Advertisements



California furniture retailer invests in former Toys R Us stores in Pittsburgh area

Retailer specializing in modern European furniture is engaged in a national expansion thanks to remote working and the chance to add former toy store locations......»»

Category: topSource: bizjournalsOct 13th, 2021

Brace yourself for a less exciting, more expensive holiday shopping season because of the supply chain crisis, experts say

Some retailers have resorted to buying products from two years ago just to keep their shelves stocked, one insider said. Black Friday scenes. NurPhoto/Getty Images A global supply chain crisis is putting the holiday shopping season at risk. Retailers are scrambling to get products and some are resorting to stocking last season's items. Experts say we'll have less to choose from this holiday season, and may have to pay more. See more stories on Insider's business page. Brace yourself for a less exciting, more expensive holiday shopping season. As retailers scramble to keep shelves stocked amid a global supply chain crisis, industry insiders say we should be prepared to "settle" when it comes to holiday gifts.Ken Hicks, CEO of clothing retailer Academy Sports, told Bloomberg that shoppers "will have to settle more because they [retailers] just won't have as good of a selection." Delays and shortages along the supply chain have left mountains of products stuck in factories in Asia or in ports in the US, unable to make their way to stores. Steve Azarbad, cofounder and chief investment officer of hedge fund Maglan Capital, which invests in retailers, said some companies had resorted to buying products from two years ago to keep shelves stocked. "I talk to a lot of suppliers, and they're telling me 'I just can't fill all the orders I'm getting,'" Azarbad told Bloomberg. Toys, which are in hot demand during the holiday season, have been particularly badly hit. One toymaker, Basic Fun, told Bloomberg that around $8 million worth of its toys were sitting in a factory in China and that it couldn't move them because of a shipping container shortage.One of the world's largest toymakers, MGA International, said it recently had more than 600 containers filled with toys that were stuck in the port of Los Angeles for six weeks waiting to be unloaded. Falling demand in the first half of 2020, followed by a surge at the back end of the year, has led to delays, port traffic jams, and blockages across the supply chain. The lack of containers and dock workers is only making the situation worse."I've been doing this for 43 years and never seen it this bad," Isaac Larian, CEO of MGA, told Bloomberg. "Everything that can go wrong is going wrong at the same time."Delays and shortages could also mean fewer discounts and higher prices for consumers over the holidays. Experts are forecasting price increases of anywhere between 5% and 30% during this period. "The installation of raw material and labor has gone up exponentially," Larian told CNN in an earlier conversation. "We've seen a 23% increase in cost of product in China without the logistics. That is going to translate to higher prices with retail."Two of the largest toymakers, Mattel and Hasbro, already raised prices earlier in the summer to absorb higher shipping costs. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 4th, 2021

Dayton furniture retailer to open new locations at area malls

A Dayton-based home furnishings retailer is opening new locations at a pair of local malls. Morris Furniture Co. is launching new showrooms at the Dayton Mall and The Mall at Fairfield Commons. Morris Home Furniture & Mattress stores opening at these lo.....»»

Category: topSource: bizjournalsFeb 26th, 2020

5 ETFs to Play the Key Events in Fourth Quarter

Wall Street may currently have a volatile run but the fourth quarter has mostly been favorable for investors. The reason for a upbeat rally in the fourth quarter is the holiday season. Wall Street may currently have a volatile run but the fourth quarter has mostly been favorable for investors. The S&P 500 rises about 4.3% in the fourth quarter, per Barron’s, making it the best quarter of the year. Over the past decade, the S&P 500 Index has averaged a 4% gain, according to a CNBC analysis of Kensho released in 2019.The S&P 500 had traded positively 80% of the time. The Dow Jones Industrial Average had gained 5% in fourth quarters over the past 10 years, trading in the positive zone for 80% of the time.Key Events Scheduled for Q4Holiday Season: The late October-December period embraces the key holiday season, which puts the spotlight on the performance of retailers. As loads of sales-boosting events — Halloween, Thanksgiving, Cyber Monday, Black Friday and Christmas — fall in this quartile, the sector generally sees a sales boost.Mastercard SpendingPulse released its holiday forecast in September, which says U.S. retail sales are expected to rise 7.4% year over year (up 11.1% versus 2019) for the holiday season, excluding autos and gas. Shoppers are expected to hit the stores with in-store sales are forecast to jump 8.9% year over year, or up 6.6% barring autos and gas.And e-commerce is expected to increase 7.6% (up 57.3% from 2019). Low levels of unemployment coupled with sustained monthly job creation might encourage consumers to spend more during the holiday season.Chances of a Fed Rate Hike: Federal Reserve Chair Jerome Powell said in late September the central bank could start scaling back asset purchases as soon as November and finish the process by mid-2022. Several officials are even interested to hike interest rates next year.The announcement of the Fed QE taper may come in the policy gathering on Nov 2-3. However, the Fed chair Powell left the door open to waiting longer should the need be and stressed that tapering is not directly corelated with the timing of rate liftoff. U.S. treasury bond yields started going higher in recent weeks thanks to the Fed cues (read: Fed Taper to Start in November? 7 ETFs to Buy).Approval of Antiviral Pills & Booster Shots? Drugmaker Merck (MRK) recently asked U.S. regulators to authorize its pill for treating COVID-19. If approved by the Food and Drug Administration — a decision which may take shape in the coming weeks — it would be the first pill shown to treat the illness. All other FDA-backed treatments against COVID-19 are in the form of IV.Meanwhile, scientists at the U.S. Food and Drug Administration said this week that Moderna Inc (MRNA) had not met all of the agency's criteria to support use of booster doses of its COVID-19 vaccine, possibly due to stronger response of first two doses.People who received a Johnson & Johnson coronavirus vaccine may be better-off with a booster shot from Moderna or Pfizer-BioNTech, according to preliminary data from a federal clinical trial published on Wednesday, as quoted on nytimes.4 ETFs to BuyIn this light, we highlight a few ETFs that could be great picks for the fourth quarter.SPDR S&P Retail ETF XRTInvestors should also note that the consumer discretionary sector is cyclical in nature, and normally performs better in a trending economy, irrespective of rate hike fear. The cyclicality of the sector and an expected surge in sales make XRT our choice. The fund invests about 19.6% in apparel retail, which would be a key selling area in the holiday season.iShares PHLX Semiconductor SOXXThe technology sector could be a great long-term bet. Within the broader tech space, semiconductor, the value-centric traditional tech area gains an edge in a still-edgy investing backdrop. Demand for gadgets will remain high in the quarter. Electronics normally remain at the top of Black Friday bargains.ETFMG Travel Tech ETF AWAYChances are high that reopening trade would gain steam in the fourth quarter bolstered by widespread vaccination and chances of more treatment opportunities. Travel and tourism stocks also benefitted after the Biden administration announced they would ease travel restrictions for vaccinated foreigners. Many investors see value in the sector, which was hard hit by the Delta resurgence this summer (read: Should You Invest in Travel & Tourism ETFs Now?).   Industrial Select Sector SPDR Fund XLIIndustrial sector has been one of the top performers of the fourth quarter over the last 10 years with an average return of around 6%, per CNBC. The fund XLI has Zacks ETF Rank #1.ProShares Online Retail ETF ONLNThe current wave of digitization is favoring both ecommerce pure-plays and traditional retailers, which are stepping into ecommerce to tap the surge in online shopping. So, wonder, ONLN would be a hot investing area in Q4. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ETFMG Travel Tech ETF (AWAY): ETF Research Reports Industrial Select Sector SPDR ETF (XLI): ETF Research Reports SPDR S&P Retail ETF (XRT): ETF Research Reports iShares Semiconductor ETF (SOXX): ETF Research Reports ProShares Online Retail ETF (ONLN): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksOct 15th, 2021

What to expect from Kohl"s 2021 Black Friday deals, plus how to use Kohl"s Cash

Kohl's Black Friday sale isn't live yet, but we anticipate solid deals on the Nest Thermostat, Instant Pots, Harry Potter LEGO, and more. When you buy through our links, Insider may earn an affiliate commission. Learn more. Kohl's; Gilbert Espinoza/Insider Black Friday arrives on November 26. We'll update this post as Kohl's deals become available. In past years, Kohl's offered Black Friday and Cyber Monday deals on vacuums, kitchenware, video games, smart speakers, and more. We'll also track Black Friday deals from Amazon, Target, Walmart, The Home Depot, Nordstrom, and more stores. Table of Contents: Masthead StickyLast year, Kohl's Black Friday sale ran from November 22 through November 27, and we expect to see deals similarly start early this year. If you frequently shop at Kohl's and are part of the rewards program, this store should be yourfirst Black Friday stop. Last year, shoppers could use their Kohl's cash to save even more on deals, as well as accumulate additional rewards. Kohl's Black Friday deals often include lots of tech, vacuums, small appliances, toys, and more. The discounts are usually just as good as other big-box retailers, which comes in handy if stock runs out at other stores.The best early Black Friday deals from Kohl'sThere aren't currently active Black Friday or Cyber Monday deals from Kohl's, but we'll update this post as soon as we have that information.When does Kohl's Black Friday sale start?Black Friday 2021 is November 26 and Cyber Monday is November 29, but many retailers start their sales earlier. We expect Kohl's to start running deals about a week before Black Friday.What should I buy from Kohl's on Black Friday?Last year, Kohls had great deals on smart speakers, fitness trackers, kitchen appliances, and even an Xbox bundle. This year, expect to find similar deals on vacuums, cookware, pajamas, air fryers, and more. How do we select the best deals at Kohl's?The products we choose must meet our coverage standards and come from brands we've tested and trust.We compare the prices against Amazon, Target, Walmart, and other retailers. The deals we include are the same or better (not including promotional discounts from using certain credit cards).We consider products' price histories to evaluate how significant the savings are. You can read more about how we vet deals at Insider Reviews here.Should I enroll in Kohl's Rewards?Kohl's Rewards replaced Yes2You Rewards last year. The free program gives members 5% Kohl's Cash every day (not just during promotional events) on all purchases, as well as additional rewards, like a birthday gift. Any Kohl's Cash received through the rewards program will be available on the first day of the following month and must be used within 30 days. So, if you earn a lot on Black Friday, it should be available on December 1. If you think you'll be shopping at Kohl's again before Christmas, it might be worthwhile to take advantage of the extra Kohl's Cash savings. What is Kohl's cash?Even if you're not a Kohl's Rewards member, you'll still get $10 of Kohl's Cash for every $50 you spend during promotional periods. You can then use that Kohl's Cash like a coupon on future purchases. If you make purchases in-store, you'll receive a coupon for your Kohl's Cash. If you buy online, Kohl's will send an email with your Kohl's Cash. Pay attention to expiration dates, because Kohl's Cash doesn't last forever. Also, keep in mind that there's a limit to how much Kohl's Cash you can earn: $1,500 on a single purchase. Can I order online and pick up in a Kohl's store?Kohl's stores will be closed on Thanksgiving Day 2021. Due to the pandemic, Kohl's will continue offering curbside pickup in 2021. Many products are available for purchase online, and you can have it delivered to your car two hours later. How does Kohl's compare to other stores on Black Friday?Like Best Buy, Kohl's will likely have lots of tech deals. The retailer also sells cookware, vacuums, clothes, toys, and home goods that will also be on sale, similar to Amazon, Walmart, and Target. Often, these stores will all offer very similar deals on the same products, so if you have your eye on something that goes out of stock, you may still find it at a competitor. Kohl's does sometimes win out over other stores' deals because of Kohl's Cash, but that's really only a draw if you plan on shopping there again before the end of 2021.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 14th, 2021

Ikea says product shortages will last well into the summer of 2022

Ikea, the world's largest furniture retailer, is among the long list of retailers struggling with a global supply chain crisis. Prepare for ongoing delays and shortages at Ikea. Robert Michael/picture alliance via Getty Images Ikea said supply chain problems continue to cause delays and shortages at its stores. These shortages would likely last well into 2022, the CEO of its parent company told the FT. Experts also say that the supply chain shows no sign of recovery. Swedish flatpack giant Ikea is expecting product shortages and delays to last well into the summer of 2022.In an interview with the Financial Times, Abrahamsson Ring, CEO of Ikea's parent company, Inter Ikea, said that supply chain challenges had lasted longer than expected. Shortages would likely continue "for the better part, if not the whole" of Ikea's financial year, which ends August 2022, he said."This is here for a longer period than we thought of at the beginning of the crisis," he said. The global supply chain network remains in crisis, and experts are in agreement with Ikea that next year is unlikely to be any easier."There is no indication that it will get better by 2022," Dave Marcotte, longtime retail and supply chain expert from Kantar Consulting, said in a recent conversation with Insider. "Things are really bad ... it's like a huge rubber band that keeps getting stretched further and further," he said.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 14th, 2021

Muji"s stores are hard to come by in the US - fortunately, you can shop the Japanese retailer"s home goods on Amazon

Muji is a Japanese store known for home and lifestyle goods with sleek, minimalist designs. You can now shop its products on Amazon. When you buy through our links, Insider may earn an affiliate commission. Learn more. Amazon Muji is a Japanese retailer that sells affordable, quality household and lifestyle products. In addition to its stores and website, you can now find its well-designed products on Amazon. From skincare to dinnerware and stationery, many items cost less than $20. In my fantasy, I'd live in a mid-century John Lautner home filled with high-end, minimalist furnishings, but my limited budget prevents this dream from becoming a reality. To satisfy it in some way, I frequently turn to Muji, a Japanese purveyor of affordable, modern home and lifestyle goods, to fill my home.Muji is short for Mujirushi Ryohin, which translates to "no-brand quality goods," and the ethos is evident in its products, from the packaging to the construction. Although seemingly basic - you won't find any logos, wild colors, or funky shapes - these are no dollar-store finds: Muji's products are beautifully designed, sleek, functional, very well made, and accessible. They are akin to Apple products, minus the high price tag.You would be forgiven if you've never heard of Muji. Although it's been around since 1980 and can be found globally, the retailer has a limited presence in the US, with a handful of stores and an abysmal online shop (although its e-commerce experience is improving).But you can now find the company's products on Amazon, ranging from stationery and beauty products to dishware and cookware - with most costing less than $30. Although you won't find the full selection (Muji also sells furniture and food), here are some of the best affordable Muji products you can buy on Amazon right now.Pure Essential Oil Lemongrass (medium)High Moisturizing Toning Water (medium)Polypropylene Bath Pail (medium)0.5mm Black Smooth Gel Ink Ballpoint Pen (medium)Aluminum Pole for Cleaning System (medium)Extra-Large Acacia Bowl (medium)Denim Shoulder Apron (medium)Read the original article on Business Insider.....»»

Category: dealsSource: nytOct 13th, 2021

Port Of Los Angeles Prepares For 24/7 Operations To Tackle Massive Cargo Backlog 

Port Of Los Angeles Prepares For 24/7 Operations To Tackle Massive Cargo Backlog  With more than 80 container ships at anchor and 64 at berths across the Ports of Los Angeles and Long Beach, congestion at the nation's top ports continues to snarl supply chains. To alleviate bottlenecks threatening the holiday shopping season, the White House has released a memo stating the twin ports will be operating on a 24/7 basis to counter the backlog.  The shipping industry is in complete chaos, and bottlenecks at Ports of Los Angeles and Long Beach, a point of entry for 40% of containers, continue to experience massive backlog that is disrupting the time it takes goods to reach store shelves, creating price inflation for consumer goods and shortages. President Biden is expected to meet with "business leaders, port leaders, and union leaders to discuss the challenges at ports across the country and actions each partner can take to address the delays and congestion across the transportation supply chain," according to the White House.  "The President will meet with the leadership from the Ports of Los Angeles and Long Beach and the International Longshore and Warehouse Union (ILWU) to discuss the actions they are each taking to address these challenges in Southern California," the White House continued.  To solve such a crisis, it appears the Biden administration, businesses leaders, and port officials will "announce a series of public and private commitments to move more goods faster, and strengthen the resiliency of our supply chains, by moving towards 24/7 operations at the Ports of Los Angeles and Long Beach" at a press conference this afternoon.  Snarled supply chains first became an issue earlier this year for the administration when automakers began to experience production difficulties because of the lack of semiconductor chips. This forced Biden to announce a review of the problem in February.  Since then, the administration has done very little to alleviate shortages and bottlenecks as they push for more fiscal stimulus, one of the culprits of a massive demand-pull of overseas goods from Asia, straining logistical networks. The problem continues to worsen and adds inflation to the economy that is becoming more persistent than transitory. There's also the issue of consumer goods shortages ahead of the holiday season.  Here are the White House's commitments to resolve the shipping crisis:  The Port of Los Angeles is expanding to 24/7 operation. The Port of Long Beach expanded operations in mid-September. The Port of Los Angeles is now joining them by adding new off-peak night time shifts and weekend hours. This expansion means the Port of Los Angeles has nearly doubled the hours that cargo will be able to move out of its docks and on highways.  The International Longshore and Warehouse Union (ILWU) has announced its members are willing to work those extra shifts. This will add needed capacity to put towards clearing existing backlogs. This is an important first step, now the private businesses along the supply chain need to move their operations to 24/7. Large companies are announcing they will use expanded hours to move more cargo off the docks, so ships can come to shore faster. Unlike leading ports around the world, U.S. ports have failed to realize the full possibility offered by operation on nights and weekends. Moving goods during off-peak hours can help move goods out of ports faster. For example, at the Port of LA, goods move 25 percent faster at night than during the day. These commitments will help unlock capacity in the rest of the system—including highways, railroads and warehouses—by reducing congestion during the day. The commitments being announced today include: The nation's largest retailer, Walmart, is committing to increase its use of night-time hours significantly and projects they could increase throughput by as much as 50% over the next several weeks.  UPS is committing to an increased use of 24/7 operations and enhanced data sharing with the ports, which could allow it to move up to 20 percent more containers from the ports. FedEx is committing to work to combine an increase in night time hours with changes to trucking and rail use to increase the volume of containers it will move from the ports. Once these changes are in place, they could double the volume of cargo they can move out of the ports at night. Samsung is committing to move nearly 60% more containers out of these ports by operating 24/7 through the next 90 days. 72% of U.S. homes have at least one Samsung product, from appliances to consumer electronics. The Home Depot is committing to move up to 10% additional containers per week during the newly available off-peak port hours at the Ports of L.A. and Long Beach. Target, which is currently moving about 50 percent of its containers at night, has committed to increasing that amount by 10 percent during the next 90 days to help ease congestion at the ports. Across these six companies over 3,500 additional containers per week will move at night through the end of the year. Those boxes contain toys, appliances, bicycles, and furniture that Americans purchased online or at their local small business, and pieces and parts that are sent to U.S. factories for our workers to assemble into products. And this is just a start—these commitments provide a clear market signal to the other businesses along the transportation supply chain—rails, trucks, and warehouses—that there is demand to move additional cargo at off-peak hours. Secretary Buttigieg and Port Envoy Porcari will continue to work with all stakeholders to help more businesses access these expanded hours, and move the rest of the supply chain towards 24/7 operations. This effort is part of the ongoing work of the Biden-Harris Supply Chain Disruptions Task Force to continue to identify emerging bottlenecks to the economic recovery and take action to clear them to help families, workers, and businesses get the goods they need. Tyler Durden Wed, 10/13/2021 - 10:29.....»»

