San Francisco pot shops open, called ‘essential’

A growing number of U.S. grocery stores are offering seniors-only shopping hours to reduce coronavirus exposure for elderly customers. Safeway, Whole Foods, Target and San Jose-based Zanotto’s Family Markets are among the stores making the change.

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Sneaky Ways Trader Joe’s Gets You To Spend Money

Trader Joe’s has developed a cult-like following over the years. Trader Joe’s made $13.3 Billion in 2017. Trader Joe’s is America’s favorite, but have you ever wondered why it’s so easy to spend money at Trader Joe’s? The answer goes a bit deeper than you would think.

Following is a transcript of the video:

Narrator: Okay, so imagine yourself at the grocery store. You’re hungry but you don’t really feel like cooking. I guess pasta’s pretty easy. Suddenly you’re faced with this. That’s so many choices. Do you go for the classic tomato basil? How ’bout creamy Alfredo? But what exactly is the difference between these two or these three? Wait. Why is this so hard? Trader Joe’s is the surfy, laid back grocery chain know for it’s cheap prices and floral print clad staff. Data science professionals have ranked it number one in customer preference for two years running. The brand has held off on going high tech. They keep it simple with no online store, no loyalty programs, and no sales. When you break it down to square footage, Trader Joe’s is actually selling more than double its competitors like Whole Foods. But how much money you spend at Trade Joe’s ultimately comes down to what you are choosing to buy. But what about Trader Joe’s makes it so easy to choose?

Barry Schwartz: I spent, I’ve spent the last 25 years studying how people make decisions.

Narrator: That’s Barry Schwartz, a psychologist, a professor, and a Trader Joe’s enthusiast himself.

Schwartz: I think Trader Joe’s is the best example of how the world should be constructed.

Narrator: Whoa, take it easy there Barry. Barry coined the term the paradox of choice and quite literally wrote the book on it and it basically describes how you would think that the more–

Schwartz: Choice we have, the better off we are. That turns out empirically not to be true. When you give people too many options, they get paralyzed instead of liberated.

Narrator: The store has always focused on a unique selection of products rather than a large amount of them. I wanted to find out if there was choice-limiting going on at Trader Joe’s. So I went to my local market to count some things. I counted 144 pasta sauces, 44 olive oils, and 172 cereals. That’s a lot of choices. So then I went to Trader Joe’s. And they had an approachable 14 pasta sauces to choose from. Same goes for olive oils, canned beans, and cereals. At Trader Joe’s, there’s simply less to choose from. So then I asked Barry if he thought Trader Joe’s perhaps had inklings of the paradox of choice in mind when designing their shopping experience.

Narrator: Well then what exactly would explain why Trader Joe’s practices a scaled down approach to shopping?

Schwartz: They probably did it as a way of controlling costs. Managing inventory, you know, simplifying the supply chain. And somebody thought that if you offered other kinds of value, people would be willing to forgo options. You can’t have everything but anything we’ve got is worth having and we make your life simpler.

Narrator: In fact, when you look at Trader Joe’s humble beginnings, the original Joe, Joe Coulombe, founded the business on quality over quantity. Trader Joe’s made $13.3 billion in 2017 a number that’s likely going up. The core of any business is the customer service which Trader Joe’s excels at. The employees, or crew-members as they’re called, are all extremely attentive and helpful. In short, they’re there to make your life easier. This ideology is embodied in their food as well specifically their frozen food. And Americans have always had a certain affection for a heat-and-serve mentality. Frozen dinners are easy, fast, and little mess. However, about half the time, the frozen section aisle remains pretty empty. According to Phil Lempert, a supermarket analyst, this is due to the frosty barrier of the freezer section. Opening that icy cold door likely means you’ve already committed to purchasing something which doesn’t tend to lead to much product discovery. Compare that to Trader Joe’s open freezer bins and you can start to see the difference.


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Sneaky Ways Trader Joe’s Gets You To Spend Money

A Wall Street Strategist Explains His Trade Deficit With Costco

David Kelly, Chief Global Strategist of JPMorgan Asset Management, explains why the US trade deficit with China doesn’t matter. Kelly explains that he runs a trade deficit with Costco and many other retailers. What does matter is whether you run a trade deficit overall. He says the cause for the US trade deficit is the country’s budget deficit.

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Following is a transcript of the video:

Sara Silverstein: So everybody’s talking about trade wars and trade deficits. What do people get wrong about trade deficits?

David Kelly: I wrote a piece actually, on my LinkedIn blog a few weeks ago called “My Trade Deficit with Costco” and I think it’s a good way of looking at this. I run a trade deficit with Costco. I buy a lot of their stuff, they don’t seem to want to buy what I have to sell, which is basically investment insight, but I run a trade deficit with almost everybody. I run a trade deficit with Whole Foods. I run a trade deficit with CVS. The only people that I run a trade surplus with are JPMorgan Chase, my employer, but that’s actually okay because overall, I run a trade surplus, and I don’t really care who I run the trade deficit with. So I think that’s the first thing.

