DEEP DIVE INTO 30 MINUTE Grocery
On Monday, 3/14, we will be hosting a call with Matt Newberg, Founder, HNGRY. HNGRY is a subscription media platform exploring how technology reshapes our food system through trends like ghost kitchens, micro grocery fulfillment, fungi-based proteins, personalized nutrition, and much more. The call will take a deep dive into the viability of the 30-minute delivery model and the implications of some of the critical players like DASH and AMZN (covered by @HedgeyeRetail).
A more detailed invite will be out shortly.
DASH and Deliverroo?
DASH needs to have a more significant international presence.
According to the Sunday Times, DoorDash has held talks about a potential takeover of Deliveroo last summer, though a deal never came to fruition. DoorDash, instead of in November, agreed to acquire Helsinki-based food-delivery startup Wolt in an all-stock deal worth approximately $8.1B. Also, DASH reportedly held talks to purchase Instacart (ICART) last summer, which may have valued the grocery delivery company at $40B to $50B. Deliveroo went public last March in London and is down more than 70% since then. DoorDash went public in December 2020 at $102/share and traded up to $260 and is now below $90. DASH last month launched express grocery delivery in partnership with Albertsons Companies (ACI) to deliver fresh groceries in under 30 minutes DoorDash last week said it agreed to acquire hospitality technology startup Bbot.
CivicScience Economic sentiment index
All five of the ESI's indicators dropped over the past two weeks, with two indicators hitting their all-time lows:
- Confidence in making a significant purchase fell by 2.6 points to 23.8
- Confidence in buying a new home fell by 1.9 points to 25.2
- The most significant decrease was confidence in the overall U.S. economy, which fell 4.7 points to 34.3, just 0.1 points from that indicator's all-time low.
- Confidence in finding a new job fell by 2 points to 52.1, and confidence in personal finances fell by 0.6 points to 55.2.
Things are likely to get worse with gas prices at the pump in the U.S. are surging at the fastest pace since Hurricane Katrina in 2005, with AAA reporting the national average for a gallon of regular gasoline rising $0.11 to $3.83 on Friday, the highest since September 21, 2012. Gas prices have soared $0.18/gal since Wednesday and $0.29/gal since Russia's invasion of Ukraine eight days ago, meaning the U.S. most likely will soon average $4.00 and reach the record of $4.11 set in 2008.
