Business

Business travelers are on the road again. So there’s no better time for CNBC Travel to name the best hotels for business travel across Asia-Pacific.
CNBC joined with the market and consumer data firm Statista to produce rankings of the “Best Hotels for Business Travelers.” A second list of rankings for hotels in Europe and the Middle East will be published next month.

In total, we analyzed more than 10,000 four- and five-star hotels in 117 locations to produce a list corporate travelers can trust. We did this using a three-step process:

Asking business travelers and hotel industry professionals to answer a CNBC reader survey which ran from May 3 to June 7, 2022.
Reviewing more than 1 million hotel data points, which included objective information (location, business facilities, food, leisure activities and room characteristics) and subjective reviews (gathered from Google, TripAdvisor, Expedia and similar websites).
Weighting the data to prioritize the hotel characteristics deemed most important in the reader survey.

For full details about our research methodology, click here.
From Adelaide to Yokohama, here’s the full list — complete with final scores — of Asia-Pacific’s top hotels for business travelers, many of which are highlighted below.

Australia

The Como Melbourne MGallery.
Source: The Como Melbourne – MGallery

The Como Melbourne – MGalleryOperated by the French hospitality company Accor, this hotel has suites, apartments and loft-style penthouses. Its customer review score (3.17 out of 4) is commendable, but the hotel’s No. 1 ranking was solidified by an even higher score (3.59) for having a rooftop pool, a swanky South Yarra address and access to medical teleconsultations at no extra cost.
Crown Towers Melbourne
Pullman Melbourne on the Park
Sheraton Melbourne Hotel
W Melbourne

Sydney

The Branksome Hotel & ResidencesBusiness travelers exhausted after a long-haul flight to Sydney needn’t travel far to reach this hotel — it’s a five-minute drive to the international airport, and just walking distance to the domestic one. It’s part hotel and part serviced apartment, with kitchens and washers and dryers in the rooms, plus a heated indoor pool and unlimited movies-on-demand for $8 a day.
InterContinental Sydney Double Bay
Four Seasons Hotel Sydney
Sir Stamford at Circular Quay
Park Hyatt Sydney

To see hotel rankings in Adelaide, Brisbane and Perth, download the full list here.

China

Kerry Hotel Beijing.
Source: Kerry Hotel Beijing

Kerry Hotel BeijingPart of the Shangri-La hotel family, Kerry Hotel Beijing is for travelers who prioritize work-life balance, even on quick business trips. Guests can hit the tri-level sports complex in the morning, and the wine bar at night. It’s refined, it’s fun — and it’s got an indoor adventure play area for trips when the family tags along.
Crowne Plaza Beijing Lido
The PuXuan Hotel and Spa
The Peninsula Beijing
China World Summit Wing, Beijing

Hong Kong

Kerry Hotel Hong Kong.
Source: Kerry Hotel Hong Kong

Kerry Hotel Hong KongThere are only three Kerry hotels in the world — and two ranked No. 1 on our city lists. Opened in 2017, the brand’s Hong Kong hotel combines creature comforts — such as in-room Nespresso machines and complimentary mini-bars — with expansive panoramas of Victoria Harbour from the Kowloon waterfront.
Four Seasons Hotel Hong Kong
Kowloon Shangri-La, Hong Kong
The Ritz-Carlton Hong Kong
Grand Hyatt Hong Kong

Shanghai

Fairmont Peace Hotel (left).
Source: Fairmont Peace Hotel

Fairmont Peace HotelThis historical Art-Deco hotel dates to pre-war Shanghai, when the “who’s who” of the city convened there for business by day and high society mingling by night. A three-year $64 million renovation in 2010 restored the landmark hotel, located at the crossroads of two of the city’s most famous streets: the waterfront promenade known as The Bund, and the shoppers’ paradise of Nanjing Road.
The Ritz-Carlton Shanghai Pudong
Park Hyatt Shanghai
Bulgari Hotel Shanghai
The St. Regis Shanghai Jingan

Shenzhen

InterContinental Shenzhen.
Source: InterContinental Shenzhen

InterContinental ShenzhenA Euro-themed resort or a Chinese business hotel? This hotel is both. It’s got Spanish-style decor, a 22,000-square-foot swimming pool and a range of meetings spaces, including the “Galleon Salon Fiesta” — a replica, albeit double the size, of the “Santa Maria” vessel, used by Christopher Columbus when he landed on North America.
Futian Shangri-La, Shenzhen
The St. Regis Shenzhen
The Langham Shenzhen
Crowne Plaza Shenzhen Nanshan

To see hotel rankings in Guangzhou, Macau, Nanjing and Tianjin, download the full list here.

India

The presidential suite at the Four Seasons Hotel Bengaluru at Embassy ONE.
Source: Four Seasons Hotel Bengaluru at Embassy ONE

Four Seasons Hotel Bengaluru at Embassy OneFour Seasons takes the top prize in Bangalore, a city known as the “Silicon Valley of India.” Opened in 2019, the hotel is luring business travelers with rates that include laundry and ironing services, food and spa discounts and daily breakfast for two.
Shangri-La Bengaluru
Sheraton Grand Bangalore Hotel at Brigade Gateway
JW Marriott Hotel Bengaluru
The Den Bengaluru

Mumbai

The Leela Mumbai.
Source: The Leela Mumbai

The Leela MumbaiFive minutes from Mumbai’s international airport, this near 400-room hotel combines waterfalls and lotus-filled ponds with room rates that come with breakfast, airport transfers, Wi-Fi and a two-hour booking in an on-site meeting room.
Grand Hyatt Mumbai Hotel & Residences
JW Marriott Mumbai Sahar
The Taj Mahal Palace, Mumbai
The Taj Mahal Tower, Mumbai

New Delhi

The Leela Palace New Delhi.
Source: The Leela Palace New Delhi

The Leela Palace New DelhiAnother Leela hotel — 1 of 13 in India — took the top prize in New Delhi, but overall it tied for No. 2 for all hotels in Asia-Pacific. The hotel exudes regal sophistication, while having the added perk of being close to Indira Gandhi International Airport.
JW Marriott Hotel New Delhi Aerocity
Radisson Blu Plaza, Delhi Airport
Roseate House New Delhi
The Imperial, New Delhi

To see hotel rankings in Kolkata, Chennai, Hyderabad and Pune, download the full list here.

