Nathaniel Meyersohn
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Target saw more sales growth in 2020 than the last 11 years combined. Here's why

Target saw more sales growth in 2020 than the last 11 years combined. Here's why

New York (CNN Business)The pandemic drove Target to a record year of sales growth, as shoppers stocked up at its stores and bought .Target's 2020 sales increased 19.8% to $93.6 billion from $78.1 billion last year, the company said Tuesday. Digital sales, which include home delivery and in-store pickup, increased 145%. Target's sales growth of more than $15 billion last year was larger than its total sales growth over the past 11 years combined."Following years of investment to build a durable, scalable and sustainable business model, we saw record growth in 2020," Target CEO Brian Cornell...

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Nathaniel Meyersohn
Jan 30
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A Trader Joe's worker says he was fired after writing to the CEO about Covid-19 safety protections

A Trader Joe's worker says he was fired after writing to the CEO about Covid-19 safety protections

New York (CNN Business)A Trader Joe's worker says he was fired after writing directly to the chain's CEO calling for stronger Covid-19 in his store. Ben Bonnema, a Trader Joe's employee at a store in New York City, wrote an email to Trader Joe's chief executive Dan Bane on February 26 urging the store to improve its , not allow anyone inside the store without a mask and adopt a "3 strikes" policy for."We put our lives on the line everyday by showing up to work. Please, show up for us by adopting these policies," Bonnema said in his letter.Bonnema on Saturday posted the and said he was fired...

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Nathaniel Meyersohn
Aug 6
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Best Buy lays off 5,000 workers and plans to close more stores

Best Buy lays off 5,000 workers and plans to close more stores

Welcome, Your AccountLog OutBy Nathaniel Meyersohn, CNN Business PHILADELPHIA -- Best Buy said Thursday that it laid off 5,000 workers this month and is planning to close more stores this year as more consumers buy electronics online.The news comes at a time when big chains face growing competition from Amazon and other sites that sell items like TVs and laptops. Fry's Electronics said Wednesday that it would abruptly close all of its stores overnight, ending nearly four-decades in business.Best Buy expects 40% of its sales to come from online purchases this year, up from 19% two years ago,...

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Nathaniel Meyersohn
Feb 26
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Costco raises its minimum wage above rivals like Amazon, Target and Best Buy

Costco raises its minimum wage above rivals like Amazon, Target and Best Buy

New York (CNN Business)Costco will raise its starting rate for hourly store workers in the United States to $16 an hour, putting its starting wage above rivals such as Amazon, Target and Best Buy.Costco has around 180,000 US employees, and 90% of them work hourly. It will hike its minimum wage to $16 beginning next week, chief executive Craig Jelinek said Thursday at a US Senate Budget Committee chaired by Sen. Bernie Sanders on worker pay at large companies. The move comes as Democrats in Congress seek to rally support for a Sanders is the driving force behind Congress' current push to...

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Nathaniel Meyersohn
Feb 25
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Kroger will close more stores over hazard pay laws for workers

Kroger will close more stores over hazard pay laws for workers

New York (CNN Business)Kroger will close two stores in Seattle over the city's $4-an-hour hazard pay requirement for grocery workers, an escalation of the grocery chain's push against newly-passed growing on the West Coast.The company, the largest grocery chain in the United States, will close two of its QFC stores in April in response to Seattle's hazard pay that requires grocery stores in the city that are bigger than 85,000 square feet to pay workers an extra $4 an hour in hazard pay. The law went into effect earlier this month."Unfortunately, Seattle City Council didn't consider that...

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Nathaniel Meyersohn
Sep 16
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Dollar General will pay its workers to get a Covid-19 vaccine

Dollar General will pay its workers to get a Covid-19 vaccine

Stay Updated on Developing StoriesView in AppBy Nathaniel Meyersohn, CNN BusinessNew York(CNN Business) Dollar General wants its employees to get , so it's offering to pay them to do it.The chain said Wednesday that it will give its workers a one-time payment equivalent to four hours of pay after receiving a completed vaccination."We do not want our employees to have to choose between receiving a vaccine or coming to work," said in a press release, noting that its hourly workers face hurdles to getting vaccinated, such as travel time, gas mileage or childcare needs.The company, which had...

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Nathaniel Meyersohn
Jan 13
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Walmart scraps shipping minimum for subscription service in move to take on Amazon

Walmart scraps shipping minimum for subscription service in move to take on Amazon

New York (CNN Business)Walmart is dropping its $35 minimum shipping threshold on online orders for its Walmart+, a move that could make the offering more competitive with Amazon Prime. Walmart said Wednesday that orders for members on items such as electronics, clothing, and other merchandise shipped through Walmart's fulfillment centers will no longer carry a $35 minimum to qualify for free shipping. But grocery orders delivered through its stores will still carry a minimum purchase requirement.Walmart debuted Walmart+, its $98-a-year subscription plan, in September. In addition to free...

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Nathaniel Meyersohn
Nov 27
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More retailers are closed on Thanksgiving this year

More retailers are closed on Thanksgiving this year

New York (CNN Business)The pandemic has transformed the holiday shopping season. Another major difference this year: People planning to shop on Thanksgiving will have fewer options than they have had in the past. , , , , , and other major retailers announced their decision over the summer to close stores on Thanksgiving Day. announced in September that it will close on Thanksgiving."We know this has been a trying year, and our associates have stepped up. We hope they will enjoy a special Thanksgiving Day at home with their loved ones," John Furner, CEO of Walmart US, in July. It will be the...

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Nathaniel Meyersohn
Nov 20
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Wawa goes after the dinner crowd with burgers and chicken sandwiches

Wawa goes after the dinner crowd with burgers and chicken sandwiches

New York (CNN Business)Convenience stores are usually a pit stop for a bag of chips or a soda. Now, they're offering dinner.Wawa, the popular Pennsylvania-based convenience store chain known for its hoagies, said this week that it is introducing hamburgers, breaded chicken sandwiches and waffle fries at a half-dozen stores in the evenings as "part of a larger dinner platform." The Philadelphia Business Journal on Wawa's test. The news immediately spread on social media among Wawa diehards and pits the chain against ,, and other fast food chains and restaurants. Chicken sandwiches, in...

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Nathaniel Meyersohn
Jan 10, 2020
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Best Buy launches a new $200 membership program to fight Amazon

Best Buy launches a new $200 membership program to fight Amazon

New York (CNN Business)Best Buy has a new plan to hold on to shoppers in the crowded market.The retailer said Wednesday that it was a $199.99 annual membership program with free device installations, a concierge service for tech support and other perks. The program, Best Buy Beta, will be available at around 60 Best Buy stores in six states by the end of this month. It also includes free shipping without order minimums, extended return windows and exclusive sales.Best Buy has adapted to competition from online players like Amazon by beefing up customer service and positioning itself as the...

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Nathaniel Meyersohn
Mar 15
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