Consumer Behavior

CVS Health To Close 900 US Stores Over Next Three Years

Kimberly Redmond | |

CVS Health will close about 900 US stores over the next three years as part of a larger shift away from retail and toward healthcare services.

On Thursday, the Woonsocket, Rhode Island-based drugstore chain said its decision — which will ultimately impact 9% of its 10,000 stores nationwide — comes after “evaluating changes in population, consumer buying patterns and future health needs.”

Walmart Beats Q3 Estimates, Has Increased Inventory Ahead of Holiday Season

Kimberly Redmond | |

Walmart Inc (NYSE: WMT) has yet to see a large wave of early holiday shoppers this year but expects that will change after the company kicks off its Black Friday sales, which will be spread across the month of November this year. Many retailers, including Target (NYSE: TGT), Best Buy (NYSE: BBY) and Amazon (Nasdaq: AMZN), began holiday promotions in October, warning consumers of longer delivery times and reduced product availability while urging shoppers to buy in-demand items as soon as they see them.

Keep Your Friends Close, But Your Enemies Closer — Part I

Michael McTague | |

Revenge represents an amazing human activity. In business, kicking opponents when they are down comes with the territory. As Huawei struggles with US government sanctions, Xiaomi steps in to introduce competing products and grab market share. Former Communists learn quickly about the free market economy. No employee at Facebook (FB) asks the giant to go easy on My Space (Private). Remember My Space? No Apple (AAPL) ...

McDonald's To Offer New Plant-Based Burger in US Restaurants by Beyond Meat

Kimberly Redmond | |

McDonald’s Corporation (NYSE: MCD) will soon launch a small-scale rollout in the US of a new plant-based burger developed with faux-meat maker Beyond Meat Inc (Nasdaq: BYND).

Starting Nov. 3, the "McPlant" will be on the menu at eight locations in Texas, Louisiana, Iowa and California as part of a trial run to help gauge customer interest in the meatless offering, McDonald’s announced Thursday.

Home Depot Signs Up for Walmart's GoLocal Delivery Service

Kimberly Redmond | |

The Home Depot Inc (NYSE: HD) is teaming up with Walmart Inc (NYSE: WMT) to provide same-day and next-day deliveries of tools, paint and other online purchases to customers’ doorsteps.

On Wednesday, the two retailers announced that The Home Depot will be the first to sign up for Walmart’s new white-label delivery service, GoLocal, which enables other merchants to tap into the retail giant’s vast delivery platform to fulfill orders.

DoorDash Adds Alcohol Delivery in 20 US States, DC, Canada, Australia

Kimberly Redmond | |

Food delivery service DoorDash Inc (NYSE: DASH) will now support delivery of beer, wine and spirits across 20 US states, the District of Columbia, Canada and Australia, a move the company said could enable it to reach 100 million+ customers.

In a press release Monday, DoorDash said customers of legal age can toggle to the alcohol tab of its app to order drinks from a selection of restaurants, grocery stores, convenience stores and local retailers in markets that permit alcohol delivery.

July Retail Sales Decline 1.1%, Much Steeper Than Analyst Estimates

AP News | |

Americans cut back on their spending last month as a surge in COVID-19 cases kept people away from stores.

Retail sales fell a seasonal adjusted 1.1% in July from the month before, the U.S. Commerce Department said Tuesday. It was a much larger drop than the 0.3% decline Wall Street analysts had expected.

Samsung Unveils Latest Versions of Galaxy Z Foldable Phones

Kimberly Redmond | |

Samsung Electronics Co announced two cheaper but more durable versions of its foldable phones, tweaks that it hopes will make the devices more appealing to consumers and eventually help them take a bigger chunk of the overall smartphone market.

On Wednesday, the South Korean electronics giant unveiled two new phones with folding screens, including a model priced just below $1,000 for the first time ever.

Largest Consumer Banks Post $33 Billion in Profits Combined in Q2

Reuters | |

The four largest U.S. consumer banks posted blockbuster second-quarter results this week, after pandemic loan losses failed to materialize and the U.S. economy began roaring back to life.

Wells Fargo & Co, Bank of America Corp, Citigroup Inc and JPMorgan Chase & Co posted a combined $33 billion in profits, buoyed by the release of $9 billion in reserves they had put aside last year to absorb feared pandemic losses.

Apple and Goldman Sachs To Launch 'Buy Now, Pay Later' Service for Apple Pay Purchases

Kimberly Redmond | |

Apple Inc (Nasdaq: AAPL) plans to launch a service that will enable users to repay Apple Pay purchases over several installments, according to Bloomberg News.

Citing sources familiar with the matter, Bloomberg reported Tuesday that the tech giant will partner with Goldman Sachs Group (NYSE: GS) as the lender for loans issued through the new “Apple Pay Later” feature.

Sponsored Financial Content

Market Movers