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James Fong, B.Math, MBA
Trends vs. Timelessness, Fads vs. Forever. How do you balance your inventory and messaging between innovative styles that may be fads and enduring styles that have steady sales? 🌐 If you send the same messages to all of your clients, you need to strike a balance. Some will hit home, while others will be ignored, and some customers will be turned off by the wild designs. 🆕 If you send messages about new and unique designs to your customers who tend to ride each new fad train, then you may achieve better results. 🔬 You have to #experiment, analyze the results, and segment your customers. Aligning styles, inventory, and messaging can make or break a brand/retailer. Keep on striving for 1-to-1 personalized marketing. #ecommerce #customerexperience #personalization
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Neil Saunders
Aloha Friday! 🤙🏼 Here are some interesting stories from the world of retail for Friday, May 24: 👖 Shares of Ross Stores, Inc. rallied in extended trading Thursday after the discount clothing chain raised its full-year profit forecast, even as higher prices continue to hit its low- to middle-income shoppers. 👕 Ralph Lauren ended its fiscal year on an upbeat note with earnings and revenue that beat expectations as its average unit prices continued to rise. Ralph Lauren’s revenue increased 2% to $1.568 billion. 🥫 Ahold Delhaize has announced plans to close an undisclosed number of underperforming Stop & Shop grocery stores in the US this year. The closures are part of an evaluation of the overall portfolio. 🏠 Williams-Sonoma, Inc. CEO Laura Alber has explained she's handling a tough housing market. The chain is leaning into what it calls easy updates, or things consumers can do for their homes when they’re not moving. 📦 Amazon CEO Andy Jassy is worried about the “negative consequences” of regulating big businesses, including the Seattle-based tech and e-commerce conglomerate, he told shareholders at Amazon’s annual meeting. 🥩 Lidl US is preparing to overhaul its meat department in time for Independence Day, according to a top company official. It also plans to launch a new private label for packaged meats. 👚 The chief executive and board of Gildan Activewear have resigned, following hedge fund Browning West's successful proxy campaign. New board members intend to reinstate company founder Glenn Chamandy as CEO. 🧴 Joining other brands in Amazon’s beauty hub, skin care brand Kiehl’s has launched its products in the Amazon Premium Beauty store. Kiehl’s will have a dedicated digital storefront within the Amazon Premium Beauty section. 🇨🇳 China's online retail sales have continued to grow steadily in the first four months of 2024. According to official data from the Ministry of Commerce, online retail sales increased 11.5% year-over-year to 4.41tn yuan ($620.52bn). 🏬 Seattle’s Pacific Place mall sells at deep discount. The mall sold for $66.75 million, well below its 2014 sale price of $271 million. Its nearly 1,200-stall garage sold for $21.5 million, down from $87 million in 2016. 🍪 Mondelēz International, the maker of Oreo, has been fined €337.5 million ($366 million) for hindering the trade of chocolate, cookies and coffee between European Union countries in order to keep prices high. ☕️ Florida's top legal officer on Wednesday said the state will investigate Starbucks, the multinational chain of coffeehouses, for its diversity, equity and inclusion practices. 🎫 In a groundbreaking antitrust lawsuit that threatens to upend the way concertgoers pay for tickets, the US government and dozens of states sued Live Nation on Thursday in a bid to split up the company. #retail #retailnews #economy #DailyRetailNews
342 Comments -
Neil Saunders
Since 2019, Kohl's sales have shrunk by $2.3 billion. That’s a pretty terrible number given consumer spending on retail rose by a dramatic $1.3 trillion over the same period. The Kohl’s losses are a combination of existing customers spending less and the complete defection of some shoppers. Over the past five years, Kohl’s has lost 1.3 million customers: people who used to visit Kohl’s, but now they don’t. Most of these folks still buy things so it’s interesting to see where they’re now shopping, or shopping more at, instead of Kohl’s. The diagram below traces the defections. The most notable thing is the gains being made by off-price retailers. TJX – with its TJMaxx, Marshalls, and HomeGoods banners – is picking up a lot of trade. Ross, Nordstrom Rack, and Burlington are also in the mix. It’s no wonder off-price is doing so well when it’s gaining so many customers from chains like Kohl’s. What’s also notable is that online specialists don’t dominate. Amazon has picked up some trade, as has Wayfair, but neither are the main beneficiaries of Kohl’s woes. This underscores that the very simplistic narrative of ‘online killed…” is often far from the truth. It is also significant that Costco makes an appearance. Costco is a silent assassin. Many retailers don’t have it on the radar for non-food; but the reality is that Costco has a formidable non-food business. Retailers like Kohl’s don’t underperform because one large enemy comes in and swoops away all the custom. Their substantial loss of trade comes from many players nibbling away at their sales and market share. #retail #retailnews #departmentstores #wholesale #shoppers
