Latest news with #R.J.Hottovy
San Francisco Chronicle
5 days ago
- Business
- San Francisco Chronicle
S.F. has more workers returning to the office than Los Angeles
San Francisco's return-to-office rate is gaining steam and jumped ahead of Los Angeles and Denver in July for the first time since the pandemic, according to new cell phone data from location tracking firm San Francisco office visits were down 34.2% in July compared to 2019, narrowly ahead of Los Angeles' 34.6% and Denver's 40% declines in the same period, data released Monday showed. San Francisco is still near the bottom for return to work — it's far below nationwide office visits, which were 21.8% below 2019 levels in July. 'It's obviously a far cry from pre-pandemic,' said R.J. Hottovy, head of analytical research at of San Francisco. But the artificial intelligence boom is bolstering the return to office, he said, and driving up apartment and office rents. BART reported higher downtown ridership in June as well. As a result, San Francisco saw the biggest percentage jump in office visits in the past 12 months, 21.6%, among the cities that tracks. In contrast, Los Angeles has seen a weaker return to office in part because of lingering disruption from Hollywood actor and writer strikes in 2024 and 2023, Hottovy said. Denver's low ranking reflects a heavily remote working culture, especially for tech, according to The data uses anonymized cell phone location data to measure foot traffic to offices, with 'predefined criteria specific to employee behavior.' Higher return to office rates measure not only workers coming back, but also population and job growth compared to 2019. San Francisco saw a big population drop of 6.3% during the first year of the pandemic, according to census data, but has been growing again modestly. Downtown events like First Thursday and Unstaged street parties are also helping draw office workers and visitors back, businesses and organizers have said. The leaders for return to office are New York, which was 1.3% above its 2019 level, and Miami, which was only 0.1% below its 2019 level in July. It was the first time New York beat its 2019 numbers on data, which Hottovy attributed in part to large employers like banks requiring five days in the office again. 'I don't think we're ever going to quite get to 100% nationally,' Hottovy said. Despite some companies like Amazon and JPMorgan bringing workers back full-time, many companies have embraced at least a couple days at home each week.
Yahoo
5 days ago
- Business
- Yahoo
Earnings Show Fast-Food Giants Embroiled in a Game of Chicken
Where's the beef? No one cares — show us to the poultry, please. Last week delivered a bevvy of earnings reports from fast-food giants — including McDonald's, Wendy's, Yum! Brands, and Restaurant Brands International — with the results showing the industry's biggest trend continues apace: Customers can't get enough chicken, especially when offered at a discount. READ ALSO: Ford Crosses into Fast Lane With $2 Billion Affordable EV Plan and Paramount Ponies Up $7.7 Billion to Win UFC Rights Winner, Winner, Value Chicken Dinner First things first: Amid a prolonged period of economic uncertainty, the value menu remains invaluable. But even a price war among the world's biggest restaurant chains isn't enough to keep low-income consumers coming through drive-throughs. Instead, they continue to flee fast food in favor of value grocery stores, R.J. Hottovy, head of analytical research at told The Daily Upside. In what may be a macroeconomic bellwether, Hottovy also said low-income consumers are increasingly shifting down even from value grocery chains like Aldi to cheaper convenience stores and dollar stores. Still, value remains a big driver. So much so that in its second-quarter earnings call on Friday, Wendy's said a major driver of a sales decline (that still beat analysts' expectations) was having too many promotions, which interim CEO Ken Cook said 'sent too many different messages' to customers. 'We learned that when we have too many priorities, we have none,' Cook added, before saying that Wendy's will have one top priority through the rest of the year: chicken. (McDonald's seemed to crack the code this past quarter, citing the return of its McCrispy Chicken Strips driving sales growth.) For more evidence of chicken fever, look no further than Yum's portfolio: True, not even chicken could save the colonel: Same-store sales at US Kentucky Fried Chicken locations slid 5%, as the chain continues to suffer amid increased competition from the likes of Raising Cane's and Wingstop. But Taco Bell saw US same-store sales growth of 4%, with Yum citing a new line of Crispy Chicken menu items and the reintroduction of chicken nuggets. In fact, Yum CEO David Gibbs said Taco Bell's chicken sales are up 50% in the past two years. 'Most people are reporting negative quarters. We haven't even had a negative week for Taco Bell,' Gibbs said. Extra Guac, Please: Pricier chains are facing the same pressures — and struggling. Shares of Sweetgreen plunged more than 25% on Friday after the chain lowered its profit guidance for the second consecutive quarter. Meanwhile, Chipotle experienced its second straight quarter of same-store sales declines, with CEO Scott Boatwright saying the chain needs to figure out how to 'communicate value and showcase value.' Did you catch that, Chipotle employees? To our ears, it sounds like your CEO is practically begging you to give us a scoop of guacamole on the house. This post first appeared on The Daily Upside. To receive delivering razor sharp analysis and perspective on all things finance, economics, and markets, subscribe to our free The Daily Upside newsletter.
