Anheuser-Busch InBev and Molson Coors are set to gain market share from craft beer makers in the U.S. this year as cost-conscious consumers are opting for cheaper six-packs, according to a report by Reuters. With inflation making goods more expensive nationwide, consumers are trading down to more affordable beers, boosting sales and protecting margins for major beverage players. Beer is often touted as recession-proof, so large companies may continue to earn solid profits even as economic activity slows. Analysts polled by Refinitiv expect annual revenue to grow about 6% for Molson Coors and 7.5% for AB InBev in 2023, while craft beer maker Boston Beer Co. is expected to post a near 3% fall in revenue vs. last year’s 1.6% rise. Overall U.S. beer sales grew 1.8% in the latest quarter, according to data from research firms NielsenIQ and TD Cowen.
Hy-Vee has chosen Gretna, Neb., for its biggest supermarket yet, which will include 135,000 square feet of space and an updated store format. The location, which will open next week, will include a candy shop, Starbucks cafe, Wahlburgers eatery with an exterior patio, an Aisles Online delivery and pickup area and a nearby Hy-Vee Fast & Fresh convenience store... A Kroger subsidiary is making delivery of online orders, including produce and fresh items, available in a new market. Harris Teeter is offering its delivery service to customers across Baltimore and throughout greater Maryland. The regional grocery retailer offers fresh products and grocery essentials delivered fresh to a customer’s doorstep by its own associates.
Five Below has doubled its sales in the past five years and grown to 1,350 stores, and revenue continued to grow in Q1, reflecting the banner’s resistance to inflation, said CEO Joel Anderson, who credits fans of the retailer’s “HomeGoods for kids” model. Growth plans include larger format stores and expansion of the Five Beyond section that includes higher-priced items and services like ear piercing... Signet Jewelers, which owns the Jared, Kay and Zales jewelry chains, said it has seen a sales slowdown in engagement rings because people were not able to meet who could have been their fiancés in 2020 due to lockdowns brought about by the pandemic.
The 7-Eleven convenience store chain has a redesigned logo and cups for its Slurpee beverage. “About two-thirds of the trips to our stores are driven by a beverage. Customers come to our stores looking for something to drink,” said Marissa Jarratt, CMO at 7-Eleven... On-demand delivery provider Grubhub is reducing headcount by about 15%, or roughly 400 jobs. In an open letter to employees, CEO Howard Migdal, who joined the company a few months ago, said business has grown past levels recorded in 2019 before the pandemic, but operating and staff costs have increased at a higher rate.