Nov 21, 2019

Target, Amazon race for same-day shipping

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Data: FactSet; Chart: Axios Visuals

Target and Amazon have different approaches to appease impatient customers who want same-day delivery.

The big picture: Target wants to fill more orders from its store inventory, which is cheaper than fulfillment centers. When it comes to same-day shipping, CEO Brian Cornell told CNBC yesterday that “90% of the cost goes away” when customers order online and pick up at a store, use curbside pickup or select shipping via Shipt for same-day delivery.

  • Amazon, which doesn’t have a network of stores like Target, said last month it spent nearly $10 billion in Q3 — 50% more than the prior year — on shipping and fulfillment costs.

The bottom line: Companies are racing to get people stuff faster, but that comes at a cost.

  • Investors have long been OK with Amazon spending big to invest in things like same-day shipping.
  • Shares of Target hit an all-time high on Tuesday after it reported upbeat quarterly results.

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Virginia governor announces removal of Richmond's Robert E. Lee statue

Photo: Andrew Lichtenstein/Corbis via Getty Images

Virginia Gov. Ralph Northam announced on Thursday that the state will remove the statue of Confederate Gen. Robert E. Lee from Richmond's historic Monument Avenue.

Why it matters: It's a watershed moment for Virginia, which has been at the center of a years-long national debate about whether Confederate monuments should be displayed publicly. That discussion reached a boiling point when protests about a statue of Lee in Charlottesville turned violent in 2017.

RNC expands convention search across the Sun Belt

Donald Trump, Mike Pence and their families on the last night of the Republican National Convention in Ohio in 2016. Photo: David Hume Kennerly/Getty Images.

The Republican National Committee is planning site visits over the next 10 days to more than a half-dozen cities — across the South and into Texas and Arizona — as it scrambles for a new convention host, people familiar with the internal discussions tell Axios.

Driving the news: The RNC's executive committee voted Wednesday night to allow most of the convention to move — with only a smaller, official portion remaining in Charlotte — after North Carolina's governor said the coronavirus pandemic would mean a scaled-back event with social distancing and face coverings.

Oil faces tough road back from coronavirus

Illustration: Aïda Amer/Axios

Oil companies in the battered shale patch are starting to bring back some production as prices climb, but a new report underscores how the pandemic is taking a heavy financial toll despite signs of revival.

Driving the news: Fourteen North American producers have filed for bankruptcy thus far during the second quarter, per a tally from the law firm Haynes and Boone, which closely tracks the sector's finances.