On Tuesday, Disney CEO Bob Iger surprised the business world by announcing that he would immediately step down from the top job. After 15 years in charge of the entertainment giant, Iger passed the reins to a company veteran named Bob Chapek who had been overseeing Disney’s theme parks division. Although the news caught many observers off-guard, Iger insists that this plan has been in the works for some time. “It’s only abrupt in other people’s eyes because we haven’t Continue reading
Over the last few years, cable and satellite companies have lost tens of millions of subscribers who have grown tired of seeing their monthly rates steadily rise. In 2019 more than 5.5 million people “cut the cord” with large cable and satellite providers, a huge increase over last year’s loss of 3.2 million customers. As TV companies pay more and more to produce and acquire new programming, they will likely keep raising subscriber rates on an already strained consumer base. Continue reading
Rather than worry about having cash on hand, many American consumers now prefer to use credit or debit cards as their preferred methods of payment. Companies are usually happy to oblige cashless customers since cards are easy to process and keep busy lines moving. In fact, a number of retailers and restaurants across the country have switched to cashless payment models that rely entirely on cards or mobile apps. According to consumer advocates and lawmakers, however, these businesses could be Continue reading
In 2017, the home goods company Brandless launched with a novel way to take on Amazon as well as other big-box retailers. The direct-to-consumer startup sold high-quality, organic versions of everything from toilet paper to beauty products in simple, no-frills packaging. Brandless claimed that this eliminated the so-called “BrandTax” levied by many companies, which could account for as much as 40 percent of the product’s actual cost. With little money spent on traditional marketing, Brandless initially charged just $3 for Continue reading
A few weeks ago, the coronavirus outbreak in China caused countless businesses to shutter as the government also restricted travel throughout the country. Many companies announced plans to stay closed during an extended Lunar New Year holiday, which was supposed to end yesterday. But with many workers still unable to leave their hometowns, a number of manufacturers are pushing that date back. Volkswagen, for instance, will only reopen some of its plants in about a week due to complications with Continue reading
As the country’s largest department store chain, Macy’s has hundreds of locations nationwide and earned more than $25 billion in sales in 2018 alone. Still, the last few years have not been easy for the retailer as more consumers turn to e-commerce outlets like Amazon for their shopping needs. Meanwhile, discount retailers like TJ Maxx and fast-fashion brands like H&M are also winning over shoppers with wide selections and great deals. After struggling to keep up with all of this Continue reading
Last weekend during a busy dinner service, San Francisco restaurant owner Pim Techamuanvivit received a strange phone call. The caller wanted to know when the delivery he ordered through Seamless would turn up since he had already waited 45 minutes for it. “I think you must be confused, because I don’t do delivery,” replied Techamuanvivit. The frustrated person on the other line then asked why her business was listed on Seamless. Upon further investigation, Techamuanvivit discovered that both Seamless and Continue reading
In 1933 Nathan Glickberg opened a fruit and vegetable stand in Manhattan before eventually moving into a nearby storefront. His grandson Howie expanded the store in the 1970s, adding more groceries and specialty items as well as a new name: Fairway. In the years since, the store became a staple for many New Yorkers drawn by Fairway’s low prices and wide selection of quality products. Then in the early 2000s a private equity firm bought a controlling stake in the Continue reading
2019 was the year that the so-called “streaming wars” got serious. Disney+ and Apple TV+ launched in an effort to compete against Netflix while established broadcasters like NBC and HBO announced that their streaming services would go live in mid-2020. As the streaming marketplace grew increasingly crowded, industry insiders worried that media companies were offering too much content to consumers. According to research by the cable network FX, these fears could prove to be true: last year a total of Continue reading