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Retail Sales Rise 0.1% Retail sales inched up just 0.1% in May and April sales were revised downward by 0.2% after first being reported as holding steady, according to the Commerce Department. May sales were well below expectations. Softening goods prices, falling gas sales and slowing foodservice sales all contributed to the decline. Core retail sales, which exclude autos, gasoline, building materials and food services store sales rose a stronger 0.4% in May. Building materials sales fell 0.8% in May after rising 0.5% in April. Online store sales increased 0.8%, recouping only a fraction of the 1.8% decline in April. Faltering retail sales are consistent with a slowing economy, which could support an interest rate cut later this year. The retail sales report covers about a third of overall consumer spending and doesn't include services, such as travel and entertainment. The Home Depot THD completed their acquisition of SRS Distribution and said the deal had a total enterprise value of $18.25 billion. CEO Ted Decker said SRS is a great fit for them and the acquisition will increase their total addressable market by about $50 billion dollars, to nearly $1 trillion dollars. Lowe’s Lowe’s announced that $10 million in Lowe's Hometowns grants will benefit 88 communities in 44 states and Washington, D.C. The 100 projects, selected from consumer nominations, address needs specific to each community, from access to housing and community services to support for first responders and veterans. Lowe’s Hometowns launched in 2022 and is expected to benefit 2.5 million people in the first two years. Lowe’s promoted Jennifer Wilson to Chief Marketing Officer (CMO). In her expanded role, Wilson will oversee strategic brand and product marketing, loyalty and personalization, promotional planning, creative, media and Lowe's retail media network. As CMO, she will also build out a new customer experience integration organization designed to deliver end-to-end customer journeys to better meet the needs of Lowe's consumers. Wilson will continue to report to Bill Boltz, executive vice president of merchandising, and remain focused on delivering integrated marketing and merchandising strategies. Wilson has more than 20 years of combined experience in marketing and merchandising. Wilson joined Lowe's in 2006 and most recently served as senior vice president, enterprise brand and marketing. Wilson also serves on the Board of Directors for the Ad Council. Walmart Walmart+ Week kicked off June 17 and offered a wide variety of members-only deals. Walmart was trying to beat Amazon to the punch; Amazon Prime Days are slated for July. Double discounts on gas (that’s twenty cents a gallon vs. the normal ten cents) and deals on small appliances, cookware and travel were among the offerings. Walmart Deal Days will be Monday July 8 through Thursday July 11, kicking off at 5 pm on Monday and ending at midnight on Thursday. Walmart+ members can start shopping five hours earlier than the general public. Walmart timed Deal Days to be the week ahead of Amazon Prime Days, which are the following Monday and Tuesday. Barron’s recently did a feature on Walmart, noting that Walmart has gone from what they termed “a stodgy big-box discounter” to an ecommerce powerhouse only bested by Amazon. Barron’s credited CEO Doug McMillon, who took the reins in 2014, for finding a winning way forward that combines a savvy tech-first approach with a sharp focus on value that has expanded their customer base to more higher-income consumers. Ace Hardware Ace continued their year-long celebration of their 100th birthday with a national Block Party hosted by participating Ace stores Saturday, June 29. Ace offered deals on everything people need to have a super summer, including tools, grills and outdoor power equipment. Ace Hardware Home Services is expanding nationwide. Consumers will be able to find tradespeople to handle a wide range of jobs from small repairs to large renovation projects in more than 5,000 zip codes nationwide. Ace promises there will be at least one provider in every state in the continental US. Customers can locate services and find contact information through the Ace Hardware Home Services' website. Ace Rewards members will get special offers. The platform offers transparent pricing, detailed service descriptions, and customer reviews to help homeowners make informed decisions. Ace Hardware Home Services backs work with a satisfaction guarantee. Ace introduced Heartware Stories, a campaign meant to show that Ace has been an important part of their communities from the very beginning. This campaign features a mini-documentary series highlighting 100 transformative moments of humanity, originating from Ace employees throughout stores across all 50 states. All 100 stories are available on the Ace website and limited featured episodes will be available for purchase on Apple TV, Google Play and Amazon Prime starting July 5. Amazon Amazon’s tenth annual Prime Days will be July 16 and 17. Prime Days are only open to members of Amazon Prime. The popular subscription service now costs $139 annually, so members are anxious to take full advantage of their membership. Amazon switched from a single 24-hour event to two days in 2017, and added a Prime Shopping Event in October in 2022. Amazon promises deals will be bigger and better than ever and hired super-star rapper Megan Thee Stallion to promote the event. The rapper publicly announced this year's Prime Day with a new music video and original song called "It's Prime Day” and a clever TV commercial. Members can shop Megan Thee Stallion's Prime Day picks inspired by different interests of hers that are featured in the music video and commercial. Amazon’s little-known Outlet offers everyday bargains on overstock and clearance items, from power tools to pet supplies. On an average day, prices are often up to 50% off retail. Bargain hunters can shop by category and sign up for lightning deals that offer even bigger savings. The Outlet is open to all; people don’t need to belong to Amazon Prime to shop there. Amazon is investing $230 million in Amazon Web Services (AWS) cloud credits for generative AI startups around the world. Part of the latest investment will fund the second phase of the AWS Generative AI Accelerator, a program that provides hands-on expertise and up to $1 million in credits to each of what Amazon identifies as the top 80 early-stage startups that are using generative AI to solve complex challenges. Amazon is investing an additional $1.4 billion to create 14,000 affordable homes across three target communities. Amazon launched their $2 billion Housing Equity Fund in 2021 and earmarked $75 million of that for the creation of affordable housing in Nashville. The rest of the funds went to homes in the Seattle area of Washington state, as well as Arlington, Virginia, a Washington, D.C. suburb. At the time of the announcement, Amazon was building their 5,000-employee corporate office in Nashville Yards where it now occupies two buildings. With two years left in the five year commitment, Amazon said they have already exceeded their multi-billion dollar goal by $200 million and created a total of 21,000 homes in three years. © Robert Bosch Tool Corporation. All rights reserved, no copying or reproducing is permitted without prior written approval.
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