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Sotheby's expands interest of sports memorabilia, retail Jordan's,🏀Kobe Jersey

Introducing inaugural "Sports Week"

March 22, 2024

Hello from the team at Retailist! As we approach the weekend, the landscape of e-commerce, retail, and Direct-to-Consumer (DTC) markets is changing rapidly. This week a number of DTC emerging trends and some new developments within the retail industry have come to the forefront. Let's dive into the leading stories together.


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In the news: Top headlines this week

What’s Open and Closed on Easter Sunday 2024? As Easter Sunday 2024 approaches, awareness of open and closed stores and restaurants is crucial for those needing to run last-minute errands or seeking dining options. The article provides a comprehensive overview of the establishments available to the public on March 31, 2024, ensuring readers can plan accordingly for their Easter Sunday needs. [Retail Wire]

J. Jill manages to expand its fleet, by one store. J. Jill, a women's apparel retailer, has shown resilience by expanding its store fleet for the first time in three years, despite a challenging climate for discretionary spending. The company reported a slight decline in annual net sales and net income but saw improved sales and margins during the holiday quarter, aided by an additional week and successful upgrades in merchandising and marketing. This marks a significant recovery since its near bankruptcy at the pandemic's peak. [Retail Dive]

Dollar General is taking a key strategy from Costco as it aims to lower costs. Dollar General is adopting a strategy reminiscent of Costco's by reducing its inventory costs through the elimination of up to 1,000 unique items from its stores, a move that could lead to the disappearance of some customer favorites. This initiative aligns with its model as a "limited selection" retailer, which typically offers far fewer stock keeping units (SKUs) compared to the vast selections at traditional supermarkets or Walmart Supercenters. [Business Insider]

Shein to market supply-chain infrastructure to global brands, WSJ reports. The fast-fashion giant Shein, originating from China, plans to offer its supply-chain infrastructure and technology to global brands, as reported by the Wall Street Journal. This initiative, detailed in a letter to investors by Executive Chairman Donald Tang, represents a strategic shift for the company to extend its operational capabilities beyond its own brand. [Reuters]

Unilever to split off its ice cream unit including Ben & Jerry’s. Unilever announced its plan to separate its ice cream division, which includes prominent brands like Ben & Jerry's and Magnum, as part of a broader restructuring initiative affecting approximately 7,500 jobs, primarily office-based roles. This move, which aims to streamline operations and is projected to be completed by the end of 2025, led to an initial surge in Unilever's shares by 5.6%. The company expects the restructuring to incur costs amounting to about 1.2% of its Group turnover over the next three years and to achieve cost savings of around 800 million euros. [CNBC]

Ballooning credit card balances loom over retail sales. Retail sales in the early months of the year suggest a potential decrease in consumer spending, partly attributed to rising credit card debt, which may persist throughout the year. Despite strong retail sales during the holiday season, the aftermath has seen a significant increase in credit card balances and delinquency rates, with a $50 billion rise in the fourth quarter alone, culminating in a total of $1.13 trillion in debt, as reported by the Federal Reserve Bank of New York. This growing financial burden hints at cautious consumer behavior in the near future.  [Payments Dive]

Crafts retailer Joann files for bankruptcy after 81 years. After 81 years in business, crafts retailer Joann has filed for bankruptcy but assured that its stores and website will keep operating as usual. The company, known for catering to a wide range of creative enthusiasts, could transition to private ownership shortly. Despite the bankruptcy filing, Joann Fabrics and Crafts continues to emphasize its unique position in serving the crafting community, as highlighted by Chris DiTullio, the company's chief customer officer. [Fox Business]

‘Built for a different era’: Macy’s CEO on why closing 150 stores is critical to its survival. Macy's CEO Tony Spring, having recently assumed leadership, emphasized the necessity of closing 150 stores, which constitutes 25% of the company's square footage yet accounts for less than 10% of its sales, as critical for the retailer's survival and future prosperity. These closures are part of a strategic transformation plan, reflecting the retailer's adaptation to changing consumer behaviors and the reality that many of its stores were designed for a bygone era. [Retail Dive]

