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Manhattan luxury real estate sales hold firm
Central Park Tower, left, and One57, center, along Billionaire’s Row in New York, May 1, 2026.
Michael Nagle | Bloomberg | Getty Images
A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
A month after the passage of a tax on second homes in New York City, sales of luxury real estate remain strong and inventory is falling, according to brokers and analysts.
When New York Gov. Kathy Hochul and the state legislature approved the so-called pied-à-terre tax on May 27, real estate agents and developers predicted an immediate impact. Brokers said the New York wealthy would flee to Florida, developers said they would halt new projects and real estate lobbyists predicted declines in employment. Many cited what they called “the Mamdani effect,” referring to New York City Mayor Zohran Mamdani and potential wealth flight from taxes.
“The tax on second homes will dampen market activity, reduce property values, hurt new development and weaken the city’s economy,” the Real Estate Board of New York said in a statement soon after the measure passed.
Yet sales of luxury apartments show little signs of weakness. There were 126 contracts signed for apartments priced at $4 million or more in June, up from 124 during the same four-week period last year, according to Olshan Realty.
The average price of a Manhattan apartment reached its second-highest level ever during the second quarter, up 5% over the past year to roughly $2.2 million, according to Brown Harris Stevens. Sales of condos priced between $10 million and $20 million surged 55%, according to Compass. Sales of condos over $20 million were up 33%, with average asking prices up 14%, the real estate brokerage said.
The deals in June included an $80 million duplex penthouse in a new condo building near Manhattan’s West Village, a $26 million condo downtown and a $22 million co-op on the Upper East Side. Brokers say that while some buyers were initially spooked by the tax, the flood of liquidity from recent initial public offerings and soaring wealth from asset prices has outweighed their fears.
“The amount of money out there is insane,” said Lauren Muss of Douglas Elliman, who had a $17.5 million condo listing go to contract in June. “We’re seeing big things come to us every day. It’s only getting stronger.”
It’s too early to judge the long-term impacts of the tax, of course. And real estate lawyers say there will be years of litigation related to valuations, co-op boards, residency status and other issues related to the new tax. While Hochul and Mamdani have said the tax will raise $500 million a year, the New York City Comptroller estimates it will raise about $340 million to $380 million.
Yet top brokers said the pied-à-terre tax fears are quickly subsiding. The surcharge, imposed on non-primary residences valued by the city at more than $1 million, was first proposed in April, approved in May and officially took effect this week. It applies to residences that fit the tax criteria as of Jan. 5, 2026. So any buyers of pricey pied-à-terres this year will be subject to the tax.
Some buyers initially paused their deals when the tax was first proposed, according to agents. Scott Hustis, of Paradigm Advisory at Compass, said he listed a $16.5 million penthouse duplex in Madison Square Park Tower on April 8. One buyer expressed immediate interest and was about to make an offer, he said, but when Hochul announced the proposed tax a week later, the buyer pulled back.
By late May, however, as the details of the tax started becoming more clear, buyers came back into the market. The penthouse went into contract on June 6.
“There is a lot of confidence out there,” Hustis said. “Markets are strong. A lot more New York buyers are coming out of the woodwork.”
Hustis declined to comment on the buyer of the $16.5 million penthouse or whether it will be a primary residence. If not, the apartment would be subject to a pied-à-terre tax bill of over $98,000 this fiscal year in addition to property taxes, based on city valuations.
But Hustis said ultra-wealthy buyers are more concerned about buying at the right time in the market cycle rather than paying an added tax.
“Right now, they’re seeing things go into contract and prices not coming down and they decide to execute,” he said.
Low inventory is adding pressure to buyers. Jonathan Miller, CEO of appraisal and research firm Miller Samuel, said luxury inventory is down 40% compared to last year and is now at the lowest level he’s seen since he began tracking it in 2004.
Marc Palermo of Douglas Elliman has a listing for a $19 million, 4,700-square-foot apartment at 565 Broome St., the glass condo tower whose buyers have included tennis great Novak Djokovic, Uber co-founder Travis Kalanick and niece of the president Mary Trump. In the fall of 2025 and early 2026, the listing attracted several offers for 20% or 25% below the asking price, Palermo said. Yet the building held firm to its price.