Category: blogSource: zerohedgeOct 13th, 2021

FEMSA (FMX) Looks Prim on Distribution Business Expansion

FEMSA (FMX) is poised for growth on its focus on creating a national distribution platform in the United States through the expansion of footprint in the specialized distribution industry. Fomento Economico Mexicano S.A.B. de C.V. FMX, alias FEMSA, is witnessing momentum, owing to improved consumption patterns and strong business momentum, resulting from the easing of restrictions across most markets. Its focus on offering customers more options to make contactless purchases by intensifying digital and technology-driven initiatives across operations also bodes well. Additionally, its efforts to create a national distribution platform in the United States through the expansion of footprint in the specialized distribution industry positions it for growth in the long term.However, we cannot ignore the headwinds arising from supply-chain disruptions and the rise in COVID-19 Delta cases in many markets. The uneven trends across markets are likely to continue hurting the company’s earnings. Escalating industry-wide freight costs and an increase in other input costs are headwinds impacting the company.Factors Likely to Support GrowthFEMSA has exposure in various industries, including beverage, beer and retail, which gives it an edge over its competitors. The company participates in the beverage industry through Coca-Cola FEMSA KOF, which is the world’s largest franchise bottler for Coca-Cola KO products. In the beer industry, it enjoys a notable position, with its 14.76% stake in Heineken HEINY, a leading brewer with operations in 70 countries.The company’s share in the retail space relates to the operation of various small-format store chains, including OXXO, through its FEMSA Comercio subsidiary. Apart from these, FEMSA provides logistics, point-of-sale refrigeration solutions, and plastic solutions to its business units and third-party clients through its FEMSA Strategic Businesses subsidiary.We are convinced of FEMSA’s efforts to expand its presence in the specialized distribution industry. The company recently took a leap in the expansion of its specialized distribution business in the United States. Envoy Solutions, which is FEMSA’s specialized distribution subsidiary in the United States, entered a deal to acquire the Philadelphia, PA-based Penn Jersey Paper Co. The acquisition of Penn Jersey will bolster FEMSA’s distribution presence in the East Coast, including the Philadelphia metro area and New York City. Penn Jersey generated annual revenues of more than $200 million as of June 2021. FEMSA expects to seal the deal in third-quarter 2021 after the customary closing conditions are satisfied.Earlier, the company agreed to acquire Maryland-based Daycon Products Co., which will fortify its specialized distribution presence on the East Coast of the United States, including Washington DC and Virginia, West Virginia, Maryland, Delaware, New Jersey and Pennsylvania. It also announced the acquisition of two independent specialized distribution businesses — Spartanburg, SC-based Southeastern Paper Group, Inc., and Wichita, Kansas-based Southwest Paper Company, Inc. The companies together generated annual revenues of nearly $380 million as of September 2020.The company’s venture in the specialized distribution industry relates to its plan of investing in adjacent businesses, which can leverage capabilities across different markets, providing an opportunity for attractive growth and risk-adjusted returns. With the presence of its OXXO business and other retail operations, the company has become an expert in the organization and management of supply chains and distribution systems.FEMSA serves large numbers of businesses and retail customers through millions of interactions in different industries. The recent transactions are likely to complement its investment in WAXIE Sanitary Supply and North American Corporation in March 2020. This marked the company’s entry into the U.S. specialized distribution industry, which covers a wide variety of sectors, including fresh and frozen products, decoration, DIY, office supplies, furniture, and stock clearance.The company’s Coca-Cola FEMSA is leading the way with its omni-channel business, while FEMSA Comercio is progressing with the adoption of digital initiatives. Within its OXXO store chains, the company is on track with investment in digital offerings, loyalty programs and fintech platforms to evolve stronger after the pandemic and over the long term. It has also been benefiting from its growth via acquisition strategy.In second-quarter 2021, FEMSA witnessed improved trends across its business units and markets, owing to the recovery in consumption as consumers returned to stores with the lifting of mobility bans, which aided top-line growth. The company witnessed an increased demand for all products categories, including thirst, hunger and the occasional treat, which aided growth across all segments.Few Headwinds to CounterDespite the strong results, FEMSA reported net majority earnings per ADS of 43 cents (Ps. 86 cents per FEMSA unit) in second-quarter 2021, missing the Zacks Consensus Estimate. The lower-than-expected earnings per ADS can be attributed to uneven trends across markets despite strong top-line growth and improved margins.Though the improvement was not linear across markets or segments, the company seems to be well-positioned compared with the prior-year quarter in all its units and also better than second-quarter 2019 in some units. Time to Invest in Legal Marijuana If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%. You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CocaCola Company The (KO): Free Stock Analysis Report Fomento Economico Mexicano S.A.B. de C.V. (FMX): Free Stock Analysis Report Coca Cola Femsa S.A.B. de C.V. (KOF): Free Stock Analysis Report Heineken NV (HEINY): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksOct 12th, 2021

California will require toy sellers to provide a non-gendered section in their stores under a new law

The first-in-the-nation rule applies to retailers with 500 or more workers in the state, and goes into effect in 2024. A family shops for toys in a department store. bogdankosanovic/Getty Images Big retailers that sell toys and childcare items in California must provide gender-neutral sections. Gov. Gavin Newsom signed the law on Saturday and it goes into effect in 2024. California is the first US state to require the move, though some retailers are already doing it. A new law in California requires large retailers who sell toys and childcare products in the state to offer a gender-neutral section in their stores.California Gov. Gavin Newsom signed the bill during his final action of the 2020-21 legislative session on Saturday, making his state the first in the nation to have such a requirement, the AP reported.The law was authored by state Assemblymember Evan Low and applies to companies with 500 or more employees in the state, such as Target, Walmart, or Macy's, while small independent shops would be exempt.According to the text of the law, a retailer may offer separate sections for girls and boys, but it must provide a "reasonable selection of the items and toys for children that it sells" in a non-gendered section. The rule goes into effect on January 1, 2024, and stores that fail to comply could be fined up to $250 for a first violation and $500 for all subsequent violations.Low told the AP the law was inspired by the 10-year-old daughter of one of his staffers who asked her mother why certain items were "off limits" for girls but acceptable for boys."Part of it is to make sure if you're a young girl that you can find a police car, fire truck, a periodic table or a dinosaur," Low told the Los Angeles Times . "And then similarly, if you're a boy, if you're more artistic and want to play with glitter, why not? Why should you feel the stigma of saying, 'Oh, this should be shamed' and going to a different location?"State Senator Melissa Melendez, who opposed the bill, said the legislature should "let parents be parents.""Unlike the author, I actually have children, five of them to be exact, and I can tell you it is very convenient for parents," she said, according to the AP. "I don't think parents need the government to step in and tell them how they should shop for their children."The non-profit Consumer Federation of California argued in favor of the bill, saying it would help consumers compare prices on similar items more directly."Keeping similar items that are traditionally marketed either for girls or for boys separated makes it more difficult for the consumer to compare the products and incorrectly implies that their use by one gender is inappropriate," the CFC said.Some retailers like Target have already moved away from using gender-based signage in their stores, particularly in toy sections."We know that shopping preferences and needs change and, as guests have pointed out, in some departments like Toys, Home or Entertainment, suggesting products by gender is unnecessary," Target said in 2015.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 11th, 2021

The 5 best cordless vacuum cleaners of 2021 - and Dyson didn"t make the cut

Battery-powered vacuums save you from having to look for a convenient outlet when cleaning. These are the best cordless vacuum cleaners in 2021. Connie Chen/Insider Table of Contents: Masthead Sticky Cordless vacuums are convenient, but they shouldn't sacrifice cleaning power or comfort. The Shark Vertex DuoClean Cordless Vacuum picks up all kinds of particles on a variety of surfaces. It reaches low and deep under furniture and has a cleaning path light. It's also reasonably priced. Compared to a clunky corded vacuum, a sleek cordless stick vacuum is a lot more convenient. Cordless vacuums tend to be lighter and more compact, and they don't have a long cord to trail behind you or trip you up. While the downside is that they have a limited battery life, we still love cordless vacuums for making the dreaded task of cleaning a bit easier - maybe even enjoyable. As with any other type of vacuum, the cleaning ability and suction power of a cordless vacuum are top considerations. The best cordless vac for most people should handle all kinds of small particles on a variety of surfaces, from smooth hardwood to thick carpet. Some cordless vacs are better suited to pick up pet hair or excel on hardwood floors, so it's also important to think about where and when you'd use your vacuum the most, and shop accordingly. Josh Mutlow, the Design Manager at Dyson, said, "The motor, cleaner head, cyclone, and filtration are the main key technologies that achieve the essential jobs of a vacuum cleaner." "Some [other] basic things to consider when you begin your search are the vacuum's dimensions, weight, canister size, and how long the cordless vacuum can run between charges," said Chris Doscher, a rep for the Association of Home Appliance Manufacturers.Learn more about the differences between corded and cordless vacuums, additional features to consider, and vacuum FAQs. For our first major rewrite of this guide, we tested seven cordless vacuum models and landed on the top five. We're planning to test many more down the line. Here's how we tested the contenders on cleaning ability, ease of use, and battery life.Here are the best cordless vacuum cleaners in 2021Best cordless vacuum overall: Shark Vertex DuoClean Cordless VacuumBest cordless vacuum on a budget: Hoover OnePWR Evolve Pet Cordless VacuumBest cordless vacuum for pet owners: Tineco Pure One X Smart VacuumBest cordless vacuum for hardwood floors: LG CordZero A9 Compressor Stick Vacuum with Power MopBest cordless vacuum for carpet: Hoover OnePWR HEPA+ Vacuum The best cordless vacuum overall Connie Chen/Insider The Shark Vertex DuoClean Cordless Vacuum is a strong performer all around, picking up particles of most sizes on a variety of surfaces in a smooth and efficient fashion. We also love the light that illuminates your cleaning path and the flexible hose that lets you reach under low spaces better than any other cordless vac.Cleaning head size: 10.24 inchesWeight: 7.17 poundsDust bin capacity: 0.34 gallonsFilter type: Washable HEPA, no extra filters includedBattery life: 25 minutes Wall mount: No Attachments: Crevice tool, pet multi-tool, anti-allergen brushWarranty: Five years on parts and laborPros: Versatile, strong suction, cleaning path light, great for under-furniture cleaning, comes with attachments Cons: Loud and high-pitched noise, thick grip that may be uncomfortable for small hands, weaker on high-pile carpet and rug  This Shark vacuum isn't perfect and we can't guarantee it'll pick up every size particle you throw its way, but it gets pretty close and has the best overall cleaning performance of all our contenders. On hardwood and tile, it picked up every last bit of flour, cat litter, ground coffee, and dog hair with no problem, and it was the best at sucking up whole Cheerios (most of the other vacuums just pushed these large crumbs around). On a high-pile rug, it had a little difficulty moving back and forth smoothly, so you should only get this vacuum if you have low-pile rugs and carpeting, or if you're okay with buying a second vacuum for your carpet. It has a thick grip and somewhat heavy dust bin, making it a bit uncomfortable to use for long cleaning sessions. However, several other features make up for the slight discomfort. There are distinct settings for hardwood and carpet located near the grip and they're easy to slide between. There's also a power boost trigger that you can hold down whenever you need some extra suction power. Rolling the cleaning head around hardwood and tile feels very smooth and soft, instead of clunky and abrasive. The cleaning head also has two useful features: a light that shows you exactly what you're cleaning and highlights small particles you might've otherwise missed, and a green alert button that turns red when a blockage occurs, so you can address the problem right away. My favorite part of using the vacuum is how low and flat it can get. In other cordless vacuums, the stick can't be moved or repositioned, meaning you still have to bend down to reach under furniture. The Shark has a great design where you click a button in the middle of the stick and it bends into a flexible hose "elbow," allowing the entire bottom half of the stick to lay flat and get under beds, couches, chairs, and other tricky spots. Instead of bending my knees or waist, I could just drop my arm and continue cleaning with little disruption. The best cordless vacuum on a budget Connie Chen/Insider This affordable Hoover vacuum impressed us with its quiet but strong cleaning power. It feels light and easy to maneuver since the dust bin is located at the base of the vacuum, though this design also prevents you from cleaning under low spaces.Cleaning head size: 11 inches Weight: 8.2 poundsDust bin capacity: 0.3 gallons Filter type: Washable HEPA, no extra filters included Battery life: 30 minutes Wall mount: No Attachments: NoneWarranty: Three years on parts and laborPros: Quiet, cleans well on all surfaces, less tiring to use because dust bin is located at base of vacuum, large dust bin Cons: Doesn't come with attachments, dust bin location means you can't get under low spots, a little heavy You won't compromise cleaning ability and price in this budget-friendly vacuum. Though it may not come with bells and whistles like a storage dock and extra attachments and batteries, it picks up most small and fine particles effectively on carpet, hardwood, and tile. Faced with Cheerios, its performance is disappointing and it merely pushes the cereal around, so you'll be better off sweeping up with a broom. But for all other materials, the vacuum does an easy and thorough job. The vacuum is on the heavier side compared to others, but it doesn't feel like it because the dust bin is located near the cleaner head, rather than the handle. This makes vacuuming feel more comfortable and less tiring. It's also really quiet and smooth as it cleans, and you can barely tell it's picking small particles up (rest assured, it is). The dust bin placement does have its drawbacks. It obstructs access to low spaces under furniture, so you'll need to figure out another way to clean under your bed and couches. In addition, the power and various mode buttons are located on top of the dust bin, so you need to bend down any time you want to turn your vacuum on and off or change modes. Still, I loved this vacuum for its consistent and reliable cleaning ability, reasonable battery life (that's actually longer than the Shark's), and quiet motor. If you don't want to spend more than $200 or you only need a basic vacuum, this vacuum will meet your needs and exceed your expectations. Along with our other Hoover pick in this guide, it's part of Hoover's ONEPWR collection, which was a 2020 Product of the Year winner.  The best cordless vacuum for pet owners Connie Chen/Insider Owners of constantly shedding pets will benefit from the lightweight yet powerful Tineco Pure One X, which picks up fine pet hairs from floors with its standard cleaning head, but also comes with attachments to get hair off of furniture, car seats, and delicate decor.Cleaning head size: 8.4 inches Weight: 3.5 pounds Dust bin capacity: 0.1 gallons Filter type: Washable HEPA, one extra filter included Battery life: 30 minutes Wall mount: YesAttachments: Mini power brush, crevice tool, dusting toolWarranty: 2 years on parts and labor of vacuum; 1 year on parts and labor of accessories and batteryPros: Really light, quiet, regular cleaning head and attachments all work well with fine pet hairs Cons: Small dust bin, feels a little cheap, weaker on high-pile carpet and rug  For the pet hair portion of the test, I spread clumps as well as individual hairs of my friend's Pekingese dog over various surfaces. All the vacuums I tested actually did a thorough job of picking up these long, fine hairs, but the Tineco stood out for its super lightweight and useful attachments. As any pet owner knows, you spend a lot of time picking up after your constantly shedding pets, which is why we recommend a vacuum that's comfortable to carry around and comes with specialized tools for those especially stubborn bits of hair.The Tineco has the smallest cleaning head and dustbin of our best picks, so you might need to empty it out a few times if you're cleaning a large house. However, the light weight and easy maneuverability more than make up for it. While you must press down the trigger every time to start the vacuum, there's a locking mechanism you can use if you don't want to hold a trigger the whole time. I knew exactly when I picked up dirt, hair, and other particles because there's a ring that lights up red when the vacuum is sucking up something and turns blue once the cleaning path is clear again. This vacuum also has a cleaning head light to illuminate your path. It's generally pretty quiet, but I noticed the wheels squeaked a little from time to time. The attachments also make cleaning pet hair from every surface other than your floor more manageable. The mini power brush is strong and goes deep into fabric upholstery and mattresses to pick up particles and hair you didn't even know were there, while the dusting tool lets you pick up errant hair sitting on shelves and blinds. The crevice tool fits into the cracks and crevices of your car, so you can take your pet on car trips without dreading the clean up afterward. It was when I was wriggling around my car seats that I really appreciated the light and compact design of the Tineco. The combo of convenience and suction power made the process so much faster, easier, and more comfortable. This vacuum is technically a "smart" one — it pairs with an app to provide cleaning performance information and maintenance reports, but I personally didn't find it useful and the vacuum itself is enough reason to justify the purchase. The best cordless vacuum for hardwood floors Connie Chen/Insider The LG Cordzero A9 is a vacuum that can turn into a mop, letting you clean your hardwood floors gently but thoroughly with just one appliance. It shines when cleaning super tiny particles like flour.Cleaning head size: 10.2 inches Weight: 5.95 pounds Dust bin capacity: 0.26 gallons Filter type: Washable HEPA, one extra filter includedBattery life: 35 minutes, one extra battery includedWall mount: YesAttachments: Power mop nozzle, combination tool, crevice tool, cleaning brushWarranty: 1 year on parts and labor of vacuum; 10 years on parts of smart inverter motorPros: Fairly light, adjustable stick, easy-to-use mop feature, comes with extra battery Cons: Struggles with large particles like Cheerios, disposal method could be more sanitary  This LG cordless vacuum is a sleek and beautiful model that gives you an all-in-one cleaning solution. In addition to the vacuum itself, you get tons of extra accessories like a wall mount, extra battery, and the unique Power Mop nozzle. It was one of the best performers in our flour test and picked up every last bit of flour on hardwood and tile, even in the cracks. It also did really well on high-pile rug, sucking flour out of the tall, loose loops. The only challenge might be with large particles like Cheerios; you'll have better luck picking those up with a manual sweep. For a truly thorough clean of your hardwood floors, the Power Mop nozzle is very useful. The process involves wetting and attaching the soft mop pads (the pack comes with four total), filling the water tank in the nozzle, and choosing the setting for more or less water. Then, when you start the vacuum, it starts to slowly spin the mop pads instead of activating suction. They're gentle and won't damage your floors. The attachment also has a built-in light so you can see what you're mopping. The vacuum is on the lighter side of all those we tested, and it has a comfortable grip. There's no trigger, just an on/off button. The stick and cleaning head pivot smoothly, and you can extend or shorten the stick depending on your height and how far you need to reach the vacuum. While I liked all the cleaning capabilities of the vacuum, the dust bin disposal design could be more sanitary. After clicking open the bottom of the bin, there's a lever that you push down to release the bin's contents. The problem is that the contents sometimes don't come out quickly, and you have to shake the bin quite a bit or reach inside. Other times, they spill out immediately. Either way, it's not a pleasant experience and we recommend wearing gloves when dealing with the dust bin after your cleaning session. The best cordless vacuum for carpet Connie Chen/Insider The Hoover HEPA+ vacuum has all the advantages of a trusty bagged vacuum cleaner: large cleaning head, large dust bag capacity, and powerful suction that easily takes on high-pile carpet and rug.Cleaning head size: 13 inchesWeight: 10.2 pounds Dust bin capacity: 2.25 gallons Filter type: HEPA filter bag, one extra filter includedBattery life: 25 minutes, one extra battery includedWall mount: NoAttachments: NoneWarranty: 3 years on parts and labor of vacuumPros: Powerful, can cover a lot of area, bagged design is more sanitaryCons: Heavy, can't reach under low spacesThe Hoover HEPA+ bears the most resemblance to a traditional corded vacuum. The only difference is the cord-free convenience. It's an all-around powerful performer and cleaned everything from finely ground coffee to grainy cat litter almost perfectly, every single time. And whereas I could tell some of the vacuums struggled on high-pile rug, the Hoover HEPA+ rolled over the rug smoothly and got deep between the rug fibers. The large cleaner head and bag make the vacuum heavy and unable to clean under low spaces. Plus, it's loud. But since the bag is so big, it'll take a long time before you have to replace it, and you can just throw it away directly without interacting with all the dust and other bits. Hoover also throws in an extra bag for you. The vacuum's power switch and two mode buttons (carpet and hardwood) are located at the large and ergonomic handle. The vacuum will also stop running if you bring it back to the upright standing position. Like a few of our other top picks, the cleaning head has a built-in light to show your cleaning path. Unfortunately, this vacuum doesn't come with attachments, so you'll need to supplement it with a handheld vacuum for your other needs. As a main vacuum for a large house with lots of ground to cover, it's a reliable choice. What else we tested Connie Chen/Insider What else we recommend and whyDyson V11 Torque Drive ($359.99, currently out of stock): This Dyson model is powerful, reasonably priced, and has a long battery life (around 60 minutes on Eco mode). As a newer Dyson vac, it has a special LCD screen that lets you know exactly how much battery you have left on each mode (Eco, Normal, Boost). Because you must hold down a trigger to start the vacuum, it can be tiring on your hands. Dyson V11 Animal ($599.99): Based on testing from my colleague James, the V11 Animal is another great choice for picking up pet hair. It costs a lot more than the Tineco, it's less comfortable to hold, and the battery life is short, but it does do a thorough job at sucking up all kinds of pet hair on a variety of surfaces. What we don't recommend and why Dyson V11 Outsize ($799.99): For most households, this large and heavy vacuum is probably overkill. Though it has a great battery life (around 72 minutes on Eco mode), it's uncomfortable to hold and use for that long. In our testing, the cleaning ability and suction power did not outperform the other contenders. It was also difficult to move back and forth on a high-pile rug. Our testing methodology Connie Chen/Insider 1. Vacuuming ability: I tested each of the vacuums against five materials (flour, ground coffee, cat litter, whole Cheerios, and dog hair) on three different surfaces (carpet/rug, hardwood, and tile). I scattered half a cup of each material on each surface — resulting in 15 tests for each vacuum — and rated each vacuum on its ability to suck up the material powerfully, cleanly, and thoroughly. If the vacuum came with attachments, I also tested the attachments on appropriate surfaces (e.g. crevice tool on furniture cushions and car seats) and rated their effectiveness. An example of one of the test results:Cat litter testCarpetHardwoodTileShark Anti-Allergen Cordless Vacuum3/5: Powerful and thorough, but could only push forward. Got stuck when I tried to move backwards5/5; Sucked up all particles completely and quickly, cat litter did not fall back out of cleaning head5/5; Sucked up all particles completely and quickly, cat litter did not fall back out of cleaning head2. Battery life: I used each vacuum until its battery died and compared the actual battery life to the advertised battery life. 3. Comfort and ease of use: I noted the ergonomics of each vacuum: how tiring it is to hold, how easy it is to maneuver, and the effort required to activate the power button. I also noted whether it could fit under low spaces and any additional helpful features like a headlight to illuminate your cleaning path. 4. Disposal method: I evaluated the cleanliness and ease of emptying the dustbin after a cleaning session. How is the bin opened? Do I have to reach inside and touch dirt and dust that didn't empty out completely? 5. Storage: I noted how the vacuum breaks down into multiple parts and whether it comes with a wall mount or docking station. 6. Warranty and customer service: I registered each vacuum, noted warranty terms, and spoke to customer service reps to evaluate the ease of registration and quality of service. What we're testing next Walmart Eufy HomeVac S11 Go: We love Eufy's robot vacuums and we're interested in seeing how its cordless vacs compare. It has a lightweight body, powerful suction, and 40-minute run time, and it's reasonably priced for everything you get (a wall mount and attachments are also included). Roborock H6: This vacuum is efficient, quiet, and easily maneuverable, though some reviewers say it doesn't do well on tile so we're looking to test that directly. It has a five-stage HEPA filter purification system and a 90-minute advertised battery life. What to consider when buying a cordless vacuum The dust bin is often located at the top of a cordless vacuum, a design that lets your vac reach under low spaces but can also become tiring to hold. To power your vacuum, you may need to hold down a trigger or simply press an on/off button. Connie Chen/Insider Cordless vacuum vs corded vacuum: how do they compare? Cordless vacuumCorded vacuumPower sourceRechargeable batteryElectrical outletWeightLighter; 3-8 pounds on averageHeavier; 8-15 pounds on averageSizeMore slim and compact; width of 10 inches on averageLarger; width of 14 inches on averageNoiseUsually more quietLouderPriceUsually more expensive; $200-$300 on averageMore affordable; $75-$150 on averageFeatures to look for in a cordless vacuum Weight/distribution of weight: A cordless vacuum will feel heavier or lighter, and less comfortable or more comfortable, depending on where the bulk of the weight is. To allow for better flexibility and access, brands often place the dust bin near the top and handle of the vacuum. This can make it tiring to use a cordless vacuum over a long period of time. If the bin is placed at the bottom, near the cleaning head, the weight will be less of a burden, but that placement may get in the way of your cleaning. Size: Keep the size of your living space in mind as you shop for a cordless vac. If you live by yourself in a studio, for example, you can look for vacs with smaller cleaning heads and dust bins. Also pay attention to the length of the vacuum and whether it will be comfortable for your height. Some vacuums have adjustable sticks. Battery: Read product info carefully to see whether the advertised battery life refers to that of one battery or multiple batteries. Generally, we've found that advertised battery life is longer than actual battery life. Follow manufacturer directions on how to care for and dispose of batteries. Docking/storage: Cordless vacuums are typically composed of two to three parts that you put together yourself (not including separate attachments). This design also makes it easy to store your vacuum in a compact space. Some vacuums may come with a wall dock or mount, so you can hang your vacuum on the wall. Inclusion of other cleaning tools: Consider whether you might need additional attachments, such as a crevice tool or dusting brush. These may come with your vacuum, or can be available for separate purchase. Warranty: Look for a one year warranty (at minimum) on both parts and labor of your entire vacuum. Beyond that, the manufacturer may offer additional warranties on specific parts like the motor. Once you receive your vacuum, register it online to speed up the warranty process later. If you're comfortable shopping for a vacuum in the store, "there's no substitute for trying it out and seeing for yourself how it operates. Ask the retailer if you can turn on the vacuum and try it out before you make a choice," said Doscher. The best time to buy a cordless vacuumCordless vacuums tend to be more expensive than corded ones. The good news is that most brands discount their cordless vacuums around Amazon Prime Day and Black Friday/Cyber Weekend. We typically see discounts of $50 to $200 off Dyson, Hoover, and Shark cordless vacuums. If you're able to wait, your patience will pay off in big savings. Cordless vacuum FAQs Here's your sign to check and clean your vacuum filter. Connie Chen/Insider Are cordless vacuums worth it?In a word, yes. Cordless vacuums offer flexibility and ease of use that you just can't get from a corded vacuum. Modern cordless vacuums can be every bit as powerful as corded models, and allow you to effortlessly move from room to room without worrying about cords or outlets. They're also usually slimmer and quieter than corded models.How often should you clean and change your vacuum filter? The guidance varies model by model and there are different kinds of filters (cartridge, disk, foam, cloth), so you should check your product manual. Generally, you should wash and dry it when you notice a smell or if you observe a decline in vacuum performance. Some vacuums will also alert you when you need to change the filter. A clean filter is important for effective cleaning; a dirty filter restricts airflow and decreases suction power. Which cordless vacuums are allergy- or asthma-friendly? Look for cordless vacuums with HEPA filters, which are recommended for allergy and asthma sufferers. Without a HEPA filter, these small particles are likely to be released back into the air after being sucked up. All the vacuums we recommend are equipped with HEPA filters. What does a HEPA filter do? A true HEPA filter traps and removes at least 99.97% of dust, pollen, dirt, mold, bacteria, and other airborne particles with a size of 0.3 microns. According to the EPA, 0.3 microns is the most penetrating particle size, so this specification refers to the worst case. If the particle is larger or smaller than 0.3 microns, it will be trapped with even higher efficiency. Why is my vacuum's battery life decreasing?If your vacuum's rechargeable battery is made from nickel-cadmium (Ni-Cd) or nickel-metal-hydride (Ni-MH), then it can experience "memory effect." Memory effect happens if you charge the battery when there's still some power left. Your battery starts holding less charge over time because it "remembers" how full it was the last time you charged it and won't charge past that point the next time. Even though the original power of the battery is the same, the maximum battery voltage has decreased. To prevent memory effect, you should drain your nickel-based battery completely before charging it. Lithium-ion batteries do not experience this effect. What's the difference between amps, watts, and volts? Which one matters most for cordless vacuums? Amps, watts, and volts are related to each other. Amperage is the electrical current (or volume of electrons), wattage is the rate of power flow (or how much power the motor is using), and voltage is speed at which electrons pass a specific point within a closed circuit (or the amount of power needed to support an electrical current). Watts = volts x amps. A high wattage means the vacuum will use a lot of energy, and thus more battery. Since the type of motor can also affect vacuum power, high wattage doesn't automatically equate to a powerful vacuum. Instead, you should focus on suction. "The motor is at the heart of driving the performance of a vacuum cleaner. The motor takes electrical power from the power source and converts it into mechanical power, or suction. So, the more powerful your motor is, the more air you're able to pull through the machine," said Mutlow.  We've decided to leave quantitative specs like wattage and voltage out of our reviews because they're not useful as standalone numbers. Instead, we focused on suction and evaluated that based on how well the vacuums sucked up different kinds of particles. Glossary Connie Chen/Insider HEPA: Stands for high efficiency particulate air. A HEPA filter traps and removes at least 99.97% of dust, pollen, dirt, mold, bacteria, and other airborne particles with a size of 0.3 microns and can be found in air purifiers and vacuums. Whole machine filtration: The entire machine is sealed to prevent unfiltered particles from escaping. All air passes through the filter before it is expelled. Dustbin: Where all the dust, dirt, and hair are stored as you vacuum. The dustbin should be emptied out into the trash after you're done cleaning. Brush roll: A cylinder with bristles located in the cleaning head that rotates and helps release dirt from carpets and rugs. The bristles of a brush roll may leave scratches on hardwood and tile, so you should turn off the brush roll if possible. Replace your brush roll when the bristles wear out (like on your toothbrush). Crevice tool: A long, flat attachment with an angled tip. It's good for getting into tight corners including baseboards and stairs and between couch cushions. Dust brush tool: A small attachment with soft bristles. It's good for blinds, windowsills, and delicate objects. Upholstery tool: A wide, flat attachment that allows for strong suction. It's good for furniture with fabric upholstery like mattresses, chairs, and couches. Lithium ion battery: A type of rechargeable battery that uses lithium ions and can store high amounts of energy and deliver higher voltage than nickel-based batteries. It doesn't display memory effect, but it is less stable than nickel-based batteries and has a tendency to overheat. Nickel battery: A type of rechargeable battery that comes in either nickel-cadmium (Ni-Ca) or nickel-metal-hydride (Ni-MH) form. It can store high amounts of energy, is more difficult to damage than Li-ion batteries, and suffers from memory effect. Check out our other guides to great vacuum cleaners iRobot The best robot vacuumsThe best vacuumsThe best affordable vacuumsThe best vacuums for pet hair For cleaning the rest of your floors, check out these guides Shutterstock The best mopsThe best floor cleaners Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 7th, 2021

