A Note From The Editor 👋
Introducing: Shiftonomics Weekly
Today, we announced a new and exciting update to our newsletter. Each and every Tuesday, at approximately 11 a.m., Shiftonomics will make its way to your inbox with the latest stories about the world of retail and work. To learn more, read our blog post announcement.
As always, thanks for supporting and reading this newsletter. We truly appreciate it!
Taylor Pipes, Editor
🍔Big Mac Turns 50 | Via: Marketing Dive
Happy Golden Anniversary, Big Mac!
To celebrate its 50th birthday, McDonald's has decided to jump into...the cryptocurrency world? They're unrolling a limited edition MacCoin -- a quirky and relevant way to get customers hyped about the iconic fast food item.
Starting at lunchtime on Thursday, customers who purchase a Big Mac will receive a free MacCoin at participating locations in the U.S. The coins can then be redeemed for a free sandwich starting on Friday. They'll be valid through the end of the year at any participating location in the world.n in for a free Big Mac. Think of it as a coupon, but in the shape of a coin.
Did you know the price of the first Big Mac was forty-five cents when it debuted in 1967. Today, the average price of a Big Mac is $5.50.
📈Mall Owners Think Retail Apocalypse May Be Over | Via: CNBC
Bon-Ton, Toys R Us, Sears, Claire's, Abercrombie & Fitch and Sam's Club are just a few of the major retailers that have shut hundreds of locations across the U.S. this year, leaving a glut of commercial real estate on the market.
It's allowed the few retailers that are still expanding as well as some "e-tailers" looking to plant some roots take advantage of the empty space and cheaper leases.
The new tenants, filling some of the millions of square feet of retail space that went dark last year, have helped to ease concerns about an uncertain 2018 for shopping center owners. The real estate companies that have reported second-quarter earnings say the decline in occupancy rates that dragged on some results last year has at least stabilized. Simon Property Group, a real estate investment trust that owns some of the most profitable malls and premium outlets in America, went so far as to hike its full-year outlook.
👩💻Denver, Midwest Hailed As Next Big Tech Hubs | Via: USA Today
Denver and some smaller cities in the Midwest are showing their tech chops.
While the San Francisco Bay Area and Seattle dominate in availability of these high-paying jobs and the ability to attract tech workers, cities in the Midwest, Southern California and Canada are also becoming sought-after tech hubs, according to an annual analysis released by commercial real estate firm CBRE.
It ranked the best cities for tech talent, based on metrics such as rental costs for employees and companies, as well as available tech talent and outlook for jobs.
The top 10 cities remained largely the same as last year's report, led by the San Francisco Bay Area, Seattle, Washington, D.C., Toronto and New York City. Denver is the one newcomer, replacing Dallas/Fort Worth.
The Big Idea 🤔
🍟Top Fast Food Chains | Via: Fortune
When it comes to the top of the fast food chain, customer service truly matters.
With a score of 87 out of 100, the American Customer Satisfaction Index’s Restaurant Report 2018 named Chick-Fil-A a crowd favorite for the third year in a row, followed by the group of “all other smaller fast food chains” in second place with a score of 82, and Panera Bread in third with a score of 81.
The ACSI report surveyed 22,500 customers, asking them about everything from the quality of food at each restaurant to customer service and even restroom cleanliness and layout.
Here is the complete list of the top chains in all the land:
🍽Other Small Restaurants
🌯Chipotle Mexican Grill
👟Off The Wall, Through The Roof | Via: Business Insider
As teens shift from favoring athletic styles to street styles, Vans is apparently one of the first brands they pick up, according to Piper Jaffray. Part of why the brand has found success as of late is that it is able to capitalize on two major trends happening right now:athleisure and a preference for vintage and retro styles.
"People are wearing athletic apparel now for all kinds of occasions — work, play, and school — without any intention of using them for athletic purposes," Matt Powell, a sports industry analyst at market research firm NPD Group, said to CNN Money . "There's a lengthy heritage around California lifestyle here. Most people who buy Vans don't have a clue about how to skateboard."
