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Italy just hit Shein with a $1.15 million greenwashing fine over misleading claims

2026-03-12 13:25:17 By Sarah Jones

Italy’s competition watchdog said Monday it has fined the company responsible for Shein’s websites in Europe one million euros ($1.15 million) for false and confusing claims about the e-commerce giant’s efforts to be environmentally “green”.

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Panera’s CEO unveiled a comeback plan—and it includes better ingredients like lettuce: ‘No one likes iceberg’

With sales stagnating, Panera Brands CEO Paul Carbone unveiled a bold plan yesterday to win back customers: make everything better.Panera, once considered the gold standard in American fast-casual dining, has fallen behind competitors like Chipotle and Panda Express, with its sales dropping 5% to $6.1 billion last year. Carbone says the goal is to reach $7 billion in annual sales by 2028 behind “Panera RISE,” a new strategy intended to undo the chain’s cost-cutting measures, which he dubbed “death by a thousand paper cuts.”The overhaul includes:Lettuce: Salads will be fully romaine again and no longer include iceberg. “No one likes iceberg,” said Carbone, who also may have been delivering a four-word review of Titanic. Salads will also have eight ingredients instead of the current five.Tomatoes: Starting next year, salads will contain sliced cherry tomatoes (rather than whole ones that were used to save money).Drinks: Frescas and “energy refresher” drinks (which have less caffeine than the ones that resulted in two wrongful death lawsuits) are in the offing.Portions: The WSJ reports that Panera is “beefing up portions” after shrinking its sandwiches.Labor: There will be more workers on hand, and the company is reinvesting in the self-ordering kiosks that haven’t been upgraded in nearly a decade.Zoom out: Panera is also looking to mimic the value offerings at establishments like Chili’s, but lacks appetizer options. “We haven’t cracked the code yet,” Carbone said.—DLThis report was originally published byMorning Brew.

The 99-cent AriZona iced tea could be the next victim of Trump’s tariffs

For more than two decades, AriZona’s iconic 99-cent iced tea has shrugged off pandemics, recessions, and supply shocks. Now, President Donald Trump’s new 50% aluminum tariffs could finally crack its unshakable price tag. AriZona Iced Tea uses about 100 million pounds of aluminum for its signature cans, about 20% of which comes from Canada. Founder and chairman Don Vultaggio told theNew York Timesthat unless Trump strikes a deal to lower the new aluminum levy with Canada, the company may be forced to raise prices. “I hate even the thought of it,” Vultaggio toldThe Times.  “It would be a hell of a shame after 30-plus years.”The founder has made headlines for refusing to hike the price of his tea, even as inflation drives the prices of all other goods up. If Vultaggio adjusted the price of AriZona iced tea to match rising input costs, the tea would cost $1.99 today. Yet, the billionaire didn’t see a point. “We’re successful. We’re debt-free. We own everything. Why?,” Vultaggio said in an interview withTodayin June. “Why have people who are having a hard time paying their rent have to pay more for our drink?” Vultaggio has tried other workarounds to save money on aluminum, including downsizing the can from 23 ounces to 22 ounces. Even that decision weighed on him. Now, the founder worries the price of aluminum, which he said has “dramatically bumped up” because of the tariffs, might be the final blow to the 99-cent cans. A test case for U.S. manufacturingAriZona’s predicament could be a test case for what happens when a domestic manufacturer—one that’s nearly fully vertically integrated, even owning the railroad tracks its trains use to ship sugar daily—gets punished for importing some of its materials. PNC’s Chief Economist Augustine Faucher toldFortunehe thought the aluminum tariffs were unnecessary and inefficient. Canada, which has access to abundant and inexpensive hydroelectric power, is one of the world’s leaders in aluminum production. Given the higher input costs of making aluminum in the U.S., importing it will always be cheaper than producing it domestically, he said.“It’s going to be difficult to completely avoid tariffs, and that’s likely to contribute to higher consumer inflation in the near term as these companies pass along some of their higher input prices,” he said. Faucher said companies like AriZona have few ways to blunt the impact. Unlike industries with slow turnover, which can stock up on inventory before the tariffs hit, beverage makers move product quickly. That means the aluminum tariffs will immediately hit the company’s bottom line.All the price pain comes with very little gain, Faucher noted. Companies like AriZona, which imports some aluminum but produces the rest of the product domestically, might decide to just package the product overseas to avoid the duty. “The idea is to help American manufacturers, but this hurts American manufacturers who use these types of imported inputs,” Faucher said. The economist said he doesn’t see a need for the United States to have a strong domestic aluminum industry at all. “It makes sense over the long-run to specialize in areas where the United States does well,” Faucher said. “But given the energy costs associated with aluminum production and getting bauxite and all that kind of stuff, it just doesn’t make sense for the industry to be located in the United States.” Join us at the Fortune Workplace Innovation SummitMay 19–20, 2026, in Atlanta. The next era of workplace innovation is here—and the old playbook is being rewritten. At this exclusive, high-energy event, the world’s most innovative leaders will convene to explore how AI, humanity, and strategy converge to redefine, again, the future of work. Register now.

