1. Channel: Specialty & Other

Best Buy lays off hundreds as business shifts online

Written by Posted on Less than 0 min read

Best Buy has laid off hundreds of employees as it seeks to cut costs and tailor its business to customer needs as a higher percentage of its sales shift online. “We’re evolving our stores and the experiences we offer to better reflect the changes in customer shopping behavior, as well as how we organize our teams to ensure we continue to provide our expertise, products and services in the best way possible,” a Best Buy spokesperson said in a statement. The retailer said it would close 20 to 30 of its larger stores this year.

View Original Article
Member since
RetailWire is retailing’s premier online discussion forum, serving the industry as a free resource for over 18 years with compelling content that goes well beyond conventional headline reporting. Each business morning, our editors post timely topics worthy of commentary by the RetailWire BrainTrust panel of industry experts and general readership. The results are virtual round tables of industry opinion and advice covering the most dynamic trends and issues affecting the retailing industry. https://retailwire.com/
Do you like RetailWire's articles? Follow on social!

More from RetailWire

  1. CPG: Food

William Post, Creator of Pop-Tarts, Dies at 96

William Post created the shelf-stable snack treat in 1964 with just four original flavors. View Original Article Dept. Grocery Merchandising Kellogg's RetailWire Member since October 25, 2020 Loading + Follow Following RetailWire is retailing’s premier online discussion forum, serving the industry as a free resource for over 18 years with compelling content that goes well […]
< 1 min read
0
  1. Trends & External Forces

Americans are getting some relief from inflation

The rate of inflation has continued to slow for six straight months, dropping to 6.5 percent from nine percent last June. Lower prices at the pump and other savings have some feeling hopeful about their own personal finances. Risks of further inflation remain, however, which has economists looking to the Federal Reserve Bank and whether […]
< 1 min read
0
  1. Department: Consumer Durables

Fashion Enthusiasts Seek Algorithm-Free Shopping Inspiration on Substack

Substack, an online platform that provides publishing, payment, analytics, and design infrastructure to support subscription newsletters, has become the go-to destination for young fashion enthusiasts wanting to escape algorithms. View Original Article Data & Insights Dept. Apparel RetailWire Member since October 25, 2020 Loading + Follow Following RetailWire is retailing’s premier online discussion forum, serving […]
< 1 min read
0
  1. Trends & External Forces

Tyson Foods Faces Challenges Amidst Rising Inflation

Tyson Foods Inc. recently saw a significant drop in its shares due to ongoing inflation impacting consumer demand. View Original Article Consumers Economy RetailWire Member since October 25, 2020 Loading + Follow Following RetailWire is retailing’s premier online discussion forum, serving the industry as a free resource for over 18 years with compelling content that […]
< 1 min read
0
  1. Department: Nonfood

Petco launches custom meal subscription program for dogs

Petco now offers a refrigerated meal subscription program with ingredients based on a dog’s age, activity level, breed and other factors. The program, in partnership with Freshpet, is available in 15 states with plans for a national rollout later this year. Subscription plans start at $3 per day. View Original Article Dept. Refrigerated Pricing & […]
< 1 min read
0
  1. Department: Consumer Durables

Lego Abandons One of Its Projects To Make Oil-Free Bricks -FT

Danish toymaker Lego has reportedly abandoned a prominent initiative to eliminate oil-based plastics from its bricks. This decision comes after the company discovered that the new material, recycled polyethylene terephthalate (RPET), would result in higher carbon emissions. Lego’s CEO, Niels Christiansen, mentioned that extensive testing revealed it was challenging to find a material that met […]
< 1 min read
0
  1. Channel: Ecommerce & Digital

Amazon is paying some Prime members $10 to pick up their online orders

Amazon.com is paying some of its Prime members $10 to pick up their online orders of $25 or more rather than have them shipped to their homes. View Original Article Amazon RetailWire Member since October 25, 2020 Loading + Follow Following RetailWire is retailing’s premier online discussion forum, serving the industry as a free resource […]
< 1 min read
0
  1. Channel: Ecommerce & Digital

Shopify Says Merchants Can Use Amazon’s ‘Buy With Prime’ Option

Shopify has announced that Amazon will launch an app in Shopify’s ecosystem, allowing U.S.-based merchants to offer Amazon’s “Buy with Prime” option. This collaboration will allow Shopify merchants who use Amazon’s fulfillment network to integrate the “Buy with Prime” app into Shopify Checkout, providing customers with access to Prime benefits like fast and free delivery… […]
< 1 min read
0
  1. Media & Marketing

Inside Tiktok’s Effort to Woo Creators for Its Shopping Program, Including Cash Bonuses, Private Group Chats, and Other Perks