1,268150 Comments -
Karl Haller
Highlights from last week's NYC #RetailSafari -- focus was the intersection of #technology, #customers, and #operations, primarily in specialty apparel and fashion. Key themes: 1. Technology goes backstage – Brand new formats / concepts at H&M, Banana Republic, Zara, AMERICAN EAGLE OUTFITTERS INC., lululemon, and J.Crew and none come across as tech-forward w/ regard to customers. On the other hand, associates were all mobile enabled and doing most of their work leveraging phones / tablets. 2. Old tech; new tricks – Widespread use of #RFID and #QR codes (both generally on the price ticket), with a mix of internal and external use cases -- self-checkout, RFID-assisted full-service checkout, inventory counts, inventory finding, #BOPIS, etc. 3. Apps are an entry point – #Retailers without a clienteling / selling culture are using apps to drive customer capture. #Lulu uses app-based membership to enable exchanges on sale items; UNIQLO offers special discounts to app members. 4. Unified is still a unicorn – Despite a decade of focus on #omnichannel and unified commerce, many gaps exist. Very few #retail apps recognize when you’re in store, send a notification, and/or assist in the shopping experience. Many didn’t even have their newest stores listed as an option for #BOPIS (despite in-store signage). 5. Video is the new visual – ultra-large format (8-10ft x 12-16ft) video screens were a common feature of many new stores, and really helped to bring the brand lifestyle to life. 6. It’s hard to (re)teach people how to shop – Across all stores except Bonobos, Glossier, Inc., and Reformation, the shopping process is the same as it’s been for the past 50+ years. The ones that don't are focused on a niche customer with a unique product offering. IMO, the product is the driver and consumers "accept" the experience. 7. The "future" is not here yet, but you can start to see the shape of it – Demoing the Apple #VisionPro, we could think of multiple use cases (mostly internal / operational), and while it’s too early (and too expensive) to fully commit, it’s certainly worth considering a pilot as part of an #innovation lab. It's also worth noting there was no apparent use of #AI by customers or associates. Curious to hear comments, feedback from other markets. #ibmretail
187 Comments -
Nicole Hoffman
Retail design always is a meaningful part of the #retail experience, and I enjoyed sharing my insight with National Jeweler on how design is impacting store design and consumer engagement alike. What are your thoughts on how merchandising + design impact stores… jewelry focused like discussed here or any category of retail?
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Richard Vorisek
I have never met Mr. Rosen but he seems to be an exceptional person, visionary, leader and results driven. Taking a historic brand and moving it forward step-by-step in a measured, intelligent, customer and brand/product oriented way. I mean this in the best possible way - it’s like he is a hybrid of old school best practices/training and applying that in a new and relevant way to change today and create a relevant brand that almost disappeared. To actually say that JC Penney does have a bright future is really mind blowing. #JCPENNEY #RETAIL #TURNAROUND #STRATEGIC #TEAMWORK
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Stanley T K Wong
This is an interesting interview with Al Cook. The is an excellent summary from which i quote : New trajectory for lab-grown diamonds And what of the lab-grown diamond market? Al believes the U.S. market is at an inflection point. “We’ve had a year where lab-grown diamonds made real inroads into the diamond markets,” he says. “I think we’ve reached peak lab-grown in the United States. We’ll still see the volumes come up, but we’ll see the value come dramatically down.” As evidence, he points out that the price of lab-grown stones has dropped 90-95% from five to six years ago. Now he says that you can buy 10 to 20 lab-grown diamonds for the equivalent of one natural diamond, and that price gap will continue to widen. Victoria wonders what this means for De Beers’ Lightbox brand. “We see Lightbox as a terrific way of demonstrating the differentiations between natural diamonds and lab-grown diamonds,” Al says. “We’re seeing the whole lab-grown diamond business become a low-cost, low-revenue business.” He says to expect news on Lightbox prices soon. My takeaway : Al is still spinning the idea that the cannibalization of mined diamond sales by LGD has peaked and we are at an inflection point. I believe Al is talking about the US market. He basically admits that Lightbox intended
12 Comments -
Chris Walton
By the end of this week, Anne Mezzenga and I will have interviewed roughly 20 retail and e-commerce executives on the future of retail to start the month of June. You can catch them all on our YouTube page under the "Conference Livestreams" Section. Shoptalk Europe, CommerceNext, Mirakl's Marketplace Summit -- we have been to them all in our undying quest to bring our followers the most up-to-the-moment coverage possible. Plus, I personally love watching our interviews on YouTube because it gives the best insight into who these executives are as people, their leadership styles, and what the cultures of the companies in which they work are likely like. #retail #retailing #grocery #conveniencestores #cpg #branding #advertisingandmarketing #onlineshopping #shoppingandtheretailindustry #supplychainmanagement #FastFive #fashionretail #luxuryretail #beauty