Indonesia

The Ritz-Carlton Hotel Jakarta, Pacific Place.
Source: The Ritz-Carlton Hotel Jakarta, Pacific Place

The Ritz-Carlton Hotel Jakarta, Pacific PlaceRanked first in Jakarta, this hotel also ranked No. 1 in all of Asia-Pacific in terms of total scores. Excellent customer reviews (3.47) combined with an even higher amenities score (3.76) make this hotel, which has direct access to the Indonesia Stock Exchange, the top hotel on the continent, according to CNBC’s list.
InterContinental Hotels Jakarta Pondok Indah
Shangri-La Jakarta
Four Seasons Hotel Jakarta
Raffles Jakarta

To see hotel rankings in Bandung and Surabaya, download the full list here.

Japan

The Ritz-Carlton Osaka.
Source: The Ritz-Carlton Osaka

The Ritz-Carlton OsakaA blend of English sophistication and Japanese minimalism, the Ritz-Carlton in Osaka is home to two Michelin-starred restaurants — La Baie and Tempura by Hanagatami — and a concierge team that customers say makes it easy to book tickets to local baseball games and restaurants before they arrive.
Imperial Hotel Osaka
Conrad Osaka
InterContinental Hotel Osaka
The Westin Osaka

Tokyo

Park Hyatt Tokyo.
Source: Park Hyatt Tokyo

Park Hyatt TokyoThis hotel was an institution long before it was featured in the Academy-award winning movie “Lost in Translation.” Located on the top 14 floors of Shinjuku Park Tower, it attracts business travelers who seek out its luxurious interiors and 360-degree views of Japan’s capital city.
Ascott Marunouchi Tokyo
Shangri-La Tokyo
Andaz Tokyo Toranomon Hills
The Okura Tokyo

To see hotel rankings in Kyoto, Nagoya, Sapporo and Yokohama, download the full list here.

Malaysia

Kuala Lumpur

Sofitel Kuala Lumpur DamansaraAccor has nine hotels in Kuala Lumpur, but the city’s only Sofitel ranked No. 1 in Malaysia’s capital. Named after the affluent Damansara Heights neighborhood on the city’s west side, the hotel has room rates that include breakfast and club room access that are currently around $170 per night.
Mandarin Oriental Kuala Lumpur
Hyatt House Kuala Lumpur, Mont Kiara
Shangri-La Kuala Lumpur
EQ Kuala Lumpur

To see hotel rankings in Malacca, download the full list here.

Philippines

Makati Diamond Residences.
Source: Makati Diamond Residences

Makati Diamond ResidencesMost of the guestrooms in this serviced apartment in the affluent area of Makati have kitchenettes and stoves, and larger units contain washer and dryers, walk-in closets, dishwashers and office areas. But it’s the extras that win over customers: a private cinema with La-Z-Boy chairs, a whiskey and cigar bar and a dining card that lets guests eat breakfast, which is included in the rate, in the hotel as well as nearby restaurants and cafes.
Shangri-La The Fort, Manila
Okada Manila
City Of Dreams — Nuwa Manila
Marco Polo Ortigas Manila

To see hotel rankings in Davao City, download the full list here.

Singapore

Four Seasons Hotel Singapore.
Source: Four Seasons Hotel Singapore

Four Seasons Hotel SingaporeLocated near the Singapore Botanic Gardens and the shopping street of Orchard Road, this 20-storey hotel is known for its classically beautiful design and popular champagne Sunday brunch. It also has outdoor tennis courts, a rooftop pool and one of the hottest new restaurants in town — Nobu Singapore, which opened in June 2022.
The Ritz-Carlton, Millenia Singapore
Holiday Inn Singapore Orchard City Centre
Shangri-La Singapore
Pan Pacific Singapore

South Korea

Seoul

InterContinental Seoul COEXCOEX refers to the large exhibition space and mall connected to this hotel, making it a top choice for business travelers in Seoul’s Gangnam district. With more than 600 rooms, it’s huge — but the 30th floor Italian restaurant, Sky Lounge, is an intimate setting for business lunches overlooking the city.
Yeouido Park Centre, Seoul – Marriott Executive Apartments
The Shilla Seoul
JW Marriott Hotel Seoul
Four Seasons Hotel Seoul

To see hotel rankings in Busan, Incheon and Kaohsiung, download the full list here.

Taiwan

Source: W Taipei

W TaipeiThe claim-to-fame of this design-centric hotel is its location — many rooms have views of the entire length of Taipei 101, the tallest building in the world before Dubai’s Burj Khalifa was built. Bold, sleek and popping with color, the W Taipei has travelers covered outside of office hours with 24-hour room service and more on-site bars than restaurants.
Shangri-La Far Eastern, Taipei
Regent Taipei
Hotel Metropolitan Premier Taipei
Hotel Royal Beitou

To see hotel rankings in Taichung, download the full list here.

Thailand

Bangkok

The Athenee HotelPart of Marriott’s Luxury Collection of hotels, this hotel has a sweeping lobby staircase, marble bathrooms and free Muay Thai classes, but it’s the 24-hour butlers that take the service to the next level. Butlers come with club rooms and suite bookings, and they do everything from coffee service in the morning to unpacking luggage, shining shoes and ironing clothes.
Marriott Executive Apartments Bangkok, Sukhumvit Thonglor
Banyan Tree Bangkok
Sukhumvit Park, Bangkok — Marriott Executive Apartments
Kimpton Maa-Lai Bangkok 

Vietnam

Hanoi

Sofitel Legend Metropole HanoiFrench colonial influence runs throughout this hotel, from the architecture of the main building built in 1901 to the food at the upscale Le Beaulieu restaurant. The rooms in the historical Metropole Wing are under renovation, but the newer Opera Wing is open. With an overall score of 3.58, the hotel tied for 4th place out of 235 hotels on CNBC’s Asia-Pacific rankings.
Soleil Boutique Hotel
The Hanoi Tirant Hotel
Golden Cyclo Hotel
Aira Boutique Hanoi Hotel & Spa