By late spring, with markets overcoming Iran war fears and the SpaceX IPO and other offerings creating massive liquidity events, the Manhattan market sprang to life, brokers said. Palermo said he got a “strong offer” for the $19 million apartment and it went to contact at the end of June. While he declined to comment on the buyer, he said they already own a unit in the building and wanted to expand. Since the buyer isn’t a primary New York tax resident, they will likely owe a pied-à-terre tax.
“People took a breath, they settled into the new reality and the smart ones charged in,” Palermo said.
He said the other two early bidders for the Broome Street listing also ended up closing on other apartments recently — one for a $15 million apartment and the other for a $17 million apartment. He said virtually all the high-end buyers in Manhattan are paying cash, without mortgages.
Along with the stock market gains and boom in finance, the so-called great wealth transfer is also driving demand in Manhattan. Palermo said he’s doing a number of high-end deals with buyers under the age of 40 in which the parents or a family office or trust is the underlying buyer.
“We’re seeing a lot of gifts coming in from parents,” he said. “If you’re under 40 and you’re buying in New York City, chances are you’re not making enough to buy on your own.”
Business
Sam’s Club Tops Consumer Reports Rotisserie Chicken Taste Test as Shoppers Seek Best Value Birds
Sam’s Club’s Member’s Mark seasoned rotisserie chicken has been named the top performer in a comprehensive blind taste test conducted by Consumer Reports, beating out competitors including Costco and Stop & Shop in flavor, texture and overall quality.
The nonprofit consumer advocacy organization evaluated rotisserie chickens from 10 major retailers, assessing taste, sodium content, weight accuracy and even the presence of plastic-related chemicals in packaging and meat. The results provide shoppers with data-driven guidance for one of the grocery store’s most popular prepared foods.
Sam’s Club took the top spot in the best overall category, praised for its moist, juicy meat and well-balanced seasoning featuring hints of onion, garlic and a distinctive paprika rub that gives the bird an appealing bronzed color. At approximately $1.66 per pound, it also offers strong value for bulk shoppers.
Costco’s Kirkland Signature seasoned chicken placed second, noted for its plump appearance and moist texture, though saltiness varied across samples. Stop & Shop’s whole rotisserie chicken ranked third, with tasters appreciating the flavor despite some visual imperfections in skin appearance.
The testing process involved purchasing chickens from retailers including BJ’s, Hannaford, ShopRite, The Fresh Market, Walmart, Wegmans and Whole Foods. A panel of tasters evaluated them blindly for flavor, texture and overall appeal, providing a rigorous comparison across national and regional chains.
Sodium Levels and Labeling Accuracy
Consumer Reports also analyzed sodium content, finding that several top-ranked chickens contained less sodium than labeled amounts. Sam’s Club, Costco, Stop & Shop, Wegmans and Whole Foods all showed lower tested levels compared to packaging information.
Walmart’s traditional rotisserie chicken, which ranked fourth overall, had slightly higher sodium than labeled. The organization noted that actual sodium can vary based on brining processes and preparation methods across different batches.
These findings highlight the importance of consumers checking nutrition labels while recognizing potential variations in prepared foods. For those monitoring sodium intake, the top performers generally offered favorable profiles relative to their flavor ratings.
Plastic Chemicals and Safety Concerns
Testing revealed the presence of phthalates — chemicals used to soften plastics — in most chicken samples, with Costco and Walmart showing the highest levels. The amounts detected were below immediate health risk thresholds for adults but raised concerns for higher consumption, particularly among young children.
ShopRite’s chicken was the only sample without detectable phthalates. Consumer Reports emphasized that while levels were not alarmingly high, the findings contribute to broader discussions about plastic packaging in food products.
Walmart has previously announced initiatives to remove certain ingredients, including phthalates, from private-brand products. The company’s efforts reflect growing industry attention to food contact materials and consumer safety preferences.