Your Christmas tree may be pricier this year—but there are ways to get a deal

Artificial Christmas tree sellers in the U.S. were thrown into turmoil earlier this year when the Trump administration announced punishing tariffs on Chinese imports, including threats of 145% duties.About 85% of the 20 million or so Christmas trees being sold in the U.S. annually are artificial, and of those, about 90% are made in China. So any such tariffs threatened to send Christmas tree prices much higher in a year in which American consumers have shown themselves to be cautious and frugal.Initially, some distributors temporarily halted production in China,while others scrambled to move production to other countries as they waited to see whether the threatened tariff rates would fall. (They have, back down to a more manageable 20%.) The upshot, after those months of uncertainty, has been upward pressure of about 10% to 15% on what Americans are shelling out this year for their Christmas trees, according to leaders in the industry. “We have raised prices and I think most companies have raised prices,” National Tree Company CEO Chris Butler toldFortune. At the same time, Butler said, expectations that customers are going to be more scarce this year may create opportunities for some deals. The average owner of an artificial tree gets a new one every five years, and higher prices could convince some to hold out for one more year. Some 80% of trees are sold after Nov. 1. And the bulk of artificial trees are in the $100 to $300 range, so those tariffs are translating into real dollars in what is already a stressful holiday season for those dealing with job losses or market volatility.“We’re seeing a bit of softness early in the season for Christmas trees, and we may have to give back some of those price increases and promotions to get back to where we need to be,” says Butler, whose company sells about a million trees a year and is part of a group of 10 larger distributors that act as a de facto trade organization for artificial trees. Even before the Trump tariffs, Butler said, National Tree had already been working to diversify its supplier base to reduce dependence on China, turning to factories in Cambodia, Vietnam, and Thailand. Butler says that roughly 50% of his production is now outside China, giving him some flexibility. And large sellers like Walmart and Home Depot have already placed some orders for 2026.Butler said that his Christmas tree group has been trying to explain to lawmakers that the tariff uncertainty could cause chaos in the 2025 Christmas season and also next year’s—meeting with the U.S. Trade Representative Jamieson Greer, with faith-based organizations at the White House, and with five senators. “We’re trying to work with the administration to make Christmas affordable,” says Butler. As for the natural Christmas tree market, so far it appears to be largely unaffected by the trade wars. It consists primarily of American trees, with the bulk of imports coming from Canada. Trees from Canada are exempt from tariffs under an agreement that covers the majority of trade between the two countries. Tree farmers say business is brisk as usual, says Rick Dungey, executive director of the National Christmas Tree Association, which represents natural tree sellers in the U.S. Even in tough or uncertain economic times, few people are going to sacrifice the tradition of getting a tree, he said.“It’s about memories,” said Dungey. “It’s about feelings. And it’s once a year, right?” 

Cola lovers: PepsiCo has a prebiotic soda in the works for you—and it’s not Poppi

