-19. The British Retail Consortium (BRC) said total sales fell by 0.3% last year from the level in 2019 – the worst performance since records began… Continue reading Biggest fall in UK retail sales since 1995 despite online boom

Almost 40,000 retailers in UK in financial straits before tougher Covid rules

Almost 40,000 retailers in the UK were in “significant financial distress” even before the introduction of tighter restrictions over the weekend forced non-essential shops to shut. Research by the insolvency specialist Begbies Traynor found that 39,232 retailers – both online and bricks and mortar operations – were experiencing severe financial problems in the three months… Continue reading Almost 40,000 retailers in UK in financial straits before tougher Covid rules

Retailers call for urgent Covid aid for businesses in south and east of England

Retailers are calling on the government to step up financial support for businesses in the south and east of England which have been forced to close in the last days before Christmas. The prime minister announced on Saturday afternoon that non-essential shops and services, including clothing, toyshops, electrical goods outlets and hairdressers, would have to… Continue reading Retailers call for urgent Covid aid for businesses in south and east of England

Record UK grocery sales after Covid lockdowns fuel early festive revelry

November was the biggest month ever for UK grocery sales with shoppers spending almost £11bn as the return of lockdown in England drove supermarket purchases of food and alcohol. Sales of turkey and alcohol were up by just over a third and festive light sales soared 238% in November, according to analysts at Kantar, as… Continue reading Record UK grocery sales after Covid lockdowns fuel early festive revelry

Philip Green’s wealth has shrunk as Arcadia’s fortunes have faded

No one except Sir Philip Green, his wife, Lady Tina Green, and their accountants know exactly how rich the self-crowned “king of the high street” actually is. But there is one thing in which everyone can be certain: the Greens are far less rich than they once were. The couple, who own the Arcadia retail… Continue reading Philip Green’s wealth has shrunk as Arcadia’s fortunes have faded

Philip Green’s wealth has shrunk as Arcadia’s fortunes have faded

No one except Sir Philip Green, his wife, Lady Tina Green, and their accountants know exactly how rich the self-crowned “king of the high street” actually is. But there is one thing in which everyone can be certain: the Greens are far less rich than they once were. The couple, who own the Arcadia retail… Continue reading Philip Green’s wealth has shrunk as Arcadia’s fortunes have faded

Early Christmas shoppers boosted UK retail sales in October, says ONS

Shoppers rushed to buy early Christmas presents in October, before a second Covid-19 lockdown in England, increasing retail sales for a sixth consecutive month, according to official figures. A 6.4% increase in online sales drove a 1.2% rise in the total volume of retail spending in Britain compared with September and boosted sales by 5.8%… Continue reading Early Christmas shoppers boosted UK retail sales in October, says ONS

Early Christmas shoppers boosted UK retail sales in October, says ONS

Shoppers rushed to buy early Christmas presents in October, before a second Covid-19 lockdown in England, increasing retail sales for a sixth consecutive month, according to official figures. A 6.4% increase in online sales drove a 1.2% rise in the total volume of retail spending in Britain compared with September and boosted sales by 5.8%… Continue reading Early Christmas shoppers boosted UK retail sales in October, says ONS

WH Smith to shut 25 high street stores after it reports £280m loss

WH Smith is to close 25 high street stores, affecting nearly 200 jobs, after the coronavirus pandemic pushed the retailer £280m into the red. The books to paperclips chain said it was likely to permanently close the stores, which are mainly smaller ones, as sales in its high street business fell 19%. Its previously successful… Continue reading WH Smith to shut 25 high street stores after it reports £280m loss

5 things to know before the stock market opens Friday

Dow futures pointed to a 100 point gain at Friday's open as Wall Street monitors coronavirus stimulus talks and contemplates how the final presidential debate may influence undecided voters. Quarterly earnings reports and FDA approval of Gilead Sciences' antiviral remdesivir are also in the mix for investors. The Dow Jones Industrial Average closed Thursday up… Continue reading 5 things to know before the stock market opens Friday