John Venhuizen, president and CEO of Ace Hardware, and Jules Pieri, CEO and co-founder of e-commerce start-up The Grommet, joined Cheddar to discuss the major stake Ace Hardware recently took in the online retailer.
According to The Grommet's CEO Jules Pieri, the partnership with Ace Hardware is going to provide entrepreneurs who sell products on The Grommet greater access to capital.
The Grommet currently brands itself as a company that "launch undiscovered products and helps them succeed." It is known for launching companies such as Otterbox, SodaStream, and Fitbit on its platform.
The deal with Ace is projected to help The Grommet expand its audience and grow its base of 3 million subscribers, according to Pieri. To make that possible, selected products from The Grommet are set to hit in-store and online shelves at Ace Hardware locations across the U.S.
The Grommet and Ace Hardware alliance comes at a time when entrepreneurs are gravitating towards locally-sourced products. Companies such as Amazon, and recently Wal-Mart, are competing in the field. Wal-Mart recently launched "Uniquely J" an independent label to rival Amazon.
Jules said that she believes locally-sourced products have piqued consumer's interest because people have a natural drive to create, and technology offers a platform for this creativity to flourish.
Venhuizen adds that Ace Hardware's brick and mortar stores offer independent entrepreneurs another platform to sell products beyond Amazon.
"We can now bring these makers what we think is a real clear path and a meaningful path to growth without always having to bow down to the altar of Amazon," he said.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
Starbucks’ AI barista aims to speed service and improve experience. Nick Lichtenberg, Fortune Business Editor, explains its impact on workers and customers.