With the buzz around healthy sodas far from fizzling, Pepsi is doubling down on the emerging segment just months after acquiring one of its pioneers, Poppi, by launching a new innovation: Pepsi Prebiotic Cola.Recommended VideoThe product is “one of the largest new innovations in the cola category,” Mark Kirkham, CMO of PepsiCo Beverages US, told Retail Brew. Containing 5 grams of cane sugar, 30 calories, and 3 grams of prebiotic fiber, the new soda is aimed at giving consumers more soda choices, he said, as Pepsi tries to meet demand for more healthy options. It’ll be sold first online in Original Cola and Cherry Vanilla flavors for Black Friday and Cyber Monday, followed by a retail debut in February, priced at a premium to traditional Pepsi, Kirkham said.Poppi, whose acquisition was completed in May, also offers Classic Cola and Cherry Cola flavors with a nearly identical nutritional profile, but Kirkham sees the two as complementary, selling in two separate soda segments that reach different consumer sets.Kirkham broke down the new product, and how it fits into its portfolio alongside Poppi and aligns with Pepsi’s larger beverage innovation strategy.This interview has been lightly edited for length and clarity.Why did Pepsi decide to develop this product?One of the things we wanted to do is address two opportunities. One is the declining cola category. Particularly, we’ve seen occasions drop over time in the core, but especially in diet [soda], and also to look for new ways to deliver more, better-for-you functional ingredients into our core. And obviously this was early days in what has become the modern soda business, and we started working on this well over a year ago.We found…we could get to an amazing-tasting product that is no artificial sweeteners, that’s 5 grams of cane sugar, that’s got the taste of Pepsi…But also it’s got prebiotic fiber…And it’s the kind of ingredient that we’ve seen bringing new consumers into the category. The reality is, no one has that in cola, and obviously super complimentary to Poppi, who do have two cola SKUs, but that’s only 8% of their mix. We feel this is a great opportunity to: one; bring innovation to the traditional cola category; two, compliment this amazing new family member in Poppi—they are the leader in developing the modern soda category; and then three, offer choice. Offering choice to our consumers is the ultimate goal of these innovations…It’s a win-win for the consumer, and it’s a win-win for us.What are your thoughts about how similar those products are?A lot of what makes Poppi so special is it’s been built from the ground up. It always was clean label, natural ingredients. One of the biggest drivers there was always the apple cider vinegar. When you taste their cola, particularly their cherry and their regular cola, it’s a very different flavor profile than, let’s say, traditional cola, like we offer with Pepsi. We felt there are a lot of cola lovers out there that have this certain expectation of a cola flavor, particularly of Pepsi, but they also want alternatives in terms of different sweetener systems, or added benefits, or having lower sugar. Being able to address that part of the market that may not be being addressed through the cola segment within modern soda—that’s where the real opportunity is for us.The prebiotic soda space has been popping off for several years. What instigated the development of this product now?We were just listening to the consumer, and we were seeing the emergence of different segments in the category.This is about Pepsi, and Pepsi delivering a new product to address the consumers of cola, or, in the case of maybe some of the younger consumers who maybe didn’t grow up with cola like I did, right?…We’re bringing them in through the fact that this is only 5 grams of sugar, no artificial sweeteners, that it’s only 30 calories, and the prebiotic fiber gives it a new way to bring in a different audience and a new consumer.We actually think it’s a great opportunity for, let’s say, Gen X female diet cola drinkers. There’s an opportunity to really source from a broader range of consumers. This is not just a pure Gen Z play, which is very much what’s built modern soda. This is a broader play for cola lovers.How are you balancing innovating on the core versus bringing on acquisitions like Poppi?The reality is you have to do both…I like to say “core and more.” The only way you’re really going to drive growth in some of our categories is to really ensure that your core is healthy and that you’re continuing to innovate your core, but at the same time, you cannot miss out on these new and emerging categories, like what we saw in modern soda and Poppi. It’s a balanced approach that you need to take with innovation, but you must make sure that you’re doing both core and more, because we built this amazing brand for over 125 years. We’’ve helped create amazing products through our Diets, through our Zeros, but this next generation of consumer and as the category evolves, there’s opportunities to offer new innovation within the core, and that’s what we’re doing.This report was originally published byRetail Brew.Join us at the Fortune Workplace Innovation SummitMay 19–20, 2026, in Atlanta. The next era of workplace innovation is here—and the old playbook is being rewritten. At this exclusive, high-energy event, the world’s most innovative leaders will convene to explore how AI, humanity, and strategy converge to redefine, again, the future of work. Register now.

Campbell’s gets a Gen X makeover — 42-year-old fashion exec joins her family at $9 billion canned-soup-and-snacks giant

