Hey Friends,
With school beginning this week in many parts of the country and the last few days of summer dwindling down, it is hard not to think about the nostalgia that was back-to-school shopping. As retailers prepare for the craze that will ensue, consumers will be battling inflation and increasing cost to prepare for the school year ahead. According to the National Retail Federation, U.S. shoppers plan to spend a record $41.5 billion, up 12.5% from last year.
Gap Inc. announced last week, that it's appointed Mattel executive Richard Dickson to become its next CEO. During his tenure with Mattel, Dickson is credited with leading Mattel in a global corporate transformation that has reinvigorated the company’s iconic brands, including Barbie, Hot Wheels and Fisher-Price.
Bed, Bath and Beyond is Back - Overstock’s website relaunched as BedBathandBeyond.com, a move that merges Overstock’s online business model and merchandise categories.
To deal with it’s aging Yeezy inventory, Adidas, announced a second batch of Yeezy’s will be releasing in different parts of the world throughout August. The company has been looking for a responsible way to part ways with the $1.3B worth of unsold Yeezy’s after their partnership with Kanye West was terminated. The company said Monday, that the first sale of Yeezy shoes helped its preliminary second-quarter financial results and contributed to it raising its outlook for the year — from a high single-digit decline in revenue to a mid-single digit decline. Part of the profits from the sales of the Yeezy shoes will go to the Anti-Defamation League and the Philonise & Keeta Floyd Institute for Social Change.
In some technology news……
Schnucks announced a new partnership with Instacart to introduce Caper Carts within its stores. These smart carts use AI and computer vision to automatically identify items placed into the cart, allowing shoppers to then skip the line and check out. The latest generation of Caper Carts even allow you to sync your shopping list to the cart and provide location details on those items.
Walmart Business, a service launched early 2023 to help small businesses and non-profits cut costs, is offering some exciting new features to the program such as the Walmart Business App, Spend Analytics, and a new partnership with Angi, aimed to connect Walmart Business customers with highly-rated professionals in their communities.
Convenience is key - To combat long wait times, Chick-fil-A announced that it is testing two new store designs. A drive through concept to be tested in Atlanta, will have four drive-thru lanes, two of which will be dedicated to mobile order pickups, that will run underneath an elevated kitchen. In New York City, a digital-only walk-up concept will be tested. This location will only serve as a mobile pick-up point and will feature no cashiers. “Digital orders make up more than half of total sales in some markets – and growing – so we know our customers have an appetite for convenience,” said Khalilah Cooper, Chick-fil-A’s executive director.