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Today In Retail: Wayfair Exceeds Estimates; Carvana Sales Surge; SA Company Pivots With Pandemic

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Bloomberg reported this week that Boston-based home décor eCommerce giant Wayfair turned in strong third quarter financials, noting that the firm’s quarterly results “exceeded analysts’ estimates, suggesting the wave of home improvement inspired by the COVID-19 pandemic is lingering.”. percent in Q3 2019. Those repeat shoppers made 11.3

Company 131
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COVID-19 Triggers Closure Of GM’s Car-Sharing Platform, Maven

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Early in 2019, the head of Maven left her post. Halfway through the year, the company began winding down the number of cities in which it operated, shutting down in major markets like Boston, Chicago and New York City. GM said the decision came down to an evaluation of how the service was doing.

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Paytronix Picks Payments Industry Veteran Porter For Board

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I look forward to working with the Paytronix team to bring its industry-leading innovation, including contactless ordering for table service … to markets around the globe,” said Porter. Paytronix clearly delivers value to the market by enabling operators to drive incremental sales and deliver safer environments for staff and guests.”.

Industry 130
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Data: Luxury Goods Sales May Drop 35 Pct This Year

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While sales fell 25 percent in the first quarter, the slowdown is expected to accelerate in the second quarter and could lead to an estimated contraction by as much as 35 percent for the year, said the Boston-based investment firm. It will take time for the market to recover. The biggest category to take a hit is watches.

Data 151
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McDonald’s Continues Digital Push With Dedicated Team

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The fast-food giant started McD Tech Labs in 2019, a venture based in Silicon Valley staffed with tech workers that include data scientists and engineers. Before coming to McDonald’s, Brady worked at the Boston Consulting Group. Digital is transforming global retail, and it will transform McDonald ’s,” said CEO Chris Kempczinski.

Boston 131
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Reimagining The Bar Experience Without The Booze 

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In 2019 alcohol consumption in the U.S. percent it fell in 2017 according to IWSR, an industry tracker for the drinks market. . billion in sales between October 2018 and October 2019 — a roughly 200 percent jump — and kicked off something of a spiked seltzer follow-on craze. fell by just shy of 1 percent, more than the 0.8

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FedNow’s Montgomery: Gearing Up For 2023-24 — And Instant Payments Competition

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In an interview with Karen Webster, Boston Federal Reserve Chief Operating Officer and FedNow Program Executive Ken Montgomery said the central bank’s ambitious payments initiative remains on track — and will inject competition into the instant payments market.

Payments 244