Ho Chi Minh City

The Reverie Saigon Residential Suites.
Source: The Reverie Saigon Residential Suites

The Reverie Saigon Residential SuitesA true stand-out, this hotel ranked No. 2 in customer reviews — and tied with The Leela Palace New Delhi for 2nd place overall — on CNBC’s list of the “Best Hotels for Business Travelers” in Asia-Pacific. Reviewers praise its location near the Saigon River and its “over the top” luxury decor.
InterContinental Saigon Residences
Lotte Hotel Saigon
Sherwood Residence
Sherwood Suites

To see hotel rankings in Can Tho and Da Nang, download the full list here. More

Activist investor Dan Loeb indicated in a tweet that he’s going to retreat from his push to get Disney to spin off ESPN.
The tweet follows comments from Disney CEO Bob Chapek, who told journalists at this weekend’s D23 Expo that he has big plans for ESPN.

Justin Solomon | CNBC

Activist investor Dan Loeb indicated that he’s going to retreat from his push to get Disney to spin off ESPN, reversing a position he had pushed less than a month ago.
In a tweet Sunday morning, the Third Point CEO said he sees the virtue of keeping the sports network as a separate vertical within Disney’s conglomerate.

“We have a better understanding of @espn’s potential as a standalone business and another vertical for $DIS to reach a global audience to generate ad and subscriber revenues,” Loeb said.
“We look forward to seeing Mr. Pitaro execute on the growth and innovation plans, generating considerable synergies as part of The Walt Disney Company,” he added, referencing Disney Chairman James Pitaro.
The tweet follows comments from Disney CEO Bob Chapek, who told journalists at this weekend’s D23 Expo that he has big plans for ESPN, though he did not disclose details. Chapek told Variety that “we had no less than 100 inquiries of people that wanted to buy” ESPN when word hit that it was potentially up for sale.
“What does that tell you? That says we’ve got something really good,” he said. “And if you have a strategic plan, a vision for where it fits into the company over the next 100 years, then you don’t exactly want to divest yourself of it. And we have that plan. We’ve not shared that plan.”
The reversal in Loeb’s position comes after he took a new stake in Disney in the second quarter valued at about $1 billion, or 0.4% of the company. Disney’s shares have rallied about 6.5% over the past month. Loeb had moved out of an earlier position in the company when shares fell as interest rates surged.

Disney official insist that ESPN is still considered an integral part of the company.
“As Bob has said, ESPN is an integral part of The Walt Disney Company, and he believes that its full potential will continue to be realized as we execute against our strategic vision for the most trusted brand in sports,” said Kristina Schake, Disney’s chief communications officer.
At the heart of his push to spin off ESPN was a belief that the new business could expand into areas including sports betting. He compared it to the eBay spinoff of PayPal “while continuing to utilize the product to process payments.”
Along with the ESPN issue, Loeb urged Disney to bring streaming giant Hulu directly onto the Disney+ direct-to-consumer platform. NBC Universal parent Comcast has an agreement to sell its 33% Hulu stake to Disney in two years. Loeb recommended that Disney “make every attempt” to acquire the remaining minority stake before the sale deadline.
“We believe that it would even be prudent for Disney to pay a modest premium to accelerate the integration,” Loeb said in a letter. “We know this is a priority for you and hope there is a deal to be had before Comcast is contractually obligated to do so in about 18 months.”
Disclosure: CNBC is part of Comcast’s NBCUniversal.

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New character meet-and-greets are coming to Disneyland in Anaheim, Californa including The Mandalorian and Grogu and The Incredibly Hulk.
The sixth cruise ship in the Disney fleet is called the “Disney Treasure.”
The company discussed its “blue sky” project which imagines what the area behing Big Thunder Mountain might look like at Magic Kingdom in Orlando, Florida.

A masked family walks past Cinderella Castle in the Magic Kingdom, at Walt Disney World in Lake Buena Vista, Fla.
Orlando Sentinel | Tribune News Service | Getty Images

Disney’s theme parks are on the rebound after the coronavirus pandemic shut down its domestic and international locations in 2020.
Revenue is growing for Disney’s parks, experiences and products division and the company is seeing steady increases in attendance, occupied room nights and cruise ship sailings.

During its most recent earnings, Disney touted that its new Genie+ and Lightning Lane products helped boost average per capita ticket revenue during the quarter. These new digital features were introduced to curate guest experience and allow parkgoers to bypass lines for major attractions.
The company said it has been able to bring back in-park experiences such as character meet-and-greets, theatrical performances and nighttime events at Disneyland, which has allowed it to increase capacity at its parks, CEO Bob Chapek said at the time. Disney has placed caps on attendance since it reopened after the initial round of pandemic closures in early 2020 and instituted a new online reservation system to control crowds.
The company continues to add new features and attractions to its theme parks and cruise lines, which Josh D’Amaro, head of Disney’s parks, experiences and product division, outlined Sunday at its D23 Expo.

Disneyland Resort

D’Amaro welcomed Jon Favreau, executive producer of “The Mandalorian,” on stage to announce that the Mandalorian will appear with an animatronic Grogu in Galaxy’s Edge as part of its in-land costumed characters available for meet-and-greets and interactions. He will arrive in November.
Disney CEO Bob Chapek revealed on Friday that the California-based Disneyland would be getting a third attraction at its Avengers Campus. The ride is based on the multiverse and riders will battle against villains from different universes, including King Thanos.

Head of Marvel Studios Kevin Feige appeared in person while Mark Ruffalo, who portrays the Hulk, appeared via video to reveal that Hulk will be in the park as a meet-and-greet opportunity. The version of Hulk was developed as part of Project Exo and will arrive in the park next week.

