Target blamed theft and violence for 9 store closures. Crime is higher at locations it kept open nearby at CNBC. "I don’t want to use the word ‘stunt,’ because I don’t know exactly what went on in Minneapolis [where Target is based], but to me, it read like a stunt, looking to divert attention from the company’s lack of performance overall,” said Mark Cohen, a professor and director of retail studies at Columbia Business School..."They implied that the only reason they were closing the stores was because of theft. That may or may not be true. My guess is: [...]

  Retail sales rose 0.3% in November vs. expectations for a decline at CNBC. "Excluding autos, sales rose 0.2%, also better than the forecast for no change. Stripping out autos and gas, sales rose 0.6%." Read more   Temu files fresh lawsuit against Shein, accusing its rival of ‘mafia-style intimidation’ at CNBC. "They began to illegally detain merchants, forcibly asking for their phones, stealing our merchant accounts and passwords, stealing our business secrets, and simultaneously forcing merchants to leave our platform. Their actions are too exaggerated; we had no choice but to sue them.” Read more   Circuit City, angling [...]

  Lawmakers call on U.S. regulator to thwart Kroger-Albertsons deal at Reuters. "Senators Elizabeth Warren, Mazie Hirono, Bernie Sanders and Cory Booker and representatives Summer Lee and Alexandria Ocasio-Cortez said in the letter that Kroger's proposal to divest 413 stores to C&S Wholesale Grocers would not address harms to consumers, workers, and the grocery industry if the merger is allowed." Read more   Inflation slowed to a 3.1% annual rate in November at CNBC. "Excluding volatile food and energy prices, core CPI increased 0.3% on the month and 4% from a year ago. Both numbers were in line with estimates [...]

  Dollar General Q3 comp sales decreased 1.3% Press release   Chinese e-commerce platform Temu drawing shoppers from US dollar stores at Reuters. "As of last month, Temu accounted for nearly 17% of market share in the United States within the discount stores categories, according to data analytics firm Earnest Analytics. That compares to 8% for Five Below, 43% for Dollar General and 28% for Dollar Tree." Read more   Walmart CEO Doug McMillon @ CNBC "Doug McMillon said it’s gotten easier to hire people and get them to stick around. “It’s more normalized,” McMillon said in an interview with CNBC’s [...]

  CVS Plans to Overhaul How Much Drugs Cost at WSJ. "CVS’s roughly 9,500 retail pharmacies will get reimbursed by pharmacy-benefit managers and other payers based on the amount that CVS paid for the drugs, in addition to a limited markup and a flat fee to cover the services involved in handling and dispensing the prescriptions. Today, pharmacies are generally paid using complex measures that aren’t directly based on what they spent to purchase specific drugs." WSJ subs.   ...CVS aims to make pharmacy reimbursement process more transparent at Yahoo Finance. "CVS' new drug reimbursement model looks similar to that [...]

  Ranking the Best Companies for Career Growth (Costco #9 / Target #11 / Lowe's #14) at WSJ. "Costco, long regarded as a top employer, stands out from its retail peers with high marks for pay and culture, two metrics that often cluster together...Home Depot scores in the highest group for parity, hiring and promotion, and better than most on retention." WSJ subs.   Kroger Q3 total sales excluding fuel decreased 0.5% Press release   More US retailers adopt 'keep it' returns policies to shelter profits in holiday surge at Reuters. "This year, 59% retailers offer so-called "returnless" or "keep [...]

  US Cyber Monday sales hit record $12.4 billion on big discounts at Reuters. "Online consumer spending jumped 9.6% on Monday from the $11.3 billion seen last year, outstripping Adobe's initial expectations for a 6.1% rise to $12 billion...A record $940 million worth of purchases were made through BNPL (Buy Now, Pay Later) on Cyber Monday, surging 42.5% from last year and trouncing Adobe's earlier estimate for an 18.8% jump." Read more   Amazon touts ‘record-breaking’ sales in kickoff to holiday shopping season at CNBC. "The company said the period from Nov. 17 to Cyber Monday marked its “biggest ever” [...]

  Lowe's Q3 comp sales decreased 7.4% "Updates full year 2023 outlook - Comparable sales expected to be down approximately -5% as compared to prior year (previously down -2% to -4%)." Press release   ...Lowe’s cuts sales outlook as homeowners take on fewer projects at CNBC. "CEO Marvin Ellison said Lowe’s felt a “greater-than-expected pullback” by customers on discretionary projects and big-ticket purchases. Yet he said its sales to home professionals, which are accounting for a growing share of its revenue, rose in the quarter. Those pros drive about 25% of its business...will next focus on “offering value and convenience this [...]