Many Americans braved shopping malls and department stores to shop in-person on Black Friday.
Why it matters: Coronavirus infections are still on the rise across much of the U.S. during a season of travel and holiday gatherings. Hospitals across the country, especially in rural areas, are still overwhelmed.
Thanksgiving Day consumer spending increased by roughly 22% year-over-year, topping a $5.1 billion record, according to Adobe Analytics data, CNBC reports.
The state of play: As shoppers avoid in-person retail due to COVID-related concerns, online transactions have surged. Adobe's marketing technology division follows online buying in real time at 80 of the top 100 retailers across the U.S., saying nearly half the purchases made on Thanksgiving were done so from smartphones.
The National Highway Traffic Safety Administration announced Monday that General Motors must recall and repair any vehicle equipped with Takata air bag inflators, per AP.
Why it matters: The government agency said GM must recall nearly 6 million pickup trucks and SUVs from the 2007–2014 model years. Despite the automaker's multiple appeals to the NHTSA, this new regulation will cost the company around $1.2 billion.
Cities like Atlanta, Houston and Orlando helped buoy merchants' coffers in October, according to a snapshot from Mastercard, which looked at retail sales in the 20 largest U.S. metropolitan areas during the first 10 months of the year.
Why it matters: So far it looks like cities that stayed open the most during the pandemic notched bigger gains, according to Mastercard, which tracked all types of transactions (not just credit and debit cards).
President Obama's "A Promised Land" (list price: $45) sold nearly 890,000 copies in the U.S. and Canada in its first 24 hours, putting it on track to be the best selling presidential memoir in modern history, AP's Hillel Italie writes.
Why it matters: Obama's book is the highlight of publishing's holiday season, and for some independent bookstores, the potential difference between remaining in business or closing.
The consumer-spending pullback whacked businesses that were already struggling to recover from the initial hit from the pandemic, data from the U.S. Census Bureau show.
Why it matters: This month’s lockdowns (or people curbing their own activity for safety reasons) will be a bigger setback for these same shops in the weeks to come.
The Spruce, one of the largest home decor websites on the internet, is launching its own organization product line in every Lowe's store in the country, executives tell Axios.
Why it matters: It's a major step for Dotdash, the parent company to The Spruce, in its effort to move into e-commerce. To-date, Dotdash has been profitable by focusing on internet advertising around evergreen content.
Amazon launched Amazon Pharmacy on Tuesday, which will allow U.S. customers to order prescription medications without leaving their homes.
Why it matters via Axios' Dan Primack: With the pharmaceutical business going digital, this could create a major challenge for companies like CVS and Walgreens, whose stocks stumbled this morning after Amazon's announcement.
Retailers and shippers are on a mad pre-holiday hiring spree, making them one of the few industries adding jobs during COVID-19.
Why it matters: With the entire country turning to online shopping, shippers across the U.S. are preparing for unprecedented package volumes — around 80 million per day between Thanksgiving and Christmas — and frustrating delays.
Guitar Center, a 61 year-old musical instrument retailer owned by Ares Management, plans to file for prepackaged Chapter 11 bankruptcy protection, per the New York Times.
Why it matters: This is one of the last chapters of private equity's so-called Golden Age, during which well-known retailers were taken private with huge new debt obligations but without meaningful e-commerce strategies.