Retail News

The average new car payment in the U.S. hit a record high of $770, according to Experian data, an increase of 2.9% YoY. This data point comes amid several alarming others, including a massive increase in outstanding auto loan debt and rising loan totals, with $43,925 being the average amount for Q1 (more).

As some celebrate Christmas in July, new survey data suggests U.S. shoppers are gearing up to spend more this holiday season than in years prior. A full 25% stated they expect to splash out more cash as this year draws to a close, as compared to just 17% who said as much last year (more).

Walmart announced that it will be slashing prices on thousands of products, from Coca-Cola to beef to laundry detergent, in the aims of keeping shopper bills lighter during the summer months. President Donald Trump took some credit for the move, saying his administration had requested that Walmart take action on its pricing “to celebrate our great Country’s 250th birthday” (more).

Microsoft has reportedly laid off ~1,600 Xbox employees, with another 1,600 job losses in the gaming division to come by the end of FY2027. A variety of Xbox studios have also left the fold, including id Software, Double Fine, Ninja Theory, and Undead Labs (more).

Home Depot is expanding its Pro Extra loyalty program to include perks tied to third-party partners. Members will be able to avail of perks offered by 7-Eleven, Jimmy John’s, Tecovas, and others (more).

Kroger has named Emilee De Martino as its new chief people officer and EVP, with De Martino having most recently served as SVP and chief people officer for McDonald’s. “Emilee is a proven leader with a track record of building strong people organizations at scale,” said Kroger CEO Greg Foran (more).

Cracker Barrel appears to have rebounded quite nicely from its previous disastrous rebrand. CEO Julie Felss Masino noted that revenue is up since having returned to Southern-inspired comfort food and Americana, outlook has been improved, and shares are soaring (more).

OPEC’s future may be uncertain, according to analysts, as internal struggles over delivery and quotas threaten to pull the group apart. A recent report issued by CNN suggested that oil prices could hypothetically plunge to nearly $40 per barrel should production hit potential highs (more).

A majority of U.S. and U.K. grocery shoppers are cutting back on the quantity of food they buy as a result of higher prices, a Relex survey suggested. “Consumers are making highly individualized decisions based on price, health goals, value and household priorities. What’s interesting is that while shoppers are pulling back in some categories, they continue to prioritize fresh groceries,” said Relex exec Laurence Brenig-Jones (more).

Tesla delivered a total of 480,126 vehicles during its second quarter, beating analyst expectations of 406,600 deliveries. Despite this, Tesla’s share price tumbled by as much as 7.5% on July 2, the third time that’s happened in a row upon the automaker issuing its quarterly delivery reports (more).