Group 1 (GPI) Buys 2 Texas Dealerships, To See $150M in Sales

Group 1's (GPI) acquisitions of the Classic Chrysler Dodge Jeep and Classic Mazda dealerships are expected to generate $150 million in sales. Group 1 Automotive, Inc. GPI recently announced the acquisition of Classic Chrysler Dodge Jeep Ram of Denton and Classic Mazda of Denton located within the greater Dallas-Fort Worth metro area of Texas. The company expects the stores to generate annual revenues to the tune of $150 million.Group 1 currently operates 10 dealerships, representing 10 brands in the Dallas-Fort Worth market and it is thrilled to bolster its presence and reach the fast-growing market with the acquisition of these brands. The company has generated $570 million in revenues on a year-to-date basis. With the new acquisition, its total U.S. dealership count stands at 119.Once its previously-announced acquisition of Prime Automotive Group is completed in late November this year, its total acquired revenues are expected to reach at least $2.4 billion and dealership count to 220 globally, consisting of 149 U.S. locations.The company's acquisitions of dealerships and franchises are set to expand and optimize its portfolio and further boost its prospects.Group 1 reported adjusted earnings per share of $10.31 for second-quarter 2021, marginally beating the Zacks Consensus Estimate of $10.1. The bottom line was significantly higher than the prior-year quarter’s $3.77, marking a whopping increase of 173.6%. The automotive retailer registered net sales of $3,700 million, topping the Zacks Consensus Estimate of $3,342 million. Also, the top-line figure was 73.6% higher than the year-ago quarter’s $2,131.2 million.Shares of Group 1 have climbed 63.2% over a year, outperforming the industry’s 56.9% rise.Image Source: Zacks Investment ResearchGroup 1 — which shares space with auto retailers like Lithia Motors LAD, AutoNation, Inc. AN and O’Reilly Automotive ORLY, currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. Zacks' Top Picks to Cash in on Artificial Intelligence In 2021, this world-changing technology is projected to generate $327.5 billion in revenue. Now Shark Tank star and billionaire investor Mark Cuban says AI will create "the world's first trillionaires." Zacks' urgent special report reveals 3 AI picks investors need to know about today.See 3 Artificial Intelligence Stocks With Extreme Upside Potential>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report OReilly Automotive, Inc. (ORLY): Free Stock Analysis Report AutoNation, Inc. (AN): Free Stock Analysis Report Group 1 Automotive, Inc. (GPI): Free Stock Analysis Report Lithia Motors, Inc. (LAD): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacksOct 6th, 2021

5 Tips For Making The Most Out Of Your Budget

“Saving is important.” “You’re just cheap.” “All you do is complain.” These are the typical responses when you tell people that you’re trying to make the most out of your weekly budget. Q2 2021 hedge fund letters, conferences and more The truth of the matter is, I don’t spend money on things that won’t really […] “Saving is important.” “You’re just cheap.” “All you do is complain.” These are the typical responses when you tell people that you’re trying to make the most out of your weekly budget. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2021 hedge fund letters, conferences and more The truth of the matter is, I don't spend money on things that won't really matter in the long run. That's because living paycheck to paycheck isn't something anyone should aspire to be doing. It's hard enough to make ends meet when you have a steady job, so why would it be any easier if you were unemployed? Tips To Make The Most Out Of Your Budget This article will show how easy it can be to save money even with an irregular income and no budget whatsoever. Spend On More Important Things So You Can Save Up Some Money Saving money is important, and we should all want to make the most out of it. The best way to do this is by not overspending on items that will not really matter in the long run like expensive clothes or all you can eat buffets. Spend on more important things like groceries and utilities so you can save up some money for things that are important to you. This week, I started tracking what I spend my money on to make the most out of my weekly budget. It's not about whether you can afford something; it's about making smart decisions that will benefit you later in life like saving your money instead of spending it on materialistic items that will not keep you warm or feed you when times get tough. Here's some tips on how you can save money: Switch to the generic brands when you go shopping for groceries. Cook at home more often than eating out so you can save some money on food items while still maintaining a balanced diet. You do not need to buy clothes all the time just because it is on sale; if you have something that will suffice, buy that instead. You can save money on utilities by turning off the lights when you leave a room and keeping the air conditioning at a lower temperature. There are plenty of other ways to make the most out of your budget; start exploring them today. Don't Overspend On Items That Won't Really Matter In The Long Run A great way to make the most out of your budget is not to overspend on items that don't really matter. This is difficult to do, but if you can just take a step back and think about what you're spending money on, then it will be much easier. An easy way to do this is by asking yourself "Do I really need this?" every time you want to buy something. If you can't answer with a definitive yes, then don't buy it. Once you start to notice this happening daily, then it will be much easier for you to manage your money. You should also make sure that the items on your list are not more expensive than what you have budgeted for. You can use a certain percentage of your paycheck for non-essentials, even if it means having to buy fewer things. Once you have all the money you need for groceries and utilities, for example, you can spend the rest on non-essential items. Do not overspend just to impress others. If there is a particular brand or item that everyone at your place of work owns but you don't, do not feel pressured to buy and use it so people will think you're normal and fit in with them. It is far more important to be comfortable and confident with what you have, not to impress others. A lot of the time, what we want is not really what we need. This is especially difficult for first time parents who buy so many toys and clothes for their children that they don't really need. However, what children need most are the essentials such as food, shelter, clothing. They don't really have to have all those high-tech toys that cost hundreds of dollars. The same goes with other items that people often buy without needing them like expensive clothes, organic food, pricey coffee. It's great to treat yourself every now and then, but it's not necessary. Once you start paying attention to what you're buying and why, then it will be much easier for you to save up some money that you can spend on things that are important to you in the long run. Avoid Impulse Purchases To avoid impulse purchases, make a list of all the items you need to buy. If there are any extras, make a separate list for them, but try not to overspend too much on these items. Check your list every time you go into a store to see if there's anything else that you can cross off it. When something catches your eye, instead of buying it immediately, take some time before making the purchase. This way you can think about whether you'll really use it or need it in the future. It is also important to be aware of how long it takes for an item to go on sale so that you don't spend too much money on an item now when it will be cheaper later. If you have a hard time resisting sales, try to shop online so that you can't see all the items at your fingertips. If you get too tempted by sales and just can't help yourself from going into a store, download an app for coupons before heading out. This way you'll get discounts on things you were going to buy anyway and save money. If you have a hard time saving money, try not to bring cash with you when you go out shopping so that you're forced to spend on things instead of just spending more than necessary. As much as possible try making purchases online too since items are generally cheaper online. Keep Track Of Your Spending Habits By Using A Budgeting App Or Spreadsheet One way to keep track of your spending is by using a budgeting app or spreadsheet. This will help you keep track of your budget and money left over. I've found that there are several apps out there that specialize in tracking spending, so you know exactly how much money is being spent. These are sometimes called expense management or budgeting apps and may be able to link up to your financial accounts. You can also find budgeting templates online or make a spreadsheet in Excel if you want something more custom made for yourself. First, set up your budgeting spreadsheet or app so that it includes all your monthly expenses, including rent, electric bill, grocery store expenses, paying credit card bills, etc. Then enter in how much money you will need to cover these monthly expenses. When inputting this amount, be sure to check out what the living wage is in your state so that you don't go below it. Once you have this number for your monthly expenses and your income, you can determine how much money you have left over every month. The next step is to write down all the things that you would like to spend money on in the future. This may include a vacation, participating in a favorite sport or activity, or buying new things for your home office. Whatever the case may be, make sure you include these things in between your monthly expenses and your goal amount. Once you have written down what you would like to spend money on in the future, check how much money is left over after including all your monthly expenses and all the things that you would like to spend money on in the future. Then, you will be able to determine how much money you should set aside every month for the things that are important to you. Find Ways To Make Extra Income - Even If It's Just A Few Dollars Here And There. One way to make extra income is by taking on freelance jobs. Freelance sites like Upwork and Fiverr can be used to find gigs you're qualified for. Alternatively, create your own website and promote it. If you don't have a lot of time or skills, sign up for surveys through SurveyMonkey or Pinecone Research. If you do search the web for money making opportunities, take care not to get scammed. Check out FTC Scams and Consumer Scams to learn more about what you should watch out for when searching online. If that isn't enough, but you want to limit the number of hours you work per week, consider signing up for Lyft or Uber if you have a car. Being a Lyft driver is very flexible, as riders can request you to pick them up or drop them off anywhere between your pre-set locations. With Uber, you can set your own schedule and accept rides from people in your area who request a driver. The only limit is how much you want to work. One of the best things about these apps is that it doesn't take a lot of time investment. Just a little bit of your time when a rider requests a ride or if they need a pickup. If you're in a bind, check out the app Ibotta to find ways to make extra money while grocery shopping. You can take photos of your receipts and earn cash back for items that may have been on sale or are claiming rewards points through select stores. It doesn't get much easier than that. Conclusion It’s easy to feel like you don’t have enough money for the things that are important in your life. But, with a little creativity and discipline, there is always room for saving and spending on what matters most to you. That’s why we created this article with tips on how to make the most out of your budget no matter where you live or how much income you earn per month. We think it will help you take control of your finances so that money can be spent wisely and saved rather than just wasted away. Let us know if these tips work well for yourself. Updated on Oct 1, 2021, 12:09 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkOct 1st, 2021

10 places to stay in Monterey and Carmel, two of California"s most charming towns