Hamilton Spectator
09-07-2025
- Business
- Hamilton Spectator
Customers seeking deals gave Amazon's Prime Day and competing sales a solid start
NEW YORK (AP) — The first day of Amazon's Prime Day event and competing retail sales that kicked off on Tuesday drove solid online spending compared to a year earlier, according to two data sources. Adobe Digital Insights, which tracks visits to e-commerce sites , reported that U.S. consumers spent $7.9 billion at online stores on Tuesday, a 9.9% increase from the comparable day last year. Retailers offered discounts in the range of 9% to 23%, on par with July 2024 sales events, Adobe said. Shoppers appeared especially eager to take advantage of deals on appliances, electronics and home improvement products, the data company said. Online sales of appliances were 135% higher than last month's daily average, according to Adobe's data. Back-to-school items also were popular. Spending increased threefold on school supplies like backpacks, lunchboxes and stationery, and was two times higher for college dorm fixtures like mattresses, mini refrigerators and microwave over, Adobe said. Amazon doubled the length of Prime Day to four days this year. Walmart also added two more days to its summer deals event, which started Tuesday as well. Retail analysts are evaluating this week's sales for clues on whether President Donald Trump's trade policy and unpredictable tariffs affect prices and consumer behavior . Adobe noted that strong deals drove many shoppers to 'trade up' to higher-ticket items. Across all categories the company tracks, the share of the most expensive goods increased by 20%, compared to average levels year to date. According to consumer data company Numerator, the average Prime Day order on Tuesday cost $58.37. However, the average household cost amounted to more than $106 as of 4 p.m. Eastern time because 42% of households participating in Prime Day placed more than two orders, the company said. Numerator tracks U.S. retail prices through sales receipts, online account activity and other information from a panel of 200,000 shoppers. Physical stores in the U.S. may see spillover traffic from online sales events this week as budget-minded customers comparison shop in search of the lowest prices, according to R.J. Hottovy, head of analytical research at The location data company tracks people's movements based on cellphone usage. 'We do still have a price-sensitive consumer that is actively monitoring price hikes and anything related to tariffs,' Hottovy said. Despite ongoing economic concerns, Adobe said it expected online sales to spur a record $23.8 billion in spending from July 8 to July 11, which would represent 28.4% growth year over year. Adobe's numbers are not adjusted for inflation. However, the company said new demand, not rising prices, largely accounts for growing sales figures so far this year. Seattle-based Amazon does not disclose how much it earns during Prime Day but said it would share some results from the four-day event on Saturday
The Hill
09-07-2025
- Business
- The Hill
Customers seeking deals gave Amazon's Prime Day and competing sales a solid start
NEW YORK (AP) — The first day of Amazon's Prime Day event and competing retail sales that kicked off on Tuesday drove solid online spending compared to a year earlier, according to two data sources. Adobe Digital Insights, which tracks visits to e-commerce sites, reported that U.S. consumers spent $7.9 billion at online stores on Tuesday, a 9.9% increase from the comparable day last year. Retailers offered discounts in the range of 9% to 23%, on par with July 2024 sales events, Adobe said. Shoppers appeared especially eager to take advantage of deals on appliances, electronics and home improvement products, the data company said. Online sales of appliances were 135% higher than last month's daily average, according to Adobe's data. Back-to-school items also were popular. Spending increased threefold on school supplies like backpacks, lunchboxes and stationery, and was two times higher for college dorm fixtures like mattresses, mini refrigerators and microwave over, Adobe said. Amazon doubled the length of Prime Day to four days this year. Walmart also added two more days to its summer deals event, which started Tuesday as well. Retail analysts are evaluating this week's sales for clues on whether President Donald Trump's trade policy and unpredictable tariffs affect prices and consumer behavior. Adobe noted that strong deals drove many shoppers to 'trade up' to higher-ticket items. Across all categories the