(L-R): Jonathan Becker (Research and Development Imagineer), Josh D’Amaro (Chairman, Disney Parks, Experiences and Products), Richard-Alexandre Peloquin (Research Engineer Imagineer).
Christian Thompson

Pacific Wharf at Disney California Adventure will be transformed into San Fransokyo from “Big Hero Six,” and including the chance to meet Baymax, the helpful health-care robot. Additionally, Paradise Pier Hotel is becoming Pixar Place Hotel.
Downtown Disney will add several new restaurants including Porto’s Bakery and Cafe and Din Tai Fung.
Disneyland’s Toon Town land will get a version of Mickey and Minnie’s Runaway Railway attraction from Hollywood Studios in Orlando, Florida, as well as a number of cosmetic updates and a new play yard for kids. These updates are expected in 2023.
Tiana’s Bayou Adventure, which is replacing Splash Mountain, takes place directly after the events of “The Princes and the Frog” and follows Princess Tiana as she searches for a missing ingredient for a party celebrating Carnival. The ride is slated to reopen in late 2024.

A model of Tiana’s Bayou Adventure, which will reimagine Disneyland’s Splash Mountain, is displayed during the Walt Disney D23 Expo in Anaheim, California on September 9, 2022.
Patrick T. Fallon | Afp | Getty Images

D’Amaro said that music will be a huge part of the ride and the cast from the movie will return to lend their voices to the attraction. Anika Noni Rose, the voice of Tiana, arrived on stage to sing “I’m Almost There” and “Dig a Little Deeper” from the 2009 animated film.

Walt Disney World

D’Amaro announced that Disney is in the midst of creating a new night-time spectacular for Epcot to celebrate the company’s 100th anniversary. Additionally, Journey of Water, inspired by “Moana,” which was announced back in 2019 will open in late 2023.
Also coming to Epcot is Figment, the fan-favorite purple dragon, who will be returning to the park for meet-and-greets in the future.
Additionally, next year the Hat Box Ghost will appear at the Haunted Mansion in Walt Disney World.
D’Amaro showed footage of his test ride of Tron Light Cycle Run, noting that the ride is slated to open in spring 2023 at Magic Kingdom.

Disney Cruises

Disney’s sixth cruise ship is called “Disney Treasure” and celebrates Walt Disney’s love of adventure. The grand hall is inspired by “Aladdin” and features a statue of Jasmine and Aladdin riding on the magic carpet.
D’Amaro said the “Disney Wonder” will now travel to Australia and New Zealand starting Oct. 2023.
The company is also opening a new island vacation spot located in the Bahamas called Lighthouse Point. D’Amaro said 90% of the power used at this location will be provided by solar power.

International Resorts

Duffy and Friends, cute cuddly characters from Shanghai Disney Resort, will be getting their own stop-motion series on Disney+.
D’Amaro also showed new images from the Zootopia land, which will feature a large animatronic of Officer Clawhauser. No date has been set for the land’s official opening.
Hong Kong Disneyland is getting a new Walt Disney statue, which is inspired by Walt watching his children ride on a merry-go-round and inspiring the launch of Disney’s theme parks. The park’s Frozen-themed land will open in the second half of 2023.
In Paris, a new promenade will be added to attach its new Frozen-inspired land to the rest of the park and a “Tangled” themed attraction will be added to the new garden area.
Tokyo Disney Resort is also in the midst of adding a new land to its park based on “Frozen,” “Tangled” and “Peter Pan” called Fantasy Springs.
Space Mountain at Tokyo Disneyland will undergo a transformation in 2024 and have a new plaza that will be complete in 2027.

Beyond Big Thunder Mountain

At the end of the panel, D’Amaro discussed what he called “blue sky” projects that the Imagineering team is working on. There are projects that are still in early development and may ultimately not see the light of day.
D’Amaro talked about the possibility of revamping Dino Land at Animal Kingdom in Orlando, Florida. Initial ideas for the space include the possibility of bringing “Zootopia” to the park, including its variety of districts and animal species, or even “Moana.”
At Magic Kingdom, Disney is asking the question: “What is behind Big Thunder Mountain?” The company teased that an area based on “Coco” could be in that location or “Encanto.” Perhaps, both.
D’Amaro even teased the possibility of also bringing to life an area of Magic Kingdom overrun by Disney villains. The crowd erupted with applause at this suggestion. For the most part, villains make their appearances during Disney’s Halloween special events.
“We are never going to stop delighting you,” he said.

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In a book from 1945 entitled “Germany Is Our Problem”, Henry Morgenthau, America’s treasury secretary, presented a proposal to strip post-war Germany of its industry and turn it into an agricultural economy. Though his radical proposal had some influence on Allied plans for the occupation of Germany after Hitler’s defeat, it was never implemented. Almost 80 years later Vladimir Putin might achieve some of what Morgenthau, whose parents were both born in Germany, had in mind. By weaponising the natural gas on which Germany’s mighty industrial base relies, the Russian president is eating away at the world’s fourth-biggest economy and its third-biggest exporter of goods. It doesn’t help that at the same time, Germany’s largest trading partner, China, which bought €100bn ($101bn) of Germany goods last year, including cars, medical equipment and chemicals, is in the midst of a severe slowdown, too. A national business model built in part on cheap energy from one autocracy and abundant demand from another faces a severe test.The consequences could be dire for Deutschland ag: German blue chips have suffered more amid this year’s market turmoil than counterparts elsewhere, dropping 27% year to date in dollar terms, almost twice the fall in Britain’s ftse 100 or America’s s&p 500 index. “The substance of our industry is under threat,” warned Siegfried Russwurm, boss of the bdi, the association of German industry, last month. The situation was looking “toxic” for many businesses, he said. And through globalised supply chains the poison could spread to the rest of the industrialised world, which relies heavily on German manufacturers.German industry’s biggest problem is the spiralling cost of energy. The electricity price for next year has already increased 15-fold, and the price of gas ten-fold, says the bdi. In July industry consumed 21% less gas than in the same month last year. That is not because companies used energy more efficiently. Rather, the fall was due to a “dramatic” reduction in output. Since June the Kiel Institute for the World Economy, a think-tank, has revised down its forecast of gdp growth in 2022 by 0.7 percentage points, to 1.4%. It now expects the economy to contract in 2023 and inflation to exceed this year’s with 8.7%. Smaller firms are hardest hit. According to a survey in July fti Andersch, a consultancy, of 100 medium-sized “pocket multinationals” of Germany’s Mittelstand, smaller companies are struggling more than bigger ones. Almost a quarter of firms with fewer than 1,000 employees have cancelled or declined orders or are planning to do so, compared with 11% of those with more than 1,000 staff. In the land of more than 3,000 types of bread, around 10,000 bread producers are struggling as never before in post-war Germany. They need electricity and gas to heat ovens and run kneading machines, even as they contend with the higher costs of flour, butter and sugar, as well as of bakers. A shop assistant at the 127-year-old Wiedemann chain of bakeries in Berlin reports that the firm is desperately short-staffed and trying to save energy by, for instance, keeping outlet ovens cool and baking all the loaves at headquarters.Another recent survey, by the bdi, More

