Bed Bath & Beyond follows Kmart and Sears in filing for bankruptcy, and liquidation sales have started this week. Nearly 500 of its stores — 360 namesake stores and 120 Buy Baby locations — could soon be available for other companies to rent. More: - The closure of Bed Bath & Beyond stores will positively impact the real estate and retail sectors due to their significant, adaptable locations in high-traffic areas.
- Low vacancy rates and high demand are characteristics of off-mall shopping centers, especially as discounters and established mall operators test out novel ideas.
- Former Bed Bath & Beyond stores could be repurposed into doctor offices for CVS or Walgreens or grocery locations for Aldi or Lidl, according to Coresight Research CEO Deborah Weinswig.
- Discounters and off-price retailers are rapidly expanding due to shoppers' pandemic-fueled spending, brand visibility, e-commerce fulfillment, and increased availability.
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Following First Republic Bank's seizure by U.S. regulators, JPMorgan Chase & Co. has agreed to buy most of its assets. Although no financial information was provided, the assets include deposits worth $92B, securities worth $30B, and loans worth $173B. More: - JP Morgan was one of several prospective buyers, along with Citizens Financial Group Inc. and PNC Financial Services Group.
- First Republic Bank shares fell 43.3% in premarket trading, while JP Morgan shares increased 2.7%.
- The crashed bank's 84 branches will be reopened as JPMorgan Chase banks, and it is expecting to gain $2.6B post-tax from the acquisition.
- Jamie Dimon, Chairman and CEO of JPMorgan Chase, stated, "Our financial capabilities enabled them to minimize costs for the Deposit Insurance Fund through their transaction."
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The profits of ExxonMobil and Chevron decreased from record highs in Q1 but still exceeded Wall Street forecasts. Exxon recorded earnings of $11.4B, a decrease of 11% from the prior quarter, while Chevron reported $6.6B in profits. More: - Despite declining energy prices, both businesses remain profitable due to strict spending and rising payouts.
- The firms anticipate a recovery in oil markets in late 2023 as limited supplies and rising demand are brought about by China's economic openness.
- Exxon has decided to proceed with a $12.7B oil project in deep waters off the coast of Guyana.
- U.S. President Joe Biden has accused the oil industry of "war profiteering" and neglecting to increase supplies to control prices.
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Pinterest and Amazon have finalized a multiyear strategic ad agreement, giving customers a smoother shopping experience when they click on an Amazon ad and are sent directly to Amazon to make the purchase. The collaboration will increase the number of brands and relevant products on Pinterest. More: - Beginning later this year, the Amazon ad integrations will be implemented over several quarters.
- Pinterest outperformed Q1 revenue and earnings expectations, with revenue increasing by 5% year over year to $603M, beating the $598M forecast and adjusted EPS at $0.08 instead of $0.02.
- On account of more significant Q2 expenses, Pinterest stock fell 6% despite the earnings beat.
- With the introduction of Idea Pins, the emphasis on creator content, and more investment in video, Pinterest is adjusting to consumers' shifting preferences.
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The NBA's Phoenix Suns and the WNBA's Phoenix Mercury have negotiated with Gray Television to air all their regular-season games on local broadcast networks available throughout Arizona. A direct-to-consumer streaming service is also part of the agreement, developed in collaboration with privately held video technology company Kiswe. More: - A significant development is a professional sports team leaving the regional sports network market and bringing regular-season games back to fans via local TV stations.
- The deal's financial details were kept under wraps, and the former broadcaster, Diamond Sports Group, is taking legal action to halt it.
- The new deal is expected to expand the fan base and alter the traditional business model (RSN) for broadcasting professional sports games as customers increasingly opt for streaming.
- While the Suns' streaming option's pricing is still being determined, the Mercury games will be free to watch online.
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Only five years after its debut, prebiotic soda manufacturer Olipop is on track to surpass $200M in annual sales this year. Even though PepsiCo and Coca-Cola have expressed interest, Olipop CEO Ben Goodwin is more concerned with expanding the company than selling it. More: - The drink company offers a healthier, prebiotic- and fiber-filled alternative to traditional soda with the same great taste.
- Indra Nooyi, a former CEO of PepsiCo, Peter Rahal, the creator of RXBAR, and Gwyneth Paltrow are among the investors in Olipop.
- The fall in soda consumption and the rise in interest in gut health as a wellness trend have been cited as contributing factors to Olipop's popularity, says Matthew Barry, Euromonitor International's insights manager for food and beverages.
- A problem with Olipop in an inflationary environment is that it costs more than standard soda; still, Goodwin is convinced that consumers would pay more for the drinks he develops.
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 |  | Shriram is pursuing Master’s in Business with Marketing at Warwick Business School. He worked as a Senior Consultant in Tech and Political Consultancies before his Masters. He is passionate about Tech, Marketing, Strategy, Anthropology and Politics. He is also the Postgraduate Ambassador for Warwick Business School. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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