Category Archives: in-article

Wayfair 2Q sales are strong, albeit weaker than last year

Published: August 6, 2021   By: George Anderson

Wayfair’s U.S. revenues fell 15.2 percent in the second quarter as Americans pulled back on buying furniture and home-related products from last year’s record levels. The online furniture retailer said that it is seeing an increase in active customers, up 19 percent from 2020, with repeats representing 75.6 percent of its total orders.

Amazon’s everything store approach could work against it

Published: August 6, 2021   By: George Anderson

Larry Chen, managing partner at Volition Capital, said that being the everything store has traditionally been a strength of Amazon.com, but a proliferation of products on the platform could be causing shopper confusion, which might lead consumers to seek out simpler online buying experiences. “Who wins in the e-commerce shift? Obviously, Amazon is dominant today,” Mr. Cheng said. “Target, Walmart, others are growing in their e-commerce share in the tens of billions of dollars of online sales, and then you have a number of pure play e-commerce emerging players like Chewy in the pet food space and Wayfair in the furniture space and many others that are growing quite aggressively as well. So I think you see the playing field of e-commerce becoming much more competitive.”

Etsy CEO says Depop opens a path to younger shoppers

Published: August 6, 2021   By: George Anderson

CEO Josh Silverman said Etsy’s acquisition of the Depop resale app will give his company access to younger shoppers. Mr. Silverman expressed optimism about Etsy’s outlook as he pointed to sales gains being made beyond face masks. As for the recent acquisition, he said, “Depop might be for Etsy what Venmo was for PayPal, the choice of the next generation.”

Levi Strauss to acquire Beyond Yoga

Published: August 6, 2021   By: George Anderson

Levi Strauss is looking beyond denim to acquire Beyond Yoga, an inclusive-size consumer-direct brand selling primarily online. The $100 million cash deal is expected to close by the end of 2021. Beyond Yoga will become a division of Levi Strauss with its co-founder and CEO Michelle Wahler reporting to Levi’s CEO Chip Bergh.

Coffee prices are going up again

Published: August 6, 2021   By: George Anderson

The worst frost in years has damaged the Brazilian coffee crop and that, along with rising freight costs, means companies and consumers will soon be paying more to get their morning cup of Joe. The price fo Arabica beans had already doubled over the past year due to drought conditions in coffee growing regions and the latest news will only send those prices higher.

Companies have used pandemic to get their brand houses in order

Published: August 5, 2021   By: George Anderson

Ralph Lauren and Under Armour are two companies that have used the time since the pandemic to speed up turnaround efforts. BMO Capital Markets analyst Simeon Siegel said the low expectations for companies freed them in many ways. “For the first time in forever it allowed companies to look beyond the next quarter,” he said.

Parents need childcare fix to go back to work

Published: August 5, 2021   By: George Anderson

Parents who have been working remotely are unable to return to offices as long as their ability to get safe care for their kids is in question. Those who are not working because of a lack of childcare are unlikely to do so without that issue being resolved. “You cannot divorce the child care issue and the pandemic,” said AnnElizabeth Konkel, an economist at the Indeed Hiring Lab. “It’s important that we don’t forget about the workers who are wrestling with this day in and day out.”

Demand for COVID tests increase

Published: August 5, 2021   By: George Anderson

A rising number of consumers are seeking out COVID-19 tests with outbreaks of the Delta variant happening across the country. Increased demand for tests has led to longer wait times to get results. David Gallego, a medical tech at a LabQ mobile-testing site, said those being tested are “travelers, people who have symptoms or people who are scared because they felt like they’ve been exposed.”

Target to pay employees’ college tuition and book costs

Published: August 5, 2021   By: George Anderson

Target announced that it will offer a free college education to its 340,000 full- and part-time employees. The program, which will kick off in the fall, provides employees a means to pursue “debt-free undergraduate degrees, certificates, certifications, free textbooks and more with no out-of-pocket costs.” Target’s plan covers 250 business-oriented programs offered through more than 40 educational institutions.

CVS plans to raise minimum wage to $15 an hour

Published: August 5, 2021   By: George Anderson

CVS announced that it will raise the minimum wage it pays employees to $15 an hour by July 2022. “Increasing our minimum wage for hourly employees will help attract and retain the talent needed for our customer-centric business approach,” said Karen Lynch, CVS Heath president and CEO. “Just as critical, it aligns with our values and our purpose and builds on the history of our investment in our people.”