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Spending by big retailers including Walmart and Target is way up this year, despite big earnings declines.
Technology spending is a top priority, while other costs are more likely to be cut.
Store refreshes are a focus for some brands as new investments reflect changes in how customers shop.
With expectations for sluggish consumer income to rebound in 2023, future market share is on the line.

A Walmart employee loads up a robotic warehouse tool with an empty cart to be filled with a customer’s online order at a Walmart micro-fulfillment center in Salem, Mass. on Jan. 8, 2020.
Boston Globe | Boston Globe | Getty Images

When the economy slows down, the classic response for consumer businesses is to cut back: slow hiring, maybe lay off workers, slash marketing, or even slow the pace of technology investment, delaying projects until after business has picked up again.
But that’s not at all what America’s troubled retail sector is doing this year.

With the S&P Retail Index down nearly 30% this year, most of the industry is boosting investment in capital spending by double digits, including industry leaders Walmart and Amazon.com. Among the top tier, only struggling clothier Gap and home-improvement chain Lowe’s are cutting back significantly. At electronics retailer Best Buy, first-half profits fell by more than half – but investment rose 37 percent.
“There is definitely concern and awareness about costs, but there is a prioritization happening,” said Thomas O’Connor, vice president of supply chain-consumer retail research at consulting firm Gartner. “A lesson has been taken from the aftermath of the financial crisis,” O’Connor said.
That lesson? Investments made by big-spending leaders like Walmart, Amazon and Home Depot are likely to result in taking customers from weaker rivals next year, when consumer discretionary cash flow is forecast to rebound from a year-long 2022 drought and revive shopping after spending on goods actually shrank early this year.
After the 2007-2009 downturn, 60 companies Gartner classified as “efficient growth companies” that invested through the crisis saw earnings double between 2009 and  2015, while other companies’ profits barely changed, according to a 2019 report on 1,200 U.S. and European firms.
Companies have taken that data to heart, with a recent Gartner survey of finance executives across industries showing that investments in technology and workforce development are the last expenses companies plan to cut as the economy struggles to keep recent inflation from causing a new recession. Budgets for mergers, environmental sustainability plans and even product innovation are taking a back seat, the Gartner data shows.

Arrows pointing outwards

Today, some retailers are improving how supply chains work between the stores and their suppliers. That’s a focus at Home Depot, for example. Others, like Walmart, are driving to improve in-store operations so that shelves are restocked more quickly and fewer sales are lost.
The trend toward more investment has been building for a decade, but was catalyzed by the Covid pandemic, Progressive Policy Institute economist Michael Mandel said.
“Even before the pandemic, retailers were shifting from investments in structures to active investments in equipment, technology and software,” Mandel said. “[Between 2010 and 2020], software investment in the retail sector rose by 123%, compared to a 16% gain in manufacturing.” 
At Walmart, money is pouring into initiatives including VizPick, an augmented-reality system linked to worker cell phones that lets associates restock shelves faster. The company boosted capital spending 50% to $7.5 billion in the first half of its fiscal year, which ends in January. Its capital spending budget this year is expected to rise 26 percent to $16.5 billion, CFRA Research analyst Arun Sundaram said.
“The pandemic obviously changed the entire retail environment,” Sundaram said, forcing Walmart and others to be efficient in their back offices and embrace online channels and in-store pickup options even more. “It made Walmart and all the other retailers improve their supply chains. You see more automation, less manual picking [in warehouses] and more robots.” 
Last week, Amazon announced its latest warehouse robotics acquisition, Belgian firm Cloostermans, which offers technology to help move and stack heavy palettes and goods, as well as package products together for delivery.

Home Depot’s campaign to revamp its supply chain has been underway for several years, O’Connor said. Its One Supply chain effort is actually hurting profits for now, according to the company’s financial disclosures, but it’s central to both operating efficiency and a key strategic goal – creating deeper ties to professional contractors, who spend far more than the do-it-yourselfers who have been Home Depot’s bread and butter.
“To serve our pros, it’s really about removing friction through a multitude of enhanced product offerings and capabilities,” executive vice president Hector Padilla told analysts on Home Depot’s second-quarter call. “These new supply chain assets allow us to do that at a different level.”

The store of the future for aging retail brands

Some broadline retailers are more focused on refreshing an aging store brand. At Kohl’s, the highlight of this year’s capital spending budget is an expansion of the firm’s relationship with Sephora, which is adding mini-stores within 400 Kohl’s stores this year. The partnership helps the middle-market retailer add an element of flair to its otherwise stodgy image, which contributed to its relatively weak sales growth in the first half of the year, said Landon Luxembourg, a retailing expert at consulting firm Third Bridge. First-half investment more than doubled this year at Kohl’s. 
Roughly $220 million of the increase in Kohl’s spending was related to investment in beauty inventory to support the 400 Sephora shops opening in 2022, according to chief financial officer Jill Timm said. “We’ll continue that into next year. …We’re looking forward to working with Sephora on that solution to all of our stores,” she told analysts on the company’s most recent earnings call in mid-August.
Target is spending $5 billion this year as it adds 30 stores and upgrades another 200, bringing its tally of stores renovated since 2017 to more than half of the chain. It also is expanding its own beauty partnership first unveiled in 2020, with Ulta Beauty, adding 200 in-store Ulta centers en route to having 800.