Vans, rooted in 1960s skate culture, also appeals to younger shoppers who are embracing vintage styles . For example, clothes with visible logos are back in style — and that's something Vans sells a lot of. Vans' global president, Doug Palladini, told Business Insider's Dennis Green in 2017 that he sees a "multi-generational" appeal in Vans that makes it unique, adding that both parents and teens can wear it.
Business Insider visited a Vans store in New York City to see for ourselves why the brand is so successful right now.
💳Credit Card Backlash At American Grocers | Via: Denver Post
Kroger is considering expanding a ban on Visa credit cards imposed by one of its subsidiaries, in the latest signal that retailers are preparing a fresh battle over the $90 billion they pay in swipe fees every year.
Merchants have long looked for ways to cut such charges, including by lobbying lawmakers for lower rates and through technology upgrades that avoid traditional card payments entirely. Shares of payment companies including Visa, American Express and Mastercard dropped on Monday.
Kroger, the largest U.S. supermarket chain and parent company of King Soopers and City Market in the Colorado market, said its Foods Co. Supermarkets unit in California will stop accepting Visa cards at 21 stores and five fuel centers next month. Kroger spokesman Chris Hjelm said in an interview that the parent company might follow the lead.
Heard From Around The Web 💬
🐘White Elephant In The Room [Podcast] | Via: Monocle - Tall Stories Podcast
In Europe, large big-box retailers are known by the moniker, White Elephants.
These Hypermarkets are being blamed for disrupting communities across Europe.
Quite often, they're dismissed. One reporter investigates the charm and delight of shopping the vast aisles of European retail behemoths.
Monocle’s Fernando Augusto Pacheco suggests that we look at them differently and shows they're changing. From a delightful tea stand in a London suburban Tesco, he suggests that independent retailers can up their game while keeping our local stores relevant. Today, convenience is king, but there's always going to be a place for the local Italian shop and their hard-to-get pasta.
✈️ How Dennis Yu Landed High-Profile CEO Mentor | Via: Branch Messenger
No matter what line of work you're in, mentorships play an important role in staying engaged and learning what works for you.
Dennis Yu, CEO of advertising agency BlitzMetrics shares his story of how he got an influential American Airlines CEO to be his mentor.
💰WeWork Searches For New Revenue Sources | Via: Bloomberg
UBS Group AG decided last year that its 30-year-old wealth management office overlooking the Hudson River needed a fresh look. So it hired WeWork Cos., a trendy operator of shared offices. The startup presented a clear vision: You need a juice bar, meditation room and a lot more greenery.
The deal between the bank and the New York-based co-working company is the biggest by revenue for WeWork’s Powered by We business, the startup said. WeWork established Powered by We last year to offer real estate, design and office management expertise to large companies. It also allows the startup to reduce its need to take on expensive office leases and instead help redesign and run spaces that customers already inhabit. Construction on the UBS space will begin mid-next year. Both companies declined to comment on terms of the agreement.
UBS was interested in WeWork’s promise of making the workplace more convivial for the employees who make investment decisions on behalf of the bank’s wealthiest clientele. “What can we do to help make that more of a communal atmosphere?” said Tom Naratil, co-president of global wealth management at UBS. “I don’t want to say ‘make work fun,’ because that sounds a little ridiculous, but something that makes it more of an enjoyable experience.”
📚 Books We're Reading
📚Silicon Valley Origin Stories | Via: Wired
Everyone who has seen The Social Network knows the story of Facebook’s founding. It was at Harvard in the spring semester of 2004. What people tend to forget, however, is that Facebook was only based in Cambridge for a few short months. Back then it was called TheFacebook.com, and it was a college-specific carbon copy of Friendster, a pioneering social network based in Silicon Valley.
Mark Zuckerberg’s knockoff site was a hit on campus, and so he and a few school chums decided to move to Silicon Valley after finals and spend the summer there rolling Facebook out to other colleges, nationwide. The Valley was where the internet action was. Or so they thought.
Facebook is just one of the startup origin stories captured in vivid detail in Adam Fisher's new book, Valley of Genius: The Uncensored History of Silicon Valley.