Holiday spending will hinge on how much the rich splurge and the poor cut back: Deloitte at CNBC. “…holiday retail sales this year are forecast to rise between 1% and 1.5%…Deloitte expects there could be a relatively stable 0% to 1% jump in sales during the holidays, if consumers — especially lower-wage earners — remain nervous about their finances and health…But a bigger 2.5% to 3.5% increase could occur if wealthier consumers gain even more confidence in the back half of 2020.” Read more

 

Facebook will buy REI’s unused Bellevue headquarters complex for nearly $368 million at Seattle Times. “The move further consolidates Facebook’s Eastside mini-empire in the upscale, multiuse Spring District east of I-405. Before the acquisition of the 400,000-square-foot REI offices, Facebook was already on track to lease nearly 850,000 square feet in three under-construction Spring District buildings.” Read more

 

Sally: historic flooding possible with more than two feet of rain expected in some areas at Reuters. Read more

 

Lowe’s launches ‘Shark Tank’-like effort to get small businesses’ products on shelves at CNBC. “(Lowe’s) is teaming up with Daymond John, a star of ABC’s “Shark Tank,” to mentor entrepreneurs, listen to their pitches and narrow the pool to the standouts.” Read more

 

Hobby Lobby raises minimum wage to $17 at Fox Business. “The increase will take effect by Oct. 1 to help employees as the holiday season approaches, Hobby Lobby CEO David Green said.” Read more

 

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Get $40 off a $40 Target purchase after approval for the Target RedCard at CNBC. Read more

 

Chuck Feeney, the former billionaire cofounder of retail giant Duty Free Shoppers has finally given all his money away to charity at Forbes. “Over the last four decades, Feeney has donated more than $8 billion to charities, universities, and foundations worldwide through his foundation, the Atlantic Philanthropies. When I first met him in 2012, he estimated he had set aside about $2 million for his and his wife’s retirement.” Read more

 

Amazon will rebrand its kid-friendly services formerly known as Amazon FreeTime and Amazon FreeTime Unlimited to Amazon Kids and Amazon Kids+ at TechCrunch. Read more

 

H&M’s Coronavirus Recovery Beats Expectations at Wall Street Journal. “H&M said preliminary results showed a profit before tax of approximately 2 billion Swedish kronor, equivalent to $228 million, in its fiscal third quarter…far better than the 396 million kronor profit expected by analysts. Sales in the quarter fell 19% to 50.87 billion kronor.” WSJ subs.

 

Bed Bath & Beyond Inc. Appoints Juan Guerrero as Chief Supply Chain Officer “Prior to joining Bed Bath & Beyond, Mr. Guerrero led the supply chain and merchandising teams at FleetPride.” Press release

 

Apparel retailer Francesca’s issues ‘going concern’ warning as sales tumble at CNBC. “…the retailer is currently exploring a variety of strategic alternatives, and it has brought on FTI Capital Advisors to help it look for ways improve its liquidity and financial position.” Read more

 

Ikea product shots have been fake for years. Now it’s taking CGI even further at Fast Company. Read more

 

Amazon’s launch of luxury fashion shops is latest blow to struggling department stores at CNBC. “…announced Tuesday the launch of a section on its mobile app called Luxury Stores, kicking off with items from designer Oscar de la Renta’s pre-fall and fall-winter 2020 collections. It said additional luxe fashion brands will be added to the app in the coming weeks. Amazon Prime members will initially only be able to shop this section by invitation only, according to Amazon.” Read more

 

Tipsheet Extra Stories

SpartanNash Hires New President/CEO

The food and grocery industries are now the most highly regarded industries in Americans’ eyes

Plant-based retailer coming to the United States

Apple launch event: What to expect

The great grocery boom is slowing down

Read Tipsheet Extra Stories

 

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