The great-granddaughter of the inventor of condensed soup has joined the famat Campbell’s, the company announced this week. The daughter of late billionaire Campbell’s heiress Mary Alice Dorrance Malone will serve on the board following her mother’s death last month. The Campbell’s Company on Friday announced it had elected 42-year-old luxury fashion entrepreneur Mary Alice Dorrance Malone Jr. to its board, continuing a family legacy that has spanned more than a century. Recommended VideoMalone Jr. is filling a board seat at the Fortune 500 company that her mother, with whom she shares the name Mary Alice Dorrance Malone, held for 35 years before passing away in June 2025 at the age of 75. The billionaire was Campbell’s largest shareholder and the longest-tenured member of the board, at one point even fending off an activist attack from Daniel Loeb’s hedge fund. Malone Jr. is also the great-granddaughter of Dr. John T. Dorrance, who invented condensed soup and served as president of the company from 1914 to 1930. Her grandfather, John T. Dorrance Jr., chaired Campbell’s from 1962 to 1984. Other members of Malone Jr.’s family including Bennett Dorrance Jr. and Archbold D. van Beuren also serve on the board. Collectively, the Dorrance family holds more than 23% of the company, andForbescounts the family as among America’s richest, with a net worth valued at $17 billion. However, Malone Jr.’s appointment comes at a pivotal time for Campbell’s. The company’s stock price has dropped more than 25% year to date. It renamed itself from “Campbell Soup Company” to The Campbell’s Company in November 2024 to better reflect its other standout brands which include Cape Cod, Goldfish, Kettle Brand, Pepperidge Farm, Swanson, and V8. In recent years, the company has shifted its portfolio mix with total sales focused more on revenues from snacks and brands such as Rao’s rather than core soup operations.The board executed a CEO transition at the start of the year. Mick Beekhuizen, another Gen Xer at age 48, took the role effective in February. Malone Jr. brings with her nearly 20 years in the fashion business, having founded luxury shoe line Malone Souliers in 2014, where she serves as chief brand director. The line’s iconic “Maurene” leather mule retails for more than $600 and is handcrafted in Italy. The company has also partnered with Netflix seriesEmily in Parisand Bridgerton, according to its website. In a statement, Campbell’s board chair Keith McLoughlin welcomed her to the team.“Mary Alice’s unique blend of creative, analytical and entrepreneurial experience and deep appreciation of Campbell’s history will be an asset to the Board and the company,” said McLouglin. Join us at the Fortune Workplace Innovation SummitMay 19–20, 2026, in Atlanta. The next era of workplace innovation is here—and the old playbook is being rewritten. At this exclusive, high-energy event, the world’s most innovative leaders will convene to explore how AI, humanity, and strategy converge to redefine, again, the future of work. Register now.

Gen Alpha has surpassed $100 billion in spending power from side hustles and bankrolling parents—and Roblox and Nike are among the big winners

The youngest generation, born between 2010 and now,is now generating $100 billion in direct spending power annually, according to a new report. Gen Alpha, made up of digital natives, is spending money from readily accessible e-commerce sites, but also making money by selling and reselling items on digital platforms.Members of Gen Alpha are too young to drive themselves to a store or open up a credit card in their own names—but that hasn’t stopped them from spending nearly as much as the gross domestic product of Bulgaria.Recommended VideoThe youngest generation, born between 2010 and now, has eclipsed $100 billion in direct spending power annually, according to a new report from public-relations firm DKC—and they’re driving even more spending by having an outsized influence on household purchases.The survey of about 1,000 U.S. parents of kids between 8- and 14-years-old found 42% of household spending was influenced by Gen Alpha’s opinions, a figure swelling to 49% for households earning more than $100,000 per year. This influence can range from what’s put on the dinner table to what clothes to buy and where to travel.“This generation has more spending money than you’d think,” DKC President Matthew Traub toldFortune. “Their economic influence is enormous.”Projected to be the largest generation—one day reaching 2 billion people—Gen Alpha is making early economic waves not only due to its sheer size, but also because its tech-native status opens doors to countless frictionless e-commerce opportunities. Research-based advisory firm McCrindle—founded by social researcher Mark McCrindle, credited for popularizing the term “Gen Alpha”—reported the youngsters would have $5.46 trillion in spending power by 2029.The entrepreneurial generationSo where is Gen Alpha getting all this money to spend? Like tweens of every generation, Gen Alpha kids are doing chores and mowing laws in exchange for their parents’ pocket change. While 83% of surveyed parents said they give their children an allowance, 91% of the generation is working or earning money on their own in some form, including 40% who get paid for doing “odd jobs” outside the house.Their earnings aren’t chump change. This generation of budding entrepreneurs has an average $67 to spend each week, totalling $3,484 per year. But what separates this generation from yesteryear’s latchkey kids and millennials is their “entrepreneurialism” spurred by easy access to technology, according to Traub. It’s no wonder why. The rise of TikTok and YouTube stars have led Gen Alpha to see content creators as career role models, with more than 60% of the generation looking to these social-media creators for inspirational ideas, and more than a quarter making money from their own social-media activity, according to a November 2023 report from Visa. “Digital tools allow a level of entrepreneurialism that replaces the old lemonade stand and gives you instant access to a much larger audience,” Traub said.Where Gen Alpha is spending their moneyDigital platforms aren’t just a way for today’s kids to make money; they’re a principal way in which they spend it. Gen Alpha is spending an average of more than two hours each week online shopping, according to a 2024 report from content-moderation consultancy WebPurify, with the sites frequented by the young generation transforming into de facto online shopping malls.According to DKC, Roblox and Nike are the companies Gen Alpha invoke most when talking to their parents. Amazon, Shein, Temu, and TikTok also broke into the top 10. Beyond the e-commerce giants, these brands have taken it upon themselves to vie for Gen Alpha’s money (or at least their parents’ credit cards). Roblox—with more than 25 million daily concurrent users—announced in May the ability for users to buy physical products from Roblox experiences, with their in-game avatars likewise getting items as part of their purchases. Nike has partnered with Roblox on its Nikeland experience since 2021, where users can not only play virtual dodgeball, but buy digital shoes for their avatars.“Even in these gaming platforms that have traditionally been reserved for children, e-commerce is becoming a really monetizable form,” Alex Popken, vice president of trust and safety at WebPurify, previously toldFortune. “We’re just seeing kids being inundated with this content more often.”Join us at the Fortune Workplace Innovation SummitMay 19–20, 2026, in Atlanta. The next era of workplace innovation is here—and the old playbook is being rewritten. At this exclusive, high-energy event, the world’s most innovative leaders will convene to explore how AI, humanity, and strategy converge to redefine, again, the future of work. Register now.

