Business
Bike Shops Boomed Early In The Pandemic. It’s Been A Bumpy Ride For Most Ever Since
For the nation’s bicycle stores, the last several years have certainly felt like the business version of the Tour de France, with innumerable twists and turns testing their stamina.
Early in the pandemic, a surge in interest in cycling drove sales up 64% to $5.4 billion in 2020, according to Circana, the retail tracking firm. It wasn’t uncommon for some stores to sell 100 or more bikes in a few days.
The boom did not last. Due to pandemic-related supply chain challenges, the retailers sold out of bikes and struggled to replenish. Inventory has caught up, but fewer people require new bicycles. Bicycle manufacturers have started lowering prices to clear off excess inventory. It all adds up to a challenging climate for retailers, with a few bright areas such as dirt and e-bikes.
“The industry had a hard time keeping up with demand for a couple of years, but then demand slowed as the lockdowns ended, and a lot of inventory started showing up,” said Stephen Frothingham, editor-in-chief of Bicycle Retailer & Industry News. “So now for the last, a year and a half, the industry has struggled with having too much inventory, at the supplier level, at the factory level, at the distributor level, at the retail level.”
Circana reports that bike sales will reach $4.1 billion in 2023, up 23% from 2019 but down 24% from 2020. The recovery from the epidemic has been uneven, with large businesses such as REI and Scheels recovering faster than independent bike shops, according to Matt Tucker, director of client development for Circana’s sports equipment business.
Bike Shops Boomed Early In The Pandemic. It’s Been A Bumpy Ride For Most Ever Since
John McDonell, owner of Market Street Cycles on San Francisco’s famed Market Street, says the pandemic’s shift to hybrid labor has been especially difficult for business. During the summer, 3,000 bikes would pass by his shop each day. With fewer individuals commuting to work, that number has dropped to less than 1,000.
According to Pacer.ai, which tracks people’s activities based on smartphone usage, San Francisco falls behind all other major cities regarding workers returning to work, with office visits down 49% from April 2019.
“Our downtown is still a wasteland,” McDonell explained.
Independent bike stores now compete not only with national chains but also with bike manufacturers such as Specialized and Trek. These companies have been buying bike shops and selling their bikes directly to customers, thus eliminating the middleman. According to Frothingham, there are now over 1,000 bike shops in the country that are either owned by Trek or Specialized.
“They’ve got the money to absorb the fact that bike stores, you know, are not a super profitable thing, and in the process, they’ve also been able to cut us out of it,” McDonell stated.
McDonell has been obliged to use a skeleton team of himself and another employee, down from five earlier. His desire to sell his shop to a younger bike enthusiast when he retires is diminishing. He might close his store when his lease expires in a few years.
Bike Shops Boomed Early In The Pandemic. It’s Been A Bumpy Ride For Most Ever Since
“Now I am just trying to land it with both engines on fire and trying not to lose money on my way out,” he stated
Douglas Emerson’s bike business, University Bicycles, in Boulder, Colorado, is doing better, thanks to its placement in one of the country’s most popular biking destinations. He’s owned the shop for 39 years and employs 30 people.
University Bicycles, like other bike retailers, experienced a surge in bike sales due to the pandemic. Emerson recalls selling 107 bicycles in 48 hours. However, immediately following the boom, sales fell considerably due to a lack of inventory, and rentals declined because no one was traveling.
“It became a struggle right after the boom,” Emerson explained. “Since then, manufacturers have overproduced.” In addition, they have significantly reduced prices, which benefits consumers. However, tiny retailers generally cannot take advantage of those discounts.”
Emerson claims the shop hit a “saturation point” when everyone who wanted a bike purchased one. He now sells these consumer items such as jackets, helmets, and locks. His store has returned to its 2019 sales figures.
University Bicycles has also benefited from some of the changes in purchasing trends. The continued strong demand for e-bikes and the increased need for children’s bikes have contributed. Gravel bikes, which can be ridden on both paved and dirt routes, are displacing road cycles as a top seller.
John Ruger, a 50-year biker and faithful University Bicycles client, hasn’t purchased a bike in ten years but intends to buy a gravel bike at present costs. He says a top gravel bike he’s interested in, which would normally cost $12,000 to $14,000, is presently on sale for $8,000.
Bike Shops Boomed Early In The Pandemic. It’s Been A Bumpy Ride For Most Ever Since
“The timing is good,” he remarked. “I can get a bike now because they’re less expensive and my bikes are getting old.”
Shawna Williams, the owner of Free Range Cycles in Seattle, Washington, did not see the same sales boom as others because her 700-square-foot business was so small that she only accepted customers by appointment from March 2020 to May 2021.
However, Williams did have to deal with the coming shortages. She spent a great deal of time “checking in with other shops to see if we could buy something, even at retail, from them, just in order to get a repair done or a build done.”
