News Briefs

American Freight is going out of business. 

The retailer, which sells discounted home appliances, mattresses and furniture, has started store closing sales at all of 328 locations nationwide. Hilco Consumer-Retail is managing the sales for American Freight as the business winds down its operations nationwide. 

Earlier this week, American Freight parent company Franchise Group, whose portfolio also includes Vitamin Shoppe, Pet Supplies Plus, Buddy’s Home Furnishings, filed for bankruptcy protection. Under the restructuring agreement, all of the brands will continue operations except for American Freight.

In a statement, Franchise Group noted that American Freight has struggled due to “sustained inflation and macroeconomic challenges facing the large durable goods sector.” 

During the store closing sales, select American Freight financing and delivery services will remain available to customers, allowing for flexible payment and home delivery. Shoppers can save up to 30% off the lowest ticketed prices storewide. 

"Our goal is to deliver outstanding value to customers during this full chain closing sale," said Ian Fredericks, CEO of Hilco Consumer-Retail. "Everything is on sale and must be sold, and we recommend shopping early for the best selection."

The Kum & Go name will soon be a thing of the past.

Maverik, which purchased the Iowa-based, family-owned convenience store chain in April 2023 from the Krause Group, announced it plans to rebrand all Kum & Go stores, reported the Des Moines Register.

At the time of the acquisition, Kum & Go and Maverik each operated approximately 400 stores, for a combined footprint of more than 800 locations in 20 states across the Midwest and Rocky Mountain regions.

Maverik is "in the process of rebranding Kum & Go stores, with the intent to unify our entire combined footprint under the Maverik brand,” the company said in a statement to the Register. Maverick did not provide a timeline for the rebrand, saying that "we are taking a thoughtful, market-by-market approach to ensure the best customer experience before confirming each state’s rebrand."

Kum and Go was established in Hampton, Iowa in 1959,  with a single gas station. It adopted the Kum & Go name in the 1970s. Co-founder Bill Krause, who died in 2013, told the Des Moines Register in 1993 that the K in Kum and Go stood for Krause and the G stood for Gentle.

A new survey from Walmart indicates when the discounter’s customers plan to start holiday shopping, what they want to buy and how much they plan to spend.

The survey of Walmart customers conducted by the company’s Walmart Data Ventures first-party customer data division in September 2024 indicates that 48% of respondents said they plan to set specific budgets for each person on their gift list this year. 

While 86% of respondents say price will play a big role in their gift buying decisions, most plan to keep their holiday budgets within a set range. Some of the most popular budget ranges for holiday-related purchases are:

• $100-$299 (14%)
• $300-$599 (31%)
• $600-$999 (22%)
• $1,000-$1,999 (19%)

When asked what type of holiday gifts they will prioritize this holiday season, top respondent replies included:

• Cheaper gift options: 43%
• Experiences over gifts: 22%
• More expensive, longer-lasting gifts: 13%

Close to six-in-10 (57%) respondents said they did not purchase or browse for holiday gifts or items during back-to-school shopping earlier in the year. However, many respondents still indicated they will start their holiday shopping this year well in advance, including:

• Four weeks or more in advance: 58%
• One to two weeks in advance: 29%
• Three to four weeks in advance: 9%
• One to six days in advance: 4%

In addition, 80% of surveyed members of the Walmart+ paid subscription program plan to take advantage of their exclusive ability to shop some Walmart Black Friday deals early this year.

[READ MORE: Walmart to kick off Black Friday early with celebrities, AI]

Costco Wholesale Corp. reported another monthly sales gain that included a big jump in e-commerce revenue. 

The warehouse retailer said its net sales rose 7.2% to $20.03 billion for the four weeks ended November 3, up from $18.68 billion last year. Costco noted that its results were were “negatively affected by a pull forward in sales" from consumer activity associated with the hurricanes and port strikes in September.”

Total company comparable sales increased 5.1%, rising 4.1% in the U.S. and 8% in Canada. Other international comp sales increased 7.1%. E-commerce comp sales surged 19.3%.

Total company comparable sales excluding the impacts from changes in gasoline prices and foreign exchange rose 6.5%, increasing 5.8% in the U.S. and 8.7% in Canada. Other international comp sales 8.4%.

Costco’s net sales for the first nine weeks were $44.65 billion, an increase of 8% from $41.33 billion last year.

Costco currently operates 892 warehouses, including 615 in the United States and Puerto Rico, 108 in Canada, 40 in Mexico, 35 in Japan, 29 in the United Kingdom, 19 in Korea, 15 in Australia, 14 in Taiwan, seven in China, five in Spain, two in France, and one each in Iceland, New Zealand and Sweden. Costco also operates e-commerce sites in the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan and Australia.

Real estate investment firm The Macerich Company has announced a change to its C-suite.

The California-based firm has announced that Daniel E. Swanstrom II will become the CFO of Macerich effective on Nov. 16. Scott Kingsmore, the current CFO, will transition to the role of senior advisor on the same day and remain with the company through Dec. 31 to assist in the transition. Kingsmore has been with Macerich since 1996.

“I am very pleased to welcome Dan to Macerich,” said Jack Hsieh, Macerich’s CEO who took over last year. “Dan brings an excellent background to Macerich with over 20 years of experience in real estate, both as a CFO of two public REITs and as a former investment banker with Morgan Stanley. He has extensive experience in managing complex balance sheets, interfacing with external stakeholders and making capital allocation decisions that drive shareholder value. He will be a great addition to our team.”

[READ MORE: Macerich reports its space at NYC’s Queens Center fully leased]

Macerich currently owns 45 million sq. ft. of real estate consisting primarily of interests in 41 retail centers. Its portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor.

A new survey from eBay Advertising reveals the top considerations, features and product categories of customers making holiday purchases online.

The survey of more than 3,000 e-commerce consumers from the eBay advertising unit reveals two in three plan to do most of their holiday shopping online. Top five respondent considerations are:

• Value for the money: 57% (46% of respondents 18-24)
• Free shipping: 47% (10 percentage points more than in 2023)
• Deals and coupons: 40%
• Product quality: 34% 
• Fast shipping in five days or less: 25%

Respondents said the categories they are most likely to buy online gifts in are: 

• Clothing and shoes: 88% 
• Toys and games: 77%
• Holiday and seasonal items: 76% 
• Consumer electronics: 73%

Other findings

Notable data points also include:

• Close to eight-in-10 (78%) surveyed young adults feel having a one-stop online holiday shop is important.
• More than seven-in-10 (73%) respondents say that it’s easier to get what they need online. 
• Just over two-in-three respondents said advertisements help them figure out what to finally buy. Gen Z and young millennial respondents are even more likely to be influenced positively by advertising
• Two-in-three (67%) respondents tend to browse marketplaces (such as eBay) first. 
• Seven-in-10 (71%) respondents plan to spend more or the same on gifts this year, than in 2023, including 37% who plan to spend more and another 34% who plan to spend the same amount as last year. 
• More than four-in-10 (42%) shoppers surveyed said they will start their holiday shopping in November or December. Three-in-10 (31%) plan to start in November and 12% plan to start in December.

The survey was carried out by Censuswide between July 10-16, 2024 among a sample of 3,005 holiday shoppers.