Yves Saint Laurent was the hottest luxury brand this year, beating Coach, Prada, and Bottega Veneta: It’s a clear ‘signal of the shifting landscape’

With the luxury industry in turmoil and challenges like tariffs and rising costs facing most fashion retailers, it hasn’t been easy determining which brands are resonating with consumers this year.Recommended VideoBut Lyst’s Q3 2025 Index offers some perspective on the “hottest brands and products” over the last three months. The index, which analyzes shopper behavior from “more than 160 million annual users across thousands of brands and stores,” featured French luxury retailer Yves Saint Laurent emerging at the top of the list for the first time.In second, third, and fourth place were Miu Miu, COS, and The Row, respectively. Coach, Prada, and Bottega Veneta followed closely, snagging the fifth, sixth, and seventh spots. Rounding out the top 10 were Loewe, Ralph Lauren, and Chloé.Though Kim Kardashian’s Skims ranked lower at No. 15, the brand saw a 271% YoY increase in demand.As for Saint Laurent, its iconic Le Loafer was a standout among shoppers searching for loafers. Other products making waves this season included Havaianas’s flip-flops and COS’s chunky cashmere sweater, both of which landed among Lyst’s “hottest products.”According to Lyst, the current landscape “rewards clear creative direction and consistent execution.”“The top brands this quarter reflect what we’re seeing across the Lyst platform: Shoppers want to feel confident in their choices,” Emma McFerran, CEO of Lyst, said in a statement. “Customers are shopping with intention, wishlisting versatile pieces that work across seasons, and gravitating towards brands with a clear identity.”Although the rankings shifted since the previous quarter, retailers like Saint Laurent, COS, Coach, The Row, and Miu Miu continue to dominate, remaining in the top 10 of Lyst’s quarterly index.“Fashion fans appreciate a clear, consistent vision that is powerfully articulated by a great, recognizable product,” Katy Lubin, VP of brand and communications at Lyst, previously told Retail Brew. “Customers also increasingly care about value, and the inclusion of brands like Coach and COS alongside the luxury players who have dominated the index for years, is a signal of the shifting landscape.”This report was originally published byRetail Brew.