From family-friendly hotels next to the aquarium to quaint inns well-suited for romance, these are the best Carmel and Monterey hotels to book. When you buy through our links, Insider may earn an affiliate commission. Learn more. Booking.com Carmel and Monterey are two charming towns on California's coast amid the Pacific Ocean and Big Sur. Both towns have many hotels, from a romantic B&B to a family-friendly stay next to the aquarium. These are the best hotels you can book in both Monterey and Carmel-by-the-Sea. Table of Contents: Masthead StickyThere are just four miles between Monterey and Carmel-by-the Sea, but each of these charming California towns has its own distinct allure drawing families, couples, golfers, and travelers of all stripes.Monterey is home to a famous aquarium and Cannery Row, the once rugged avenue made famous by John Steinbeck that is now populated with quirky stores and seafood restaurants serving up plates of local calamari and crab.Carmel-by-the-Sea is a former artist colony where luminaries like photographer Ansel Adams, author Beverly Cleary, and actors Doris Day and Clint Eastwood all once lived. In fact, Clint was once the mayor. Now, the village is filled with charming boutiques, wine shops, intimate restaurants, and world-famous golf in adjacent Pebble Beach.Each has its own appeal and so do the choices for local accommodations. The best hotels in Monterey and Carmel range from bed-and-breakfasts poised for romance to family-friendly hotels next to the Aquarium, and a 500-acre ranch in the valley. Browse all of the best Carmel and Monterey hotels below, or jump to a specific area:The best Monterey hotelsThe best Carmel hotelsFAQ: Carmel and Monterey hotelsHow we selected the best hotels in Monterey and Carmel-by-the-SeaMore of the best hotels in CaliforniaThese are the best Carmel and Monterey hotels, sorted by location and price. Insider Spindrift Inn In-room binoculars are provided to spot sea life from your guest room window. Tripadvisor Book Spindrift InnCategory: BoutiqueLocation: Cannery Row, MontereyTypical starting/peak prices: $173/ $374Best for: CouplesOn-site amenities: Breakfast, wine and cheese reception, Wi-FiPros: The hotel boasts ocean views from most rooms and the complimentary breakfast is a great perk.Cons: There is no restaurant on the premises or any other on-site amenities.The relaxed romantic style of the Spindrift is ideal for couples with 45 rooms and suites, most of which boast ocean views. See if you can spot local sea life like seals and otters with the help of in-room binoculars.Standard rooms are the Cannery Row Kings, which overlook the legendary street made famous by John Steinbeck. The Ocean View Kings are my pick for their cozy window seats or private balconies that offer a prime perch over the water. Whichever you choose, you'll enjoy tastefully decorated accommodations with a subtle European vibe of rich brocades, dark wood furniture, and hues of sage green and dusty rose. All rooms include a wood-burning fireplace as well.Breakfast is included in every stay and is the only real amenity offered. Start each day with fruits, cereal, bread, juice, and coffee, which are delivered to your room on a silver platter. In the afternoon, the hotel hosts a wine and cheese reception. COVID-19 procedures are available here. Hotel Abrego The restaurant, Bistro Abrego, serves California cuisine on a lovely terrace, Tripadvisor Book Hotel AbregoCategory: Mid-rangeLocation: MontereyTypical starting/peak prices: $197/$509Best for: Couples, families, friends, solo travelersOn-site amenities: Restaurant, bar, pool, fitness centerPros: The complimentary on-site parking is a welcome perk, especially since it can be hard to come by in the area.Cons: The rooms can be noisy and the hotel is far from the Monterey Bay Aquarium and the bay.Hotel Abrego is an affordable, clean, comfortable option in downtown Monterey. Since it is located away from the waterfront, it is less busy and far cheaper than its closer counterparts. Of course, you won't have those beautiful bay views, and Monterey Bay Aquarium and Cannery Row are about a 40-minute walk, so keep that in mind when booking.If you don't mind the distance, the entry-level Deluxe Rooms are spacious, though relatively basic. For about $10 more, upgrade to a Deluxe Room with a fireplace for a bit more ambiance, or go up to the next tier, the Premier Room, which has a balcony or patio.The hotel's public spaces have a Craftsman-style aesthetic and there's a large heated swimming pool and hot tub. The restaurant, Bistro Abrego, serves California cuisine for dinner and will soon be offering breakfast.There are several dining options nearby as well as a Pete's Coffee and a Trader Joe's. COVID-19 procedures are available here. Monterey Plaza Hotel & Spa The waterfront location actually extends over it with a position on the pier. Tripadvisor Book Monterey Plaza Hotel & SpaCategory: LuxuryLocation: Cannery Row, MontereyTypical starting/peak prices: $269/$529Best for: Couples, families, friendsOn-site amenities: Hot tub, restaurant, fitness center, spa, bike rentalsPros: The hotel is centrally located and has the best location for visiting the Monterey Bay Aquarium and Cannery Row. The rooftop spa is a treat after a long day of exploring.Cons: There's no parking on-site. You'll need to find your own parking space or splurge for the hotel's valet, which has a high nightly fee.Right in the heart of Cannery Row, Monterey's iconic tourist area, and along with the InterContinental, the Monterey Plaza Hotel & Spa is one of the most popular hotels in the area. The hotel is built over the water, which offers incredible views of the ocean and Monterey Bay.The hotel rooms have a simple, clean, contemporary style in soothing hues of beige, tan, and cream. Standard rooms have street views, so upgrade for a higher tier to enjoy ocean, bay, or harbor views, as well as private balconies or fireplaces. The best splurge is a suite, which ranges from 700 to 2,100 square feet and comes with a hot tub, a sun deck, and ocean views.The rooftop spa is not to be missed, with two hot tubs framed by water views. The fitness center is well equipped with Peloton bikes and staff members are on hand to create personalized itineraries for your visit. COVID-19 procedures are available here. InterContinental The Clement Monterey, an IHG Hotel Rooms facing the water are worth the upgrade for the magnificent views from the balcony. Tripadvisor Book InterContinental The Clement Monterey, an IHG HotelCategory: LuxuryLocation: Cannery Row, MontereyTypical starting/peak prices: $285/$556Best for: Families, IHG loyalists, business travelers, friendsOn-site amenities: Restaurant, bar, pool, fitness center, spaPros: The hotel is located right next door to the Monterey Bay Aquarium on Cannery Row, the main tourist hub.  Cons: Daily parking is expensive at $35 for a lot that is a couple of blocks away, or $45 for the valet.If you plan on spending the majority of your visit at the Monterey Bay Aquarium, this is the best hotel to choose as it's right next door.And when you go back at the end of the day, you'll have plenty to do with a pool, fitness center, and restaurant all on-site, which are far more amenities than most in the area. The hotel also has its own pier and boardwalk, which gives guests an unobstructed view of the Monterey Bay National Marine Sanctuary. There are 120 rooms and suites, done up in the chic, contemporary style that you'd expect from the higher-end Intercontinental brand with comfortable beds and nice bathrooms.  For ocean views, balconies, and fireplaces, you'll need to pay extra, in some cases twice as much as the entry-level rooms, though they are a good bit larger. The outdoor pool and spa are popular with families and are a big perk for those with water-loving kids. The courtyard also has fire pits and is a nice place to relax on chilly evenings.COVID-19 procedures are available here. Old Monterey Inn Romantic cottages overlook lush gardens and grounds. Tripadvisor Book Old Monterey InnCategory: BoutiqueLocation: MontereyTypical starting/peak prices: $299/$499Best for: CouplesOn-site amenities: Breakfast, spaPros: The hotel has an intimate, romantic vibe that couples will love and the varied room styles each offer a different vibe.Cons: There's no restaurant even though breakfast is included. Weekends require a two-night stay and rooms only sleep two, so this hotel is not suitable for families.The Old Monterey Inn is a traditional bed and breakfast housed within an old 1920s English Tudor mansion in the heart of Monterey. This romantic inn, which has been welcoming guests since 1978, even secured a place in Patricia Schulz's "1,000 Places to See Before You Die: A Traveler's Life List." Intimate and quiet, it isn't a place for families, but rather, is a destination for couples looking for a special getaway.Charming guest rooms are homey and elegant with oversized worn leather chairs, European-inspired linens, and an eclectic array of antiques. Rooms range from the Brighstone Suite that overlooks the garden with a stately fireplace and soaking tub in the living room to the Library Suite that includes floor-to-ceiling bookshelves, a rustic stone fireplace, and a quaint patio.Each morning, guests can enjoy homemade breakfast in the dining room or in the privacy of their own room. Follow with a stroll through the lush English garden dotted with places to sit and relax.In the evening, nightly cheese and hors d'oeuvres are served by candlelight next to a roaring fireplace, paired with house wines from local vintners. There is also a spa for facials and massages.COVID-19 procedures are available here. Insider Cypress Inn Doris Day once owned this charming, dog-friendly inn. Tripadvisor Book Cypress InnCategory: BoutiqueLocation: Carmel-by-the-seaTypical starting/peak prices: $276/$429Best for: Couples, travelers with petsOn-site amenities: Restaurant, breakfast, hot tub, complimentary cream sherry (upon request), fresh fruit and snacks, pet blankets and bowlsPros: This hotel is very pet-friendly offering amenities for your four-legged family member. It's also in a great location.Cons: Some rooms are small and outside noises can be heard. Parking may also be an issue.The Cypress Inn is famous for two things, Doris Day and dogs. The Hollywood star was once the co-owner of this charming Mediterranean-inspired hotel built in 1929 that's been a long-time friend of furry family members.Old-school charm oozes throughout the property with vaulted ceilings, wood beams, and colorful Spanish tiles. An airy garden courtyard serves as a welcome oasis from the busy sidewalks of town.Standard rooms are handsomely decorated with dark wood furniture but are admittedly small and boxy. Deluxe rooms and suites offer far more character with wood-beamed ceilings, fireplaces, Jacuzzi tubs, and ocean views.The hotel is dog-friendly so you'll see canines of all shapes and sizes walking around the grounds, halls, and even in the restaurant. A continental breakfast buffet is included in the stay, and in the evenings, a locally sourced menu is served along with live music. Finish with complimentary cream sherry, fresh fruit, and snacks. La Playa Carmel Guest rooms surround the hotel's well-kept grounds and large swimming pool. Booking.com Book La Playa CarmelCategory: BoutiqueLocation: Carmel-by-the-SeaTypical starting/peak prices: $278/ $549Best for: Couples, families, friendsOn-site amenities: Pool, restaurant, bar, bike rentalPros: The hotel enjoys a plum spot right near the beach and village. The large central pool is a nice perk.Cons: The standard rooms are small. You'll have to upgrade for more room, which will add to your total costLa Playa Carmel, conveniently located two blocks from the beach and the village's main street, has 75 remodeled rooms that are attractively designed with a beach cottage vibe in mind through wood shutters and wicker furniture. Upgraded rooms include ocean views, private patios, and fireplaces for a more comfortable stay. The guest rooms surround the hotel's well-kept grounds that include gardens, patio areas, and a large swimming pool, which is a rarity in town.A daily champagne breakfast buffet is served with fruit, pastries, cheeses, and hot entrees in the library overlooking the Pacific, and for an evening cocktail and snacks, head to the bar for drinks in a cozy bohemian-inspired atmosphere.  Tradewinds Carmel The Asian-inspired design of this hotel is sourced from Bali, Japan, and China. Booking.com Book Tradewinds CarmelCategory: BoutiqueLocation: Carmel-by-the-SeaTypical starting/peak prices: $316/$493Best for: CouplesOn-site amenities: Breakfast, in-room spa treatmentsPros: It is not easy to park in Carmel-by-the-Sea, but thankfully the Tradewinds has their own ample lot. It's also located in a quiet area just a short distance from the town's main street.Cons: There is not much in the way of amenities at this hotel, but there are plenty of dining and spa options nearby.The Tradewinds is an ideal spot for a tranquil, quiet stay that's still close to the restaurants and shops of Carmel-by-the-Sea but feels like you're off the beaten path.There are just 28 rooms, each with Asian-inspired decor sourced from Bali, Japan, and China, including Kimona Balinese robes made specifically for Tradewinds. The rooms are plush with goose-down feather beds, jetted bathtubs, and gas fireplaces. While big on comfort, they're small in stature and only suited for two people.A private courtyard invites guests to relax in a lushly landscaped mediation Zen garden filled with tall bamboo, tropical plants, a fountain, and a fire pit. Breakfast of coffee, juice, fruit, and baked goods are included each morning in any stay.COVID-19 procedures are available here. L'Auberge Carmel The L'Auberge Carmel, a Relais & Châteaux luxury property, is a top pick for luxury seekers. Booking.com Book L'Auberge CarmelCategory: LuxuryLocation: Carmel-by-the-SeaTypical starting/peak prices: $364/ $530Best for: CouplesOn-site amenities: Spa, room service, breakfast, complimentary valet parking, local car servicePros: Breakfast is included with a fine dining Michelin starred restaurant, Aubergine, on the premises. The hotel is one of the most romantic options for couples.Cons: Rooms are small, amenities are limited, and this is not a good hotel for families. Also, there is no air conditioning, so summer stays can be hot.The L'Auberge Carmel, a Relais & Châteaux luxury property, is located in the heart of Carmel-by-the-Sea, four blocks from the beach and near all the shopping and dining that Carmel is known for.Originally built in 1929, the intimate hotel has a distinct European elegance, and feels like the kind of inn you'd find it in a small town in the South of France.Each of the hotel's 20 guest rooms are individually designed with antiques, lush fabrics, and unique touches. Standard rooms are small but well-appointed with French windows and many rooms have four-poster beds, draperies, and connect to a beautiful courtyard.Thoughtful perks include fresh baked cookies in the afternoon, free valet parking, and breakfast served in the hotel's Michelin-starred restaurant, Aubergine. For dinner, a splurge on a meal in the lauded restaurant is well worth it, for the signature tasting menu that includes eight courses of seasonally inspired dishes (at $205 per person).COVID-19 procedures are available here. Carmel Valley Ranch Suites come with outdoor soaking tubs and gorgeous views. Booking.com Book Carmel Valley RanchCategory: LuxuryLocation: Carmel-by-the-SeaTypical starting/peak prices: $434/$660Best for: Couples, families, travelers with pets, Hyatt loyalistsOn-site amenities: Golf, spa, restaurants, swimming pools, tennis, pickleball, fitness center, ranch with animals, daily activitiesPros: The resort is massive with something for each member of the family from golf to spa treatments, and fireside chats with a local naturist (which includes s'mores). World of Hyatt members receive a discount on rates, often almost 10%.Cons: Since the resort is so large, it can be a trek to get around to the pools and spa. It also requires a drive to visit Carmel-by-the-Sea or Monterey.The Carmel Valley Ranch is part of the Unbound Collection By Hyatt, a roster of upscale properties offering sumptuous stays in one-of-a-kind destinations. Sprawling over 500 acres, The Carmel Valley Ranch is so much more than just a place to sleep with a wide array of activities ranging from animal meet-and-greets to archery, falconry, and beekeeping.There are also three salt-water pools with hot tubs, a generous selection of fitness classes, and a Pete Dye-designed golf course. Every room is a suite, starting with studios up to one to four-bedroom suites. Each has a fireplace, a private deck, and starts at 650 square feet. Larger options include kitchens and have dreamy outdoor bathtubs with vineyard views. The ranch welcomes dogs, pampering them with their own beds and room service menu, and there are plenty of hiking opportunities at the Ranch.COVID-19 procedures are available here. FAQ: Carmel and Monterey hotels When is the best time to visit Monterey and Carmel-by-the-Sea?Due to the moderate weather in Monterey and Carmel-by-the-Sea, it is comfortable to visit any time of the year. Some of the hotels don't have air conditioning, so the summer can be a bit hot. The summer is also the hardest time to secure a hotel room reservation since that is when families are most likely to be visiting and the area is at its busiest.Which hotels allow dogs?The area's hotels are generally dog-friendly. La Playa Carmen, the Cypress Inn, The Tradewinds, L'Auberge Carmel, Carmel Valley Ranch, and the InterContinental the Clement Monterey all allow pets. Standouts include the Cypress Inn, which was a pioneer in pet-friendly lodgings, and Carmel Valley Ranch which offers dog beds and a special room service menu just for dogs.Which Carmel or Monterey hotel is best for couples?The central California coast is the perfect destination for a romantic getaway and many of these properties cater to couples. For honeymoons, anniversaries, or just any given weekend, the L'Auberge Carmel, Spindrift Inn, and the Old Monterey Inn are particularly alluring for adults.Is it safe to stay in hotels?At this time, the CDC states that domestic travel is safe if you are fully vaccinated. While the vaccination rates vary by location, the unvaccinated should continue to take extra precautions, including those 12 and under who aren't yet able to be vaccinated. It is advisable that all travelers should continue to follow the CDC and local guidelines such as wearing masks, social distancing, and using hand sanitizing. All of the hotels that we've included in this list have cleaning protocols for the guest room and the public spaces to mitigate the spread of COVID-19. How we selected the best hotels in Monterey and Carmel-by-the-Sea As a San Francisco native, the Carmel and Monterey areas have been a destination for my family since I was a child. As an adult, I try to visit as often as I can and am very familiar with the following hotels for their location, charm, comfortable rooms, and access to unique experiences and amenities.Each hotel or resort is located in an area of interest either by the main tourist areas or, in the case of the Carmel Valley Ranch, on a 500-acre property.Many of the hotels boast comfortable, spacious rooms and can accommodate families while a few have cozy and intimate rooms that are perfect for a couple's getaway.Hotels are considered three-stars and up and hold a Trip Advisor rating of four or above with significant, honest recent reviews.The hotels have good on-site amenities such as pools, free breakfasts, and perks that guests will enjoy.The hotels promote stringent COVID-19 policies to prioritize the health and safety of all guests, which we've noted for each hotel where available below. More of the best hotels in California Tripadvisor The best beach hotels in CaliforniaThe best hotels in San FranciscoThe best hotels in Napa Valley and SonomaThe best hotels near Yosemite National ParkThe best hotels in Santa BarbaraThe best hotels near DisneylandThe best hotels in Los AngelesThe best affordable hotels in Los AngelesThe best boutique hotels in Los AngelesThe best beach hotels in Los AngelesThe best hotels in Palm SpringsThe best hotels in San Diego Read the original article on Business Insider.....»»

Category: smallbizSource: nytSep 30th, 2021

Herman Miller, Inc. Reports First Quarter Fiscal 2022 Results

ZEELAND, Mich., Sept. 29, 2021 /PRNewswire/ -- Completed acquisition of Knoll, Inc. during the quarter, creating the preeminent leader in modern design Subject to shareholder approval at this year's annual meeting, our Board elected to change our name to MillerKnoll, Inc. Strong demand and the Knoll acquisition drove quarterly orders of $916.5 million, an increase of 64.8% compared to the prior year period, up 34.5%* organically Net sales increased 26.0% from the prior year to $789.7 million inclusive of a partial quarter net sales of $156.4 million from the Knoll acquisition, and up 0.4% organically compared to prior year Integration proceeding smoothly; reaffirming expectation for $100 million run-rate cost synergies within two years of closing Webcast to be held Wednesday, September 29, 2021, at 5:30 PM ET First Quarter Fiscal 2022 Financial Results (Unaudited) Three Months Ended (Dollars in millions, except per share data) August 28, 2021 August 29, 2020 % Chg. Net Sales $ 789.7 $ 626.8 26.0 % Gross Margin % 35.1 % 39.9 % N/A Adjusted Gross Margin %* 35.9 % 40.0 % N/A Operating Expenses $ 330.3 $ 154.6 113.6 % Adjusted Operating Expenses* $ 235.2 $ 155.8 51.0 % Operating Earnings (Loss) % (6.7) % 15.2 % N/A Adjusted Operating Earnings %* 6.2 % 15.3 % N/A Net  Earnings (Loss) Attributable to Herman Miller, Inc. $ (61.5) $ 73.0 N/A Earnings (Loss) Per Share – Diluted $ (0.93) $ 1.24 N/A Adjusted Earnings Per Share – Diluted* $ 0.49 $ 1.24 (60.5) % Orders $ 916.5 $ 556.0 64.8 % Backlog $ 835.9 $ 400.0 109.0 % *Items indicated represent Non-GAAP measurements; see the reconciliations of Non-GAAP financial measures and related explanations below. To our shareholders: We had a strong start to fiscal 2022, as we experienced robust demand across our business while also successfully completing our acquisition of Knoll. Going forward, we are pleased to share that we will operate under the name MillerKnoll, and become one of the largest and most influential design companies in the world. The integration is progressing smoothly as we bring together the best of both organizations, and we are confident in our ability to deliver on our previously outlined cost synergy targets. Our teams across the organization are energized and focused on our purpose – design for the good of humankind. Acquisition of Knoll and Changes in Reportable Segments In connection with Herman Miller's acquisition of Knoll, Inc. completed on July 19, 2021, and now operating as MillerKnoll, we are reporting results under four business segments: Global Retail – reflects the legacy North America Retail segment and now includes International Retail Americas Contract – reflects the legacy North America Contract segment now combined with Latin America and Design Within Reach Contract International Contract – reflects contract business outside the Americas Knoll – the acquired consolidated Knoll business will initially be reflected as a stand-alone segment Performance Highlights We continue to experience strong momentum in our Global Retail and International Contract segments. Demand is accelerating in the Americas Contract and Knoll segments as our customers prepare to return to their offices and adapt them for the future of work. Order levels increased over the prior year for all reportable segments. We believe that this positive order demand is an indicator of the strength of our business strategy, and underscores our confidence in the future as we lead the industry in redefining modern design as MillerKnoll. Financial Results The following table highlights non-comparable items that impacted U.S. GAAP net earnings per diluted share, defined as earnings per diluted share adjusted, to exclude the impact of special charges, acquisition and integration-related expenses, expense related to debt extinguishment, and intangible asset amortization related to the Knoll acquisition. The table also includes an adjustment for the impact of the Knoll acquisition including Knoll's net income, the impact of increased interest expense from financing of the Knoll acquisition, and the impact of additional shares issued for the Knoll acquisition for the purpose of pro forma earnings per share. This pro forma earnings per share excludes items that are non-comparable to the diluted earnings per share guidance given in the June 2021 earnings release. Three Months Ended August 28, 2021 August 29, 2020 Earnings (Loss) per Share - Diluted $ (0.93) $ 1.24 Non-comparable items: Add: Special charges, after tax — 0.01 Add: Amortization of purchased intangibles, after tax 0.37 — Add: Acquisition and integration charges, after tax 0.90 — Add: Debt extinguishment, after tax 0.15 — Add: Restructuring expenses, after tax — (0.01) Adjusted Earnings per Share - Diluted $ 0.49 $ 1.24 Less: Knoll net income (0.10) — Add: Impact of increased interest expense on financing of Knoll acquisition 0.02 — Add: Impact of additional shares issued for Knoll acquisition 0.06 — Pro Forma Earnings per Share - Diluted, for purpose of comparison to June Guidance ¹ $ 0.47 $ 1.24 Weighted Average Shares Outstanding (to Calculate Adjusted Earnings per Share) – Diluted 66,302,214 58,964,268 Note: The adjustments above are net of tax. For the three months ended August 28, 2021, the tax impact of the adjustments was $0.30. For the three months ended August 29, 2020, the tax impact of the adjustments was immaterial. ¹Pro Forma Earnings per share, excluding impacts of the Knoll acquisition, presented to provide a comparison to guidance issued on June 28, 2021 for Herman Miller on a stand-alone basis. Herman Miller, Inc. Consolidated Results Highlights Our consolidated operating results for the three months ended August 28, 2021 included the results of Knoll beginning on July 19, 2021, the date the transaction closed. First quarter consolidated net sales were $789.7 million, an increase of 26.0%, and an increase of 0.4% organically, which excludes the impact of the Knoll acquisition and foreign currency translation. Orders in the quarter of $916.5 million were up 64.8% compared to the prior year period and up 34.5% organically. As a reminder, sales levels in the prior year period were elevated due to COVID-related manufacturing and retail studio shutdowns resulting in higher backlog at the start of the quarter. On an organic basis, demand trends reflected sequential improvement in orders of $59 million, up 8.5% as compared to the fourth quarter of 2021. While order demand was strong, our ability to produce and ship orders in the near-term was impacted by global supply chain and labor supply disruptions. We estimate this adversely impacted net sales by approximately $30 million during the first quarter. Gross margin for the quarter was 35.1% compared to 39.9% during the prior year period, reflecting higher commodity costs and other inflationary pressures.  On an adjusted basis, excluding $6.3 million of purchase price accounting adjustments related to fair value revaluation of inventory, adjusted gross margin was 35.9% compared to 40.0% in the prior year. We implemented a price increase in the first quarter to help offset inflationary pressures in the contract business and are planning additional price increases in the second quarter to further mitigate these pressures. Reported consolidated operating expenses for the quarter were $330.3 million, compared to $154.6 million in the same period last  year. Consolidated adjusted operating expenses of $235.2 million, excluding non-comparable items totaling $95.1 million, were up 51.0% from last year primarily due to the inclusion of $49.0 million of operating expenses related to Knoll, as well as the reinstatement of employee wages and benefits that had been temporarily suspended last year in response to the COVID-19 pandemic. We continue to manage our operating expenses carefully and will remain ready to adapt with evolving market dynamics. Operating margin for the quarter was (6.7)% compared to 15.2% during the prior year period. On an adjusted basis, which excludes acquisition and integration charges of $68.9 million, purchase price accounting adjustments of $6.3 million, and $26.2 million of amortization related to the acquired Knoll intangible assets, consolidated operating margin was 6.2% compared to 15.3% in the prior year. Similar to net sales levels, prior year operating margin benefited from a combination of shipments of elevated backlog at the beginning of the quarter and swift spending reductions at the same time to navigate the global pandemic. Herman Miller, Inc. reported a net loss per share of $0.93 in the first quarter compared to diluted earnings per share of $1.24 for the same period a year ago. The results in the current quarter include $1.42 per share related to non-comparable items. Adjusted earnings per share were $0.49 in the first quarter, compared to adjusted earnings per share of $1.24 for the same period a year ago. These items are listed in the table above, which we are providing for comparison with other results and are the most directly comparable U.S. GAAP measures. During the quarter, we entered into a new credit agreement, borrowing $1,115.0 million through a combination of a revolving credit facility, Term Loan A, and Term Loan B borrowings to fund the Knoll acquisition. At the end of the first quarter, our cash on hand and availability on our revolving credit facility totaled $629.7 million. Cash used in operating activities during the quarter totaled $51.7 million. Our net-debt to EBITDA ratio, including expected cost synergies from the Knoll acquisition, was 2.3x at quarter-end. Business Segment Highlights Additional perspective on the trends for each of our business segments follows: Global Retail Segment Our Global Retail business maintained its strong momentum with sales and orders up 30.7% and 22.2% over the prior year period, respectively. This is on top of strong growth this time last year, with orders growing 90% on a two year stack. We continue to outpace the US home furnishings industry with our growth numbers. Design Within Reach, HAY and Herman Miller experienced strong demand in the quarter, with all categories except outdoor performing ahead of prior year, including workspace which is proving resilient to return-to-office trends. Assortment growth across both core and new categories drove the majority of incremental volume in the quarter. In the quarter we opened new Herman Miller Seating Stores in Boston, Dallas, and Seattle, bringing our global fleet of seating stores to 11. All are bringing new customers to the brand, a testament to our brick-and-mortar retail strategy, and we have plans to roll out additional locations in the months ahead. This year we are making key infrastructure investments in our Global Retail business that are intended to improve our order management, planning and allocation, and point of sales capabilities. These investments will build on our scalable and customer-centric digital foundation, enable Retail growth, and improve our customer experience. Additionally, promotions such as our one-year anniversary gaming sale are driving global demand, and planned price increases will help offset increased labor and material costs. Americas Contract Segment Sales for the Americas decreased 12.1% from the prior year period due to elevated backlog levels in the segment at the beginning of last year and labor and supply disruptions in the current quarter. Orders for the quarter were 43.4% higher than the prior year period. This reflects further improvement in the demand environment as our customers continue to develop their return to office plans, even as the timing remains in flux due to the COVID-19 Delta variant. Our leading indicators continue to reflect robust and accelerating growth; order pipeline increased 14% sequentially from the fourth quarter of fiscal 2021 and mock up activity and contract activations are all stronger than year-ago levels. Looking ahead, our growth initiatives are gaining traction, setting the stage for ongoing revenue expansion. The recently launched Herman Miller Professional site supports the evolving needs of small- and medium-sized businesses and has continued to reach new customers since it launched, with a 140% increase in accounts registered on the platform in the quarter. Tailored marketing has attracted more new users, and assortment growth across all product categories has supported those customers in finding what they need to outfit their businesses.  International Contract Segment International sales increased by 5.3% compared to the prior year, while orders grew 34.7%. This strong order pacing was worldwide, with each of our regions experiencing increased order rates from the prior year. Southeast Asia, Greater China, Australia, South Korea, UK, and India were especially strong. As a result, International Contract reported its highest backlog in company history, growing 42% over the prior year. Similarly, both HAY and naughtone achieved year-over-year demand growth, reinforcing our position that collaborative spaces will be an important component of office planning in the post-pandemic era. Strengthening global account activity stands as a testament to the deliberate focus and organizational structure we have put in place to drive growth with multi-national organizations. Significant global account wins in China, India, and Europe affirm our position that employers around the world will continue to prioritize and invest in their workplaces as they look to differentiate their employee experience and build high-performing global cultures. Knoll Segment Following the closing of the acquisition of Knoll, we began the work of integrating our two businesses. Providing dealers and customers with a broader combined portfolio that will deliver beauty, joy, efficiency, and utility remains core to our efforts as we work to ensure the ongoing integration is seamless for all stakeholders. We are confident in our ability to generate $100 million of run-rate cost synergies within two years of closing, driven primarily by procurement, SG&A, and supply chain savings. We also expect to generate significant revenue synergies across the combined business through enhanced scale, cross-selling, and digital and eCommerce opportunities. The Knoll segment experienced positive order momentum in the quarter, with total orders increasing approximately 29.3% versus the prior year. Knoll North America workplace orders are benefiting from customers' return to work plans, with particular focus on how to best support their employees in the new ecosystem of hybrid work.  Additionally, overall mock up spending increased while new funnel pipeline adds grew 18% from the prior year, and taken together are key indicators of accelerating future growth. Knoll's residential business experienced strong order growth in both North America and Europe in the quarter, bolstered by the one-year anniversary of Knoll's eCommerce platform and the recent consolidation of Muuto into the Knoll distribution systems to simplify the order process for dealers and customers. In July, Holly Hunt introduced enhanced website functionality with an in-stock, to-the-trade, online eCommerce site. Further expansion of the site later this year will offer textiles, leather, and wall coverings. Holly Hunt sustained strong growth through the calendar year, and delivered the highest orders level in company history during the quarter. Fully also introduced a new European eCommerce storefront in the quarter and saw its commercial business begin to rebound in the quarter. MillerKnoll is Creating a Better World Designing a more diverse, equitable, and sustainable world remains a core pillar of MillerKnoll's strategy. Across our company, industry, and communities, our team continues to make meaningful progress. Key initiatives include: Integrating ocean-bound plastic into the Aeron Chair as part of our commitment to use 50% recycled content in all materials by 2030. As a member of NextWave Plastics, we are partnering with organizations that share our commitment to preventing harmful plastics from reaching our oceans. On September 1, 2021, Herman Miller announced that its entire portfolio of Aeron Chairs will contain ocean-bound plastic, including a new color, Onyx Ultra Matte, that will contain up to 2.5 pounds of ocean-bound plastic per chair. Aeron is the latest in a growing list of products Herman Miller has reengineered to incorporate ocean-bound plastic, including parts of the recently launched OE1 Workplace Collection, the Sayl Chair in Europe, and the Revenio textile collection. The company is also reducing its footprint by adding ocean-bound plastic to returnable shipping crates and poly bags. Based on annual sales forecast, Herman Miller estimates these efforts will divert up to 234 metric tons of plastic from the ocean each year, equivalent to preventing nearly 400,000 milk jugs or up to 23 million plastic bottles from entering the ocean annually. Initiating the Diversity in Design (DID) Collaborative in partnership with other DID member companies to increase representation of Black creatives in design in the United States, increase design career opportunities for Black youth, and increase the educational pipeline that leads to full-time employment for Black students in design. The DID Collaborative recently named Todd Palmer, former Executive Director of the Chicago Architecture Biennial, as its first director. As part of MillerKnoll's Diversity, Equity, and Inclusion team, Todd and the DID team will advance the Collaborative's long-term strategy and bring the shared vision to life. Partnering with Habitat for Humanity as part of Knoll's commitment to supporting more inclusive and diverse communities. In December 2020, Knoll joined Habitat for Humanity as a cause marketing partner. When initial planned construction projects were paused due to the pandemic, Knoll leveraged its eCommerce site to fundraise for the organization, generating more than 500 contributions to Habitat for Humanity from Knoll customers who opted to make a donation as part of the checkout process on Knoll's website. Knoll associates participated in Habitat builds in Chicago and Toronto in September 2021 with two additional builds planned for later in the fiscal year. Achieving WELL v2 Gold and Well Health-Safety Rating at Fulton Market in Chicago, continuing Herman Miller's leadership in this area as a founding member of the U.S. Green Building Council and the first furniture manufacturer to register as a WELL Portfolio participant. Herman Miller's Chicago Fulton Market building recently achieved WELL v2 Gold, which is the most rigorously tested and vetted version of the WELL Building Standard (WELL) to date, making it the premier framework for advancing health and well-being around the world. Buildings across the footprint of Herman Miller, Knoll and the collective of brands maintain a number of green and healthy certifications including LEED, BREEAM, and WELL v1. Our customers and employees share our commitment to creating a more equitable and sustainable world and we will continue to invest in initiatives that further our progress and unite us in this shared purpose. Outlook Our second quarter fiscal 2022 guidance includes the full impact of Knoll for the quarter. We expect sales in the second quarter of fiscal 2022 to range between $1,025 million and $1,065 million. The mid-point of this range implies a revenue increase of 67% compared to the same quarter last fiscal year on a reported basis and 12% on an organic basis, excluding the impact of the Knoll acquisition and foreign currency translation. Our forecast for the second quarter also considers the near-term impacts of supply chain disruptions and inflationary pressures. We anticipate adjusted earnings per share to be between $0.55 and $0.61. As the company cannot predict some elements that are included in reported GAAP results, we provide certain guidance on a non-GAAP basis as further discussed in the non-GAAP financial measures section below. Entering the Next Chapter for MillerKnoll With a broader portfolio of complementary brands, enhanced scale and capabilities, and the financial strength of our diversified business, MillerKnoll is uniquely positioned to imagine a more sustainable, caring, and beautiful world for everyone. There is much to be excited about as we come together to solidify MillerKnoll's position as the leader in modern design and create enhanced value for all our stakeholders. Thank you for your continued support of our company. We look forward to continuing this journey with you. Andi Owen Jeff Stutz President and Chief Executive Officer Chief Financial Officer Financial highlights for the three months ended August 28, 2021 follow: Herman Miller, Inc. Condensed Consolidated Statements of Operations (Unaudited) (Dollars in millions, except per share and common share data) Three Months Ended August 28, 2021 August 29, 2020 Net Sales $ 789.7 100.0 % $ 626.8 100.0 % Cost of Sales 512.2 64.9 % 376.8 60.1 % Gross Margin 277.5 35.1 % 250.0 39.9.....»»

