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Meat shortages plague fast-food and retail
The coronavirus pandemic is causing serious issues in the American supply chain, particularly in meat factories. Tyson, the largest US meat producer, warned that meat shortages were likely — and fresh meat prices were up 8.1% at the end of April.
Plus, a new report from CoBank says that Pork and beef prices could increase by 20% in the coming months.
Stores like Giant Eagle, Kroger, and Costco are limiting meat purchases in some locations to offset the shortage. Meanwhile Impossible, a plant-based protein company, has rushed to fill the meat void, announcing it will sell plant-based "beef" grounds at over 1,700
On the fast-food side, some
As for McDonald's, the chain's CEO Chris Kempczinski said he is confident in the company's meat supply chain in an interview with Good Morning America on Thursday.
Kohl's, Macy's, Ulta Beauty, and Gap are reopening stores — with a few changes
Retailers like Kohl's, Macy's, Ulta Beauty, and Gap have all announced plans to start reopening stores. Hayley took a look at how the shopping experience will change. Fitting-room closures and quarantines of returned goods are among some of the changes shoppers can expect.
Plus,
On the restaurant front, some chains are choosing to reopen dining rooms while others are waiting it out: Here's a running list to keep track of it all.
Pandemic bankruptcies plague retail: Neiman Marcus, J. Crew, and True Religion
J. Crew filed for Chapter 11 bankruptcy on Monday, making it the first major retailer to file for the protection amid the coronavirus pandemic.
The retailer, which was already plagued by a debt load and an identity crisis — said the filing won't change a lot for consumers, who can still shop online, send in returns and exchanges, and use gift cards.
Gold's Gym also filed for bankruptcy on Monday. And other retailers followed suit throughout the rest of the week, including Neiman Marcus and True Religion.
Check out our running list of pandemic-era retail bankruptcies, here.
The bright side: Some DTC companies are thriving
As major retailers struggle amid the pandemic, some digitally native direct-to-consumer companies are avoiding these pitfalls. I spoke to 10 CEOs from various DTC companies who revealed how their brands were poised for success when the pandemic began.
Some highlights: Peace Out, a thriving DTC skincare brand says sales are soaring during the pandemic with twice as many orders of more than $500 each. And Magic Spoon, a direct-to-consumer cereal company, revealed why a killer social-media presence helped boost sales when the pandemic struck.
Plus, a coronavirus meal kit boom has been great for Blue Apron, the meal kit company's CEO Linda Kozlowski told Bethany. The pandemic might actually help the company finally make a comeback.
A view from the C-Suites of Walmart and eBay
Walmart's CEO Doug McMillon told us how he thinks the retail industry and world will change as a result of the coronavirus
eBay's SVP of North America Jordan Sweetnam told us about the crucial advantage the e-commerce giant had over Amazon and Walmart when the pandemic struck
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