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Here are today's top headlines:

• Amazon's New Budget Storefront: Amazon is preparing to launch a new budget-focused storefront featuring low-cost products directly shipped from China to US consumers to compete with rising e-commerce rivals like Temu and Shein.
• Walgreens' Store Optimization: Walgreens announced plans to close underperforming stores nationwide to optimize its footprint amid challenges in the pharmacy sector.
• H&M's Q2 Challenges: H&M reported a Q2 operating profit slightly below expectations, with sales rising but June sales expected to decline due to adverse weather and competitive pressures.

Stay informed with Omni Talk's Retail Daily Minute, your source for the latest and most important retail insights. Be careful out there!