Category: earningsSource: benzingaSep 29th, 2021

Where to buy a PlayStation 5 - GameStop will sell PS5 bundles in select stores on September 30

The PlayStation 5 continues to be in high demand, but we've got the latest details on restocks and tips for finding the console online and in stores. When you buy through our links, Insider may earn an affiliate commission. Learn more. Sony's PlayStation 5 remains hard to find months after its release. Sony Sony's PlayStation 5 launched with two models- the $500 standard PS5 and a $400 digital edition. The PS5 remains difficult to find, but retailers like Best Buy and GameStop restock regularly. For detailed thoughts on the PS5's performance, check out our full PlayStation 5 review. Table of Contents: Masthead StickyPlayStation 5 (small)Playstation 5 (All-Digital) (small)The PlayStation 5 is Sony's fastest-selling video game console ever, with more than 10 million systems sold since its launch in November 2020. However, the record demand and an international chip shortage have made the PS5 one of the hardest items to buy in stores or online.The high demand for PS5 also makes it a target for resellers, many of whom use automated tools to purchase consoles online as soon as they're available. Sony acknowledged the supply challenges in a July 2021 statement, but it remains unclear when the console will become readily available.We've seen weekly restocks of the PS5 ($500) and PS5 Digital Edition ($400) online at retailers like Walmart, Best Buy, GameStop, and Sony's own PlayStation Direct store. Nearly all PlayStation 5 sales are handled online due to the COVID-19 pandemic and overall demand, but some GameStop locations have made consoles available for in-store purchase on occasion.GameStop locations near Atlanta, New York City, and the Dallas-Fort Worth area of Texas will be offering PlayStation 5 bundles in-store on September 30. It's not clear exactly what each bundle will include or how much they will cost. You can visit GameStop's website to check if your area has participating stores.Walmart usually announces PS5 restocks a few hours before consoles are available online. GameStop sends emails to subscribers ahead of PS5 restocks but typically only makes the PS5 available in bundles. Amazon and Newegg have also made PS5 consoles available, though on a less consistent basis. Newegg uses a raffle system to give shoppers a chance to buy rare items like the PS5. We'll keep this post updated as we get more information about PS5 restocks, but ultimately you'll need to keep checking multiple stores and get a bit lucky with timing to secure the console. Where to buy a PS5: stores and price The digital edition of the PlayStation 5 doesn't have a disc drive. Sony Several stores, including Walmart, Amazon, Best Buy, GameStop, Target, and Newegg, have regularly restocked PlayStation 5 consoles since launch, but they typically sell out as soon as they're available online.Some GameStops have had consoles for sale in-store, but availability depends on when they're shipped. GameStop stores in the Atlanta, New York City, and Dallas-Fort Worth areas will have PlayStation 5 bundles in stock on September 30. You can check the GameStop website to see if your local store is participating.The PlayStation 5 comes in two different models — one that has a 4K Ultra HD Blu-ray drive and a "digital edition" with no disc drive at all. The standard model is priced at $500, and the digital edition is priced at $400.At popular sites for resellers, like eBay and StockX, you can expect to pay between $700 or $800 for the PlayStation 5.You can check the links below to see if the PS5 is currently available at each retailer; we'll update this post if a specific store announces a restock.PlayStation 5 (Standard Edition) PlayStation 5 (Digital Edition) Tips for buying the PS5 A gamer sets up the new Sony Playstation PS5 at his home in Seoul after Sony launched the new console. YELIM LEE/AFP via Getty Images Buying the PlayStation 5 has been a struggle since release, but retailers have been making a steady stream of consoles available. If you have a preferred store, you should look into setting stock alerts with their online tools.Third-party stock-tracking websites like HotStock.io can tell you when a store last had the PlayStation 5 in stock and let you set alerts for multiple retailers. A reseller who made more than $40,000 reselling PS5 consoles last year shared more specific tips on how to find the console online.If you encounter issues while trying to check out with an online retailer, keep trying to refresh the product page to add the console and make sure the PS5 is available and in your cart. If possible, create an account with your preferred retailer and enter your payment and shipping information in advance to help the checkout process move quickly. PlayStation 5 specifications Sony The PlayStation 5 boasts much more powerful hardware than the PlayStation 4 and PS4 Pro. Upgrades include a solid state hard drive and a graphics card capable of ray-tracing technology.For detailed impressions, check out our full PlayStation 5 review.Disc drive: 4K Ultra HD Blu-ray drive (standard edition only)Storage: 825GB M.2 driveHDMI Out: Up to 4K resolution at 120Hz with HDMI 2.1Ports: 1x USB-C, 3x USB 3.1, 1x EthernetCPU: AMD Ryzen Zen 2, 8 cores, 16 threads at 3.5 GHzGPU: AMD Radeon RDNA 2 at 2.23 GHz, 10.3 TFlopsMemory: GDDR6 16GB, 44GB/s bandwidth PlayStation 5 accessories Sony The new PlayStation 5 family of peripherals haven't been nearly as hard to find as the console itself, though they're not of much use without the main course. That said, they do complement the features of the PlayStation 5, so we've taken to the time to explain what they all do.Sony's $70 DualSense controller is a worthy successor to the PS4's popular DualShock, implementing a built-in microphone, haptic feedback for adjustable trigger tension, and advanced rumble features while also improving the battery life and adopting a USB-C charging cable.Wireless Controller for PS5 (small)The $100 Pulse 3D headset is a direct successor to the gold and platinum wireless headsets Sony released for the PlayStation 4. The headset has an adjustable band, built-in microphone, and hardware buttons for mute, voice monitoring, and volume. While the Pulse 3D headset is worth the investment, PS5's 3D audio features will also work with any third-party headset that's been licensed for use on PS4.Pulse 3D Wireless Headset (small)The $30 PlayStation media remote might look appealing, but for $30 you can find a better or cheaper universal remote to control the console. Several smart TV brands also let you control the PS5 with your standard TV remote too, so it's worth giving that a try before making this investment.PlayStation 5 Media Remote (small)The $30 DualSense charging stand can charge two controllers and makes for a nice stand alongside the PS5, but it doesn't actually charge your controllers any faster than using a regular cable.PlayStation 5 DualSense Charging Station (small)The $60 HD camera can be used for streaming in full 1080p and even has a background removal tool, but it cannot be used as a microphone like the PlayStation 4 camera. Luckily, you can just use the DualSense's built-in mic to communicate while playing.PlayStation 5 HD Camera (small) PlayStation 5 exclusive games "Ratchet and Clank: Rift Apart" is Sony's latest PlayStation 5 exclusive. "Ratchet & Clank: Rift Apart" / Sony Sony is committed to creating a full lineup of exclusive games for the PlayStation 5, repeating the same strategy that helped make the PS4 a massive success. Because there are still so many gamers waiting to upgrade to PS5, many of the games released on the new console will also work on PlayStation 4, like "Spider-Man: Miles Morales" and "Sackboy: A Big Adventure."Keep in mind that new games like "Call of Duty Black Ops: Cold War" have been designed to run better on PS5, even if they're available on the PS4. Below, we've listed all the games that require a PlayStation 5 to play, including upcoming titles that don't have release dates yet. Exclusive PS5 games available now"Godfall""Destruction AllStars""Returnal""Astro's Playroom" (pre-installed on PS5)"Ratchet & Clank: A Rift Apart""Final Fantasy VII Remake: Intergrade"Upcoming PS5 exclusive games"Horizon: Forbidden West""God of War: Ragnarok""Gran Turismo 7"For more PlayStation game recommendations, check out our complete roundup of exclusives that make the PS5 worth buying. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderSep 29th, 2021

12 hotels we love in Palm Springs, from midcentury gems to relaxing spas

These are the best hotels in Palm Springs, from Ace's cool pool parties to boutique luxury at the Avalon or Parker, and pet-friendly picks downtown. When you buy through our links, Insider may earn an affiliate commission. Learn more. Tripadvisor Palm Springs is a desert oasis that was once a glam retreat for Hollywood stars. Now, it's known for midcentury design, rejuvenating spas, pool parties, and music festivals. Palm Springs hotels have all of the above from boutique spots to sprawling resorts and retro motels. Table of Contents: Masthead StickyWith swaying palms and near-perfect year-round weather, Palm Springs is a desert oasis.It teems with retro, vintage vibes like a time capsule paying homage to a heydey when the city was a glam retreat for Hollywood's elite. Given so much nostalgia, the city should probably feel a lot kitschier than it is. But it works. There's an authenticity that makes a weekend getaway just as exciting as it was for Frank Sinatra and Liz Taylor way back when.As such, Palm Springs has seen an influx of hotels including design-forward boutique hideaways, contemporary big brand chains, sprawling villa-style resorts, and hip hangs for pool-party revelry.I've been visiting Palm Springs for years and the following represents the best places to stay whether you're a Coachella-goer, an art lover, nature seeker, design purist, or family looking to savor what makes Palm Springs so special.Browse all of the best Palm Springs hotels below, or jump to a specific area:The best Palm Springs hotelsFAQ: Best hotels in Palm SpringsHow we selected the best hotels in Palm SpringsMore of the best hotels in the SouthwestThese are the best Palm Springs hotels, sorted by price from low to high. Sonder | V Palm Springs Rooms overlooking the pool offer a fun perch. Hotels.com Book Sonder | V Palm SpringsCategory: BudgetTypical starting/peak prices: $74/$346Best for: Couples, friends, solo travelersOn-site amenities: Restaurant, lounge and workspacesPros: This hotel has highly designed rooms, a fun pool scene, and cheap prices even in high season.Cons: The DJ spins tunes at the pool on weekends which can be noisy if your room faces it, and the vibe can get boozy, which might not be best if you're coming with children.Apart-hotel Sonder's acquisition of local favorite V Palm Springs offers a cheap base to stay with the comforts of a long-stay hotel.The property offers exceptional value year-round, and even during popular periods, for a design-forward, comfortable place to stay. Travelers range from those simply in search of a good deal, to discriminating Instagram influencer types willing to sacrifice neither cachet nor style.Plus, whereas Margaritaville or Ace can be rowdy in high-occupancy seasons, we've never had a problem at the V, with stays that are consistently positive. Somehow, it seems the masses haven't caught on yet.COVID-19 procedures are available here.Read our full hotel review of V Palm Springs Margaritaville Palm Springs The pool at Margaritaville has a stunning backdrop of palm trees and mountains. Margaritaville Palm Springs Book Margaritaville Palm SpringsCategory: BudgetTypical starting/peak prices: $103/$399Best for: Families, couples, travelers on a budget, ParrotheadsOn-site amenities: 2 restaurants, 2 bars, coffee shop, store, spa, salon, fitness center, meeting space, bike rentalsPros: Margaritaville is a renovated hotel with refreshed rooms, a great pool, a large spa, and a fun spirit that was not previously found in Palm Springs. It's a great pick for families and those who want neither a vintage boutique inn nor fancy luxury.Cons: The laid-back party approach means the clientele can get rowdy and though the resort was renovated, some room features were not fully updated. The resort fee is expensive.Margaritaville Palm Springs is one of the newest additions to the local hotel scene and has made a splashy entrance, taking over a former iconic midcentury hotel with full-out signature Jimmy Buffet flair.Beachy wicker mixes with tropical colors throughout common spaces and rooms, though, none cement those vacation vibes more strongly than a floor-to-ceiling flip flop sculpture that presides over the lobby, right next to a chandelier fashioned from margarita glasses.Guest rooms are bright and airy, with washed wood furnishings, pops of turquoise, and crisp white bedspreads with subtle parrots sewn in. Spacious balconies overlook the pool area or manicured grounds, and many have mountain views.As should be expected, Jimmy Buffet features prominently, from videos playing on lobby screens to wall plates with lyrics adorning hallways, and the aptly-named 5 O'Clock Somewhere Pool Bar churning out various takes of that frozen concoction that helps you hang on.There's also a large spa and salon, two pools, open-air restaurants, and a fun, laid-back vibe you won't find at Palm Springs' more sophisticated hotels. While it's not quintessential Palm Springs in terms of style, it is one of the best options in town for families or those who want to hang by the pool with a, what else, margarita.COVID-19 procedures are available here.Read our full hotel review of Margaritaville Palm Springs Hotel California This California Spanish Mission-style hotel has just 14 rooms nestled around a lush courtyard with a pool. Trip Advisor Book Hotel CaliforniaCategory: BoutiqueTypical starting/peak prices: $152/$246Best for: Couples, familiesOn-site amenities: Communal kitchen, pool, grills, hot tub, DVD library, gamesPros: Enjoy a quiet, peaceful stay that offers large, well-appointed rooms and helpful amenities like a communal kitchen. Cons: There is no restaurant or spa on-site and the hotel's address is on a busy street that's a bit too far from the main area of town to be walkable. Rooms are comfortable, but no frills. Don't expect a look as contemporary as other options in town.Hotel California feels like a local secret, except it's widely regarded as a top hotel in Palm Springs. The hotel has more of an inn or B&B feel, but with all the privacy and amenities you'd want in a resort. It's small, with rooms nestled around an interior courtyard and pool area filled with leafy plants, misters to keep you cool, and a fountain.Rooms are traditional but updated; there's no flashy decor, but it's comfortable with plenty of space. Most come with a private patio and upgraded rooms have kitchenettes.I loved my stay here and recall it as especially peaceful. Many hotels on the main street can be loud with traffic. I didn't hear any noise and highly recommend upstairs rooms for this reason. The pool is quiet, and there's a communal kitchen for guests to make their own meals. For COVID-19 procedures, call the hotel at 760-322-8855 or emailinfo@palmspringshotelcalifornia.com. Triada Palm Springs, Autograph Collection The Mediterranean-inspired Triada is a tranquil place to stay that's close to downtown Palm Springs. Emily Hochberg/Business Insider Book Triada Palm SpringsCategory: BoutiqueTypical starting/peak prices: $175/$489Best for: Couples, families, Marriott loyalistsOn-site amenities: Restaurant, 2 pools, fitness centerPros: Rooms are tasteful with comfortable beds and Mediterranean style, plus well-appointed suites offer good value. The location is excellent, within walking distance to downtown.Cons: Entry-level rooms can be small with some complaints of noise. The scene might be too quiet for some people, and facilities like the pools and gym are small.Triada Palm Springs is a favorite among Marriott Bonvoy loyalists looking to earn nights towards status, without sacrificing signature Palm Springs style. I love the tranquil scene here with Mediterranean-style buildings overlooking tiled-mosaic courtyards with fountains and spilling Bougainvillea flowers.Entry-level rooms are on the smaller side, about 250 square feet, but I recommend an upgrade to a King Casita. With a kitchen, living area, and private back patio, it feels like the plush Palm Springs bungalow you'll wish was your second (or first) home. It's also typically cheaper than other comparable villas.The vibe is much calmer and quieter than other hotels in the area. Many days, I was often the only person at the pool. Don't come to people-watch, but rather, to relax in a more grownup setting than some of the other options on this list.COVID-19 procedures are available here. Holiday House Bold, design-forward rooms lead the way at this whimsical boutique resort for adults. Trip Advisor Book Holiday HouseCategory: BoutiqueTypical starting/peak prices: $164/$644Best for: Couples, groups of friendsOn-site amenities: Bar, pool, breakfastPros: Savor design-forward, stunning interiors with an adults-only vibe that's not raucous either.Cons: Holiday House endorses a communal environment which means no TVs, kids, or anyone under 21, which won't be a fit for everyone.With just 28 rooms, Holiday House is a true boutique hotel with whimsical and bright blue-and-white patterned decor. The design-forward approach features art from the likes of David Hockney, Roy Liechtenstein, Herb Ritts, and a garden sculpture by Donald Sultan.Rooms are called "Good," "Better," and "Best," and feature Nespresso machines, plush linens and robes, wet bars, outdoor showers, and balconies with prime mountain views. As the names imply, the more upgraded rooms include added indoor and outdoor space.The Pantry is a poolside bar serving cocktails and bites to eat, while an impressive breakfast buffet spread is also offered each morning to all guests, included in room rates.COVID-19 procedures are available here. ARRIVE Palm Springs ARRIVE blends midcentury style with a modern, industrial look. Trip Advisor Book ARRIVE Palm SpringsCategory: BoutiqueTypical starting/peak prices: $175/$695Best for: Couples, groups of friendsOn-site amenities: Pool restaurant and bar, ice cream bar, coffee shop, poolPros: ARRIVE has a clean, modern aesthetic that looks and feels brand new with comfortable rooms, great on-site amenities, and an ideal uptown location.Cons: The younger crowd might be a negative for some, as it leads to a rowdier, party-like scene, especially on weekends.ARRIVE is just a few years old and is already making a splash beyond its pool party scene, though, there's certainly that, too.The hotel blends midcentury style with a modern, almost industrial look and draws a younger crowd for its dynamic programming and excellent on-site food and drink, which includes a great coffee bar and ice cream treats.Past guests rave about the well-designed rooms and cool vibe that's a fresher alternative to the similarly hip Ace Hotel. Expect Egyptian cotton bedding, plush robes, marble-accented bathrooms with rain showers, Apple TV, Malin & Goetz bath products, and loads of natural light.COVID-19 procedures are available here. Sparrows Lodge With no kids allowed and farm-to-table shared meals, Sparrows feels like summer camp for grownups. Tripadvisor Book Sparrows LodgeCategory: BoutiqueTypical starting/peak prices: $197/$1,876Best for: Couples, groupsOn-site amenities: Pool, massages, restaurant, communal spots, bike rentalsPros: The fresh approach to hospitality feels unique from other Palm Springs offerings with farm-to-table fare and shared meals for a luxe summer camp for grownups vibe.Cons: The community atmosphere might not be a match for everyone, including those who like to watch TV, or have kids in tow.Enjoy chilled-out Palm Springs vibes at this former home of a Hollywood star that was reimagined as an intimate adults-only hotel with just 20 rooms. The hotel was originally built as Castle's Red Barn in 1952 by MGM actor Don Castle and his wife Zetta, and there's a rumor that Bewitched actress Elizabeth Montgomery had her first marriage at the Red Barn. Rooms are found within industrial-meets-rustic cabins that have exposed wooden beams, stone accent walls, and barn-like furniture. In fact, the poolside room with a tub has a bathroom outfitted with a horse-trough-like steel tub for bathing. With no phones or TVs in guest rooms, and no children permitted, this adults-only retreat is a place to unplug.Common spaces invite guests to linger with a vegetable garden and family-style meals served at the Barn Kitchen. Dip into the pool or book a massage in the open-air spa tent set to the sounds of birds chirping, fountains trickling, and the smell of burning sage.The location is within walking distance of downtown Palm Springs and bikes are provided for getting around.For current COVID-19 policies, please email the hotel at hello@sparrowslodge.com. Kimpton Rowan Palm Springs This is the only rooftop pool in downtown Palm Springs. Trip Advisor Book Kimpton Rowan Palm SpringsCategory: BoutiqueTypical starting/peak prices: $200/$676Best for: Families, couples, travelers with petsOn-site amenities: 2 restaurants, bar, rooftop pool, fitness center, meeting spacePros: The prime downtown location places all of Palm Springs directly outside your door. Plus, it has the only rooftop pool in town.Cons: There's a $40 daily resort fee, which can add up, but it does offer helpful services such as airport shuttles, car service around town, golf bag storage, coffee and tea, bike rentals, Wi-Fi, and pet-friendly amenities.Kimpton Rowan commands a super central location in downtown Palm Springs, right off the main strip of stores and restaurants, placing you within walking distance of the city's best spots. Still, it manages to feel hidden from crowds with a location tucked back a block from the action.Rooms are clean, modern, and more spacious than other boutique hotels for the same price. In addition to the stellar location, the true highlight of staying here is the rooftop pool surrounded by incredible mountain views; it's the only one in town.Staying here also comes with many signature Kimpton perks like happy hour, bike rentals, and pet-friendly policies.COVID-19 procedures are available here. Ace Hotel & Swim Club A lively pool scene is the focal point of this hip hotel. Trip Advisor Book Ace Hotel & Swim ClubCategory: BoutiqueTypical starting/peak prices: $179/$559Best for: Couples, groups of friendsOn-site amenities: Restaurant, bar, pool, spaPros: Minimal rooms with patios and fire pits are dripping in cool factor, and staying here comes with prime access to some of the hottest spots in town.Cons: There's a real party vibe on weekends. Visit midweek if you prefer something quieter, and know that rates surge in high season with an expensive daily resort fee on top of it.There's no denying the hipster association with Ace Hotel & Swim Club, but it's a badge the hotel wears proudly. The property took over a run-down motel and Denny's and reinvented both of them as the cool kids' hangout in town.Rooms boast the minimal-urban-rock aesthetic that Ace hotels have perfected with pared down rooms that feature platform beds, midcentury furniture, and in some cases, come with guitars to strum, hammocks to sway in, and fireplaces to gather 'round.King's Highway restaurant and the Amigo Bar are worthy attractions in their own right and many young guests flock here for the lively pool scene, which becomes a DJ-fueled party most weekends. COVID-19 procedures are available here. Avalon Hotel and Bungalows Palm Springs Avalon's historic studios, suites, and bungalows are surrounded by fragrant citrus, lush gardens, and secluded pools. Trip Advisor Book Avalon Hotel and Bungalows Palm SpringsCategory: LuxuryTypical starting/peak prices: $263/$799Best for: Couples, families, groups of friendsOn-site amenities: 3 pools, spa, restaurant, meeting spacePros: The enviable downtown location still manages to feel tucked away from the noise and bustle, and the refined sense of style and luxury are sometimes available at an attainable price point.Cons: Entry-level rooms are very small, hovering under 250 square feet, which can feel cramped with suitcases. Some prior guests complain about noise from other rooms and on-site events such as weddings.The Avalon is a long-time Palm Springs staple, beloved for its central downtown location, resort-style amenities, and Spanish-inspired villas and bungalows surrounded by greenery. The well-designed property is ideal for a relaxing vacation that's still close to the action. Plus, three pools, a spa, and well-reviewed dining are enough to keep you on-site. Standard rooms are tight on space but are still mod with a monochrome black and white palette and a location steps from the pool, while upgraded rooms feature fireplaces, extra seating areas, and glam design accents. Bungalows are the way to go in terms of space, style, and comfort behind an iconic persimmon-colored door with midcentury furnishings and a private patio. COVID-19 procedures are available here.Read our full hotel review of Avalon Hotel & Bungalows Palm Springs The Colony Palms Hotel and Bungalows Retro vibes shine at this pool shaded by mountain views. The Colony Palms Hotel Book The Colony Palms Hotel and BungalowsCategory: BoutiqueTypical starting/peak prices: $275/$600Best for: Couples, groups of friendsOn-site amenities: Restaurant, pool, spaPros: This is a sleek boutique hotel with a luxury lean and well-designed rooms within walking distance to all the best spots in town.Cons: The hotel is small, which some may find too quiet. Those looking for a livelier pool scene might want to consider a bigger resort. It is also adults-only, so it's not a good pick for families with kids under 18.The boutique Colony Palms is named for Palm Springs' Movie Colony neighborhood, where many Hollywood stars lived when they visited Palm Springs in its heyday.The hotel dates back to 1937, but that's not to say it's dated or out of touch. The 57 rooms, designed in Spanish colonial style are a nod to years past but have been lovingly restored with all the modern touches and amenities of a luxury hotel.There are 57 fully renovated guest rooms spread over three verdant acres, each featuring bold, geometric prints and statement wallpaper, as well as custom beds and mattresses, Frette linens, and Le Labo toiletries. Some have clawfoot tubs, patio, or fireplaces.Colony Palms also boasts a great location within walking distance of both uptown and downtown Palm Springs, which are filled with buzzy restaurants, bars, and shops.For COVID-19 procedures, call the hotel at (760) 969-1800.  Parker Palm Springs Style enthusiasts will recognize designer Jonathan Adler's touch; he designed the zingy feel of this luxury hotel. Trip Advisor Book Parker Palm SpringsCategory: LuxuryTypical starting/peak prices: $299/$599Best for: Couples, design enthusiastsOn-site amenities: Multiple posh restaurants and bars, salon, spa, 2 pools, fitness centerPros: No detail was overlooked at this hotel with gorgeous design and beautifully manicured grounds that feel like a desert oasis.Cons: The hotel tends to be expensive, and not just room rates. On-site dining venues are costly. Expect to pay $30 for a salad. It's also not within walking distance to town.This midcentury posh icon opened in 1959 as California's first Holiday Inn and a decade ago was transformed into a sleek, contemporary hideaway under the direction of design guru Jonathan Adler. The Parker is now one of Palm Spring's luxe-est offerings on a sprawling 14-acre property where 131 guest rooms and villas are nestled amid lushly-lined pathways. It's a great pick for couples looking for a romantic escape, or families wanting something a bit more grownup.Interiors pop with bright colors and zingy patterns, and Adler's trademark whimsy is everywhere, from the custom-made pillows to animal-shaped poofs. Rooms vary in size and layout but entry-level Estate rooms are plenty playful and measure around 320 square feet, while Deluxe rooms offer more space and are closest to the pool. For private outdoor space, upgrade to a Hammock room and enjoy an enclosed patio. Outdoor amenities include areas for croquet, tennis, and there are two saltwater pools. There's also a spa, salon, and fashionable dining to be found on the terrace of Norma's restaurant or inside the glamorous lobby-adjacent Mr. Parker's, tucked behind turquoise velvet doors. COVID-19 procedures are available here.  FAQ: Best hotels in Palm Springs Where is Palm Springs?Palm Springs is located in the Coachella Valley, about a 2.5-hour drive from Los Angeles. It's about the same time driving from San Diego, as well.When is the best time to visit Palm Springs?For the best weather, visit between October and April when the weather is warm and sunny during the day and cooler in the mornings and at night. During this time you can lay out at the pool, go shopping, and enjoy seasonal farmer's markets and art fairs.Summer is hot, hot hot. Highs can reach 120 degrees Fahrenheit and your time outdoors will be limited. However, the crowds will be far fewer and prices will be significantly cheaper for hotel stays.How much are hotels in Palm Springs?Hotel prices in Palm Springs depend on when you plan to visit. Visit on a weekend in high season, the winter, and expect to pay at least $200 per night, or more depending on the level of the hotel. Visit in the summer and you'll regularly see fares under $100 if you visit midweek.Which hotel has the best pool in Palm Springs?In a desert city like Palm Springs, the hotel pool is essential. It's a place to relax for some, and party for others. Depending on what you seek, there's a pool for you.For a relaxed, serene pool setting, plan to go to the Avalon or the Parker. If you've come to party, you'll love the pool scene at the Ace, ARRIVE, or V. Families will enjoy the relaxed, laidback pools like those at Margaritaville. And the Kimpton has the only rooftop pool in town.What hotels in Palm Springs allow pets?Many hotels in Palm Springs allow pets, often for an added fee, but the Kimpton Rowan has perhaps the best pet-friendly perks included in your rate. How we selected the best hotels in Palm Springs I've been to Palm Springs many times and have stayed at, visited, or extensively researched every hotel on this list.All hotels are highly reviewed on trusted traveler sites such as Trip Advisor and Booking.com.All of the best Palm Springs hotels have a starting price point under $300 per night in low season.Design is integral to Palm Springs' spirit and every hotel has thoughtful decor, midcentury touches, and spacious layouts.All hotels have the amenities you'd want in a desert getaway, including great pools, relaxing spas, and buzzy cocktail bars or restaurants.Every hotel is close to downtown so going out to eat, shop, or drink, is never a hassle.Every hotel is adhering to COVID-19 safety protocols, which we've noted where available online. More of the best hotels in the Southwest Sweeping Red Rock views abound from Hilton Sedona Resort. Booking.com The best hotels in Las VegasThe best hotels in Los AngelesThe best hotels in San DiegoThe best hotels in ArizonaThe best hotels in Sedona Read the original article on Business Insider.....»»