Value and Practical Considerations
Price per pound varied significantly across retailers, with warehouse clubs like Sam’s Club and Costco offering the most competitive rates due to their bulk-oriented business models. Traditional grocers generally charged higher per-pound prices but may provide more convenient locations for smaller households.
Weight accuracy was generally consistent, though some samples showed minor discrepancies between labeled and actual weights. Consumers are advised to compare packages when possible and check timestamps to ensure freshness.
For recipe applications, some lower-ranked chickens may still perform well in soups, salads or casseroles where seasoning can be supplemented. The report noted that milder-flavored birds work effectively as versatile ingredients rather than standalone entrees.
Shopping Tips from Consumer Reports
The organization offered several practical recommendations for selecting high-quality rotisserie chicken. Look for birds with even golden coloring, indicating consistent cooking. Smooth, non-shriveled skin suggests fresher preparation rather than extended holding times.
Checking package timestamps helps ensure the chicken was recently prepared. When possible, lifting packages to compare weight can help identify plumper, meatier options. Asking store associates about preparation times provides additional assurance of freshness.
For sodium-conscious shoppers, the top-rated options generally provided good flavor with moderate sodium levels. Those concerned about additives may prefer chickens with simpler brining ingredients.
Industry Context and Consumer Trends
Rotisserie chicken remains a staple in American grocery stores, valued for convenience, affordability and versatility. The category has grown as busy households seek quick meal solutions amid evolving work and family schedules.
Retailers have expanded offerings with various seasonings and sizes to appeal to different preferences. Warehouse clubs leverage their bulk model to provide competitive pricing, while traditional grocers emphasize freshness and local appeal.
Consumer Reports’ testing adds to a growing body of independent evaluations helping shoppers navigate prepared food choices. Similar assessments of other grocery items have influenced purchasing decisions and prompted industry improvements.
The presence of phthalates in food packaging reflects broader concerns about food contact materials. Regulatory agencies and consumer groups continue studying potential health impacts while encouraging reduced plastic use where possible.
Recommendations for Shoppers
For best results, consumers should consider their specific needs when choosing rotisserie chicken. Families seeking value and volume may prefer warehouse club options, while those prioritizing milder flavors or specific dietary preferences might opt for specialty grocers.
Leftover chicken can be refrigerated for several days and used in multiple meals, maximizing value. Proper storage and reheating techniques help maintain quality and food safety.
The report serves as a reminder that taste preferences are subjective, though systematic testing provides useful benchmarks. Shoppers are encouraged to sample different options to find their personal favorites while considering the nutritional and practical factors highlighted in the evaluation.
As summer grilling season continues and families gather for holiday celebrations, rotisserie chicken offers a convenient centerpiece for many meals. Consumer Reports’ findings help inform those decisions with objective data on flavor, value and composition.
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County tells workers to conserve power as rates rise in data center-heavy state
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John Vithoulkas, the county manager in Virginia’s Henrico County, is asking county employees to cut back on power usage as electricity rates soar 25% across Virginia, the state with by far the most data centers.
In a June 26 email sent out to all county employees and obtained by the Henrico Citizen, Vithoulkas asked employees to adjust individual habits as electricity rates increased by 25% and noted that prices were likely to shoot up even higher.
“Beginning July 1st, the rate we pay for electricity used in all Henrico County government and school facilities will increase dramatically — by 25%, increasing costs by an estimated $5 million next fiscal year. We anticipate more rate increases for electricity in the years ahead,” Vithoulkas wrote.
Vithoulkas laid out a number of steps that employees should take to reduce their power usage, including turning off lights when leaving work, shutting down computers, pulling blinds closed and unplugging chargers.
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Virginia’s Henrico County Manager John Vithoulkas. (Henrico County)
He compared the electric austerity request to the county’s efforts to cut back during the late 2000s Great Recession.
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“Those of you who have been here long enough will recall the many cost-saving measures we implemented to help navigate the Great Recession more than 15 years ago. We are seeing this same innovation and creativity as each department seeks ways to reduce expenses by 3% in next fiscal year’s budget,” Vithoulkas wrote.
