- Retailist Roundup
- Posts
- 🛒Macy’s closures will set off a wave of change at shopping malls.
🛒Macy’s closures will set off a wave of change at shopping malls.
The shift reflects broader trends
🎉 Hello, Retailist Roundup readers! As we close out another thrilling week, the buzz in retail and e-commerce is undeniable. This week’s roundup is brimming with crucial updates, emerging trends, and game-changing innovations. Get ready to dive into the top stories and see how these developments are shaping the future of our industry!
New from Retailist
All Aboard for Retail’s
Automation Revolution
Retail businesses using automation can save around 296 hours annually.
Have an exclusive scoop on a retail story? Click here to email our team.
In the news: Top headlines this week
Victoria’s Secret brings on Savage x Fenty head Hillary Super as CEO. Victoria’s Secret is appointing Hillary Super, formerly of Savage x Fenty, as its new CEO. This move comes after a period of weak performance and aims to rejuvenate the brand amidst growing e-commerce competition and a tarnished reputation. The company also reported $1.4 billion in net sales for the first quarter and has been working on a marketing overhaul and a revamped loyalty program. [Retail Dive]
Blake Lively Debuts Hair Care Line at Target: Is it a Hit or Miss? Blake Lively has launched a new hair care line at Target, inspired by her personal hair routine and designed to balance strength and moisture without using traditional conditioner. The line features vegan, cruelty-free products with masterfully crafted scents and eco-friendly packaging made from 100% post-consumer recycled plastic. Early reviews suggest it offers a simple yet innovative approach to hair care, blending affordability with style. [Retail Wire]
Mars to buy Pringles maker Kellanova for $36 billion in 2024's biggest deal. Mars is acquiring Kellanova, the maker of Cheez-It, for $36 billion in the largest deal of 2024. The purchase, at $83.50 per share, represents a 33% premium over Kellanova’s price before the deal was announced. The acquisition aims to strengthen Mars' snack portfolio and address inflationary pressures by stabilizing prices and absorbing costs, rather than passing them onto consumers. [Reuters]
Designer ‘dupes’ go mainstream as shoppers choose affordability over luxury. Designer "dupes" have become mainstream as shoppers increasingly opt for affordable alternatives over luxury items. Unlike illegal counterfeits, these dupes are legal, cost-effective versions of high-end products and are often seen as practical choices. Fashion expert Sara Walker notes that while consumers still appreciate the original brands, dupes offer a more accessible and financially sensible option, merging stylish design with affordability. [CNBC]
L.L. Bean Continues To Expand Its National Footprint, Totaling 60 Stores This Year. L.L. Bean is expanding its national presence with plans to open 60 new stores this year, capitalizing on the growing outdoor apparel market, which is expected to grow 6.6% to $11.2 billion in 2024. Despite increased competition from brands like The North Face and Patagonia, L.L. Bean maintains its focus on customer satisfaction rather than competing directly with flashier brands. This strategy aligns with Jeff Bezos' advice to prioritize customer focus over competitor concerns. [Forbes]
Veteran fast-food exec known for tackling crises head-on takes over at Starbucks. Brian Niccol, known for his crisis management skills, is set to lead Starbucks as its new CEO. At Chipotle, Niccol adeptly handled a PR issue over portion sizes by admitting the problem and retraining stores, which turned negative press into positive coverage. His experience in addressing challenges head-on is expected to be a valuable asset as he takes over at Starbucks. [Reuters]
Macy’s closures will set off a wave of change at shopping malls. Macy’s plan to close around 150 stores by early 2027 will significantly impact shopping malls and local communities across the U.S. The closures, which affect 25% of Macy’s gross square footage but less than 10% of sales, will prompt malls to adapt to evolving consumer habits and demographic changes. Macy’s will focus on investing in its remaining stores and expanding its higher-performing brands like Bloomingdale’s and Bluemercury. The shift reflects broader trends of online shopping and changing regional demand, driving malls to find new uses for vacant spaces. [CNBC]
Toy sales stabilize in first half of year. Toy sales have stabilized in the first half of 2024, reflecting a shift from the previous year's declines due to inflation and consumer financial strain. However, Circana cautions that uncertainties such as unemployment, high consumer debt, and fluctuating confidence could impact the industry’s performance in the latter half of the year. [Retail Dive]
Home Depot warns of sales, profit decline on weak consumer spending. Home Depot has warned of a decline in annual profit and a significant drop in comparable sales due to weakened consumer spending. Higher borrowing costs and inflation have led customers to postpone major home improvement projects, impacting the retailer’s sales outlook amid ongoing challenges in the housing market. [Reuters]
Chipotle stock falls as CEO Brian Niccol leaves for Starbucks. Chipotle's stock fell up to 10% after CEO Brian Niccol announced he would leave his role on August 31 to become Starbucks’ CEO, closing the day down 7%. Niccol, who led Chipotle since March 2018, significantly boosted the company’s stock by over 770%. Chipotle’s board appointed COO Scott Boatwright as interim CEO and extended CFO Jack Hartung's tenure to aid in the transition. Despite Niccol's departure, Chipotle has maintained strong same-store sales and customer traffic amidst broader industry challenges. [CNBC]
Lowe’s rebrands media network as it expands channel offerings. Lowe’s is rebranding its media network as it expands its channel offerings to include in-store audio, email, paid search, and direct mail for installation services. Since its 2021 launch and transition to an in-house operation, the network has connected over 120 million customers and worked with more than 300 brands. The rebrand aims to better align the network with the Lowe’s brand and enhance collaboration between merchandising and marketing. [Retail Dive]
Job Board: This week’s Top Openings in DTC, RetailTech, and more
Want to submit a role to our talent board? Email [email protected].
✈️ Upcoming Industry Events
eTail East - August 2024
APEX Retail Conference - September 2024
Shoptalk Fall - October 2024
PI Apparel Supply Chain Forum - December 2024
NRF 2025: Retail’s Big Show - January 2025
ABOUT RETAILIST
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.
These experts stand at the helm of their niche in retail and provide readers with real-time, trending insights to ensure you remain on the bleeding edge of commerce innovation. Contributing thought leaders include C-suite executives from Vistaprint, Hubspot, Wix, Printful, Global-e, Zapaygo, TradeGala, Birdie, Inurface Media, and more.