Category: topSource: businessinsiderSep 28th, 2021

Retail Sales Jump in August: 5 Solid Stocks to Buy (Revised)

Rising fears over the pandemic once again saw people relying more on e-commerce in August, driving stocks like COST, TJX, CPRI, FL and GCO. Retail sales had somewhat slowed down over the past few months, with people spending more on services than goods as the economy reopened. However, people have once again started spending on goods, which saw retail sales jumping in August.The jump comes amid growing fears of the Delta variant of the coronavirus. The retail sector had taken a bad hit due to the pandemic but e-commerce has been breathing life into the sector. And rising fears over the pandemic once again saw people relying more on e-commerce in August.Retail Sales Grow in AugustThe Census Bureau said on Sep 16 that retail sales jumped 0.7% month over month in August, surprising analysts’ prediction of a 0.8% decline. On a year-over-year basis, retail sales increased 15.1% in August. The jump in August comes despite a decline in auto sales, as semiconductor shortage continues to hurt the production of new vehicles.On a month-over-month basis, auto-related activity declined 3.6%, which could otherwise have further driven sales in August. Excluding auto, retail sales grew 1.8%, which was also a lot higher than analysts’ expectations of a 0.1% rise.General merchandise sales increased 3.5%, while furniture and home furnishings sales grew an impressive 3.7%. However, sales of electronic goods and sporting goods saw a decline.Sales were also driven by back-to-school shopping, which economists had predicted would drive the retail sector in August. Clothing and clothing accessories sales jumped 38.8%, year over year.E-Commerce Boosting Retail SalesE-commerce has been driving retail sales for over a year now. The pandemic saw millions shopping online and the trend continues. Although more than 50% of Americans are fully vaccinated now and are stepping out of their homes, fears of the Delta variant are once again gripping people.This saw many turning to online shopping. Non-store sales increased 5.3% in August. It is expected that people will continue shopping online as they have finally realized the convenience and safety of contactless shopping and payment.Also, as people start going back to their workplace, they are expected to earn more. Household savings too have hit a record high this year. This is likely to boost consumer spending, with the holiday season just around the corner.According to Mastercard SpendingPulse, holiday season retail sales are projected to grow 7.4% on a year-over-year basis and 11.1% from 2019. Last year, holiday sales hit a record high both in terms of dollar gains and percentage points.Our ChoicesOnline shopping will continue to be a safe bet for millions. This is thus the right opportunity to invest in retail stocks that have a strong online presence.Each of the stocks sports a Zacks Rank #1(Strong Buy) or Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Foot Locker, Inc. FL is a retailer of athletic shoes and apparel. The company operates websites and mobile apps, aligned with the brand names of store banners comprising footlocker.com, ladyfootlocker.com, six02.com, kidsfootlocker.com, champssports.com, footaction.com, footlocker.ca, footlocker.eu, footlocker.com.au, sidestep-shoes.com, footlocker.hk, footlocker.sg, and footlocker.my.As of Jul 31, 2021, the company operated 2,911 stores across 27 countries in North America, Europe, Asia, Australia and New Zealand. The company’s expected earnings growth rate for the current year is more than 100%. The Zacks Consensus Estimate for current-year earnings improved 24.9% over the past 30 days. The company has a Zacks Rank #1.The TJX Companies, Inc. TJX is a leading off-price retailer of apparel and home fashions in the United States and worldwide. It has more than 4,300 stores across the globe that are well known for their unique value proposition of brand, fashion, price and quality. The company’s expected earnings growth rate for the current year is more than 100%. The Zacks Consensus Estimate for current-year earnings improved 12.6% over the past 60 days. TJX has a Zacks Rank #1.Costco Wholesale Corporation COST sells high volumes of food and general merchandise, including household products and appliances, at discounted prices through membership warehouses.The company’s expected earnings growth rate for the current year is 20.5%.The Zacks Consensus Estimate for the current year earnings has improved 1.6% over the past 60 days.  Costco carries a Zacks Rank #2.Genesco Inc. GCO, a Nashville-based specialty retail and branded company, sells footwear and accessories in more than 1,435 retail stores throughout the United States, Canada, the United Kingdom and the Republic of Ireland, principally under the names Journeys, Journeys Kidz, Little Burgundy, Schuh, Schuh Kids, Johnston & Murphy, and on Internet websites.  The company’s expected earnings growth rate for the current year is more than 100%. The Zacks Consensus Estimate for current-year earnings improved 21.5% over the past 60 days. It has a Zacks Rank #1.Capri Holdings Limited CPRI provides women’s and men’s accessories, footwear, and ready-to-wear, as well as wearable technology, watches, jewelry, eyewear, and a full line of fragrance products. The company’s expected earnings growth rate for the current year is more than 100%. The Zacks Consensus Estimate for current-year earnings has improved 18.6% over the past 60 days. It has a Zacks Rank #2.(We are reissuing this article to correct a mistake. The original article, issued on September 20, 2021, should no longer be relied upon.) 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The TJX Companies, Inc. (TJX): Free Stock Analysis Report Costco Wholesale Corporation (COST): Free Stock Analysis Report Foot Locker, Inc. (FL): Free Stock Analysis Report Genesco Inc. (GCO): Free Stock Analysis Report Capri Holdings Limited (CPRI): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksSep 28th, 2021

Buy This Soaring Retail Stock and Hold for More Growth?

The luxury furniture retailer formally known as Restoration Hardware has cooled off a bit recently and it's still poised to benefit from the booming housing and home improvement markets... RH RH shares have skyrocketed over the last five years, crushing Wall Street titans along the way. The luxury furniture retailer formally known as Restoration Hardware has cooled off a bit recently and it’s still poised to benefit from the booming housing and home improvement markets and more.The Pitch RH is a high-end furniture and home décor giant thriving in the changing retail landscape by keeping it somewhat old-school. Clearly, RH offers various digital and e-commerce offerings. But the firm still puts out huge physical catalogs and it continues to open large, luxury-centered stores, many with accompanying bars and restaurants in major cities around the U.S.On top of that, RH is expanding its international footprint. The firm, under chief executive Gary Friedman, isn’t stopping at in-store eateries and fancy stores. The furniture company plans to enter the housing and hotel market, with RH Guesthouses and Residences.Image Source: Zacks Investment ResearchOther Fundamentals The high-end retailer topped our second quarter estimates on September 8 and raised its FY21 view. RH acknowledged various supply chain setbacks that are impacting companies across nearly every sector of the economy. Luckily, RH remains confident in the face of these near-term worries on the back of bullish trends within the housing market and home-based spending.Zacks estimates call for RH’s FY21 revenue to surge 32% to $3.8 billion, with FY22 set to climb another 8% higher. This year’s growth would mark its strongest as a public firm. “An important point to consider when analyzing the strong demand in the housing market is the migration of consumers to larger suburban and second homes,” the company wrote in prepared Q2 remarks.“This trend is resulting in substantial square footage growth that is driving increased furniture and furnishings demand… Looking forward, several factors lead us to believe fiscal 2022 is shaping up to be the most exciting year on record for the RH brand.”At the bottom-end of the income statement, RH’s adjusted FY21 EPS are expected to soar 45% and then climb slightly higher in FY22. RH’s consensus EPS estimates have been revised higher to help it land a Zacks Rank #1 (Strong Buy) right now.The company is part of the Retail-Home Furnishings industry that includes Ethan Allen ETH, Tempur Sealy TPX, and Williams-Sonoma WSM and sits in the top 16% of over 250 Zacks industries. Plus, Wall Street is high on the stock, with 10 of the 15 brokerage recommendations Zacks has at the moment coming in at “Strong Buys.”Image Source: Zacks Investment ResearchBottom Line RH stock has gone on a stellar run since its 2012 IPO, including a 440% climb in the last three years to blow by Apple AAPL, Nike NKE, Starbucks SBUX, and countless other heavy hitters and household names. Luckily for those who might have missed out, RH has cooled down a bit despite being up 57% in 2021.The stock has moved roughly sideways in the past three months and it sits near neutral RSI levels at 55. RH closed regular hours Monday 5% below its records, yet it trades at over a 20% discount to its own year-long highs at 25.9X forward earnings.Therefore, investors might want to consider the luxury home furniture power that Warren Buffett’s Berkshire Hathaway has been high on. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Amazon.com, Inc. (AMZN): Free Stock Analysis Report Apple Inc. (AAPL): Free Stock Analysis Report NIKE, Inc. (NKE): Free Stock Analysis Report Starbucks Corporation (SBUX): Free Stock Analysis Report Tempur Sealy International, Inc. (TPX): Free Stock Analysis Report WilliamsSonoma, Inc. (WSM): Free Stock Analysis Report RH (RH): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksSep 28th, 2021

