New YouGov data shows the #1 store for $150K+ households isn't a specialty grocer with a curated produce display — it's Costco.

Also in this issue: USDA just rescinded two Packers and Stockyards Act rules (and delayed a third) meant to protect farmers from meatpacker consolidation — at a moment when four companies already control 85% of beef, 67% of pork, and 60% of chicken.

spent years inside meat and poultry facilities early in my career, and I don't think retailers should file this under "policy noise." Consolidation upstream always shows up at the shelf eventually. READ The Lempert Report on Substack.