122 Comments -
David Sherwood
80% penetration of extended warranty is impossible! In any industry!! And especially in jewelry!!! Or so I thought… Signet Jewelers reported Q1 earnings last week. While Wall Street slammed the stock price nearly 20% (down 9.2% in Same Store Sales in North America is pretty dismal), I thought there were some intersting tidbits and learnings beyond the basic EPS. Most notably, CEO Gina Drosos mentioned how successful their push into “Lifetime Service Plans” has been, even citing an 80% penetration in engagement rings (https://lnkd.in/gyN7Nv_S.) I was certain she misspoke. How can you possibly achieve 80%? But later that day, on Mad Money (https://lnkd.in/gV9Jns6b), she doubled down on the statistic so I’m both impressed beyond words and dumbfounded. If you aren’t familiar with lifetime service plans, they are basically extended warranties (think of AppleCare on your iPhone). For a fixed upfront cost (Signet charges between 10-25% of the sales price), they promise to service the item for life (resizing, rhodium plating, retipping prongs, etc - https://lnkd.in/gS6P4D5a). Notably, Signet’s plan excludes diamonds or gemstones that are lost from the mounting.(Shameless Plug: Daniel’s includes lost stones in our lifetime warranty program!) Anyways, extended warranties are generally highly profitable and also a great way to get customers back in the store (free cleanings, free inspections) so most jewelry retailers focus on selling these and have for many decades. But 80% penetration??? I verified that I don’t have a single SKU at 80% penetration, much less my entire bridal department! What Signet is reporting is darn near incredible! They should be applauded. Back of the envelope, the numbers check out. They reported about $717M in Lifetime Service Plans in fiscal 2023 which is about 10% of their total revenue, and Engagement is about 50% of their sales, so $3.6B in engagement times 80% penetration times 15% of revenue equals $430M or about 60% of their total Lifetime Service Plan revenue. But to achieve that, they somehow have convinced 8 out of 10 in-store engagement customers to buy an extended warranty. Think about that for a second: 8 out of 10?!? I can’t even get 8 out of 10 people to agree the sky is blue! I want to know what their secret sauce is, especially since they must also be selling high percentages to their non-bridal customers to make up the rest of their service plan revenue. Whatever hypnotic power of persuasion is in the water coolers at their stores I want. Anyone have any insights???
3820 Comments -
Yohan Jacob
Retail is an ever-evolving industry that has seen its fair share of changes over the years. From traditional brick-and-mortar stores to the rise of e-commerce, product startups have had to adapt and keep up with changing consumer behavior. In recent years, technological advancements and shifting consumer preferences have caused significant disruptions in the retail landscape. Check out our latest blog post where we will discuss the latest trends in retail and how product startups can adapt to these changes. https://lnkd.in/gwqbiBd2 #retail #retailtrends #digitalmarketing #sustainability #ecommerce #customerservice #dataanalytics #omnichannel
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Owen Carr
Do you know every seller that's listing your items? Can you easily pick up the phone and talk to them? If not, you have a brand control problem. What a powerful check. If you are selling through a physical retailer, you would 'walk the store' to see for yourself how your brand is being presented to consumers. Why is ecommerce any different? Every image, price, delivery promise, review section, and customer experience interaction is a reflection of the quality of your brand.
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Monique Benoit
It’s line review season in retail. I’ve been on both sides of the meeting. It's tough to know what to share. Here are six tips I’d share with brands already on the shelf who want to nail their presentations. Tip 1: Be Engaging Buyers are in back-to-back meetings. Be sure to add some sizzle, and personalize the conversation if you know them. Tip 2: Remind them of Who You Are Most buyers manage 50+ brands. They may not recall what the current assortment is. Recall your brand’s “why.” Walk them through the current state and the desired future state. Tip 3: Share *Relevant* Market Performance Buyers don’t necessarily want to hear about the competition. Talk about growth at other retailers if it ties into your desired future state for that retailer. Tip 4: Cover the Business Go through your current business performance. If it’s going well - know your ask for more. If it’s not going well, have suggestions prepared to offer solutions. Tip 5: Provide Positive Updates Share what you’re excited about: a new influencer partnership, a new product launch, new operations, new people on the team. Tip 6: Ask Questions What best practices are you seeing from your top-performing brands? Are you noticing any changes in the consumer that we should be aware of? Maximize this opportunity to talk with the buyers. Share news about your business Gather the intel you can use to help your business grow.
