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Daily QuickWit (10/28) – Top Retail News of the Day

Facebook rebrands itself Meta

Facebook on Thursday announced that it has changed its company name to Meta. The name change, which was announced at the Facebook Connect augmented and virtual reality conference, reflects the company’s growing ambitions beyond social media. 

“Today we are seen as a social media company, but in our DNA we are a company that builds technology to connect people, and the metaverse is the next frontier just like social networking was when we got started,”

“We believe the metaverse will be the successor to the mobile internet,”

- Meta CEO Mark Zuckerberg

There have been endless comments and memes about this so we thought we would enter the fray…… 

If you want to learn more about the MetaVerse, FastCompany has a great article.

Tesco announces Gorillas rapid grocery delivery tie up

Gorillas, in the news last week for surpassing a $1B investment round announced this week a partnership with Tesco, reminiscent of what Instacart announced with Kroger and Stop & Shop last month with 30 min delivery, in which they are piloting picking and delivering from Tesco microfullfillment sites within 10 minutes!

Amazon earnings fall nearly 50% in third quarter

Higher costs on everything from labor to shipping took a toll on Amazon’s profits in the third quarter, the company said on Thursday. Net earnings plunged to $3.2 billion in the third quarter, down from $6.3 billion in the third quarter of 2020.

“We’ve always said that when confronted with the choice between optimizing for short-term profits versus what’s best for customers over the long term, we will choose the latter—and you can see that during every phase of this pandemic,” 

- Amazon CEO Andy Jassy

Dorothy Lane Market to open first Cincinnati area store in Cincinnati

One of our long term favorite grocery stores Dorothy Lane Market is opening up a new location in Kroger’s backyard (very close to their newly opened Ocado Shed).  Dorothy Lane Market is iconic in the upscale gourmet Grocery market and their new Mason store will be the first Dorothy Lane Market location in Greater Cincinnati (or anywhere outside of Dayton, OH. The grocer currently operates three locations in the Dayton area: in Oakwood, Washington Township and Springboro.

The grocer has been family owned and operated since 1948, offering high-quality foods and known for its famed Killer Brownies — a decadent fudgy, gooey, double-layered brownie nestled with pecans and velvety caramel. Seriously, they are that good!  We are really looking forward to their grand opening, scheduled in early 2023.

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