Walmart, once ordered to ‘eat the tariffs,’ is giving employees a year-round 10% discount to help them eat

In its largest employee perk rollout in years, Walmart is extending its 10% grocery discount to cover nearly all food categories for its 1.6 million U.S. workers—marking a significant boost to benefits at the nation’s largest private employer. Announced in a LinkedIn video by Kieran Shanahan, executive vice president and chief operating officer at Walmart U.S., the change is effective immediately and applies both in-store and online, signaling Walmart’s bid to support its workforce amid rising food prices and retention challenges.Recommended VideoIn a separate LinkedIn post, JD Mahaffey, group director and global head of executive total rewards, expanded on the new benefit: Previously, Walmart’s 10% discount for employees was limited to fresh produce and select general merchandise, and most grocery items were excluded except during the November to December holiday season. With the new policy, nearly every food category is covered year-round, including staples such as dairy, frozen foods, dry groceries, meat, and seafood. In total, approximately 95% of regularly priced items in-store are now eligible for the discount.All employees and eligible corporate staff receive a discount card after 90 days of employment. The move was prompted by persistent worker feedback that called for more comprehensive and accessible perks, particularly as food inflation has squeezed household budgets. “We’ve heard your feedback that these savings make a real difference for you and your families,” chief people officer Donna Morris wrote in a staff memo shared withFortune. In fact, she described it as “one of our most requested benefits.”Why is Walmart doing this now?The expansion comes as economic pressures weigh on households nationwide. Recent government data shows food prices for staples such as eggs and meat have jumped sharply year over year. The move also coincides with heightened concerns over new tariffs that threaten to further raise prices across major retailers, Walmart included. More than half of grocery shoppers surveyed in August cited tariffs as their top worry about food costs.By ramping up employee benefits, Walmart is responding to both external market forces and internal demand. It’s a strategic step designed to bolster recruitment and retention at a time when competition for retail talent is fierce. Analysts note the company’s efforts to improve its work culture, including earlier expansions of training programs, wage hikes for hourly staff, and the introduction of bonus programs for frontline workers.COO Shanahan explained in the company video: “We know the impact this discount has for so many associates and their families, and one consistent piece of feedback we hear is to look at how we can make our associate discount program even better.”How does Walmart compare with other retailers?With the new perk, Walmart’s benefits now align more closely with those of leading competitors. Target offers a similar 10% discount on most merchandise plus 20% off select food items, while Kroger gives staff 10% off house-brand products and other categories. Hy-Vee (a Midwest grocer) and Trader Joe’s have even more generous policies, with discounts of up to 20% for employees.The timing of the announcement is crucial, coming just days before Walmart’s quarterly earnings release and as the company grapples with both supply-chain challenges and inflation pressures. As economic uncertainty continues to roil the retail sector, Walmart’s expanded grocery discount stands out as both a smart business maneuver and a measure aimed at fostering goodwill among its massive employee base.In May, Walmart issued a warning along with its earnings report that it may have to raise prices because of the anticipated impact of President Donald Trump’s tariffs. “We’re wired to keep prices low, but there’s a limit to what we can bear, or any retailer for that matter,” chief financial officer John David Rainey told the AP at the time.Trump responded by ordering Walmart to “EAT THE TARIFFS.” This move by Walmart appears to confirm that Walmart can’t eat all of them, and it will at least be helping its employees take home something to eat for the pre-tariff prices they used to see.Walmart did not immediately respond to a request for comment.For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing. Join us at the Fortune Workplace Innovation SummitMay 19–20, 2026, in Atlanta. The next era of workplace innovation is here—and the old playbook is being rewritten. At this exclusive, high-energy event, the world’s most innovative leaders will convene to explore how AI, humanity, and strategy converge to redefine, again, the future of work. Register now.

Target and Ulta just broke up: Employees raised red flags about shoplifting, understaffing, and foot-traffic cannibalization

After employees exposed cracks in their partnership earlier this year, Target and Ulta Beauty are officially pulling the plug on their shop-in-shop deal.Recommended VideoThe two retailers announced today they’ve “mutually agreed” to end the partnership when their current agreement expires in August 2026, but will continue operating online and in stores until then.Rick Gomez, Target’s EVP and chief commercial officer, said in a statement that the retailer is “proud of our shared success” with Ulta, and that it “remains committed to offering the beauty experience consumers have come to expect from Target.”The partnership’s end comes after Ulta’s president and CEO, Kecia Steelman, said at a conference in April that the two would “pause” the shop-in-shops’ expansion, looking to “leverage the learnings” and create “even greater value” for the partnership.Weeks before that announcement, Target employees had taken to Reddit to share red flags with the tie-up—pointing to shoplifting, understaffing, foot traffic cannibalization, and an underwhelming customer experience. Following today’s news, Redditors in r/Ulta and r/Target, many claiming to be former and current employees, echoed similar sentiments. One poster who said they’d worked at a shop-in-shop for three years said they were “not surprised at all” the partnership was ending.Target has opened 610 Ulta shop-in-shops since the partnership was announced in 2021 as a way to grow Ulta’s reach and expand Target’s merchandise into prestige cosmetics.Target has been focused on growing its beauty assortment beyond its Ulta shops, launching 2,000 products and 50 new brands in February. It also added beauty items to its front-of-store Bullseye’s Playground this summer, Gomez said in May.But the partnership’s end appears to be yet another blow to Target, which has seen six straight months of foot traffic declines since backtracking on DEI efforts in January. Ulta, meanwhile, has seen a sales boost since initiating its turnaround plan this year.This report was originally published byRetail Brew.Join us at the Fortune Workplace Innovation SummitMay 19–20, 2026, in Atlanta. The next era of workplace innovation is here—and the old playbook is being rewritten. At this exclusive, high-energy event, the world’s most innovative leaders will convene to explore how AI, humanity, and strategy converge to redefine, again, the future of work. Register now.