company tracks, the share of the most expensive goods increased by 20%, compared to average levels year to date. According to consumer data company Numerator, the average Prime Day order on Tuesday cost $58.37. However, the average household cost amounted to more than $106 as of 4 p.m. Eastern time because 42% of households participating in Prime Day placed more than two orders, the company said. Numerator tracks U.S. retail prices through sales receipts, online account activity and other information from a panel of 200,000 shoppers. Physical stores in the U.S. may see spillover traffic from online sales events this week as budget-minded customers comparison shop in search of the lowest prices, according to R.J. Hottovy, head of analytical research at The location data company tracks people's movements based on cellphone usage. 'We do still have a price-sensitive consumer that is actively monitoring price hikes and anything related to tariffs,' Hottovy said. Despite ongoing economic concerns, Adobe said it expected online sales to spur a record $23.8 billion in spending from July 8 to July 11, which would represent 28.4% growth year over year. Adobe's numbers are not adjusted for inflation. However, the company said new demand, not rising prices, largely accounts for growing sales figures so far this year. Seattle-based Amazon does not disclose how much it earns during Prime Day but said it would share some results from the four-day event on Saturday
Winnipeg Free Press
09-07-2025
- Business
- Winnipeg Free Press
Customers seeking deals gave Amazon's Prime Day and competing sales a solid start
NEW YORK (AP) — The first day of Amazon's Prime Day event and competing retail sales that kicked off on Tuesday drove solid online spending compared to a year earlier, according to two data sources. Adobe Digital Insights, which tracks visits to e-commerce sites, reported that U.S. consumers spent $7.9 billion at online stores on Tuesday, a 9.9% increase from the comparable day last year. Retailers offered discounts in the range of 9% to 23%, on par with July 2024 sales events, Adobe said. Shoppers appeared especially eager to take advantage of deals on appliances, electronics and home improvement products, the data company said. Online sales of appliances were 135% higher than last month's daily average, according to Adobe's data. Back-to-school items also were popular. Spending increased threefold on school supplies like backpacks, lunchboxes and stationery, and was two times higher for college dorm fixtures like mattresses, mini refrigerators and microwave over, Adobe said. Amazon doubled the length of Prime Day to four days this year. Walmart also added two more days to its summer deals event, which started Tuesday as well. Retail analysts are evaluating this week's sales for clues on whether President Donald Trump's trade policy and unpredictable tariffs affect prices and consumer behavior. Adobe noted that strong deals drove many shoppers to 'trade up' to higher-ticket items. Across all categories the company tracks, the share of the most expensive goods increased by 20%, compared to average levels year to date. According to consumer data company Numerator, the average Prime Day order on Tuesday cost $58.37. However, the average household cost amounted to more than $106 as of 4 p.m. Eastern time because 42% of households participating in Prime Day placed more than two orders, the company said. Numerator tracks U.S. retail prices through sales receipts, online account activity and other information from a panel of 200,000 shoppers. Currently on hiatus A review of funny, uplifting news in Winnipeg and around the globe. Physical stores in the U.S. may see spillover traffic from online sales events this week as budget-minded customers comparison shop in search of the lowest prices, according to R.J. Hottovy, head of analytical research at The location data company tracks people's movements based on cellphone usage. 'We do still have a price-sensitive consumer that is actively monitoring price hikes and anything related to tariffs,' Hottovy said. Despite ongoing economic concerns, Adobe said it expected online sales to spur a record $23.8 billion in spending from July 8 to July 11, which would represent 28.4% growth year over year. Adobe's numbers are not adjusted for inflation. However, the company said new demand, not rising prices, largely accounts for growing sales figures so far this year. Seattle-based Amazon does not disclose how much it earns during Prime Day but said it would share some results from the four-day event on Saturday
