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Former J.C. Penney CEO Allen Questrom is hopeful that China and the U.S. will hammer out a trade agreement because “nobody benefits the longer this goes on.” A failure to reach a deal by the end of the year, he said, means “you’ve got a real problem.” Retailers have pointed to tariffs as a factor in recent negative earnings results, with Kohl’s reducing its forecast, in part, because of the ongoing trade dispute between the two countries.
Lowe’s is looking to the Dallas/Fort Worth area and Charlotte, NC to decide where it will open its new global technology hub. The center will employ about 2,000 new IT professionals who will work to upgrade the home improvement retailer’s digital capabilities.
H-E-B has seen its ranks of employees grow by 40,000 over the past decade as its business has prospered. H-E-B president Craig Boyan said the company will continue to “invest in people” who are its “key differentiator” in an increasingly competitive market for customers.
Two prominent members of the left wing of the Democratic Party have sent a letter to Treasury Secretary Steve Mnuchin asking him to disclose information about his role in the developments that led to Sears Holdings declaring bankruptcy and liquidating most of its business. Mr. Mnuchin was named in a lawsuit brought by Sears Holdings against Eddie Lampert, the company’s former CEO, that alleges he profited during the process of methodically stripping the business of its most valuable assets. Mr. Lampert’s hedge fund held a controlling interest in Sears Holdings.
Amazon is conducting research at two locations in New York City where it is running 3-D digital scans of people with different body types. The e-tailer is offering a $25 gift certificate to those who agree to the scans as part of a 30-minute research session.
The e-commerce platform Shopify has acquired Handshake, a startup that enables companies to sell wholesale goods to other businesses. U.S. B2B e-commerce sales exceeded $1 trillion for the first time in 2018, according to B2Becnews.
The Food and Drug Administration believes that food waste in the U.S. can be cut if more food companies label their products with “Best if Used By” dates. This will remind people that foods are still safe to eat even if they pass a certain date. The U.S. Department of Agriculture has determined that about 30 percent of the food sold in the U.S. winds up as waste.
Thirty-nine percent of Americans would be unable to come up with $400 for an unexpected expense by using cash or a credit card they could pay off quickly, according to a new survey by the Federal Reserve. About 27 percent of people would need to borrow money or sell something to come up with $400, while 12 percent couldn’t pay it off under any circumstance. The good news behind the report is that the 61 percent who could cover an unexpected $400 expense has risen from 50 percent since the survey was started in 2013.
J.P. Morgan analyst Christopher Horvers has raised his evaluation of Target from a “middle bucket” retailer to one that is “Amazon safe.” Target posted a 4.8 percent gain in same-store sales during the first quarter, outpacing other legacy retailers that posted gains, including Home Depot, Lowe’s and Walmart.
Walgreens is once again participating in the Red Nose Day, part of Comic Relief USA’s campaign to eliminate child poverty in the nation. The drugstore chain sells red clown noses for $2 each with $1.30 going to the fund, which raised $47 million in the past year.