And the biggest spender of all is Amazon.com, which had over $60 billion in capital expenditures in 2021. While Amazon’s reported capital spending numbers include its cloud computing division, it spent nearly $31 billion on property and equipment in the first half of the year — up from an already record breaking 2021 — even though the investment made the company’s free cash flow turn negative.
That is enough to make even Amazon tap the brakes a little bit, with chief financial officer Brian Olsavsky telling investors Amazon is shifting more of its investment dollars to the cloud computing division. This year, it estimates roughly 40% of spending will support warehouses and transportation capacity, down from last year’s combined 55%. It also plans to spend less on worldwide stores — “to better align with customer demand,” Olsavksy told analysts after its most recent earnings — already a much smaller budget item on a percentage basis.  
At Gap — which has seen its shares declined by nearly 50% this year — executives defended their cuts in capital spending, saying they need to defend profits this year and hope to rebound in 2023.
“We also believe there’s an opportunity to slow down more meaningfully the pace of our technology and digital platform investments to better optimize our operating profits,” chief financial officer Katrina O’Connell told analysts after its most recent earnings.
And Lowe’s deflected an analyst’s question about spending cuts, saying it could continue to take market share from smaller competitors. Lowe’s has been the better stock market performer compared to Home Depot over the past one-year and year-to-date periods, though both have seen sizable declines in 2022.
“Home improvement is a $900 billion marketplace,” Lowe’s CEO Marvin Ellison said, without mentioning Home Depot. “And I think it’s easy to just focus on the two largest players and determine the overall market share gain just based on that, but this is a really fragmented marketplace.” More

Disney unveiled footage for “Black Panther: Wakanda Forever,” “Ironheart,” “Secret Invasion,” “Werewolf by Night” and more during the D23 Expo.
Matt Shakman, the director of “WandaVision,” will officially direct the MCU’s “Fantastic Four” feature film.

The Disney+ Marvel website home screen on a laptop computer in the Brooklyn borough of New York, US, on Monday, July 18, 2022.
Gabby Jones | Bloomberg | Getty Images

Hot on the heels of San Diego Comic Con in July, Disney unveiled more information about its burgeoning Marvel Cinematic Universe during the D23 Expo on Saturday.
Marvel Studios head Kevin Feige teased that his team has a plan for the next ten years of Marvel’s cinematic universe, and plans to incorporate the Fantastic Four, X-Men and Deadpool into the mix of already established Marvel heroes.

Here’s a breakdown of what audiences can expect from Disney’s Marvel Studios in the coming years:
Kevin Feige, head of Marvel Studios, started his portion of the D23 Expo panel with a rendition of “I Can Do This All Day” from “Rogers: The Musical,” which appeared in the Disney+ series “Hawkeye.”

‘Black Panther: Wakanda Forever’

Ryan Coogler, the director of “Black Panther: Wakanda Forever,” brought footage from the film, which is due out in theaters Nov. 11. The clips showed Queen Ramonda chastising the United Nations for trying to steal vibranium from Wakanda following the death of T’Challa.
The footage showcased the power of the Dora Milaje and set the stage for an epic fight against Namor and the Atlanteans.
“Excited for you to walk out of the cinema and feel proud of what we brought to you,” said Letitia Wright, who portrays Shuri in the film.

‘Ironheart’

Audiences got a quick glimpse at Riri Williams in the “Wakanda Forever” footage, but Marvel also shared a peek at the “Ironheart” Disney+ series, which is still in production. The clips showed Riri building bits of the Ironheart armor and Feige teased that the show will focus on the cross section of magic and technology.

‘Ant-Man and the Wasp: Quantumania’

Paul Rudd, Evangeline Lilly and Johnathan Majors appeared on stage to discuss the upcoming “Ant-Man and the Wasp: Quantumania,” the first film in phase 5 of the MCU.
“This thing is bananas,” Rudd said.
“This is going to be unlike anything you’ve seen from us and not to mention that guy,” he said, pointing to Majors, who portrays Kang. “Throws this whole thing into such new territory.”
Footage shows the Lang, Van Dyne and Pym families being pulled into the quantum realm and faced with a terrible new foe: Kang the Conqueror.

‘Werewolf by Night’

Gael Garcia Bernal and Laura Donnelly star in “Werewolf by Night,” special Marvel Studios presentation coming to Disney+ in October.
The film, which is shot entirely black and white, harkens back to “The Twilight Zone” and old monster movies of the ’30s and ’40s. Early footage shown at D23 Expo suggests the film follows a group of monster hunters seeking out a monster among them.

‘Secret Invasion’

“Secret Invasion” follows a faction of shapeshifting aliens known as Skrulls who have infiltrated all aspects of life on Earth. The Skrulls first appeared in 2018’s “Captain Marvel,” which was set in the ’90s.
Don Cheadle arrived to share footage from the upcoming Disney+ series filled with political intrigue and action. He also teased “Armor Wars,” a show that will begin shooting next year.

‘Loki’ and ‘Fantastic Four’

Feige brought on the cast of “Loki’ to showcase a teaser trailer from the second season, which promises even more mischief.
He announced Matt Shakman, the director of “WandaVision,” will officially direct the MCU’s “Fantastic Four” feature film.

‘Echo’

“Echo,” a new Disney+ show that centers on a deaf female heroine, takes place after “Hawkeye” and features heavy use of American Sign Language.
Footage from the series shows the return of Vincent D’Onofrio as King Pin. Alaqua Cox reprises her role as the title character.

‘Daredevil: Born Again’

D’Onofrio, who had been on stage to promote “Echo,” was joined by Charlie Cox to share footage of Matthew Murdock aka Daredevil in “She-Hulk.’ No footage was shown from the show, as it has not begun filming. D’Onofrio will appear in the series.

