The cigarette market will post a record loss of $7.7 billion by 2021 as the tobacco industry turns to heated tobacco and vaping, according to Euromonitor data.
The value of the global cigarettes category as a proportion of total tobacco sales dropped below 90% in 2016 for the first time in decades and is on pace to dip to 86% by 2021.
Euromonitor Head of Tobacco Research Shane MacGuill said vapor products and heated tobacco represent major disruptions in the tobacco industry. Heated tobacco product sales are set to grow by $13.2 billion by 2021, making the category the fastest growing in the tobacco industry.
What's Hot on TheStreet
Well OK then, Jeff Immelt: General Electric's (GE) - Get Report outgoing CEO Jeff Immelt had some choice things to say at an event in NYC on Thursday night, TheStreet's Kinsey Grant reports. First, Immelt revealed a possibly fatal management mistake Kroger's (KR) - Get Report CEO might have made about Amazon (AMZN) - Get Report which as we all know, just inked a $13.7 billion deal for organic grocer Whole Foods (WFM) . Immelt then took a jab at Hillary Clinton and Barack Obama for not visiting factories in their push to lift manufacturing wages. Talk about a well-paid boss going down swinging.
Why Sears Canada is dying: Sears Canada (SRSC) has one foot in the grave just like its ailing U.S. friend Sears Holdings Corp. (SHLD) . Unfortunately for Sears Canada, it's that friend across the boarder that has played a large role in its demise, TheStreet's Michelle Lodge reports. Sears has sucked badly needed cash away from Sears Canada through the years, leaving it unable to upgrade stores and do other things to compete effectively in the always challenging Canadian retail market.
Visit here for the latest business headlines.