As TikTok continues to dominate the social media landscape, the platform is enticing creators and influencers to stay loyal by launching a TikTok Shop. This new initiative offers cash bonuses, rewards, and access to exclusive groups to those who actively use the platform and contribute to its growth. By providing additional incentives, TikTok aims to… […]
< 1 min read
0
  1. Department & Category

McD’s shuts offices ahead of layoff announcement

McDonald’s shut down U.S. offices this week before an expected layoff announcement. The fast-food giant asked employees to cancel in-person meetings with vendors and outside partners. “During the week of April 3, we will communicate key decisions related to roles and staffing levels across the organization,” the company said in an internal message. View Original […]
< 1 min read
0
  1. Associates & Employees

Home Depot is changing its hourly pay policy

Home Depot is updating its pay policy after receiving complaints that it was costing hourly workers wages. “Our policy has been to round total shift time up or down to the nearest 15 minutes … we’re changing our practice nationwide to pay hourly associates to the nearest minute,” a company spokesperson said. View Original Article […]
< 1 min read
0
  1. Media & Marketing

Twitter’s U.S. ad sales fall 59 percent

Twitter owner Elon Musk has maintained that most of the advertisers that left the social media site have returned and ad revenues are rebounding. The numbers tell a different story with ad sales for the five weeks from April 1 to the first week of May down 59 percent year-over-year. The company’s ad staff is… […]
< 1 min read
0
  1. Corporate Strategy

Bath & Body Works names new director under pressure from activist investor

Bath & Body Works named Steve Voskuil, CFO at The Hershey Company, to its board of directors after bowing to pressure from an activist investor, Third Point, which holds a six percent stake in the retailer. View Original Article Executives RetailWire Member since October 25, 2020 Loading + Follow Following RetailWire is retailing’s premier online […]
< 1 min read
0
  1. Department: Consumer Durables

Dick’s Sporting Goods finishes up the fourth quarter with strong performance

Dick’s Sporting Goods reported a better-than-expected gain of 5.3 percent in same-store sales for the fourth quarter. The chain’s net sales set a new quarterly high. Dick’s is looking for same-store sales this year that fall between flat to up two percent compared to 2022. View Original Article Dept. Nonfood Dept. Sporting goods RetailWire Member […]
< 1 min read
0
  1. Shopper & Customer

Tipping fatigue may be setting in

Some consumers are tired of tipping wait staff, particularly for pickup and drive-thru orders, and question why their employers are not paying higher wages. Tips at full-service restaurants grew by 25.3 percent year-over-year in the third quarter of 2022 and 16.7 percent at quick or counter-service restaurants, according to Square. View Original Article Associates BOPIS […]
< 1 min read
0
  1. Trends & External Forces

Government testing bird flu vaccines

Millions of birds have been euthanized and the price o eggs reached historic highs because of the avian flu. The Biden administration is testing four vaccines that could protect flocks from the disease. View Original Article Dept. Dairy Government RetailWire Member since October 25, 2020 Loading + Follow Following RetailWire is retailing’s premier online discussion […]
< 1 min read
0
  1. Holiday & Events

Americans to cut back on Christmas shopping and charitable giving

Inflation is weighing heavily on the minds of many Americans with consumer sentiment now about the same as it was during the Great Recession. Forty-one percent of Americans say they are having difficulty keeping up with essential expenses, up from 29 percent last year, according to the Census Bureau. View Original Article Holiday & Events […]
< 1 min read
0
  1. Channel: Restaurants

Restaurants test subscription services

Large restaurant chains and neighborhood eateries are trying out subscription services in an effort to retain customers and secure a regular stream of revenues. Services frequently include free delivery and other perks. Subscribers to Panera’s program receive unlimited hot and cold drinks for $11.99 per month or $119.99 per year. Annual subscribers also get free […]
< 1 min read
0
  1. Stores & Formats

More Americans shopped in stores on Black Friday, but they spent less

Store traffic on Black Friday increased seven percent over last year, according to RetailNext. In-store sales rose only 0.1 percent for the day, however, as shoppers spent less per visit than they did in 2021. View Original Article Marketing: In Store Brick and Mortar Store Location Shoppers Holiday & Events RetailWire Member since October 25, […]
< 1 min read
0
  1. Media & Marketing

Fanatics to start live-streaming service for sports collectibles

Fanatics is launching a live-streaming service to enable collectors to purchase sports memorabilia. The company has hired former Snap executive Nick Lead to lead Fanatics Live. View Original Article Executives Marketing: Digital Media Streaming RetailWire Member since October 25, 2020 Loading + Follow Following RetailWire is retailing’s premier online discussion forum, serving the industry as […]
< 1 min read
0
Next