‘Captain America: New World Order’

Anthony Mackie returns as Captain America in “Captain America: New World Order.” He was joined on stage by Danny Ramiez, who plays Joaquin Torres, Carl Lumbly as Isaiah Bradley and Tim Blacke Nelson as Samuel Sterns, aka the Leader.

‘Thunderbolts’

Feige announced the team that will be part of “Thunderbolts.” This includes Julia Louis-Dreyfus as Valentina Allegra de Fontaine, David Harbour as Red Guardian, Hannah John-Kamen as Ghost, Olga Kurylenko as Task Master, Wyatt Russel as John Walker aka U.S. Agent, Florence Pugh as Yelena Belova and Sebastian Stan as the Winter Soldier.
“It tells you all you need to know about the Thunderbolts when the beloved Winter Soldier is the most table among them,” Feige teased.

‘The Marvels’

Brie Larson, Iman Vellani and Teyonah Parris closed out the panel with footage from the upcoming film. Miss Marvel, Captain Monica Rambeau and Captain Marvel find their powers have become intertwined and the three heroes must become untangled. In the mean time, the three continue to accidentally swap places, leading to quite a few laughs.
The footage shown at the D23 Expo was action-packed and filled with comedic beats. Also, everyone’s favorite Flerkin, Goose, will be back for more antics.

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Disney hosted a studios panel on Saturday at its D23 Expo to share details about its Marvel, Lucasfilm and 20th Century Studios projects.
Lucasfilm shared footage from several upcoming Star Wars projects as well as “Willow” and “Indiana Jones.”

Adam Driver as Kylo Ren in “Star Wars: The Force Awakens.”

It’s been almost four years since a Star Wars film has been released in theaters, but the long-running franchise has been making its mark on television.
Fans of tales from a galaxy far, far away learned more about Disney’s plans for the franchise during the company’s D23 Expo on Saturday.

Kathleen Kennedy, the president of Lucasfilm, took the stage at the D23 Expo to share new details about Lucasfilm’s Star Wars projects as well as other franchises under its umbrella, including Willow and Indiana Jones.
Here’s a breakdown of what audiences can expect from Lucasfilm in the coming years:

Star Wars

Kennedy introduced several members of the cast of “Andor,” which arrives on Disney+ Sept. 21. Diego Luna stars as Cassian Andor, reprising his role from 2016’s “Rogue One,” and is an executive producer on the project. Genevieve O’Reilly also returns as Mon Mothma.
The series, which Kennedy described as a spy thriller, takes place five years before the events of “Rogue One.”
Additional cast members include Adria Arjona as Bix, an on-and-off again love interest of Cassian, and Kyle Soller as Syril, a villainous member of the Galactic Empire. 

Dave Filoni, who ushered in a new age of Star Wars animation with “Clone Wars,” revealed a trailer for “Tales of the Jedi,” a series of six animated shorts, three focused on Ahsoka Tano and three on Count Dooku. Each short takes place at a different point in each charaters’ life, bringing back characters like Qui-Gon Jinn, Anakin Skywalker and Mace Windu.
Jon Favreau, Filoni’s partner on “The Mandalorian” series, arrived to discuss the live-action “Ahsoka” series starring Rosario Dawson in the title role and share details on other projects the Lucasfilm team is working on.
Favreau announced that Jon Watts, who directed “Spider-Man: No Way Home,” is helming “Skeleton Crew,” an upcoming Disney+ show set in the New Republic, along side Chris Ford. The series stars Jude Law and follows a group of four kids as they try to make their way home. Little else was shared about the project, which is currently in production.
To celebrate the third season of “The Mandalorian,” Filoni and Favreau brought out fellow executive producer Rick Famuyiwa alongside the cast, including Pedro Pascal, Katee Sackhoff, Emily Swallow, Amy Sedaris and Giancarlo Esposito. Lucasfilm provided a teaser for the new season, which promises even more armored Mandalorians, high-octane action and lots of the child known as Grogu.
The next season arrives on Disney+ in 2023.

Indiana Jones

James Mangold the director of the fifth “Indiana Jones” showed footage of the next installment in the franchise, which features Harrison Ford in the title role. The action-packed clips showcased epic car chases and Ford racing through a subway on horseback.
Ford, who was visibly emotional while on stage, received a standing ovation and said the new “Indiana Jones” is “a movie that will kick your a–.”
He also noted that this will be he last turn as the archeologist adventurer saying, with a laugh, “I will not fall down for you again.”
The film, which also stars Phoebe Waller-Bridge, arrives in cinemas on June 30, 2023.

Willow

Warwick Davis, reprising his role as Willow, took the stage alongside Christian Slater and other members of the cast of “Willow” to share a trailer for the new Disney+ series. The new show is a sequel to the 1988 cult classic of the same name.

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The second quarter was a mixed bag for space companies, with some firms posting steady progress while others faced setbacks.
Most space stocks, many of which went public last year through SPAC deals, are struggling despite the industry’s growth, off 50% or more since their market debut. 

The company’s Electron rocket carrying the CAPSTONE mission lifts off from New Zealand on June 28, 2022.
Rocket Lab

The second quarter was a mixed bag for space companies, with some firms posting steady progress while others faced setbacks.
Most space stocks, many of which went public last year through SPAC deals, are struggling despite the industry’s growth, off 50% or more since their market debut. The shifting market environment and climbing interest rates have hit technology and growth stocks hard, weighing on space stocks.

CNBC breaks down the most recent quarterly reports for Aerojet Rocketdyne, AST SpaceMobile, Astra, BlackSky, Iridium, Maxar, Momentus, Mynaric, Redwire, Rocket Lab, Satellogic, Spire Global, Telesat, Terran Orbital, ViaSat, Virgin Galactic and Virgin Orbit.
Satellite imagery company Planet has yet to report its latest quarterly results, as the company follows a fiscal year calendar that began on Feb. 1.

Aerojet Rocketdyne

Stock’s year-to-date performance: -3%
Aerojet Rocketdyne continues to draw a major portion of revenue from the space sector. The propulsion specialist takes a majority of its $528.5 million in second-quarter sales from defense-related contracts. Notably, president and CEO Eileen Drake confirmed that Aerojet’s backlog added a United Launch Alliance contract for 116 of the RL10 engines needed to power the Vulcan rocket series, many of which Amazon ordered.

