Brendan Case

Bloomberg News retail reporter covering Walmart, Target, Costco, Kroger and dollar stores. Signal/WhatsApp (and phone): 972-743-9503. [email protected]

[Brendan Case @bcase4bbg]

This is the Chrysler Building from about a quarter mile away earlier this afternoon.

[Bloomberg @business]

Walmart is taking on rivals like Amazon that wooed small and midsize companies during the coronavirus pandemic https://t.co/r5NKVKG9XA

[Brendan Case @bcase4bbg]

Fascinating story by @deenashanker about the plant-based meat industry's swift fall from next-big-thing status. I'd argue the traditional meat industry is unsustainable. But consumers are saying faux meat isn't the answer. https://t.co/hA8LSoXDHE

[Brendan Case @bcase4bbg]

How to square this with Walmart's upbeat results (and big stock gain) yesterday? We're seeing consumers shift to wherever they think they can get the lowest prices. Target itself said that shoppers are increasingly reticent to buy stuff at full price.

[Brendan Case @bcase4bbg]

Target cut its outlook and missed big on third-quarter profit. The reason: U.S. shoppers are pulling back. https://t.co/wYRybrpnA5

[Brendan Case @bcase4bbg]

Target's earnings report marks a big shift in how retailers are talking about shoppers. From CEO Brian Cornell: "Sales and profit trends softened meaningfully, with guests’ shopping behavior increasingly impacted by inflation, rising interest rates and economic uncertainty."

[Brendan Case @bcase4bbg]

Walmart is dipping a toe in the metaverse with offerings targeted at younger Roblox users. The initial experiences are built around music, fashion, beauty and toys. https://t.co/gC9jBzIr5t

[Brendan Case @bcase4bbg]

Walmart's revving up its effort to offer digital bank accounts through One, the financial-technology venture it's backing. A limited rollout is set to start this month. After that? Probably a broad push to ramp up the customer base. With @jennysurane.
https://t.co/vXYd2psLfN

[Brendan Case @bcase4bbg]

Walmart is very slightly expanding abortion coverage for employees, though access under its insurance plan remains limited. It's also offering travel assistance for workers and dependents who don't have services within 100 miles.
https://t.co/lgl6sltJIk

[Brendan Case @bcase4bbg]

Target's second quarter was even worse than expected -- and expectations were low after the retailer slashed its profit forecast in June. But the company still sees a financial rebound in the second half. The pressure is on to deliver. https://t.co/z2BBdOkZWl

[Brendan Case @bcase4bbg]

Walmart shocked investors three weeks ago with a jarring cut to its profit forecast. Now? The retail giant seems to be finding its footing even as inflation continues to hammer shoppers and the economic future is anyone's guess. https://t.co/GsR1EoLkj8

[Brendan Case @bcase4bbg]

Walmart's cutting 200 corporate jobs in areas such as merchandising and last-mile delivery. But it's also adding an unspecified number in e-commerce, health and wellness, supply chain and other areas. Unclear what the net reduction is. https://t.co/K2MKyf51dO

[Brendan Case @bcase4bbg]

From last night: Now it's Best Buy cutting its profit outlook. It also went a step farther than Walmart and Target by lowering its sales outlook, saying soaring inflation was hammering consumers and eroding electronics demand. https://t.co/MWOtF1wTJ0

[Brendan Case @bcase4bbg]

And belatedly, here's the main story on Walmart's profit warning: https://t.co/OazwfJTS0U

[Brendan Case @bcase4bbg]

Following Walmart's profit warning yesterday, here's a look at how everyone from the company's CEO to the head of the Federal Reserve is trying to figure out what US consumers will do next. https://t.co/7Cf7kmv07p

[Brendan Case @bcase4bbg]

Very interesting story by @JENeumann about mushroom leather. I'm keen on finding alternatives but the vegan leathers I've tried in shoes and a belt has been so-so. I'd try mushroom-leather products, though I might have to wait for the price to fall a bit. https://t.co/udLonSoMC4

[Brendan Case @bcase4bbg]

Target pioneered the use of stores to fulfill online orders, but it's more efficient in big markets for stores to send the goods to mini-warehouses called sorting centers. Now the retailer is adding two such hubs in Chicago and one in Denver. https://t.co/6nvvqs4YKa

[Joe Weisenthal @TheStalwart]

"Walton’s three surviving children, Alice, Jim and Rob, daughter-in-law Christy and Christy’s son, Lukas, own just under half the retailer, giving them a combined net worth of about $214 billion..." https://t.co/tqgQECi1qB

[Brendan Case @bcase4bbg]

Walmart shares are falling the most since 2000 on an intraday basis. And on a closing basis, they're on track to post the biggest drop since 1987. Earlier today, the company cut its profit outlook and cited food, fuel and freight costs. https://t.co/qnbLZIP8k3

[Stacie Sherman @sserve]

Walmart is stepping up efforts to entice college graduates by unveiling a fast track to jobs as store managers -- positions that typically pay more than $200,000 a year @bcase4bbg https://t.co/mdejfQg0eZ via @wealth