Subway's about to become the latest chain that asks you: 'Is Pepsi OK?' Subway is transitioning from Coca-Cola to Pepsi as its beverage supplier in the United States, following a newly signed 10-year agreement with PepsiCo set to commence at the start of 2025. This change means Subway customers will soon find an array of PepsiCo drinks, including Pepsi, Mountain Dew, Tropicana, Lipton, and Gatorade, available in U.S. stores, marking a significant shift for the chain amidst the long-standing rivalry between the world's largest beverage companies. [Business Insider]

US retail sales to rise at a slower pace in 2024, says NRF. The National Retail Federation (NRF) predicts that U.S. retail sales will grow by 2.5% to 3.5% in 2024, reaching $5.23 trillion to $5.28 trillion, a deceleration from the 3.6% growth observed in 2023. This more conservative outlook reflects the impact of persistent inflation on consumer spending and the cautious forecasts from major retailers like Walmart and Target amid an uncertain economic climate. Additionally, shifting expectations for the Federal Reserve's interest rate cuts contribute to the cautious outlook for the retail sector. [Reuters]

Sotheby’s leans into sports with auctions of Jordan shoes, Ali trunks and Kobe jersey. Sotheby's is expanding its focus on sports memorabilia, responding to increased demand and the opportunity to attract a younger audience, by introducing its inaugural "Sports Week." This event will feature six live and online auctions starting April 5, showcasing items associated with sports legends like Michael Jordan, Muhammad Ali, and Kobe Bryant. This move is part of Sotheby's strategy to tap into one of its fastest-growing categories by offering memorabilia that appeals to both seasoned collectors and those new to the hobby, reflecting the auction house's adaptation to the evolving interests and demographics of its clientele. [CNBC]

FCC investigating Amazon and other retailers over alleged sale of banned products. The Federal Communications Commission (FCC) is investigating Amazon and other retailers for the alleged sale of banned equipment, specifically focusing on the marketing and sale of illegal electronic devices like radio frequency jammers. This follows reports identifying several sellers on Amazon offering such jammers, which are illegal under federal laws due to their ability to disrupt communications, including disabling security cameras and blocking Wi-Fi networks. The FCC has confirmed ongoing investigations into potential violations of its rules, emphasizing the illegal sale of equipment without proper FCC authorization. [Fox Business]

Kohl’s expands home goods assortment by 40%. Kohl's is expanding its home goods selection by 40%, seeing an opportunity in a sector that has experienced consistent declines over the past couple of years, exacerbated by higher interest rates and inflation's impact on discretionary spending. Despite a backdrop of furniture and home goods sales falling for the 12th consecutive quarter, recent trends suggest an improvement in consumer spending on furnishings, hinting at a potential easing of the market's downturn. [Retail Dive]

Nike set for rare sales drop with focus on US demand, direct-to-consumer pivot. Nike is anticipated to experience its first quarterly revenue decline in nearly two years, spotlighting challenges with its direct-to-consumer (DTC) strategy and weakened demand in North America. Despite shifting focus towards selling more through its own channels to improve margins, analysts point out that stagnant innovation and rising competition from brands like On and Hoka are hindering Nike's performance. Morningstar analyst David Swartz remarked on the ineffectiveness of Nike's DTC approach amidst these challenges, emphasizing that product popularity is crucial regardless of the sales channel.  [Reuters]

Solo Brands Recognized as Innovative Leader in Consumer Goods. Solo Brands, distinguished for its popular brands like Solo Stove and Oru Kayak, has been recognized as the second most innovative company in the Consumer Goods category by Fast Company's World’s Most Innovative Companies of 2024. This accolade places Solo Brands prominently among enterprises that are significantly impacting industries and cultural landscapes through innovation. Chris Metz, the CEO, expressed gratitude for this recognition, highlighting the company's commitment to continuous innovation and delivering exceptional value to its consumers. [Retail Wire]

Kroger Sells Specialty Pharmacy Business Amid Merger Concerns. Kroger has sold its specialty pharmacy business to CarelonRx, a move coming amid its $24.6 billion merger discussions with Albertsons. The sale to the Elevance Health subsidiary, seen as positioning the specialty pharmacy for better standalone success, is not directly linked to the Albertsons merger but demonstrates Kroger's strategic adjustments. Despite a minor dip in Kroger's shares following the announcement, the company does not foresee a substantial impact on its annual financial results from this transaction, expected to close in the second half of the year. [Retail Wire]

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