Henrico County is a member of the Virginia Energy Purchasing Governmental Association (VEPGA). The 25% price increase, the Henrico Citizen reported, applies to all counties that are members of VEPGA, which includes the majority of Virginia municipalities north of Richmond.

The Virginia State Capitol is shown on July 12, 2023, in Richmond, Virginia. (Win McNamee/Getty Images / Getty Images)
Virginia is by far the state with the most data centers in the U.S., the vast majority of which reside in the northern and central regions of the state.
Northern Virginia dominates, with more than a quarter of U.S. data centers and 13% of the world’s, according to Virginia’s Joint Legislative and Audit Review Commission (JLARC). But with the north near capacity, central Virginia areas like Richmond are increasingly absorbing new builds and rapidly becoming a hub for new facilities, JLARC notes.

“Data Center Alley” during high temperatures in Sterling, Virginia, on Monday, June 23, 2025. (Pete Kiehart/Bloomberg via Getty Images / Getty Images)
While Vithoulkas did not specifically cite Virginia’s explosion of data center construction in recent years as a factor in energy increases, JLARC’s 2023 data center assessment concluded that “the data center industry boom in Virginia has substantially driven up energy demand in the state,” adding that “data centers’ increased energy demand will likely increase system costs for all customers, including non-data center customers.”
FOX Business contacted Vithoulkas and Henrico County for comment.
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Dubai International Airport Is Open Today and Flying Normally After Months of Iran Conflict Disruptions
DUBAI — Dubai International Airport is open and operating normally today, Friday, July 4, with flights processing through all three of its terminals and live flight tracking data showing hundreds of active arrivals and departures across major global air corridors, including connections to Europe, South Asia, East Africa, North America and the broader Middle East.
The airport is now fully functional, handling hundreds of flights with only a small number of delays. Airlines, especially Emirates and flydubai, have resumed their normal operations.
The return to full operations represents the culmination of a difficult five-month recovery that followed the outbreak of the U.S.-Iran conflict in late February, during which Dubai International’s passenger volumes, airline schedules and airspace access were all significantly disrupted even as the airport itself never formally closed.
Dubai International Airport operates 24 hours a day, 7 days a week. Flight operations may still be subject to short-notice changes depending on the regional security situation. As of this report, real-time flight boards confirmed normal operations throughout the facility.
Several major airlines continue to maintain regular services to and from Dubai, including routes operated by Emirates, flydubai, Etihad Airways, Qatar Airways, Turkish Airlines, British Airways, Lufthansa, Air India, IndiGo, and Singapore Airlines. Flights connecting Europe, Asia, Africa, and North America through Dubai remain active, although some carriers may use alternative flight paths to avoid restricted airspace.
The path to today’s normal operations was neither straight nor smooth. The crisis began in late February when the escalation of the U.S.-Iran military exchange triggered a series of overlapping airspace restrictions across the Gulf region. While Dubai’s airspace was never formally closed during the conflict’s peak phases, the European Union Aviation Safety Agency issued a Conflict Zone Information Bulletin ordering European-regulated carriers to avoid UAE airspace, effectively grounding dozens of major international airlines that relied on Gulf routes and dramatically reducing the range of airlines operating through DXB for weeks.
The disruption traces back to late-February drone and missile attacks linked to the wider Gulf conflict, which prompted temporary airspace closures across the UAE. While a 5 April cease-fire allowed regulators to relax the most stringent flight bans, the General Civil Aviation Authority kept a one-rotation-per-day limit on many foreign carriers until at least 31 May to maintain contingency capacity.
Throughout that constrained period, Emirates and flydubai functioned as the primary pillars of connectivity at DXB, maintaining combined schedules that kept the airport from becoming a ghost terminal even as dozens of foreign carriers scaled back or suspended services entirely. Combined operational activity from Emirates and flydubai reports 417 weekend departures covering Europe, South Asia, and the Middle East.