She expanded her service offerings, such as repairs and maintenance, to compensate for decreasing bike sales. Despite the epidemic, the maneuvering allowed her to maintain consistent overall sales.
“Bike sales, the way that I have kind of framed the shop, are an awesome bonus, but we really need to be sustaining the shop through repair and, like, thoughtful accessory sales,” Williams stated. “A bike sale to me, if we do things well, that means creating a customer for life.”
SOURCE – (AP)
Business
Boeing’s Lawyers Come To Court To Face Relatives Of The Passengers Who Died In Boeing Max Crashes
FORT WORTH, Texas — Relatives of some of the 346 people killed in two crashes involving Boeing 737 Max planes are in court Friday, asking a federal judge to overturn a plea agreement reached between the aircraft manufacturer and federal prosecutors.
The family members want the government to bring Boeing to trial, where the firm might face harsher penalties.
In July, Boeing agreed to plead guilty to one felony count of conspiracy to commit fraud in connection with the Max’s regulatory clearance. Boeing, a major federal contractor, will pay a fine and serve a probationary period under the terms of the deal with the Justice Department.
Passengers’ relatives call it a sweetheart bargain that ignores the lives lost.
“The families who lost loved ones in the 737 Max crashes deserve far more than the inadequate, superficial deal struck between Boeing and the Department of Justice,” said Erin Applebaum, a lawyer who represents some of the families. “They deserve a transparent legal process that truly holds Boeing accountable for its actions.”
Boeing’s Lawyers Come To Court To Face Relatives Of The Passengers Who Died In Boeing Max Crashes
Lawyers for the government and the company filed court briefs defending the settlement, while attorneys for the passengers’ families stated their disagreement with the agreement. During Friday’s hearing in Fort Worth, Texas, US District Judge Reed O’Connor will have the opportunity to interview both parties.
If the court accepts the guilty plea, he must also adopt the sentence that Boeing and prosecutors agreed on; he cannot impose different conditions. It is unknown when O’Connor will rule on the subject.
Boeing has been accused of deceiving authorities by approving minimal, computer-based training for Boeing 737 pilots before they could fly the Max. Boeing tried to avoid regulators from demanding flight simulator training, which would have increased the cost for airlines to operate the plane.
The Justice Department contends that conspiracy to deceive the government is the most serious charge it can establish. Prosecutors believe they cannot show that Boeing’s conduct caused the crashes in Indonesia in 2018 and Ethiopia in 2019.
The agreement requires Boeing, based in Arlington, Virginia, to pay a minimum punishment of $243.6 million, invest $455 million in compliance and safety measures, and serve a three-year probation period.
The case is just one of several concerns with which the firm is currently dealing.
Boeing’s Lawyers Come To Court To Face Relatives Of The Passengers Who Died In Boeing Max Crashes
This week, negotiations fell down between striking manufacturing workers who construct some of the company’s best-selling planes. The company retracted its offer, and S&P Global Ratings added it to its credit watch list, citing elevated financial risk due to worker unrest.
On Thursday, the company filed a complaint with the International Association of Machinists and Aerospace Workers, alleging unfair labor practices. Boeing complained to the National Labor Relations Board that the union’s public narrative was misleading and made reaching a resolution difficult.
SOURCE | AP
Business
Uber And Lyft Stock Prices Surge After Telsa’s “Toothless” Robotaxi Revelation.
(VOR News) – On Friday, the electric vehicle manufacturer Tesla made the Uber news that had been anticipated for a long time about the robotaxi.
As a consequence, the stocks of ride-hailing app businesses Uber (UBER) and Lyft (LYFT) simultaneously increased, while the stock of Tesla experienced a decline.
The highly anticipated prototype of the robot axi that Tesla (TSLA-8.23%) has been working on was officially presented to the public by Elon Musk, the Chief Executive Officer of Tesla (TSLA-8.23%), during the evening of Thursday. The preliminary version of the product is referred to as “Cybercab.”
A lot of investors, on the other hand, were left with the idea that the event did not excite them or leave them feeling impressed. In addition to the fact that made a great deal of lofty Musk remarks, analysts pointed out that there was a lack of concrete information presented. In addition to this, they brought out the fact that there was an absence of specific details.
In the early morning hours of Friday, shares of Uber and Lyft both increased by 10 percent, while shares of Tesla fell by more than eight percent.
This Uber happened as a result of investors’ responses.
It is anticipated that the Cybercab will be the first vehicle that Tesla makes that is capable of performing driving responsibilities that are entirely automated.
There is a great deal of anticipation among fans about this aspect. There is still a need for a driver in Tesla automobiles, despite the fact that the company has software that gives help for autonomous driving. Despite the fact that the company develops software for autonomous driving, this is also the case.
Musk’s only comment regarding the Cybercab was that production will “probably” begin in 2026 or “before 2027.” This was the only thing he could say by himself. He was only able to supply this one indication out of all the others.
