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Amazon extends BNPL to external retailers, Target slashes earnings forecast

Check out the top headlines in this week's Retailist Roundup.

Welcome to the Retailist Roundup - your go-to spot for hot-off-the-press news, job opportunities and updates in ecommerce, retail, and DTC brands, brought to you directly from our editors.

We've sifted through the noise and picked out the most impactful headlines, cutting-edge trends, and audacious predictions from global retail leaders. Let’s dive in and see what caught our eye this week:

New from Retailist

Delivering Change

Pre-pandemic, there were a handful of F&B providers dominating the delivery landscape, including familiar names like Domino’s pizza and Jimmy John’s sandwiches. Today, however, with the rise of online ordering and third-party delivery services like DoorDash, Uber Eats and Grubhub, virtually all restaurants have been forced to adapt to keep up with the competition, despite the high margins on their balance sheet to do so.

New Research Exposes The Dark Side of Social Media Influencers: Facilitating Counterfeit Trade

The success of deviant social media influencers lies in exploiting certain consumer characteristics that make them susceptible to their charms. Key factors include high susceptibility to the influence of trusted digital others, low risk awareness, high risk appetite and a tendency to rationalise morally questionable purchases.

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In the News: This week’s top headlines

Walmart reports impressive Q2 earnings. Walmart has showcased a robust performance in its Q2 earnings, revealing a 24% surge in e-commerce and a notable 5.7% year-over-year increase in global revenue, reaching $161.6 billion. While consumers predominantly turn to the retail giant for essentials, Walmart's CEO emphasized the potential to amplify discretionary purchases, signaling a strategic shift in the coming months. [Retail Dive]

Target slashes full-year earnings forecast amid challenges. Despite surpassing second-quarter earnings expectations, Target faced a shortfall in sales, prompting the company to reduce its full-year sales and profit projections. The retail giant also attributed weaker sales to backlash it received for its Pride month collection. [CNBC]

Amazon extends BNPL to external retailers. Amazon is broadening the scope of its buy now, pay later (BNPL) service by integrating it with the Amazon Pay tool on external retailers' websites. This move allows tens of thousands of retailers featuring the Amazon Pay checkout option to provide BNPL financing to their customers. The BNPL feature is exclusive to users of Amazon's Visa credit cards. [Payments Dive]

Seven U.S. States Urge FTC to Halt Kroger's $24.6 Billion Acquisition of Albertsons. Officials from seven U.S. states have voiced their opposition to Kroger's proposed $24.6 billion acquisition of Albertsons. In a letter addressed to Federal Trade Commission (FTC) Chair Lina Khan, the officials highlighted concerns that the merger would grant the combined entity nearly 25% of the U.S. food retail market. [Reuters]

Gen Z's “favorite” underwear brand, Parade, acquired by Ariela & Associates International. Parade, the underwear brand that has garnered significant attention as "the internet's favorite underwear" among Gen Z consumers, has entered into an agreement to be acquired by Ariela & Associates International, a prominent intimates manufacturer and licensee of Fruit of the Loom. While Parade's valuation stood at $200 million in August 2022, the specifics of the acquisition deal, including the purchase price, remain undisclosed. [CNBC]

Ralph Lauren's Canada unit under investigation for alleged use of forced labor in China. Canada's corporate ethics watchdog, the Canadian Ombudsperson for Responsible Enterprise (CORE), announced an investigation into Ralph Lauren's Canada unit following allegations of the apparel retailer benefiting from Uyghur forced labor in China. [Reuters]

College-spending surge to boost retail sales. A record-breaking spending spree by college students and their families is on the horizon, with a growing appetite for electronics and dormitory decorations. The average back-to-college expenditure per person has skyrocketed by 40% since 2019, reaching approximately $1,367 this year, as revealed in an annual survey. Retailers attribute this surge in sales to the influence of TikTok, where younger consumers view dormitory videos and seek to personalize their college accommodations to mirror their unique identities. [CNBC]

Job Board: This week’s Top Openings in DTC, RetailTech, and more

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Retailist Magazine is an outlet focused on modern commerce as it relates to digital innovation. The publication examines our culture’s ever-evolving relationship with marketing, commerce and traditional retail. Our goal is to connect our audience to quality content and award programs for retail brands to tell their story of innovation. The publication was launched in Summer 2020 with overwhelming support from thought leaders across the globe.

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