Key Takeaways:

• Lids unveiled the second location of their new retail store called Lids HD (Hat Drop).
• Fanatics has acquired the leading Italian sports merchandise company Epi.
• The new Walmart app home page of the revamped Walmart app has a similar design as social media.
• All Bealls department store locations will be rebranded to be called “Bealls Florida”.
• Amazon has used artificial intelligence to help stop the sale of counterfeit goods on their website.
• Analytics company GlobalData expects the global secondhand market to grow by 21% annually over the next 5 years.

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Key Takeaways:

• Technology is the biggest sector in terms of total job cuts in 2023 accounting for 49% of all job cuts.
• Through May 5th, ten major retailers have filed for bankruptcy in 2023.
• Online shopping sales increase by 15-20% on Mondays.
• Target on tracks to offer curbside returns in all locations by the end of the summer.
• Fanatics is expanding their partnership with the WWE to have Fanatics operate all on-site retail for the over 300 WWE yearly events.
• The new EY Future Consumer Index shows 94% of consumers are worried about the rising cost of living.

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Key Takeaways:

• Consumer survey shows product selection as a top reason consumers choose to use an online marketplace.
• 93% of people shop online at least once a month.
• Pilot Company undergoes a one-billion-dollar remodeling project.
• Walmart is experimenting with new ways to sell advertising.
• California Senate passes bill to limit what employers can instruct their employees to do when handling shoplifters.

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Key Takeaways:

• Amazon’s Prime Day average sales price was up 6% compared to last year.
• Sam’s Club’s Member Access Platform now gives advertisers the ability to see what revenue is being driven by certain advertisements.
• Private label unit share hits a new high at 20.5%.
• Academy Sports + Outdoors creates a new community outreach partnership with the Indianapolis Colts.
• Back-to-school shopping expected to be 15.7% higher than last year.

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Key Takeaways:

• Ace Hardware has already opened 100 locations this year and will open 70 more before New Years Day.
• The Mall of America has been named Chain Store Age’s top retail center experience in America for 2023.
• Analyst firm IHL Group estimates that the top 212 public retailers and restaurants in North America will have $1.5 trillion financial impact from artificial intelligence through 2029.

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Key Takeaways:

• Walmart is having a savings event called “Walmart Deals – Holiday Kickoff” going from October 9th through October 12th.
• Sam’s Club’s Member Access Platform now allows advertisers to track the media impact on their sales easily with the Media and Sales Performance Dashboard.
• According to the 2023 Sprout Social Index, 51% of consumers say the most memorable action for a brand on social media is to respond to customers.
• Jungle Scouts Q1 2023 consumer survey revealed that 43% of Gen Z consumers start their online product searches on TikTok.

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Key Takeaways:

• As a result of inflation, 42% of consumers are opting to purchase fewer gifts.
• Not having the preferred delivery option available has caused 92% of U.S. shoppers to abandon their cart.
• According to a survey, the top reason people start shopping early is to spread out their budget.
• Amazon is rolling out passkeys to take the place of passwords.
• 50% of consumers believe having a loyalty card significantly increases their spending with the brand.

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Key Takeaways:

• Almost half of the surveyed U.S. consumers returned at least one gift during the 2022 holiday season.
• BJ’s Wholesale Club is entering their 20th state.
• E-Commerce sales have reached a new height during Black Friday weekend.
• In-store traffic was up 4.6% compared to last year.

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This month’s edition includes great info about holiday 2023 spending and trends, the NRF monthly economic review, as well as info about the global economy and trends we are seeing there that would impact the retail industry.

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• Total Wine & More recently became the largest alcohol retailer in the U.S., surpassing Costco.
• Academy Sports + Outdoors is utilizing AI technology for allocation and replenishment decisions.
• The U.S. economy has been more resilient than expected with reports showing lower inflation and no sign of a recession.
• Global e-commerce revenue is expected to grow to $3.64 trillion in 2024, after spiking 108% during the previous five years.

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