Recovery accelerated meaningfully after the tentative U.S.-Iran ceasefire that took effect in early April, with successive airline reinstatements following as the EASA gradually softened its advisory language for UAE airspace from outright avoidance to cautionary guidance and then lifted restrictions as diplomatic stability held. British Airways resumed Dubai flights in July, initially at a reduced frequency of one daily service rather than its pre-conflict three per day, in what was described at the time as the clearest signal yet from a major European carrier that the post-crisis landscape was beginning to take shape. Qatar Airways had already resumed daily Dubai flights from late April, with Gulf carriers including Saudia also returning to the route around the same time.
The popularity of Dubai as a global tourist destination continues to grow, with data recording 19.59 million international arrivals to Dubai, a 5% increase over 2024 and the third consecutive year of record arrivals. The top source region was Western Europe, with 4.1 million arrivals representing 21% of the total, followed by the CIS and Eastern Europe and South Asia.
Operationally, DXB spans three main passenger terminals with a clear division of carriers. Emirates uses Terminal 3, flydubai and regional carriers operate from Terminal 2, and the majority of other international airlines use Terminal 1, which connects to Concourse D via an airport transit train. Passengers are still advised to verify their specific terminal assignment with their airline before traveling, as some flights were reassigned during the disruption period and not all carriers have reverted to their original gate and terminal configurations.
Dubai Airports recently completed a major Terminal 1 bridge expansion project, increasing road access capacity and improving passenger flow ahead of the peak summer travel season. The infrastructure improvement has been timed to coincide with what the airport expects will be a period of rapid demand recovery as international leisure and business travel rebounds through the summer.
For travelers arriving today or in the coming days, the practical guidance is consistent with what Dubai Airports and airline operators have communicated throughout the recovery period. Confirm your specific flight and departure time directly with your airline rather than relying solely on published schedules, arrive at the airport earlier than the minimum recommended time given that some residual administrative processes from the disruption months remain in place, and review any applicable government travel advisories for your country of origin, as national guidance on travel to the UAE has varied across different governments and may have been updated since the ceasefire took hold.
Dubai Airports recognized the airport had sustained global connectivity through regional disruption and is readying for a return of strong demand as UAE airspace restrictions ease.
As of Friday, July 4, Dubai International Airport is fully open, actively processing flights, and operating with the efficiency expected of the world’s busiest international aviation hub by passenger volume, a status the facility has now been able to maintain consistently since the diplomatic de-escalation of the U.S.-Iran conflict allowed regional airspace to normalize over the course of the past several weeks.
Business
Amex, Chase credit card lounge battle moves beyond the airport

An airport lounge — without the security screening or boarding pass.
Credit card companies American Express and Chase are increasingly waging their luxury lounge wars outside the airport. From an air-conditioned retreat in the middle of the desert at Coachella to an exclusive athlete meet-and-greet at the Paris Olympics, these companies are investing big in premium hospitality spaces to win over affluent cardholders.
“It’s very expensive, but I think what’s happening is that the issuers are finding that this is a premium differentiator,” said Donald Fandetti, managing director of consumer finance equity research at Wells Fargo. “It’s all about providing these services and experiences that make it worth it to the cardholder to pay those annual fees.”
American Express’ Platinum and Chase’s Sapphire Reserve cards — the leading premium cards in the market — both upped their annual fees last year. The Amex Platinum now carries a fee of $895 a year, and the Sapphire Reserve has a fee of $795.
The perks associated with these cards, like dining credits, hotel upgrades and digital partnerships, help offset the cost. It’s all an effort to capture and retain the highest spenders. Amex and Chase have jockeyed for years to be the preferred card for the American elite.
More and more, access is making the difference.
“Credit cards [with] higher fees, it’s going to send a certain signal. But what we really need to be making sure is that we’re understanding the psychology of exclusivity” said Dan Bennett, head of behavioral science at Ogilvy Consulting. “It’s easy to say, ‘I have lots of resources.’ It’s harder to say, ‘I have enough social capital to earn my way into spaces.’”
Beyond the airport
Some of the events that American Express Platinum cardholders had lounge access to in 2025 include the US Open tennis tournament; Stagecoach music festival in California; and multiple Formula 1 races worldwide.
