Coming Soon: Best Buy Launches Its Small Format, Digital-First Store

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Here’s what we’ve got today:

  • Coming Soon: Best Buy Digital-First Store
  • Walmart Q2 Profit Outlook
  • Chipotle $200K Crypto Giveaway
  • Cartona Secures $12M Funding

Coming Soon: Best Buy Launches Its Small Format, Digital-First Store 🛍

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This American consumer electronics unveils its small-format store: Best Buy is unveiling its digital-first small-format store in Monroe, North Carolina, on July 26.

Why does this matter? The store will offer a unique approach compared to most of its “big box” retail locations. Crazy huh?

This means the store will encourage customers to shop and check out digitally while in the store.

Here’s what the store will offer:

  • A curated selection of best-in-category products like home theater & audio, headphones, wearables, cell phones, cameras, small appliances, etc.
  • Geek Squad and consultation services areas.
  • In-store pickup, as well as new pick-up lockers on the outside of the store

What will consumers get?

Shoppers can expect the same great experience and services in smaller stores than the retailer’s traditional larger stores.

What will the company get?

The new store will help the retailer better serve customer needs and create a more seamless shopping experience.

Walmart Cuts ✂️ Profit Outlook 📉 For The Second Quarter

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You might not like this.

You might get mad.

But you read it right. Walmart Inc. reduced its profit outlook for the second quarter and the full year.

This is because inflation is hurting its shoppers and forcing them to change what they spend on.

What is Walmart doing? This shift in consumer spending is forcing retailers to step-up discounts on general merchandise items like home furnishings and electronics to move inventory.

What’s Walmart’s take on the change?

Walmart expects adjusted earnings per share for Q2 and the full year to drop around 8% to 9% and 11% to 13%, respectively. The company had earlier anticipated them to be flat to up slightly for Q2 and to drop by about 1% for the full year.

Know what the company CEO Doug McMillon said?

“The increasing levels of food and fuel inflation are affecting how customers spend, and while we’ve made good progress clearing hardline categories, apparel in Walmart U.S. is requiring more markdown dollars.”

Chipotle to Giveaway $200K 💰 in Cryptocurrency

On July 25, Chipotle dropped a huge announcement — the launch of a new interactive game that will give away more than $200,000 in free crypto.

What is it called? “Buy the Dip”

When is the game open?

The game is open from 10 am PT to 6 pm PT each day through July 31.

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How does it work? 🤔

Let’s make it simple. You need to watch a crypto line chart move and have to ‘buy the dip’ for a chance to win crypto or 1-cent guacamole or queso. The restaurant chain will also reward daily and follow a particular structure.

The key details 👀:

  • Players of the ‘Buy the Dip’ will have 15 seconds to “CLAIM” or “SWAP” the reward for a chance at a different prize. If players don’t win a prize, they can click “TRY AGAIN” for another chance.
  • Participants will have three chances to win every day from July 25 to July 31.

You can check out the complete details on the Chipotle website here.

B2B Marketplace Cartona Raises $12M 💰

Who got the money?

Egypt-based B2B e-commerce platform Cartona raised $12 million in its Series A fundraise.

Who led the funding round?

Jordan- and U.S.-based, early-stage venture capital firm Silicon Badia led the funding.

The round also saw participation from SANAD Fund for MSME, Arab Bank Accelerator, and Sunny Side Ventures, alongside existing investors, Global Ventures, and Kepple Ventures.

What is Cartona? 🤔

Cartona is a B2B platform digitizing and empowering the Egyptian traditional trade market, including mom-and-pop stores, FMCG producers, wholesalers, and distributors.

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The platform embraces a cashless society vision, investing in embedded finance, payments, and operational integration with all stakeholders.

Cartona provides retailers and suppliers with an integrated solution, enabling them to run & grow their business more efficiently and reach end consumers with essential products at affordable prices.

Why does this funding matter?

The capital will help Cartona turbo-charge its expansion across Egypt — to cover all governorates and grow its product, technology, and services.

That’s it? No, the funds will also help Cartona to explore new verticals beyond FMCG.

Around the Web 🌐

Tesla Sold 75% of Its Bitcoin Holdings in Q2

And guess what? It earned a profit of $64 million from the sale of 75% of its BTC holdings in the second quarter.

Tesla still has 10,800 BTC, and its current price of around $22,000 BTC, the automaker’s Bitcoin holdings are worth roughly $237 million.

That’s it for today, ladies & gents. See ya tomorrow!


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