We focus on, “We’ve got a real problem with China,” or “We’ve got a problem with Germany.” It doesn’t matter, so long as, overall, we run a trade surplus, we wouldn’t have a problem. But of course, we don’t. But then that gets to the second point. Why do I run a trade deficit with Costco? Or why do people get into problems in which they’re buying a lot of things from one group and not selling them? It’s because I overspent. And as a nation, we overspend.

The reason we have a trade deficit is actually because we have a budget deficit. If you think about it this way, you’ve got the private sector, you’ve got the public sector, you got trade. If the private sector more or less pays its way, if we fund our investment through our savings, but if the government runs a big budget deficit, if it spends a whole pile more than it’s taking in taxes, then we, as a nation, will live beyond our means. I think this is so important. It’s not a matter of tariffs, it’s not a matter of the dollar. If we run a big budget deficit, if we continue to buy more stuff — the government does and it takes it in taxes — we will run a trade deficit. So if we want to fix our trade problem, we got to start by fixing the budget deficit.

Silverstein: And to take your analogy further, when is it okay to run a budget deficit or a trade deficit as an individual, or a nation?

Kelly: It’s actually a very good point, because now, I suppose, I do overall run a trade surplus, and that’s good. But 20 or 30 years ago when I was a younger man I actually ran a trade deficit. I was borrowing money every year just to fund my expeditions to Costco, because I wasn’t getting paid enough. But that’s okay, because I knew that over time, I’d get paid more. And that’s actually true for — for example, emerging market economies. It’s okay for them to borrow a whole pile of money to grow their economies because they’re young, they’ve got plenty of room to grow. We are an old, mature economy. Our economic growth is going to be about 2% in the long run. In this kind of economy, and with so many people retiring, we actually should be running a budget surplus and a trade surplus. We should be storing up money to pay for our retirement, and of course, we’re doing exactly the opposite.

Scott Galloway Predicts Who Amazon Should Acquire Next

Amazon purchased Whole Foods a little less than four months ago. Whole Foods products are already appearing on Amazon, and Alexa devices have made it to the shelves of Whole Foods.

With this just the latest in a long list of companies Amazon has acquired, we were wondering who would be next. To answer that question we brought in Scott Galloway, a professor of marketing at NYU Stern School of Business and the author of the new book, “The Four: The Hidden DNA of Amazon, Apple, Facebook, and Google.” The following is a transcript of the video.

Scott Galloway: Next acquisition for Amazon would be Nordstrom. I think the most logical, or strategically rational, acquisition for Amazon would be Nordstrom.

Amazon now has a license to get into the wealthiest refrigerators in the nation. And they are targeting the wealthy with their acquisition of Whole Foods, but they still don’t have license or permission to get into our closets because the aspirational beauty and fashion brands don’t want to distribute through Amazon; however, buying Nordstrom would get them those relationships overnight.

Nordstrom is an exceptionally well-run company. They’re in Seattle. This thing just fits kind of hand-and-glove; however, there’s an X factor here. And the X factor is that Nordstrom is family controlled, meaning the decisions are made around the Thanksgiving dinner table as opposed to its shareholder meeting. So we’ll see.

But likely the acquisitions that’ll take place will be little unknown companies that help fill out, or fill in, some holes in their fulfillment network. But you can also see the company going after some niche cable networks, maybe an AMC or a Scripps, as they realize original content creates intensity across those 60% of US households that are now Prime members by going in and picking up some cable broadcast companies.


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Business Insider is the fastest growing business news site in the US. Our mission: to tell you all you need to know about the big world around you. The BI Video team focuses on technology, strategy and science with an emphasis on unique storytelling and data that appeals to the next generation of leaders – the digital generation.

Have You Ever Wanted To Drop Out Of Capitalism? | Outliers Ep. 1

In our new series, Outliers, VICE explores worlds beyond the economic mainstream, meeting people who’ve chosen unusual and sometimes radical relationships to money, commerce and capitalism. For our first episode we headed to Virginia, where a cluster of communes thrives in rural, conservative Louisa County.

In exchange for working around 40 hours a week, Twin Oaks’ roughly 100 residents get everything taken care of, free of charge, from food to housing to health insurance. But the community is able to provide so generously because of their successful businesses; for over thirty years, they produced every hammock sold at Pier One and today, they sell tofu to Whole Foods.

We traveled to Twin Oaks to learn what life is like at the communal fringes of capitalism.

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Keiser Report: ‘Oligarchic America’ (E1091)

Check Keiser Report website for more:
In this episode of the Keiser Report from Mexico City, Max and Stacy discuss the emergence of ‘oligarchic America’ as Amazon eats Whole Foods. In the second half, Max interviews economist and columnist, Alejandro Nadal, about Trump’s wall and exiting from the Nafta trade deal.
WATCH all Keiser Report shows here: (E1-E200) (E201-E400) (E401-E600) (E601-E800) (E801-E1000) (E1001 – Current)

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