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One beloved toy store is on the verge of extinction (Bye, Geoffrey)

(BUSINESS NEWS) Toys R Us is about to be added to the ever-growing list of brick and mortar store that couldn’t hang with online commerce.

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RIGHT IN THE CHILDHOOD

Welp, toy colossus Toys “R” Us could be filing for bankruptcy this week. The child in me weeps.

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I know, I know. But we should have seen it coming, right?

Bye bye brick and mortars

Similar to the way toy stores in malls have quietly disappeared over the past decade or two, it’s been a wonder Toys “R” Us has remained afloat given half the store is “baby stuff.”

(Sorry, that’s the kid in me that expected floor to wall action figures and toys upon entering the store – I mean, there’s already a Babies “R” Us… /rant)

Not to mention, interactive digital media gives us so much more at our fingertips so much faster.

I’m a product of the 80’s, so I fondly remember those trips to Toys “R” Us: skipping past the pink aisles of Barbies and Easy Bake Ovens (being the tomboy that I was) and bee-lining straight for the action figures to pick up the newest Ninja Turtle figure on the back of the packages that I didn’t yet have, or nabbing up a “My Buddy” doll. This is also the same store that my dad squealed like a child upon finding the coveted Patty O’ Green doll for me when Rainbow Brite was hot cakes.

TOY STORY

These days, finding the perfect toy was the equivalent to Arnold Schwarzenegger looking for that Turbo Man doll for little Anakin Skywalker. Am I dating myself as on the older spectrum of the millennial scale, yet?

But now, I can easily download an entire library of every Atari, Nintendo, and Sega title out there for free and not have to go anywhere.

Physical toys require the begging of parents and money. When these things can’t be won, we only have our imagination. A TV screen or a computer screen that gives you some degree of simulated autonomy is much more appealing than running around in the sun. Tablets over toy is already a hot topic being discussed.

BAD TIMING

Timing isn’t looking so hot for the toy retailer as it’ already midway through September and the holiday season I just around the corner, which is when the majority of retailers would be expected to ring in the new year on a high note.

THE “B” WORD

As of late, Toys “R” Us, however, has been racking up a sizable debt of more than $5 billion dollars. The company made the Chapter 11 bankruptcy filing on Monday night in federal court in Richmond, Virginia.

With competitors such as Wal-Mart and Amazon, it’s no wonder the company is hitting a few roadblocks along the way despite their late attempts to up their e-commerce game.

Fear not parents, collector, and nostalgia enthusiasts, the brick and mortar locations currently open will remain so as sources note there may be vested interest in the chain who expect them to come out successful in the end.

FEAR NOT

It has been reported that JPMorgan Chase will and other lenders will provide the company $3 billion in order to continue paying suppliers and employees; a good idea as we approach the holiday season.

It should come as no surprise given the trend of big box retailers closing due to the popularity of “tough to beat” alternatives such as Amazon and Wal-Mart. In an era of mobile communication and at-your-fingertips convenience, you have to go big or go home in order to stay ahead in the competition.

Ultimately, it will come down to who is willing to give you the best bang for your buck when the hottest trends like Funko Pop! Figures can be obtained, sometimes exclusively, through retailers such as Hot Topic, Game Stop, or in your latest blind box “loot” subscription.

Kids these days, am I right?

#ToysRGone

Ashe Segovia is a Staff Writer at The American Genius with a Bachelor of Arts in Communications from Southwestern University. A huge film nerd with a passion for acting and 80's movies and synthpop; the pop-cultural references are never-ending.

Business News

Supreme Court okays trademarking for ‘generic’ name URLs

(BUSINESS NEWS) Generic name trademarks have helped to stave off monopolies of broad products and services, but the Supreme Court just ruled that generic company names like Booking.com, can now be trademarked.

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For years, The United States Patent and Trademark Office has denied rights to names termed as “generic.” This was previously used to prevent generic terms from monopolizing a section of the market. It has prevented many companies from doing that as well.

However, as we move into the 21st century we begin to see things that may not be so cut and dry. As usual life gets messy and things are far more grey than they previously have been.

Recently, the US Supreme Court ruled that website names are eligible for a change to the previous trademark rules. The website that pushed for this privilege first, Booking.com that is owned by Booking Holdings Inc., argued that they needed this ruling to stop consumers from following copycats down a rabbit hole and away from their business.

The decision, heavily weighted at 8-1, gives Booking.com, nationwide legal protection against competing companies trademarks.