Transcript: Hubert Joly

       The transcript from this week’s, MiB: Hubert Joly, Best Buy CEO, is below. You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Google, Bloomberg, and Acast. All of our earlier podcasts on your favorite pod hosts can be found here.   ~~~   BARRY RITHOLTZ,… Read More The post Transcript: Hubert Joly appeared first on The Big Picture.        The transcript from this week’s, MiB: Hubert Joly, Best Buy CEO, is below. You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Google, Bloomberg, and Acast. All of our earlier podcasts on your favorite pod hosts can be found here.   ~~~   BARRY RITHOLTZ, HOST, MASTERS IN BUSINESS: This week on the podcast, I have an extra special guest. Hubert Joly is the man who helped turn around Best Buy when they were floundering about a decade ago. The stock has since returned 10X from when he joined as Chairman and Chief Executive Officer. He is the author of a fascinating new book, “The Heart of Business: Leadership Principles for the Next Era of Capitalism.” He’s really a fascinating guy, has an amazing background, both as a consultant for McKinsey and being on a number of different boards and running a number of different companies. Everybody who’s looked at his work always put him amongst the best CEOs, top 100 this, top 30 that, really just a tremendous, tremendous track record. And I had a fascinating time speaking with him. I think if you’re at all interested in anything involving leadership or the next era of capitalism or why the old-school Neutron Jack approach to just firing everybody and cutting costs away to restore profitability no longer works, you’re going to find this to be a fascinating conversation. So, with no further ado, my interview with Hubert Joly. VOICEOVER: This is Masters in Business with Barry Ritholtz on Bloomberg Radio. RITHOLTZ: This week, my special guest is Hubert Joly. He is the former Chairman and Chief Executive Officer of Best Buy. He is currently the Senior Lecturer on Business at Harvard Business School. He is on the boards of directors at Johnson & Johnson and Ralph Lauren and has been named one of the top 100 CEOs by Harvard Business Review, one of the top 30 CEOs by Barron’s and one of the top 10 CEOs to work for in the U.S. by Glassdoor. Hubert Joly, welcome to Bloomberg. HUBERT JOLY, Senior Lecturer, Harvard Business School: Well, thank you, Barry, very much looking forward to our conversation. RITHOLTZ: So, let’s start with a little bit of your background, you’ve been the CEO of three major companies. Tell us about how that came about. Take us to the beginning or early days of your career. JOLY: Yes, Barry. I started my career with McKinsey & Company in France and then also in the U.S. Essentially, I didn’t know what I wanted to do. So, that, I thought, it’d be a great training ground and I ending up staying a dozen years at the firm, done a great deal and had wonderful opportunities to lead great companies. At first, I left McKinsey to lead a client that was EDS, Electronic Data Systems in France and I ended up doing a number of turnaround and transformations of companies in industry sectors that were challenged by technology. So, in videogames, in travel, and then, of course, ended up with Best Buy. And I’ve ended up working a variety of industry sectors and those specializations there and every move was a move that was based on — it was – there was somebody with whom I had developed relationship that played a critical role. And so, for example, when I left Vivendi Universal to become the CEO of Carlson Wagonlit Travel, the CEO of (inaudible), which was one of the two shareholders, had been a client of mine and where we have stayed friends. So, Barry, one of the key lessons is that try to minimize the number of people you annoy or irritate along the way and try to focus on doing a great job when you are and then I hope that God provides in the end, which is, I think, the lesson for me of my career. RITHOLTZ: So, I want to spend more time talking about your career. But I have to ask, how did you find yourself moving from France to the United States, what led to that and what was that transition like? Because every time I’m in Paris, I always end up saying to myself, God, I could live here. JOLY: Yes. Thank you for that, Barry. So, the first time I moved to the U.S. in 1985, I was with McKinsey & Company. I’d gone to school in France and there had been discussion of should I do an MBA in the U.S. and after a while, McKinsey said no, you really don’t need to do that. But if you want to spend time in the U.S., we’ll send you to one of our offices. So, I ended up in the San Francisco office, quite the years where the minors were at the top of their game, right? So, that — it’s quite fascinating. And then the last time I moved to the U.S. was in ’08, 2008, when I became the CEO of Carlson Companies. So, I moved there from Paris, France to Minneapolis, Minnesota. And I love France. I think it’s a great country. I love the U.S. What I love about the U.S. is that since Jefferson, we’ve been optimistic. It’s been the dream of a better life and it’s this optimism. Let me tell you, in France, you talk about a problem that has never been solved. People will say, well, who are you to talk about it. Nobody has been able to solve it, right. But in the U.S., if a problem has never been solved, immediately, your friends is like, this is interesting, let’s see whether we can solve it. I love this optimism in this great country and I’m now a dual citizen, Barry. RITHOLTZ: Very — really, really interesting. So, let’s talk a little bit about how one becomes a good CEO. Is it effectively on-the-job training or is it a function of your experience and ability that makes you a great leader? JOLY: Yes. There’s the myth that you’re born a leader. I think that every leader was born, of course, but none of us were born leaders and I think it’s a learning journey. And for me, it’s been — yes, I’m learning by doing, learning on the job, learning from great mentors. One thing I learned the most about — with McKinsey was watching my client’s lead and I learned so much from a number of them. Learning from colleagues, at Best Buy, I learned so much from the frontliners and some of our great executives and then our coach. So, let’s slow down here. Can we agree, Barry, that exactly 100% of the top 100 tennis players in the world have a coach. RITHOLTZ: Sure. JOLY: I think the same is true for all of the NFL teams, all of the Champions League teams. What about us executives, right? And so, it’s interesting that now, for CEOs and senior executives have coaches much more popular. But 10 or 15 years ago, not so much. And I’ve benefited enormously, my first coach was the inimitable Marshall Goldsmith. I’ve learned a ton from him. He helped me deal with feedback and focus on getting better and asking for advice. And without Marshall, I would not be – it is infomercial before and after picture, it’s most improved. RITHOLTZ: Marshall Goldsmith was where? Was that at McKinsey or? JOLY: It was — the first time I worked with Marshall was in 2009. I had just became the CEO of Carlson Companies and my head of HR, Elizabeth Bastoni, told me, would you like to work with a coach and my first reaction was, am I doing anything wrong, is everything wrong with this? He said, no, no. I know Marshall, he helps in a great deal get better. His clients are – were, at that time, Alan Mullally of Ford and Jim Kim of the World Bank. I said, that’s cool, I want to be a member of that club. And Marshall was so helpful because when I was getting feedback, you do a 360 and you hear the goods and then you hear the other parts and my reaction initially was, what’s wrong with them, right? What are they talking about? And Marshall helped me — and the way he helped was — so, I did the 360. He gave me first all of the good things that people have said and says, spend the time to swallow this, digest this. And then the next day, he gave me the other stuff and he said, here’s the scoop, you don’t need to do anything with it, right? There’s no god that says that you need to get better at any of these things but you can — but you get to decide what you want to work on and get better at, right? And think about, so, here’s a question that we could ask, right, think about things that you’d like to get better at, right, and if you cannot think about anything, try humility, right, as a potential area. And then what Marshall made me do is talk to my team and said, thank you very much for all of the feedback you’ve given me and then based on what you said, I’m going to start to work on three things, number one, number two, number three, and I’m going to follow up with each of you to ask you for advice on how I can get better at these three things and then a few months from now, I’ll follow up to see how I’m doing. Now, believe me, Barry, first time I did this, this was excruciating pain having to admit to my team that I was not perfect. They knew it. They knew I was not perfect but having to say it out loud and then I wanted to get better at something. But this getting better at something makes it very positive. And then — so, later on, when I joined Best Buy, I repeated that signaling to every one of the executives that it was OK to want to get better at something. And so, later on, everybody at Best Buy had a coach and we were all helping out each other on getting better at our job, which is what I think you need to do. So, coaching — executive coaching plays a key role in my life. RITHOLTZ: Very interesting. And I recall seeing Marshall Goldsmith’s name on a book, “What Got You Here Won’t Get You There” and a quick Google search shows me that like you, he also is a professor. He teaches at Dartmouth’s Tuck School of Business and has quite an impressive CV. But I want to stick with the concept of coaching and mentors, what did you learn at McKinsey who helped you when you were there sort of develop into the CEO that you are today? JOLY: Yes. So, there was — for me, there were two phases, Barry, at McKinsey that we serve, before the partnership and then the partnership. So, in my first say six years as an associate and then a manager, I learned a lot about problem-solving, communications, serving functional matters and so forth. So, I could say I learned a bunch of technical skills. But when I became a partner, the opportunity I got was sit down next to the CEO of the clients, watch them do their thing and listen and learn from them and that makes me — I got a great deal, right, because they were paying us and I was learning from them, right? Couldn’t get a better deal than that. And so, I will always remember, there was a client in, Jean-Marie Descarpentries was the CEO of a computer company Honeywell Bull and this is the guy who told me that the purpose of the company is not to make money, right? It’s an outcome, right? In business, you have three imperatives. You have the people imperative, which are the right teams. We have the business imperatives, which are the customers or clients and then great products and services. And then there’s a financial imperative and, of course, you have to understand that excellence on the financial imperative is the result of excellence on the business imperative, which itself is the result of excellence on the people imperative. So, it’s people, business, finance and finance is an outcome. And by the way, it’s not the ultimate goal because if you think about a company as a human organization, a bunch of people working together, they’re probably in there to create something in the world, right, and we can dig into this but that was — and believe me that was 30 years before the BRT statement of 2019 that we said we need (ph) in August the second anniversary. And so then, it was — the practical implications around this is that when you do your monthly review with your team, start with people and organization. Don’t start with financial results. If you should start with financial result, you’re going to spend your entire time on financials and you want to understand what’s driving these results whereas if you start with people and organization, you have a chance to spend time on that, then business, customers, products and then the CFO will make sure that you’ll spend enough time on the financial results. So, for me, that was a game changer and I applied this throughout my career and you could say whether it was in videogames or in travel or hospitality or in Best Buy, this focus on people first and treating profit as an outcome was a big driver performance. And this has not smoked anything illegal when I say this, Barry. As you know, the share price of Best Buy went from beyond low, it was $11. Recently, it’s been between 110 and 120. So, time spent in nine years, that’s not bad. Maybe you could have done better, Barry, but it’s OK, I think. RITHOLTZ: No. I don’t think I could have done better than 10X and PES no longer illegal in New York. So, you could smoke whatever you like. We’re going to — by the way, those three steps that you just mentioned are right from the book and we’re going to talk a little more about the book in a few minutes. But before we get to that, I have one last question to ask you which has to do with the fact that Best Buy, you mentioned it’s up 10X, it’s a publicly-traded company. Before you were at Best Buy, you are also at a giant company but it was privately held. Tell us a little bit about what that transition was like having to answer to shareholders and Wall Street. How did you manage that? Very different experience from everybody I’ve spoken with over the years. JOLY: Yes. Barry, so, I’ve worked in a public company, Best Buy. I’ve worked in a family-owned company, this was Carlson Companies. I’ve worked in a partially private equity-owned company, Carlson Wagonlit Travel, one equity partner of JPMorgan with 45 different shareholders and frankly, I think it’s pretty much all the same. You have shareholders whether they are large entities like Fidelity or Wellington or it’s a private equity player or it’s a family, they have expectations and needs and, by the way, all of them are human beings, right, by the way and that’s focused on the high-intensity trading that all the longs and all the shorts, they are human beings, and I’ve had – even though I say profit is an outcome and is not the ultimate goal, shareholders, even in stakeholder capitalism, are very important stakeholders. They’re taking care of our retirement. So, we love them for that. And so, when I was a CEO of Best Buy, I so enjoyed spending time with our shareholders sharing with them what we’re doing, answering their questions, they’re smart. It was always taking things away and the key was pay attention, listen and then pay attention to the say/do ratio. Best Buy had lost its credibility because they were saying a lot but not doing much, right? So, with my wonderful CFO sharing the column with me, we’re going to say less and do more and that’s how we’re going to build our credibility and we would be very transparent, share our situation, the opportunities we saw, what we’re going to do, and then we update them in our progress. And so, I really enjoy the competition. But in many ways, Barry, I think public, private equity or a family is largely the same. It’s people, we have to respect them and take care of their needs. RITHOLTZ: My extra special guest this week is Hubert Joly. He is the former Chairman and Chief Executive at Best Buy, a company that he helped turn around over the course of his tenure there. Let’s talk a little bit about that. If you would have asked me a decade ago what the future look like for Best Buy, I would have said they were toast that Amazon was going to eat their lunch and they were heading to the garbage pile. Tell us what the key was to turning the company around so successfully. JOLY: You’re, right. Everybody thought we’re going to die. There was zero buy recommendation on the start in 2012 and what I found as I was examining the opportunity to become the CEO because my first reaction when I was approached was this is crazy, right? This is the same reaction as you described. But what I found is that there was nothing wrong with the markets or the business outside. All of the problems were self-inflicted. In fact, the customers needed Best Buy because we needed a place where to see and touch and feel the products and ask questions. And the vendors ultimately needed Best Buy. They needed a place where to showcase their products, the fruit of their billions of dollars of R&D investments. The problems were self-inflicted. Prices were not competitive. The online shopping experience was terrible. Speed of shipping was bad. The customer experiences in the stores have deteriorated. The cost structure was bloated and, and, and. That’s great news because if a problem is self-inflicted, you can fix it. RITHOLTZ: Right. JOLY: And so the first phase was all about fixing what was broken and the advice I had been getting, Barry, was cut, cut, cut. We’re going to have to close stores, cut headcounts. We did the opposite. All of the stores were profitable. So, frankly, there was no point of closing stores in a significant fashion. RITHOLTZ: Right. JOLY: It was very — the first phase was a very people centric approach, listening to the frontliners. My first week on the job, I spent it in the store in St. Cloud, Minnesota. I think in France, we would say St. Cloud but over there it’s St. Cloud so there you go. And really listening to the frontliners, they had all of the answers about what needed to be done. And so, my job was pretty easy, it was do what they have to — what they said we needed to do like fix the website, make sure the prices were competitive and so forth. The second on the people centric approach, build the right team at the top and then instead of focusing on headcount reduction, focus on growing the top line by meeting the customer needs and fixing what was broken in the customer experience and treating headcount reduction really as a last resort. And then focus on mobilizing the team on what we need to do for the customers. That sounds soft but that was our opportunity and that’s what we need to do in the first two or three or four years. And then once we have saved the company, it was about how do we — where do we go from here, how — what kind of company do we want to build for the future. And that’s why we focused on designing our purpose as a company. We said we’re actually not a consumer electronics retailer. We are a company in the business of enriching life through technology by addressing key human needs, which we’ll talk more about this. But this was transported because it’s expanded our addressable market and have to mobilize everybody. And as a company, we have to work on making this come to life in all of our activities and really creating an environment where – I think the summary at that time was we unleashed human magic. We had a hundred thousand people plus, I think spring in their step, connecting would drive them in life with their job and doing magical things for customers. And frankly, Barry, I learned so much along the way and, again, all of this sound soft but go back to — we went from $11 to 110 or 120. That was the key. RITHOLTZ: To say the very least. So, let’s talk a little bit about what you guys had done in the physical stores. The big threat to Best Buy was people showrooming, meaning showing up to look it up products and then buying it for a little cheaper at Amazon. How did you — and this is the line from the book, quote, “How did you kill showrooming and turned it into showcasing?” unquote. JOLY: Yes. So, everybody was talking about showrooming at that time. The frequenct was not that high actually but of course, it was incredibly frustrating for the blue shirt associates in our store to spend time with you, Barry, we love you but we spent 30 minutes with you answering all of your questions about the TV and then you buy it online. So, after 30 days at the company, we actually decided that we were going to take price off the table by lining up places with Amazon and giving the blue shirts the authority on the spot to match Amazon prices. And so, I took price off the table … RITHOLTZ: Right. JOLY: … and the customers, once they were in our stores, they were ours to lose. RITHOLTZ: Right. When you want to drive home with the TV in the back of the car instead of waiting a couple of days from it to come from Amazon, immediate gratification has to be a huge benefit you guys have as the physical store. JOLY: Exactly. And then, yes, of course, the (inaudible) but you’re still going to die because your cost structure is too high, it’s higher than Amazon or Walmart. So, we did take $2 billion of cost out. RITHOLTZ: Wow. JOLY: But the way we won in the end was we just had aha moment of, as I said, showcasing. If you are a Samsung or HP or Amazon and Google products, you need a place where to showcase your products, right, because you spend billions of dollars on R&D and if it’s just I’d say vignette on a website or box on a shelf, you’re not going to excite the customers. RITHOLTZ: Right. JOLY: You need a place where to showcase your products. And so, we did deals. The first one was with Samsung where we had a meeting in December of 2012, Barry. J.K. Shin, the then CEO of Samsung Electronics came to visit us in Minneapolis in December of 2012 and over dinner, we did a deal where in a matter of months, you would have 1,000 Samsung stores within our stores where you could showcase these products. It was just across the aisle from — we already had an Apple store within the store and it was good for the customers because they could see the products, they could compare with Apple. It was good for Samsung, right, because the alternative for them first was to build 1,000 stores in the U.S., it takes time, it’s difficult, and. of course, we have this great location and great traffic. And good for us because it was part of our OPM strategy, other people’s money strategy, right, because there were some good economics for us. And so, that allowed us to offset the cost advantage in Walmart or Amazon we have and then over time, we did deal with all of the world’s foremost almost tech companies, including Amazon for crying out loud, and that was the game changer. And we look — if you look at our stores today, they are shiny because — we have all of these shiny objects and you can see and experience all of these products. So, that was really a game changer. RITHOLTZ: So, let’s talk a little bit about both Samsung and Amazon. First, I’m always surprised that people don’t realize what a giant product company Samsung is. It’s not just phones but it’s phones, its TVs, it’s washers, dryers. I mean, Samsung basically anything in your house is a product that Samsung makes and not just entry-level washer, dryers or refrigerators. I think was it last year or two years ago, they bought Dacor, which is like a subzero, high-end manufacturer of kitchen appliances. So, when you set up the store within a store with Samsung, tell us about what that did and how did that impact Samsung’s sales at Best Buys? JOLY: Sure. Yes. I mean, you’re right to highlight this great company. The first deal we did with them was focused on phones and tablets and cameras. So, in a matter of months, they had these stores within our stores and it really put them on the map. It is I think — if you go back to the ’90s, Samsung was not the same company. They were really low end and the chairman at that time, so, the father of the current — of J.Y. Lee now, came to the U.S. and said, at some point, I want Best Buy to carry us and it would be the ultimate goal. And now, they’re one of our top five vendors, probably better than top five. And so, it really gives them the physical presence and to prove that it’s worth for them was then we did the same in the TV department and then in the appliance department. So, it’s been a series of wins for them. And once we have announced the deal with Samsung, other — we had similar conversation with Microsoft, Steve Ballmer, we had a conversation at CES and then two months later, we did the Microsoft stores within Best Buy and then it went on and on. And Tim Cook at Apple told me that he didn’t really like what we were doing, he understood it but he didn’t really like it and Apple has been a very important vendor to Best Buy. So, what we decided to do with them is do more. And so, it was stronger partnership. So, Best Buy is not simply carrying products and partners with the world’s foremost tech companies and with some of these companies and partners on product development, new product introduction and because there’s so much innovation that drives the business, it’s a critical role we play. We also partner in service, Best Buy sells AppleCare, an authorized Apple service provider. So, these partnerships really changed the game. And in the U.S., I think it’s not arrogant to say that Best Buy is the only player which these large companies can do these meaningful deals. So, it really changed the trajectory. RITHOLTZ: I have to ask you about the Geek Squad. Whose idea was that and how significant is it to the company? JOLY: Sure. Robert Stephens was a student at the University of Minnesota, was the — is the founder of Geek Squad in 1994. Very creative guy. The name itself is good — is cool, the logo and so forth, and then Best Buy acquired the company in 2002 when it was quite — still quite small and now, of course, it’s become really big, it’s 20,000 employees. And it’s the key elements of Best Buy’s differentiation because Best Buy is not just in the business of selling you something. We’re — our target customer — people who are excited about technology need technology but also need help with it. And so, with the Geek Squad and the blue shirts, we’re able to advise you when you’re looking at what to do but also help you implement in your home, helps you figure out if something is not working across, right? Of course, let’s take an example. If Netflix is not working tonight at your house, Barry, is it because of Netflix, is it piping to the home, is it the router, is it the streaming device, is it the TV, honey, what is it, right? And we’re honey, right, and we’re going to be able to help you across all of these vendors. And so, that’s a big differentiator for the company. So, really genius. RITHOLTZ: My extra special guest this week is Hubert Joly. His new book is called, “The Heart of Business.” Let’s talk a little bit about writing a book which is quite an endeavor. What motivated you to sit down and say, sure, I’ll write a book? JOLY: Well, this is not a traditional field book. So, this is not a memoir. This is not about the story of the Best Buy turnaround per se. It was reflection, Barry, and it’s really been something I’ve been thinking about for the last 30 years that so much of what I’ve learned at business school, what McKinsey or the early years of my career is wrong, dated or incomplete. And when sit back today or in the last couple of years, even though I’m the eternal (ph) optimist, I have to say it out loud, the world as we know it is not working, right? We’re in this multifaceted crisis, you have, of course, the health crisis and economic crisis, suicidal issues, racial issues, environmental problems, geopolitical tension, it simply is not working. And what’s the definition of madness, right? It’s doing the same thing and hoping for different outcome. And for me, on my FBI’s most wanted list, is two people. One is Milton Friedman, shareholder primacy, and two is Bob McNamara, the former Secretary of Defense and executive at Ford who’s the — almost the inventor top-down scientific management. These approaches don’t work and I think they got us in trouble and there’s a growing number of us, right, and certainly, I’m not the only one, who believe that there’s a better formula that business can be a force for good that — it’s the idea that business should pursue a noble purpose and take care of all of the stakeholders that you put people at the center. You embrace all stakeholders in some kind of declaration of future dependents. There’s no need to choose between employees and customers and shareholders. It’s by taking care of customers and employees and the community that generate great returns for shareholders. We treat profit as an outcome and this formula, people call it stakeholder capitalism or purposeful leadership, I think everybody now talks about it and embrace it, most people. There’s still a few who don’t agree. But the challenge then is how do you do this, how do you make this happen and, Barry, I felt that with my experience and the credibility of the Best Buy turnaround, I could add my voice and my energy to call this necessary foundation of business and capitalism around purpose and humanity and provide like a guide for any leader at any level frankly who is keen to move in that direction but like the rest of us, we would help. And so, that was the genesis of the book and the subtitle of the book is leadership principles, right, for the next era of capitalism and the book is full of very concrete examples and stories and illustrations. There’s questions at the end of each chapter that people can use to reflect and act at their company. So, that’s the book. RITHOLTZ: Speaking of the book, it got a terrific review from all — of all people, Amazon’s Jeff Bezos. How did that come about, how did Bezos give you a review and what’s the relationship like between Best Buy and Amazon these days? JOLY: Sure. Best Buys has always sold Amazon products because we think about Amazon as the retailer, of course, as a cloud company but Amazon is also a product company, right? They have the Kindle and, of course, all of their Echo products. And Best Buy have always sold Amazon’s products in the stores. Other retailers say it otherwise but we felt these were great products and we’re here to serve customers. I got to know Jeff firstly through the business council. Both of us were members there on the executive committee and once, I was invited to discuss our turnaround and how we had approached that transformation and Jeff was in the first row and being very kind. But then we did this significant partnership where I think it was in 2018. Amazon gave Best Buy exclusive rights to Fire TV platform, which is their smart TV platform, to be embedded into smart TVs. So, any smart TV with the Fire TV embedded in it, Best Buy is going to control that. It’s only going to be sold at Best Buy or by Best Buy and Amazon. And when we did the announcement for this deal, we did it in a store in Beverly, Washington, and Jeff came and we had some media there and Jeff said, TV is a considerate purchase. You got to see the TV. Best Buy is the best place in the world we you can do this. That’s why we’re doing the partnership and we built this stress-based relationship. And, of course, the media was — this was a jaw-dropping moment and Jeff is a very generous man. It’s interesting because it raises another question which is how do you think about competition. As you lead a company, do you obsess about competition or do you obsess about your customers and what you can become. And that’s one of the things that Jeff and and I share which is you obsess about your customers and becoming the best version of yourself you can be. Of course, at Best Buy, we look at Amazon. We wanted to — actually, in the sense, we neutralize them, right, because same prices, same great shopping experience and we ship as fast as they do. So, let’s call it a draw on the online business and then we have unique asset. And so, you’re not obsessed about your competition. In fact, in some cases, you partner with them and I think the world — other than the COVID pandemic, there’s another pandemic in the world which is the fear or the obsession about zero-sum games. The only way that Amazon could win is if Best Buy loses or vice versa. The only way this podcast can be successful, Barry, is if you win and I lose. That’s crazy, right? You get to collaborate and create great outcomes and I think in this world as leaders, we have to think about how we can create when win, win, win outcomes for our customers, our employees, our vendors, the community and ultimately, their shareholders. RITHOLTZ: And to put some flesh on those bones, some numbers on it, in 2007, before the financial crisis, Best Buy had done about $35 billion in revenue. In 2020, they were somewhere in the neighborhood of 47 billion and this year, I think the company is looking for an excess of 50 billion. So, clearly, that’s been heading in the right direction. Let’s talk a little bit about your experience on other boards. You’re in the board of directors of Johnson & Johnson and you’re on the board of directors at Ralph Lauren. What have you learned from those firms that were applicable to Best Buy and what do you bring to the table for those companies? JOLY: Yes. So, I joined — the first board I joined was Ralph Lauren in 2009 and I was the CEO of Carlson Companies, which was Carlson Wagonlit Travel, TGI Fridays and then a bunch of hotels, Regent and Radisson. The reason why I was interested in joining another board was to try to become a better CEO in the relationship with my board and sitting on somebody else’s board, you can see the needs of the board and then you can see how the CEO and their team are dealing with you. So, that was a great experience because when you become CEO and you deal with the board, you have zero experience, right, dealing with the board. So, that’s one of the things you learn on the job. So, that was a great way for me to learn. And these two companies, J&J and Ralph Lauren, they’re two amazing companies. J&J, I joined recently. I joined about 18 months ago. And so, watching Alex Gorsky and his team navigate the pandemic, their Credo-based approach. I mean, they’re the inventor of stakeholder capitalism before (inaudible), right, with their Credo that they created in 1943 that’s focused on all of the stakeholders. They’re one of the most innovative companies. So, they show the value of doing meaningful innovation for the benefit of, in their case, their patients. This is a wonderful entrepreneur. The company was founded in ’67 and it’s a great company, one of the most iconic brands on the planet. So, how do drive this and how do you balance left brain and right brain and, of course, enjoying cooperating with Patrice Louvet, the CEO, who is a terrific guy. And so, learning — I’m like a sponge, I love learning (ph) from others. What I bring, I would frame it along the lines of what I was looking for my board to do when I was CEO and I was not looking for the board to give me all of the answers and do my job, right? But I use the board — I wanted — I build a board that would give me complementary skills. So, I wanted to have the best people on the board that would have skills that would be additive to our management team and use the board as a sounding board to — I would get 80 percent of the value of the board meeting in preparation to the board meeting. And then getting reaction at the sounding board. When you are in the weed, sometimes, you’re missing something and then being able to access unique expertise from my board. So, what I try to bring on these boards is I try to be a resource for the management team, a sounding board, and helping them with their most important issues. I really enjoyed that. I’m in the state now where I started a new chapter as you highlighted, I’m no longer a CEO but it’s a matter of giving back and helping the next generation of leaders be the — become the best version of themselves they can be. So, I do that through boards and through executive education at Harvard Business School, also coach and mentor of a number of CEOs and executives. So, it’s — I just love doing that. RITHOLTZ: So, let’s talk a little bit about what you’re doing now. Tell us about the class you’re teaching at Harvard. JOLY: So, on Monday, August 30th, that is the first day of school for the incoming MBA class. So, I’m one of the professors in the first year. I teach marketing, which is about — it’s focused really on how do you grow a company focusing on the customers. So, that’s one of the things I do. I’m also part of the faculty that’s — as a program for new CEOs. So, twice per year with a small bunch of new CEOs, I did this when I became CEO, that come here for three days and we try to help them out. I’m also part of the faculty that’s doing a program called Leading Global Businesses and last but not the least, I’m really passionate about this, we’re designing and we’re going to pilot program for companies and then also in the MBA program called Putting Purpose to Work and Unleashing Human Magic. So, many companies on this purpose journey today. And so, there’s going to be a series of workshops for the top 30 people, custom programs, one company at a time, and we’re going to try to support them in their journey. We’re doing our first pilot this fall and to look forward to learning from that experience. And I think we’re just in the early innings of that new era of capitalism. So, so much to learn. I’m super excited to be part of that journey with a number of companies. RITHOLTZ: Quite interesting. I have to ask you the obvious question, is your book a book you assigned to your students? What do you have them read? JOLY: So, HBS is a school where there’s really not, for the most part, mandatory reading of any books. So, I know that last year, before the book was established, my wonderful Section E from the MBA program, they all got a copy of the manuscript and they had great conversations, too. Sometimes, the book gets distributed to the participants of the executive education programs. But in the MBA, there’s little mandatory reading. It’s all about, as you know, the case study methodology, which is a wonderful way to learn because it’s hard to learn just from reading. Reading, I mean, I encourage people to read the books for sure but it’s by practicing that you really learned, right? So, that’s the HBS way. RITHOLTZ: To say the very least. And one of the things that Bezos specifically mentioned was that he thought your turnarounds at Best Buy was going on eventually become a Harvard Business School case study. What are your thoughts on that? JOLY: Well, we’re actually working on that with Professor Gupta and it’s going to be taught for the first time. This is going to be fun, right? It’s going to be the last case of the marketing class in December. And so, of course, in my section, it’s going to be ironic. I’m going to be Professor Joly and I’m going to be one of the protagonists. There’s been other cases on Best Buy but this one is going to be much on the turnaround and transformation. So, that’s going to be fun. I’ve also taught it — we’ve also taught it in some of the executive education programs. So, Jeff – I know Jeff is right, there’s a Best Buy case now at Harvard Business School. RITHOLTZ: Really, really quite interesting. So, you mentioned purposeful leadership. Let’s delve into that a little bit. How does one become a purposeful leader who’s focused on creating the sort of environment where others can flourish and perform at their best? JOLY: Yes. This is, for me, such an important information and I grew up believing that as the leader, what was important was to be smart, right, where I went to school and to — some of the best schools and in the early years of my career, this is the left brain would highlight being the smartest person in the room. I’ve learned over the years that this is not what drives great outcome over time. I had an entire reflection and we slowed down. One of the things that is important to do is reflect on why do we work. Is work markedly a mixed reputation, right? We work — is work a punishment because some dude send in paradise, right, or is work something we do so that we can do something else that’s more fun or is work part of our fulfillment as a human being, part of our quest for meaning, right, to talk about Victor Frankl. And one of the things that I really invite myself to do and every leader to do is reflect on this. What’s going to be the meaning of my life professionally? How do I want to be remembered? One of the things we ask the CEOs to do in the CEO program in Harvard is write your retirement speech or with my wife when I — when we coach or mentor CEOs, we ask them to write their eulogy. What would you like other people to say on that day when you’re not here to listen? And I think this is so meaningful because people talk about the purpose of the corporation. I think it starts with our individual purpose, right, because motivation is intrinsic, right? And so, how can you lead others if you cannot lead your life and yourself? For me, that’s the beginning. And very practical, one of the turning points in our journey at Best buy, Barry, was every quarter, we would get together as an executive team for an offsite and one day, I asked every one of the executive team members to come to the offsite with a picture of themselves when they were little, maybe two or three years old. We got some really cute pictures, Barry, I can tell you that and over dinner, we spent the evening sharing with each other our life story and what drives us in life, what’s the meaning of our life. And what came out of that discussion, several things, one is we realized that all of us were human beings, not just a CFO or CMO or CHO, and that, with a couple of exceptions, all of us had the same kind of goals in life, which is it is the golden rule, do something good to other people. And that was transformational because we said, well, we’re the executive team of Best Buy. At that time, Best Buy — we had saved Best Buy and it was — where do we go from here? Why don’t we use Best Buy as a platform to do something good in the world and become a company that customers are going to love, employees are going to love, community is going to love and, of course, shareholders are going to continue to love. And so, there’s a similar idea in my mind which is connecting what drives us as individuals with the purpose of the company and the thing for companies that are embarked on the purpose journey, they write down their purpose but if they just try to cascade it down and communicate it to everybody and say, why don’t you — why aren’t you excited about this new purpose, right, it doesn’t work. We really have to start with what drives every individual and the company and then you realize that, yes, what is your role. So, in the book, I talked about the five Bs of purposeful leadership. The first B is be clear about your — what we are talking about, be clear about your own purpose, be clear about the purpose of people around you and how it connects with what you’re doing at the company. The second one is be clear about your role as a leader. It’s not to be the smartest person in the room but to create the environment in which others can be the best version of themselves. And, of course, if you’re leading a significant company and Best buy has more than 100,000 people, the only thing that happens is the thing that you decide that you come up with, you know it’s going to go far, right? So, it’s all about creating this environment which is significant mind shift. It’s also about — yes, Barry? RITHOLTZ: I was going to say, I’m struck by your comments and this comes through the book about showing vulnerability, inspiring people, embracing your humanity. I think back to the former CEO of General Electric, Jack Welch, whose nickname was Neutron Jack for how frequently he would lay off people and close divisions and fire other executives. When you were putting your philosophy to work at Best Buy, were you aware that this is a radical break from what had come before you? JOLY: Yes. And to quote — so, to go back to France in 1789, at the moment of the Storming of Bastille, there is Louis XVI asked La Rochefoucauld, is this a revolt, and La Rochefoucauld’s response says, no, sire, this is a revolution. And I think that’s what it is and it’s really shifting things. People are not the problem. They’re the source and they’re also the ultimate goal. And I think that most people agree with this, Barry, the challenge is not agreeing with this now, I think it’s really doing it and it’s — I can speak from experience. If you were to look at my face, you would see all of these scars on my face. Learning from experience and trying to get better at this is a lifelong journey of learning to be vulnerable. I was raised — being taught that I — you couldn’t say I don’t know and now, in the world we live, did you have a manual for the COVID pandemic, did you have a manual for back-to-the-office, Barry? No. So, it’s clear that we don’t know. So, we have to be able to say my name is Hubert and I need help and we’re going to work together to figure it out. So, there’s a C change in leadership, meaning from a place of purpose and with humanity and a great deal of humility. RITHOLTZ: So, I want to talk about the pandemic in a moment. I want to stick with this revolution that you mentioned. There’s a quote from the book that I really like, quote, “The Milton Friedman version of capitalism got us here. But now, this model is failing.” Explain to us how it got us here, why it’s failing now and what comes next. JOLY: I used this to highlight the idea which mainly has been Milton Friedman’s, only I get was the context when he spoke. But the obsession with profits being the only thing that matters is proven to be poisonous and excessive focus on profit is poisonous and there’s several reasons for this. One is when we look at the reported profit of the company — by the way, if anybody believes that U.S. GAAP really tries to equate economic performance, study your accounting again, it’s not even trying, it’s a set of principles. There’s many things that GAAP profit does not capture, including your negative impact on the environment or how well your sales force is trained. The other thing is that it focuses on an outcome. So, in medicine, the (inaudible) analogous is my MD was focused on my temperature, right, and I don’t want a doctor that’s purely focused on my temperature because maybe he’s going to put the thermometer in the fridge or in the oven, right, depending. I want somebody who’s going to be interested in what’s driving my health and try to help me get healthy. And so, we got confused by this obsession and that was (inaudible) and, of course, there’s extreme cases. Enron is one of them but — where we lost track of why we’re on this planet and responsibility with doing the right thing. So, this new model, the reinvention of business probably going back to some of our roots, right, with the idea that business is here to purse enabled (ph) purpose. And this is not about socialism, this is about doing something good in the world that could be responding to needs of customers in a way that’s responsible. It’s about putting people at the center embracing all of the stakeholders in a harmonious fashion, refusing zero-sum games and treating profit as an outcome. I think that’s the formula that’s employed by some of the best companies on the planet. And as leaders, we need to go back to that and to learn new things because we’re so influenced by some of the techniques we learned last century, including this top-down management approach and using it extensively. So, that’s something you’re going to learn over time. There’s research by the MIT that shows that financial incentive deteriorates performance, which is the opposite of what we’ve learned, right? But if you feed somebody with carrots and sticks, beware because you’re going to get a donkey, right? RITHOLTZ: Right. JOLY: And in a world where you need creativity and people to be their best, motivation is going to be intrinsic. So, that’s what you need to be able to touch and get to the environment where people want to be their best and make a meaningful contribution in their work. So, I think this is a very exciting phase. This is an urgent phase because I’m concerned probably like you and many others that we have a few ticking timebombs and I have three wonderful granddaughters. I want to do my best to try to, quote-unquote, “make the planet” be a better world, right, than the current trajectory. RITHOLTZ: And this is very consistent, I have a fuller understanding of your philosophy that profit should be an outcome and not just the goal in and of itself. You’ve really put some meat on those bones. JOLY: Yes. Thank you, Barry, and there’s practical implications of that again and starting your monthly business meetings or even your board meetings with people and organization and then customers and business and then basically (ph) with with financial results. You should take care of the first two, the profits will follow. So, it’s a significant practical and philosophical transformation. Talking about quotes here, we quoted Milton Friedman, but I love this quote from the Lebanese prophet, Kahlil Gibran, who said that work is love made visible. RITHOLTZ: That’s a wonderful quote. And let’s talk a little bit about visibility of some of the changes you did. By the time you stepped down from the board of directors in June of last year, Best Buy’s board of 13 directors had, for the first time ever, a majority of women and three African-American directors. Tell us how you brought about this increase of diversity. What about diversity throughout the rest of the company and what was the impact of so much inclusion and a shift away from the older homogenous types of boards? JOLY: I think, Barry, it’s clear for every one of us today that having diversity is going to get to a better business outcome and I do believe that has there been Lehman brothers and sisters instead of Lehman brothers, we would have had a different outcome. But if you also take it a very practical fashion, in one of our stores in Chicago that’s in the Polish neighborhood, if the blue shirts don’t speak Polish, they’re not going to sell much. RITHOLTZ: Right. JOLY: Or when we had Brazilian tourists in Orlando, the blue shirts didn’t speak Portuguese, they were not going to sell much. So, having diversity of every dimension, talent, skills, profiles, gender, race, the country’s color is changing very rapidly, it’s becoming black and brown, we have to represent — it’s very simple, we have to represent the diversity of the customers we serve. If we don’t, bad things happen. And so, there’s a business imperative, there’s also a moral imperative when we see the state of the country. So, from a gender standpoint, as I said, I have three granddaughters, I want them to have the best opportunities, and why would it make sense to only recruit from a quarter of the population, right? RITHOLTZ: Right. JOLY: The board’s — I’ll say the board’s composition was a great place to focus now. It’s not the only one. When we rebuilt the board study in 2013, we want to have the best skills. We were determined to be diverse. So, we had an early focus on gender diversity and when I started to focus more on ethnic diversity, probably starting in 2016, 2017, I met — I had a great meeting with Mellody Hobson of Ariel Investments and … RITHOLTZ: Sure. JOLY: … she’s now the Chair of Starbucks, everyone knows Mellody, she’s amazing, one of the things she told me is that people cannot be who they cannot see. And so, starting at the top and having a board that would signal the direction was important. So, what’s really — and changing the composition of the board is not that hard with only 10 or 12 or 13 people, how hard can it be? So, we told the headhunter don’t bother giving us resumes of non-black directors, right, and if you believe that you are unable to find great black candidates, well, say that’s OK, we won’t have a problem with that. We’ll just work with another firm. It’s not a problem. And so, we recruited three amazing directors and we got them on the board that they’ve concluded (ph) in this direction and I think it makes a huge difference. And, of course, Best Buy is headquartered in Minneapolis and following the killing — the murder of George Floyd, it’s pretty simple, if you — if the city is on fire, right, if the community is on fire, you just can’t open stores, right? You can’t run a business. RITHOLTZ: Right. JOLY: So, in this country, we have this big racial issue that has been going on for centuries. I think generation has the opportunity to end systemic racism and that’s something we, I think, business can play a big role in this. So, that was determined and that’s what we did. RITHOLTZ: Let’s jump to our favorite questions that we ask all our guest starting with tell us what you’re streaming these days, give us your favorite Netflix or Amazon Prime, what’s keeping you entertained during the pandemic? JOLY: I have so much electronic equipment in our place that I’m doing a lot of streaming. I love — I always listen to music. I’m a movie buff. I have a collection of probably 800 movies on my (inaudible) setup. Our favorite I would say recently has been “Good Doctor.” I think that’s Season 5, it’s starting at the end of September. We’re very excited about this. And then from a podcast standpoint, I like listening to HBR’s Idea Cast. That’s a weekly – a great weekly podcast. Whitney Johnson has a great leadership podcast called “Disrupt Yourself.” And then I have to mention, there’s a young teenager, well, teenager would be young anyway, right, but let’s call him a teenager, Logan Lin has got a FinanZe podcast that focused on the Z generation. My God, the guy is so cool. So, everybody joins and downloads FinanZe spelled F-I-N-A-N-Z-E and that’s Logan Lin. RITHOLTZ: Quite interesting. We hinted at some of your mentors but let’s jump into that in more depth. Tell us some of the people who helped to shape your career. JOLY: There’s so many, Barry. Jean-Marie Descarpentries, a client of mine, had this big influence on me teaching me so much about how to put people first and treating profits as an outcome. There were two great friends, yes, who happened to be monks in a religious congregation in the early ’90s. That was a turning point. They asked me to write a couple of articles with them on the theology and philosophy of work which is where I got a lot of my roots in terms of work as part of our search for meaning as individuals, as human beings. It changed my perspective on work. Another turning point, too, in my early 40s, you could say throughout the book, it was at the top of my first mountain, right, had been a partner at McKinsey & Company. I was on the executive team of Vivendi Universal, by many measures., I’ve been successful, right, except I think the top of that first mountain was very dry which was not fulfilling. There was no real meaning. So, I call it my midlife crisis, right? So, instead of going on to an island, I did — I stepped back and I did the spiritual exercises of Ignatius of Loyola. So, you could say the founder of the Jesuits, of course. You could say he was one of my mentors that was really helpful to help me discern my calling in life, which today or since then has been to try to make a positive difference on people around me and use the platform I have to make a positive difference in the world which is what I’m doing now teaching and mentoring and so forth. And then we mentioned Marshall Goldsmith, my first coach and a good friend. Later on, I also worked with Eric Pliner at YSC. When the board — so, Marshall was doing my annual — having that board with my annual evaluation and the board realized that Marshall and I were such good friends and said, we need somebody more objective now. And we got Eric Pliner, who is now the CEO of YSC, worked with me but also his firm works with every one of our executives and helps us with executive team’s effectiveness and that was quite transformative. You should have spent more time earlier on not just on building the right team but enhancing our team effectiveness and I learned a lot working with Eric in that journey. RITHOLTZ: Let’s talk a little bit about everybody’s favorite question, tell us about some of your favorite books and what are you reading right now. JOLY: I read three books this summer. The first one is by Rakesh Khurana who’s now the President of Harvard College and it’s called “From Higher Aims to Hired Hands” which is the history — exactly for me, the history of business education in the U.S. over the last 120 years and how the business school curriculum were saved and how — and why he believes and I do believe as well that we need to evolve it not just learning techniques but also with — it’s not just about learning something or learning to do something, it’s also learning to be, which is I think an entire journey. I also read “Caste” by Isabel Wilkerson and a book by my colleague, Tsedal Neeley, “Remote Work Revolution” which is, of course, a very timely book. Best book ever read, I have to mention Marcel Proust being French, “In Search of Lost Time.” It’s only 3,000 pages. So, if you have a minute or two, I encourage you to get to it. Victor Frankl’s “Man’s Search for Meaning” is another favorite. And you mentioned the Marshall Goldsmith’s “What Got You Here Won’t Get You There.” And finally, I have to mention my wife’s book called “Aligned: Becoming the Leader You’re Meant To Be” and her name is Hortense Le Gentil. It’s one of the best leadership books that I’ve ever read and, of course, a little bias maybe. RITHOLTZ: Maybe you’re a little bit bias. So, you work with grad students and college students, what sort of advice would you give to a recent college graduate who is interested in a career either as an executive or leadership or even in retail? JOLY: I think the advice is the same as we give the new CEOs is write your retirement speech or even better, write your eulogy. And I know my good friend John Donahoe, who’s now the CEO of Nike, did this when he graduated and he’s always kept it. And I understand he goes back to it every year and it’s hard. (Inaudible) between the ages of 26 and 34, early in your adult life, you don’t necessarily know everything but try to write it and see what journey you want to be on and how you want to be remembered. That would be one plot. RITHOLTZ: Quite interesting. And our final question, what do you know about the world’s of leadership and executive management today that you wish you knew a couple of decades ago when you were first getting started? JOLY: Well, there’s so much over the years. I think it has to do with profits being an outcome not the goal. It’s about importance of looking at drivers of performance. It’s about my role as a leader is not to be the smartest person in the room but to create the right environment. Not about being perfect. Nobody’s perfect. And I think the quest for — maybe I’ll finish with this, the quest for perfection can be very dangerous, can be evil, right, because if you’re trying to be perfect, guess what, you’re not going to be successful. You’re going to be incredibly demanding and harsh with people around you because you expect them to be perfect. And so, you have to be laxed and be kind with yourself and others around you and be able to open up and share what you are struggling with, understand what they’re struggling with and help each other out. That’s the — I think to me, that’s — it’s such an important consideration. The quest of perfection can be very dangerous. Be kind to yourself. During the pandemic, we learned so much, right? We used to fly around Barry, long time ago on planes, right, and we were told by the steward or the stewardess, if the oxygen mask comes down, put it on yourself first before you help others. So, as we continue to go through challenging time, taking care of yourself as a leader, making sure you meditate, you reflect, you exercise, you ask for help either from your personal board of directors, your best friends, that’s the key thing, that’s going to be the way that we can then help others. So, take care of yourself first. RITHOLTZ: Quite interesting. We have been speaking with Hubert Joly, former Chairman and CEO at Best Buy and currently a lecturer at Harvard Business School. Thank you, Hubert, for being so generous with your time. If you enjoy this conversation, be sure and check out any of our previous 376 former discussions that we’ve had. You can find those at iTunes, Spotify, Acast, wherever you feed your podcast fix. We love your comments, feedback and suggestions. Write to us at mibpodcast@bloomberg.net. You can sign up for my daily reads, you can find those at ritholtz.com. Follow me on Twitter @Ritholtz. I would be remiss if I did not thank the crack staff that helps put these conversations together each week, Charlie Vollmer is my audio engineer extraordinaire, Atika Valbrun is my project manager, Paris Wald is my producer, Michael Batnick is my researcher. I’m Barry Ritholtz. You’ve been listening to Masters in Business on Bloomberg Radio   ~~~   The post Transcript: Hubert Joly appeared first on The Big Picture......»»