It was not possible for Musk to provide a definitive answer to the production date of the automobile. It is now anticipated that the price of the automobile will be lower than thirty thousand dollars. This is the current estimate.
When asked about his proposal for a network of robot vehicles, the CEO had earlier framed his notion of a robot-axi network as a combination of Uber and Airbnb.
If you are interested in learning more about his plan, go here. Through the process of connecting their automobiles to the infrastructure of this network, owners would have the option to make cash even while they were sleeping.
He went so far as to extend an invitation to everyone, particularly drivers for Uber and Lyft, to investigate the prospect of purchasing a significant number of Cybercab drivers together on Thursday.
He did this even though he wasn’t a member of Uber or any other companies.
Despite this, there were investors who did not have a positive attitude toward the possibility. In addition to stating that it was the best-case scenario for Uber, the Cybercab was described as “toothless” by someone who was educated about the subject.
John Colantuoni, an analyst at Jefferies, made this assertion in a client note that was sent out on Friday. The note was circulated to clients. He concluded by writing, “We consider the event to be a best-case outcome for Uber, given that Tesla did not provide verifiable evidence of progress toward (Level 3 autonomous driving) or quantify the number of robots planned.”
Given that investors are now allowed to concentrate on fundamentals, we think that Uber will respond favorably to this development. This is what we anticipate will happen.
SOURCE: QZ
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AT&T Is Offering a $10,000 Reward For Information Regarding Copper Wire Theft.
Business
AT&T Is Offering a $10,000 Reward For Information Regarding Copper Wire Theft.
(VOR News) – AT&T, a multinational telecommunications firm with its headquarters in Dallas, is offering a reward of $10,000 for information that leads to the suspect’s location.
For information that leads to an arrest or conviction for the theft of copper cable or the attempted sale of stolen copper cable in the Dallas-Fort Worth area and the adjacent areas, the reward is for “specific and detailed” information that leads to an arrest or conviction.
Because it is not only time-consuming but also expensive to AT&T replace copper cable that has been stolen, the company claims that the issue has become a major concern for the operations of the company.
This is due to the fact that theft of copper cable leads to replacement of the cable. It was established that there was a connection between the theft of copper and an AT&T service outage that occurred in South Dallas earlier this year. The information was gathered through an investigation.
“Theft and vandalism of critical communications infrastructure are serious matters that affect public safety and the community at large,” said Michael Peterson, Assistant Vice President of AT&T Texas, in a release.
“These incidents have a significant impact on the community as a whole for AT&T.”
“These incidents have a significant impact on the community as a whole.” “These incidents have a significant impact on the community as a whole.”
To conduct investigations into any potential occurrences that may take place, we are collaborating closely with law enforcement to carry out these investigations. This is being done in order to ensure that we will continue to provide services that are of the best possible satisfaction to our customers.
In order to notify the community about an incident that occurred during the month of August, the Garland Police Department made use of social media in order to disseminate information about the occurrence. There were two people involved in the crime, and they were captured on film stealing copper wire while they were claiming to be utility personnel. The theft was caught on film.
You should under no circumstances let your guard down! Robbers that steal copper are active both during the day and at night, as stated in a post that was made on X by the Garland Police Department regarding copper theft.
As mentioned in the news release, AT&T is currently working with local authorities in order to provide an explanation of the situation, as well as to investigate and try to find a solution to the problem. A threat to important infrastructure that is necessary for the delivery of basic services is posed by copper theft, as stated by Tennell Atkins.
AT&T is serving as the mayor of Dallas.
Additionally, AT&T communities are left susceptible in the event of natural disasters as a result of copper theft, which is another downside of copper theft.
This significant problem, which is a worry for the entire population, has an effect on each and every individual. Taking this into consideration, it is of the utmost importance that we collaborate and raise awareness in order to put an end to those who are responsible,” Atkins stated in the press statement concerning the situation.
Members of the general public are being asked to report any vehicles or persons that are not marked and are cutting or removing wires. AT&T is urging that this information be reported. Quick reporting of any and all incidents is required.
In the event that you phone the local police enforcement or AT&T Global Security & Investigations at the number (800) 807-4205, you have the choice of remaining anonymous while providing information regarding the incident.
This is the case even if you are providing information about the incident. Up until the first of November in the year 2025, it is possible to provide the award for consideration.
A survey that was published by WIRED earlier this year indicates that theft of metal is on the rise, with an increasing number of occurrences being reported. It was established in the essay that there is a connection between criminal activities and the increase in the price of metals all over the world.
The price of copper has increased by around thirty percent over the course of the past five years in comparison to what it was five years ago.
Over the course of the past two years, it has been estimated that around 184 miles of electrical wiring from streetlights has been missing across the city of Las Vegas and the metropolitan areas that surround it. This is a significant amount of missing wiring.
SOURCE: TDMN
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