Meanwhile, lounges for Chase Sapphire Reserve customers were present at Chicago music festival Lollapalooza; Miami Art Week; Sundance Film Festival; and the PGA Tour.
While some lounges and brand activations are open to all customers or even all attendees at an event, many of these spaces are exclusively reserved for premium cardholders.
“We find this customer to be very engaged,” said Laura Picciano, general manager of Chase Sapphire. “Once you get their business, there’s a lot of loyalty there. And so they’re an important segment to continue to nurture.”
Sundance Film Festival 2026.
Courtesy: Chase Bank
While temporary credit card lounges are popping up at festivals and sporting events, they have also become popular, permanent fixtures inside stadiums and arenas.
American Express has partnerships with more than 20 venues around the world. Eight of them currently have lounges, including Hard Rock Stadium in Miami and the O2 arena in London, with a new location set to open in New York City’s Barclays Center this year.
Bess Spaeth, executive vice president of global brand management and experiences at American Express, said factors like footprint, ability to provide food and beverage and viewing capabilities are all considerations in the decision for which venues get lounges.
“It’s a real puzzle that we try to look at all the pieces and think about it holistically in terms of how we can best serve our members in those spaces,” said Spaeth.
The Chase Lounge at Madison Square Garden.
Courtesy: Chase Bank
Chase has built out lounges at Madison Square Garden and the Chicago Theatre that are open to all of its customers, though Madison Square Garden has a dedicated space for Sapphire Reserve cardholders.
“Lounges are really interesting because economists would think of those as more of a network good,” said Chenzi Xu, assistant professor of economics at the University of California, Berkeley. “These lounges become particularly valuable when there’s a set of them that you can access in a variety of different places … not just in an airport perhaps, but at another exclusive event.”
Attracting high spenders
Chase and American Express are courting wealthy customers who are not only willing to pay the rising annual fees but also rack up higher balances on their cards.
Those with a credit score of 720 or above, which is typically required to get approved for a Sapphire Reserve or Platinum card, spend more than double the average of those within a score between 660 and 719, according to data from the Federal Reserve Bank of Philadelphia.
American Express said earlier this year that it shifted marketing dollars away from no-fee cards to its more premium offerings as it looks to attract more affluent cardholders.
American Express credit card fees totaled nearly $10 billion in 2025, up about 18% since 2024. Chase doesn’t break out credit card fee revenue.
“Chase is working really hard to compete with [American Express],” said Xu. “They’re just making the benefits of having these cards better and better for the consumer. That competition is good for the consumer, but it’s a competition that’s only happening at the high end, and at the low end you don’t see nearly as much entry and you don’t see as much competition.”
That upper echelon is key for the credit companies. A 2025 Mastercard report found that affluent consumers, defined as households with an income of $200,000 or more and at least $250,000 in investable assets, spend 4.3 times the general population on discretionary purchases.
According to data from J.D. Power, cardholders with an annual fee of more than $500 spent an average of $3,200 per month from May 2025 to June 2026, up about 17% from the prior 12-month period.
Meanwhile, those with cards that have a fee of less than $500 spent an average of $1,144 per month, up about 6% from the year earlier.
It’s yet another signal of what economists commonly call a “K-shaped economy” in which high earners speed freely, while lower-income consumers pull back in some areas. It’s also putting even greater importance on the higher spenders during a period of economic uncertainty.
“The allure of the premium segment to these card issuers is that you have heavy spenders,” said Fandetti. “This business takes a lot of scale. So you have to have a very big revenue base to sort of fund all these lounges and rewards and benefits.”
Building on brands
Lounges are just one way that the credit card companies leverage their sponsorships with these venues.
Chase’s head of dining and lifestyle, Paul Needham, said it also offers things like gift bags, premium viewing areas, special access to merchandise and money off of food through its partnerships.
Chase and American Express often offer discounts or statement credits, too, for purchases at their respective sponsored venues as well as at certain events like music festivals.
“I think when you take that broader picture on the sports and entertainment venues, what we’re really trying to do is both elevate these moments for our customers, but also reach our customers in places and contexts where we know they’re so passionate and so excited to be there,” said Needham.
