Consumer News: Amazon launches luxury store, Lowe’s its own ‘Shark Tank’

Enter Amazon. Company leaders announced Tuesday it’s going to start carrying high-end brands. They’re calling the new venture Luxury Stores, and it’s only available through the app for prime members and by invitation only. If you have Amazon Prime and you haven’t gotten your invitation, click here. The first designer being featured is Oscar de la Renta. You can open your Amazon app and see the fall/winter collection along with handbags jewelry and accessories.

Restaurants going belly up

Luxury retailers aren’t the only ones struggling. It’s a tough time to own a restaurant. And it seems selling take-out is not enough. According to the National Restaurant Association, 100,000 eateries have closed in the last six months. That means one in six have either closed down permanently or for the foreseeable future. And nearly 3 million restaurant employees are out of work. Those that are still open are struggling. Last month, we spent on average 34% less at restaurants than this time last year, which means restaurants are projected to lose $240 billion this year. 

Lowe’s launches its own “Shark Tank”

But one big business is trying to help its small business brethren. One of the biggest home improvement stores in the country is giving you a chance to pitch your big idea. Think Shark Tank at Lowe’s. You’ll be able to pitch your product in the hope of getting it on store shelves at Lowes.

The CEO announced on CNBC Tuesday that the new program will be called “Making it at Lowes.”  Want to apply? Click here. It’s an effort to help small business owners hurting during the pandemic. And Daymond John, one of the stars of Shark Tank, will be there to mentor the entrepreneurs and trim the list of the applicants. Lowe’s is also giving away $55 million in small business grants.

To apply for a grant, click here.

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