Sam's Club to raise
starting pay to $15
Sam's Club is boosting its starting wage to $15 an hour as of Sept. 25, joining a rush by retailers to increase pay in a tight labor market.
The stepped-up wage is part of a broader increase that will award raises to 34% of the workforce, Sam's Club said Tuesday. So-called team leads at Walmart's membership-based warehouse retailer will earn at least $19 an hour, a dollar more than before. Personal shoppers, forklift drivers and tire-and-battery technicians are also in line for raises.
The wage increase will help Sam's Club compete with rivals such as Target, which has a starting pay of $15, and Costco Wholesale Corp., which has set it at $16. Walmart is poised to raise the starting wage at its namesake stores to $12, a dollar higher, on Sept. 25.
"We're investing further in roles -- such as team leads -- that help associates climb the ladder and build long-term careers with us," Sam's Club Chief Executive Officer Kath McLay said in a memo to employees. "And we're making other targeted role and geographic investments to stay competitive in the marketplace."
-- Bloomberg News
Carvana now offers
Carvana, an e-commerce site for buying and selling cars, is now offering as-soon-as-next-day vehicle delivery in Fayetteville, its fourth market in Arkansas, the company said in a news release.
Carvana offers more than 45,000 vehicles in its inventory, and customers can finance, purchase, trade or sell through the site at home or with a mobile device, according to a company release. Vehicle sales include touchless home delivery, the company said.
In September 2019, Carvana said it would build a $40 million inspection and distribution center in West Memphis designed to employ as many as 500 people.
"Growing our footprint in Arkansas helps us bring The New Way to Buy a Car® to even more customers looking for an easy, transparent car buying experience," Ernie Garcia, Carvana founder and CEO, said in a statement.
Based in Phoenix, the publicly traded Carvana was founded in 2012 and now offers vehicle delivery in 304 markets across the nation.
-- John Magsam
Arkansas Index falls
9.10, ends at 647.09
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Tuesday at 647.09, down 9.10.
"Despite a better-than-expected inflation report from the Department of Labor, stocks sold off on Tuesday as investors try to talk themselves into an "overdue" correction as the Nasdaq and S&P 500's year-to-date results remain impressive," said Chris Harkins, managing director at Raymond James & Associates.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.