338 Comments -
Scott Benedict
According to GlobalData, the U.S. secondhand apparel market grew 11%, or seven times faster than the broader retail apparel market, to $43 billion last year. The report estimates that resale sales online and at traditional thrift stores could reach $73 billion by 2028. #resale #retail #apparel #retailsales
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Neil Saunders
Kohl's is partnering with Instacart for same day delivery. This latest initiative is part of a wider pattern at Kohl’s of doing things with third parties. Amazon returns came first. Then Sephora. Then Babies-R-Us. Now same day delivery with Instacart. The partnerships don’t hurt Kohl’s in any way and some, like Sephora, do help generate revenue. But they also don’t fix the many issues with the core business. In the case of same day delivery, I doubt it will move the dial much at all. Why? Well, from our data, among Kohl’s existing customers fast online delivery currently ranks 20th in the list of reasons why people opt to shop at Kohl’s. Kohl’s doesn’t score badly here, it’s just not that important to shoppers. This is most likely because a lot of the things Kohl’s sells are not needed urgently, and people are broadly satisfied with current delivery speeds. Among those who do not use Kohl’s, online delivery being too slow is 26th in the list of reasons people don’t shop the chain. Only 5% of non-shoppers identify it as a reason for not shopping at Kohl’s; and less than 1% say it is the main reason. In other words, faster delivery will not activate many new customers and will not drive existing ones to spend more. It's a distraction - albeit not a deeply unhelpful one - from the main problems. Thanks to Modern Retail for including my thoughts in the article linked in the comments. #retail #retailnews #fastdelivery #samedaydelivery #ecommerce
308 Comments -
Monique Benoit
In my experience as a buyer, I viewed brand-buyer relationships as collaborative, but it's crucial to recognize that not all collaborations are equal. When you seek a retail partner for growth - look for a retailer that is collaborative Understand that the retailer still operates as a for-profit business But, know that you play a role in helping them achieve their goals Here are some areas to consider when looking at collaboration with retailers Door Count Bigger does not necessarily mean better. If your original doors aren’t “ALL” that’s ok. Discuss a tiered plan for growth and expansion. Placement Every brand wants to be seen. Your shelf placement, or location in the store can determine how many consumer eyes see your product. Ask where you’re being placed. Marketing Yes, ask for support from the retailer in their advertising vehicles. But know this is the place where the brand does the heavy lifting. Be ready to shout to the rooftops where you are. Forecasts Work closely with buyers, planners, and your ops team to understand projections. Have a reserve stock to plan for overperformance. Sales Expectations Ask upfront about the retailer’s benchmarks. Consider how the category performs too. Check-Ins As a new brand, having regular check-ins with your buying teams is great. This could be quarterly, or monthly depending on the projected sales volume. A lot to cover, and I know you might not be there, yet. So save this for that future retail meeting - cheers! – 👋🏾 Hi, I’m Monique, your bridge from niche market to major retail. I’m a former retail buyer turned beauty industry advisor who helps emerging brands ready to scale. Ready to expand your reach? Book a discovery call and let’s explore how we can elevate your brand together.