Americans are the most optimistic about the economy since just after Trump’s inauguration

There’s one survey to rule them all, when it comes to getting a gut feeling for the health of the American consumer. Running monthly since 1946, the University of Michigan’s consumer sentiment survey offers an uninterrupted, long-term record of American consumers’ mood across wars, booms, recessions, and technological change.Recommended VideoThe July edition shows renewed optimism, according to the University of Michigan’s preliminary results, as the Consumer Sentiment Index climbed to 61.8 from 60.7 in June. This slightly surpasses analyst expectations and marks the index’s highest point in five months—February, just after President Donald Trump took office again but months before he shocked markets and allies with his “Liberation Day” tariffs in April. Still, it’s only cause for a muted celebration.Surveys of Consumers Director Joanne Hsu characterized the results as “little changed” from June, “inching up about one index point.” She acknowledged that it’s a five-month high, but “it remains a substantial 16% below December 2024 and is well below its historical average.” A closer look at the data shows that high-wealth consumers don’t share in the generally improving outlook, either.The glum high-wealth AmericanThe Current Economic Conditions Index rose 3.1 points to 66.8, indicating growing confidence in near-term business and job prospects. However, the Consumer Expectations Index—reflecting expectations for the coming six months—rose only slightly to 58.6 and remains down 14.8% from last year. Notably, respondents’ outlook on their own finances fell by about 4%, signaling continued individual financial concerns despite the broader improvements. And despite a recent uptick, the surveyors highlight that feelings among high-wealth consumers are still down 17% from December 2024.High-wealth consumers are down in the dumps, even though ticking up.University of MichiganShort-run business conditions improved about 8%, whereas expected personal finances fell back about 4%. Consumers are unlikely to regain their confidence in the economy unless they feel assured that inflation is unlikely to worsen, for example if trade policy stabilizes for the foreseeable future. At this time, the interviews reveal little evidence that other policy developments, including the recent passage of the tax and spending bill, moved the needle much on consumer sentiment. But there has been a movement on expectations around inflation.Inflation expectations drop sharplyOne of the most pronounced shifts in sentiment concerns inflation. Year-ahead inflation expectations dropped for the second straight month to 4.4%, down from 5.0% in June and from a peak of 6.6% in May, marking the lowest reading since February 2025.Long-run inflation expectations also receded, falling for a third consecutive month to 3.6% (from 4.0% in June). While these are the most moderate readings in months, both remain higher than levels seen in late 2024, highlighting ongoing wariness about longer-term inflation risk.Hsu noted that inflation remains top of mind for many Americans, with renewed optimism tempered by concerns that price increases could reignite, especially in the context of recent trade policy moves. “Consumers are unlikely to regain their confidence in the economy unless they feel assured that inflation is unlikely to worsen, for example if trade policy stabilizes for the foreseeable future,” Hsu explained.Respondents reported that legislative developments such as recently enacted tax and spending bills had little discernible effect on their overall sentiment.The uptick in consumer confidence comes even as recent economic data show robust retail sales and resilient labor markets, suggesting a disconnect between consumer perceptions and macroeconomic trends.For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing. Join us at the Fortune Workplace Innovation SummitMay 19–20, 2026, in Atlanta. The next era of workplace innovation is here—and the old playbook is being rewritten. At this exclusive, high-energy event, the world’s most innovative leaders will convene to explore how AI, humanity, and strategy converge to redefine, again, the future of work. Register now.