A remark released later by Justice Ruth Bader Ginsburg and the Supreme Court states, “We have no cause to deny Booking.com the same benefits Congress accorded other marks qualifying as nongeneric.” An argument quoted from the decision continues as since, “‘Booking.com’ is not a generic name to consumers, it is not generic.”

This stance, taken by the majority, exemplifies a firm position on the rights of the individual companies’ abilities to identify themselves as they see fit.

The lone dissenting vote coming from Justice Stephen Breyer who argued that he fears that this decision “will lead to a proliferation of ‘generic.com’ marks, granting their owners a monopoly over a zone of useful, easy-to-remember domains.”

Honestly, if you can’t come up with your own domain that either incorporates, but doesn’t copy, or gets your point across without being too generic, you may need to hire a PR person.

This move forward from the Supreme Court opens up a lot of possibilities for people to be creative with their businesses. If generic and simple names will be the norm, then people will have to think outside the box in the future. Bring on the challenges.

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Business News

New company beats Amazon with next morning delivery?

(BUSINESS NEWS) Amazon has a new competitor in South Korea: Coupang, with faster shipping than Prime.

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What if I told you Amazon Prime’s, 1-3 day guaranteed delivery time isn’t the fastest e-commerce service the world has to offer? You would think I’m lying right?

Coupang, one of the world’s fastest delivery services located in South Korea, allows you to order any item, anytime before midnight, promising that it will be at your doorstep by 7am! (I wasn’t lying!) With 70% of its employees living within a 10 minute radius of a Coupang center, 80% of residents residing in populated cities and 95% of it’s population owning a smartphone, South Korea has become the perfect e-commerce epicenter. Coupang employees over 10,000 people who together deliver 99.3% of all orders within 24 hours. Imagine it’s Tuesday night, you’re falling asleep and suddenly remember you forgot to get your wife a present for her 50th birthday tomorrow. You have two options: accept your fate of being put in the dog house for three long weeks, or quickly order a few great items off Coupang’s website that’ll be delivered BEFORE she even wakes up!

Like Amazon, Coupang allows its customers to create a profile, store desired products in a list, and check out using your saved payment method. Half of South Korea’s total population of 51.6 million has installed Coupang’s app with a surge of people trying Coupang for the first time during stay at home orders due to the Coronavirus pandemic. The company struggled to meet fulfillment demands, especially those including PPE, household cleaning products, and children’s necessities. While many companies are struggling to stay afloat, Coupang is quickly adapting to meet consumer demands. In March, the company opened a new logistics center to expand its overnight/same day delivery services and is currently working to reach an even broader population.

Believe it or not, right before Coupang received a $2 Billion investment from SoftBanks, its founder, Kim Bom debated walking away from it all. Bom founded the company in 2010, receiving the investment in 2018 and is expected to pursue an IPO by the end of 2020. So for all of you entrepreneurs wondering if you should give up on that decade long dream…DON’T. Coupang went from selling a few hundred items each day to 3.3 million. Now that’s what you call entrepreneurism!

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Business News

Google plans to pay publishers for content (a little too late)?

(BUSINESS NEWS) Google will finally pay publishers for news, but only a few, and they have to meet Google standards.

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I mean…could you get any greedier Google? (Chandler Bings voice).

After years and years of pressure and complaints from publishers that Google’s search feed doesn’t properly recognize them or the news they work so hard to report, Google has finally announced that they will begin to pay publishers for content. But only some.

WHAT A LOAD OF BS.

According to the News Media Alliance, Google profited 4.7 BILLION in 2019 as a search engine for the news industry. So now, not only is Google fleecing its content providers and the writers who are working to create material for them, but it’s quite likely that Google’s algorithm is pushing paid news to the top of its search feed. What does this mean for users? It means that for one, you will see what they want you to see, but most importantly, it means that Google HAS the money to pay its publishers but chooses not too!

Google’s announcement to start paying publishers excludes all publishers outside Brazil, Germany, and Australia. Even within the countries that Google closed a deal with, there are many that do not meet its “high quality content” requirement for a paid position. The problem with all this nonsense is that we stopped letting the news come from others like us, and instead, according to the U.S News Media Alliance, the news is entirely owned by a handful of companies. You may have 635 channels on your TV, but if you google…or maybe you should duck duck go it, you’ll find that all those channels lead back to one huge organization.

SO WHAT THE HELL IS GOING ON?

Google has definitely been pressured to make some big changes, and while paying publishers is a good first step in the right direction, is it enough to make up for years of damage?

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