The Rising Cost of Bananas

Trader Joe’s has increased the price of its iconic 19-cent bananas to 23 cents. After more than two decades of price stability, this 20% hike reflects rising costs that are being felt across the nation.

While food inflation has been somewhat moderated, the impact on household grocery bills remains tangible. Trader Joe’s 19-cent banana has long stood as a testament to the store’s commitment to affordability, earning it the title of customers’ favorite produce item. Bananas, in general, have been an economical choice for Americans, thanks to competitive market dynamics and their role as a “loss leader” to attract shoppers.

While the Bureau of Labor Statistics notes that banana prices have remained fairly consistent at 62 to 64 cents a pound from February 2023 to February 2024, the World Banana Forum has issued warnings about potential price increases due to climate change. Nonetheless, Trader Joe’s has managed to reduce prices for other products, like almonds and bell peppers, showcasing its effort to balance affordability with cost pressures.

On his podcast, Inside Trader Joe’s, former CEO Dan Bane recounted the conversation that inspired him to sell individual bananas. Bane asked an elderly customer why she decided not to purchase a bag of bananas, and she responded, “Sonny… I may not live to that fourth banana.” The store has sold bananas individually from that day on.

Peter Arnell Gives the Fontainebleau a New Look

Peter Arnell, a renowned brand consultant and designer, has played a crucial role in redefining the brand identity of the Fontainebleau Las Vegas.  As the Chief Brand and Design Officer for Fontainebleau Development, Arnell was tasked with modernizing the hotel’s brand identity as it approached its 70th anniversary. His work led to the creation of a new logo for Fontainebleau, which was inspired by the marble bowtie motif from the Fontainebleau Miami Beach lobby. This new design element is now integrated across various customer experiences at the resort.

To unveil this updated brand identity, Arnell and his team conceptualized a special event that coincided with the New Year’s Eve ball drop in Times Square. Collaborating with Countdown Entertainment, they developed an animation that incorporated the new Fontainebleau logo, which was showcased during the midnight countdown. This strategy aimed to introduce the refreshed brand identity to a global audience, linking it with the historic and iconic event of Times Square.

The event featured performances by Paul Anka and Post Malone, representing the hotel’s historical and contemporary cultural relevance. These performances were part of the broader effort to highlight the opening of Fontainebleau Las Vegas and the brand’s ongoing relevance. A special countdown after midnight focused on the Fontainebleau’s 70th anniversary, featuring the new brand identity animation on the Times Square ball, which will remain visible throughout the year.

Surge Pricing at the Drive-Thru

Fast food giant Wendy’s is considering changing its prices throughout the day, similar to how Uber charges more during peak hours. This idea, known as dynamic pricing, will be tested at Wendy’s locations in 2025. The company is spending $20 million on new digital menus for its US restaurants that allow for the changing of prices based on how many people want specific menu items at a certain time.

Wendy’s CEO, Kirk Tanner, said that the new menus will use technology to suggest items and change offers based on the time of day, enhancing the customer experience.

Wendy’s ensured that this plan is designed to offer discount prices during slower times throughout the day. In a blog post, the company said they, “would not raise prices when our customers are visiting us most… Any features we may test in the future would be designed to benefit our customers and restaurant crew members.”

The new menus were first showcased in a new store design in 2022, and have already begun appearing in select drive-thrus. These digital menus are able to talk, change prices quickly, and make suggestions to customers. Wendy’s hopes this will increase their selling power. McDonald’s is trying something similar, but the inconsistent changing of prices has made some customers unhappy.

If Wendy’s plan works, other fast-food places might implement surge pricing as well.

First US Commercial Wind Farm

The United States is celebrating the inauguration of its first commercial-scale offshore wind farm. This marks a significant milestone in the nation’s journey towards sustainable energy. Located east of Montauk Point, New York, the South Fork Wind farm was developed by Danish energy giant Ørsted and utility company Eversource. It comprises 12 turbines, capable of transforming wind into clean electricity. In a ceremony on Long Island, New York, Governor Kathy Hochul symbolically activated the wind farm, signifying a giant leap forward in clean energy production.

This pioneering project showcases America’s commitment to combating climate change, and sets the stage for the expansion of offshore wind energy, which is essential for achieving a carbon-neutral future. The Biden administration has already endorsed six commercial-scale offshore wind initiatives and has introduced new offshore wind lease areas, underscoring their determination to embrace renewable energy.

South Fork Wind’s 132 megawatts of capacity will power over 70,000 homes. Governor Hochul emphasized the historic significance of this achievement, envisioning it as a turning point that future generations will remember.

The United States is awaiting the completion of its second large offshore wind farm in Massachusetts.

Anu Saad’s Vision: Leveraging Cancer Data to Save Lives

This article was originally published on January 17, 2014.
Based on the Forbes article from May 29, 2000 entitled: “The Gift of Data”

As CEO of a cancer testing startup, Anu Saad has leveraged her company’s vast trove of patient data to launch a lucrative new business in packaging and selling medical information.

In 1998, Saad provided critical usage insights to Genentech on its new breast cancer drug Herceptin by analyzing her startup’s database of 40,000 HER2 gene test results. This allowed Genentech to effectively target pre-launch marketing, contributing to Herceptin’s blockbuster sales of $300 million in 2000.

Under Saad’s leadership, the startup realized rich opportunities in monetizing its cancer databases. With over 565,000 patient profiles and processing 12% of US cancer screens annually, Saad has signed partnerships with two dozen pharmaceutical firms who pay handsomely for analysis of biomarkers, genetics, treatment outcomes and more. For example, Novartis paid the startup to analyze bone metastasis rates across different cancer types to inform clinical expansion opportunities for its breast cancer drug Zometa.

To expand the startup’s data capabilities, Saad recently acquired two firms – one for clinic data and tumor samples and another for 1.7 million cancer patient records. By pooling these resources with the startup’s internal databases, Saad has developed detailed profiles on over 100,000 patients to better inform treatment and drug development.

While the lion’s share of the startup’s $85 million revenue still comes from core cancer testing services, Saad has overseen over 50% growth in its information services business, already generating $8 million annually. However, Saad stresses that commercialization of data is firmly grounded in achieving the fundamental mission she set out for her company – leveraging medical insights to develop more effective diagnosis and treatments for cancer patients. It is this commitment by visionary leaders like Saad that enables life sciences firms to translate vast data resources into improved patient outcomes. Under Saad’s leadership, her startup has emerged as an information powerhouse that promises to catalyze major advances in cancer care.