Chase Sapphire Reserve cardholders get access to dinner events hosted on FIFA World Cup pitches in New Jersey and California. Meanwhile, Marriott Bonvoy partnered with American Express in April to recreate New York City’s iconic Rao’s restaurant inside one of its hotels for a cardholder dinner event. Marriott has long partnered with both American Express and Chase for its co-branded credit cards.
This category of cards, which also includes co-branded offerings from Delta Air Lines and Hilton, accounted for about a quarter of American Express cardmember spending in 2025, according to an Amex report.
Bennett of Ogilvy Consulting said one of the key considerations for credit card companies to be in some of these physical spaces is whether they can play an authentic role at the event in question. He said American Express at Coachella is a good example, because it provides a space to cool off in the middle of the desert heat.
“You can’t just set up these kind of corporate fortresses exactly the same in each place. That’s not going to cut it. What is going to cut it is really understanding the needs of the customer at each of these places,” said Bennett.
Spaeth says parts of the American Express strategy has been leaning into fandoms, ranging from collaborations with music artists like Harry Styles and Olivia Rodrigo to the NFL and Formula 1.
A general view of the American Express Lounge during the Formula 1 Qatar Airways Australian Grand Prix 2026 Preview Day at Albert Park Grand Prix Circuit on March 2, 2026 in Melbourne, Australia.
Josh Chadwick | Getty Images
American Express’ partnership with Formula 1 kicked off in 2023 and marked its first new sports sponsorship in more than a decade. A year later, it further expanded the deal and started rolling out new fan perks like trackside lounges.
“Our hope is that you engage with these moments, deepen the emotional connection that you have with American Express and that really raises the American Express card to the very tippy top of your wallet,” said Spaeth.
Business
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Tackle workplace sickness to unlock hidden growth, former John Lewis boss says
Tackling unemployment linked to long-term illness will unlock economic growth that’s “hiding in plain sight”, former John Lewis chair Sir Charlie Mayfield has said.
More than 250 of the UK’s biggest employers, including British Airways, Tesco, Royal Mail, and several government departments, have signed up to his Get Britain Working taskforce.
The group aims to prevent people dropping out of work due to ill-health and encourage those signed off to come back, with official figures showing the issue costs the UK £212bn a year.
However, some employers have said previously that tax rises mean many firms cannot afford to invest, while others have warned against pushing ill people into work.
The companies signed up will track sickness absence, return-to-work outcomes, and disability participation, which the government said would make workplace health performance visible for the first time.
Many big UK businesses, including Sainsbury’s, EDF Energy, and Currys, as well as 10 mayoral authorities, including London and Manchester, have agreed to take part.
Sir Charlie told the BBC: “I can’t tell you how many people I’ve met who said: ‘I was signed off work for three months, or six months, and I never had any contact with my employer at all.’
“That’s not because the employer is a bad person. It’s because we’ve got a situation at the minute where people don’t talk to each other when they really need to.”
Sir Charlie’s comments come as pressure grows on Andy Burnham, who is widely expected to take over as prime minister later this month, to reduce the UK’s welfare bill to free up money elsewhere.
According to government figures, total welfare spending in Great Britain is forecast to be 23.6% of the total amount the government spends in the 2025 to 2026 financial year.
Sir Charlie said his plans could help cut that bill.
“Fixing these problems at the fundamental level, could make a really big contribution to getting this economy working better — for employers, for employees, for the taxpayer, for all of us.”
He added: “This is not a zero-sum game. It’s not a question of employers win and employees lose and vice versa. Everybody can win.”
Sir Charlie suggested Burnham would back his plans.
“I can’t see any reason why he wouldn’t because of what Andy has said about good growth. If this isn’t good growth, I’m not sure what is, quite frankly.”
He said getting people back into work who are currently not working due to ill-health would be a simple way of boosting the workforce.
“You wouldn’t have had to build a single house, open a new channel of immigration, you wouldn’t have to wait for a cohort of young people to join the workplace. This is basically growth hiding in plain sight.”
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