533 Comments -
Paula Macaggi
US department stores' business model is broken. Do you agree? In my conversation with Steve Dennis we talked about why transformations fail and what happens when businesses don't transform and we talked about the example of US department stores. With Macy's announcing the closure of 150 stores and Kohl's shares down almost 15% YTD and almost 50% within the last 5 years. Is there a way out? #retail #retailtransformation #leadersleap
262 Comments -
Neil Saunders
Aloha Friday! 🤙🏼 Here are some interesting stories from the world of retail for Friday, June 14: 💍 Shares of diamond seller Signet Jewelers tumbled Thursday, after the parent of the Kay, Zales and Jared jewelry-store chains missed quarterly sales expectations, as engagements continued to decline. 🛋️ Shares of RH fell after the upscale furniture chain reported a bigger-than-expected Q1 loss and forecast second-quarter sales below expectations. The company continues to grapple with a slowdown in the housing market. 👖 Walmart is squarely targeting young consumers with a total revamp of its No Boundaries private label assortment of fashion items. New fabrication, shapes and styles will be introduced; prices will remain the same. 🏬 In coming months, JCPenney will shutter four stores across as many states. The department store remains profitable, though net income plummeted nearly 90% last year and sales continued to slide. 🥦 The UK's Tesco has reported total retail revenue of £15.3bn in the 13 weeks to May 25th, up 3.4% compared with the same period last year, with food sales up 5% and online sales rising 12.5%. 📱 Poshmark is ramping up its bet on livestream shopping with a new offering called Posh Party Live. This allows real-time shopping events where sellers and shoppers get together and share items. 🥼 FIGS taps Lululemon exec for CFO. Sarah Oughtred spent almost 17 years at the activewear brand, where she helped scale the business from $270 million in revenue to about $10 billion. 📦 Canada's Competition Bureau has been given approval for a court order to compel Amazon to hand over documents related to a probe focused on "potentially false or misleading claims". 🫙 Tupperware is closing its US manufacturing plant in South Carolina and laying off 148 workers, per a WARN notice dated June 11. The layoffs are part of a multi-year strategy to simplify Tupperware’s supply chain. 🏭 The math is looking good for Walmart's automated warehouses. The company shared that an automated DC sees roughly twice the throughput with half the head count. 🎮 GameStop's annual shareholder meeting was cut short after high interest from shareholders led to a technical issue. The meeting will be reconvened at 12:30pm EDT on Monday. ☕️ The Supreme Court ruled Thursday to restrict the National Labor Relations Board’s authority to obtain relief for fired union activists, in a win for Starbucks that could deal a blow to labor organizing efforts. 📺 Albertsons Media Collective retail media network is debuting Collective TV, a solution that enables participating advertisers to target, measure and optimize campaigns across streaming, digital video, and soon, linear TV. 📉 US wholesale prices fell in May for the second time in three months — thanks partly to lower gas prices — in perhaps another sign an upturn in inflation earlier this year is fading. #retail #retailnews #economy #DailyRetailNews
412 Comments -
Neil Saunders
Will Kohl's benefit from its latest third-party venture with Babies"R"Us? On the plus side, adding Babies R Us is more of a help than a hinderance to Kohl's. It bolsters the proposition in an important area of the market and gives Kohl’s more credibility in the space. This should help drive some incremental revenue into the business. There is also a view that if Kohl’s can pull in younger family and family formation shoppers for baby products it can, hopefully, convert them into buying other categories like toys or homewares. However, for this to work properly, Kohl’s really needs to improve the look and feel of its stores and make its own assortments and pricing more compelling. If it fails to tackle these things, this will be a reasonable venture but one that cannot throw a halo over the rest of the business – much as has been the case with Sephora. The bottom line is that Kohl’s can add in as many third-party brands and ventures as it wants, but there is a tactic admission here that its own core proposition isn’t good enough. It still needs to work to dispel this view. Great to chat with Inside Retail US about this, link to article in comments. #retail #retailnews #departmentstores #babies #parents
285 Comments -
Rich McMahon
The retail landscape is evolving as Direct to Consumer (DTC) brands increasingly lean into physical store expansions. Recent data from Placer.ai shows that major retailers like Walmart, Sam’s Club, Target, and Costco saw notable increases in store visits during Q1, highlighting the enduring appeal of in-person shopping. Amidst this trend, DTC pioneers like Warby Parker, Allbirds, Glossier, Inc., Rothy's, and Casper are making strategic moves to grow their brick-and-mortar footprints. Warby Parker is expanding to close to 275 stores by the end of 2024, Allbirds is opening new locations globally, and Glossier is re-establishing its physical presence with flagship stores. Similarly, Rothy's and Casper are expanding their physical locations to offer immersive, hands-on customer experiences. As consumer behaviors evolve, DTC brands are recognizing the value of brick-and-mortar stores in building stronger customer connections and enhancing brand loyalty. By offering personalized service and engaging, in-store experiences, these brands are not just selling products but also creating meaningful interactions with their customers. This blend of online convenience and physical engagement is setting a new standard in the retail industry, paving the way for a more integrated and customer-centric future. cda Ventures LLC has deep experience in omni-channel capabilities and is here to help as you develop your strategies!! #DTC #RetailExpansion #WarbyParker #Allbirds #Glossier #Rothys #Casper #CustomerExperience #RetailTrends
135 Comments -
Richard Derr
What is one of the biggest changes we have experienced over the last decade? Inventory reduction and buying cadence. Less goods in the back room and in storage. The front is always full, even with extra stock, as long as merchandised smartly. We used to do “Dating Deals” and try to stock up and anticipate needs. Not anymore, we want to act quickly, pay as we go, keep stock current and be ready to pounce on new products. It has also increased efficiency with our team in receiving and merchandising. Puts more pressure on our vendor partners and we appreciate them as we both try and make our businesses more sustainable and profitable. #inventory #toys #toynews #toyindustry #retail #retailindustry #brickandmortar
426 Comments
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