AST SpaceMobile

Stock’s year-to-date performance: +36%

The satellite-to-smartphone broadband company reported revenue of $7.3 million and total operating expenses of $35.4 million, both metrics slightly higher than the same period a year earlier. The company has $202.4 million in cash, as AST continues to work toward the launch of its Blue Walker 3 test satellite in September. It’s spent $86.6 million on the demonstration to date.

Astra

Stock’s year-to-date performance: -88%
Small rocket and spacecraft builder Astra reported another heavy quarterly loss, taking an adjusted EBITDA hit of $48.4 million. The company brought in just $2.7 million in revenue and announced the surprise cancellation of its Rocket 3.3 series along with a launch pause until at least 2023 as it pivots to developing the larger variation, Rocket 4.0. Astra has $200.7 million in cash on hand.

BlackSky

Stock’s year-to-date performance: -52%
Seattle-based satellite imagery specialist BlackSky reported revenue of $15.1 million for the quarter, nearly double what is posted a year ago, and an adjusted EBITDA loss of $8.8 million. The company landed a major win in the form of an NRO contract for its imagery, worth up to $1.02 billion over a decade.

Iridium

Stock’s year-to-date performance: +9%
The satellite communications provider delivered revenue of $174.9 million, an operational EBITDA profit of $105.9 million and just under 1.9 million total subscribers — up 17%, 12%, and 16%, respectively, from the same period a year prior. Iridium CEO Matt Desch emphasized on the call that the “business outperformed nicely,” with the company “positioned well to grow … even if recent concerns of an economic downturn come to fruition.” The company also won a significant award from the Pentagon’s Space Development Agency during the quarter, which Desch expects to add $133 million in revenue over seven years.

Maxar

Momentus

Stock’s year-to-date performance: -58%
The spacecraft maker brought in just $50,000 in revenue, due to a canceled customer contract, and reported an adjusted EBITDA loss of $18.3 million. While Momentus has about $109 million in cash on hand, the company says it plans to reduce its quarterly cash burn by cutting some spending and delaying long-term R&D projects, as it focuses on resolving issues identified with its spacecraft during its latest mission.

Mynaric

Stock’s year-to-date performance: -41%
The laser communications maker has yet to begin reporting quarterly results, having gone public in November. During the second quarter, Mynaric announced an agreement with defense firm L3Harris, which will take a 7.2% stake in the company and invest about $11 million.

Redwire

Stock’s year-to-date performance: -54%
The space infrastructure conglomerate collected $36.7 million in revenue during the quarter, up 14% from a year prior, with an adjusted EBITDA loss of $4.1 million. Notably, Redwire “expects to achieve positive adjusted EBITDA in the second half of 2022,” even as it continues to invest in infrastructure expansions such as a newly opened robotic arm manufacturing facility in Luxembourg.

Rocket Lab

Stock’s year-to-date performance: -54%
The multinational small-rocket and spacecraft builder reported $55.5 million in revenue, up 36% from the previous quarter, largely from its space systems division. It also increased its total order backlog to $531.4 million. The company reported an adjusted EBITDA loss of $8.5 million, but has over half a billion in cash on hand. Rocket Lab CEO Peter Beck said on the company’s earnings conference call that Rocket Lab continues “to see strong demand for Electron launches.”

Satellogic

Stock’s year-to-date performance: -53%
The satellite imagery company has yet to begin reporting quarterly results, having gone public in January. During the second quarter Satellogic debuted four additional satellites in orbit via a SpaceX launch, increasing its fleet to 26 so far. The company aims to have 34 in orbit by early 2023.

Spire Global

Stock’s year-to-date performance: -55%
Small satellite builder and data specialist Spire brought in $19.4 million in revenue during the second quarter and reported an adjusted EBITDA loss of $7.3 million. For the full year 2022, the company expects that it will surpass $100 million in annual recurring revenue from subscribers.

Telesat

Stock’s year-to-date performance: -61%
The Canadian-based satellite communications operator reported revenue of about $143 million (converted at current rates from Canadian dollars), a slight decrease from the year before, with a contract backlog worth about $1.5 billion. Telesat posted an adjusted EBITDA profit of about $112 million. The company noted that, pending final manufacturer and financing agreements, capital expenditures “could increase substantially” to fund the development of its Lightspeed network.

Terran Orbital

Stock’s year-to-date performance: -59%
The spacecraft manufacturer recorded $21.4 million in revenue during the quarter and reported an adjusted EBITDA loss of $14.8 million, while increasing its backlog to $224.1 million. Terran Orbital began delivering satellite buses, the main body of a spacecraft, to Lockheed Martin under a Pentagon contract, and supported the launch of NASA’s CAPSTONE spacecraft, which it helped build.

Viasat

Stock’s year-to-date performance: -16%
The satellite broadband provider, which is on a fiscal year calendar that starts in April, reported quarterly revenue of $678 million and an adjusted EBITDA profit of $132 million — the former a 2% year-over-year increase and the latter a 17% decrease. Viasat noted that it continues to see pressure on its finances from supply chain shortages and inflation. The company plans to launch its ViaSat-3 satellite late this year.

Virgin Galactic

Stock’s year-to-date performance: -55%
The space tourism company reported an adjusted EBITDA loss of $93 million on negligible revenue. Virgin Galactic announced yet another delay to the start of commercial service, pushing it back to the second quarter of 2023 as the company continues to refurbish the carrier aircraft that begins its spaceflights. Virgin Galactic reported $1.1 billion in cash on hand and announced plans to sell up to $300 million in common stock.

Virgin Orbit

Stock’s year-to-date performance: -50%
The alternative rocket launcher did not report any revenue, but completed a launch the day after the second quarter ended and will recognize $12 million from that in the next period. Virgin Orbit recorded an adjusted EBITDA loss of $34.4 million and $122.1 million in cash on hand. The company expects to complete two more launches this year, making for four total in 2022.

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