Category: blogSource: TheBigPictureSep 27th, 2021

Costco is renting 3 container ships and "several thousand containers" to shield itself from supply chain delays and rising costs

Retailers across the US are facing delays, shortages, and rising costs because of an ongoing breakdown in the shipping supply chain. Costco is looking to protect itself against rising freight costs. Noam Galai/Getty Images Costco is renting its own container ships to import products from Asia to the US and Canada. It wants to sidestep the global shipping crisis and shield itself from shortages and rising costs. It's also renting "several thousand" containers, Costco CFO Richard Galanti said. See more stories on Insider's business page. Costco has joined Home Depot in renting its own container ships to prevent delays and keep costs down as the global shipping crisis rages on. In a call with analysts Thursday, Costco CFO Richard Galanti said the company had chartered three ships to import products from Asia to the US and Canada. This would help Costco avoid spending six times the normal price on shipping or containers through a third party, he said.Each ship could carry between 800 to 1,000 containers at a time, he said. The company had also leased "several thousand containers for use on these ships," he said.Costco expected to make about 10 deliveries over the next year using these ships, accounting for around 20% of its imports from Asia, he said.The big-box chain is among a large group of retailers grappling with an ongoing supply chain crisis that's causing delays and shortages. Falling demand in the first half of 2020, followed by a surge at the back end of the year, has led to delays, port traffic jams, and blockages. A lack of containers and dock workers has made the situation worse.At the same time, retailers are being hit by truck and driver shortages, leading to further delays and higher costs. "As I discussed on last quarter's call, inflationary factors abound," Galanti said. "Higher labor costs, higher freight costs, higher transportation demand, along with container shortages and port delays ... It's a lot of fun right now."Costco's standard rollout time for new products in its stores had doubled in some cases, he said, adding that furniture, toys, computers, video games, and appliances had the biggest delays. Read the original article on Business Insider.....»»

Category: personnelSource: nytSep 27th, 2021