As macroeconomic challenges hit off-price retailers, TJX Companies -- which owns T.J. Maxx and Marshalls -- offered more positive results than its rivals. TJX’s first-quarter sales were up 13% versus the same period last year to $11.4 billion, while its comp sales remained flat compared to U.S. open-only comp-store sales last year. Meanwhile, both Burlington and Ross reported that sales declined compared to last year.
In a period where some of its biggest competitors have seen profits decline, Nordstrom executives signaled optimism in its first-quarter earnings report. The department store now expects its fiscal year revenue to grow 6% to 8% compared to its previous 5% to 7% growth outlook, as more people look to spruce up their wardrobes.
Canned water company Liquid Death has hired Joseph Lee to oversee the company’s global operations and supply chain strategy as its new chief operating officer effective Monday. Liquid Death has been on a high growth trajectory -- the company's revenue has grown 300% every year since its launch in 2019 -- which prompted its recent hiring spree, according to Mike Cessario, Liquid Death co-founder and CEO. Along with a COO, the company also hired Frank Dresmé as vice president of design, and just recently added Marisa Bertha as senior vice president of strategy.
Following troubling financial results from other big-box retailers this week, Kohl’s reported declining revenue and operating profit in the first quarter. The company’s results come on the heels of Walmart and Target, who’ve also taken a hit from economic headwinds like inflation, fuel costs and supply chain expenses. Kohl’s is also receiving pressure from activist investors and several takeover offers.
At the Modern Retail and Neighborhood Goods Future of Commerce Panel held in New York on Tuesday, three founders of DTC brands – Thousand Fell, Maude and Act+Acre – spoke about how they choose retail channels, not just for sales but also as a platform for discovery.
Umamicart launched in March 2021 as an online grocer offering Asian products. Early on, the company began adopting a shoppable recipe strategy to drive sales and meet consumers’ needs. Now, over 50% of Umamicart’s sales come from its shoppable recipes.
Nike’s impending absence in shoe stores is leading to a shakeup in the wholesale space. Adidas announced a long-term partnership with Foot Locker last week that includes the development and expansion of franchises in women’s, kids and apparel. Meanwhile, wholesale retailers and sneaker brands alike have been recalibrating their strategies; DSW has been highlighting other athletic brands -- such as New Balance, Skechers and Brooks -- after Nike said it would stop selling products through DSW
Like many brands attempting to drive sales and build a following, Brutus Broth has also partnered with online content creators, albeit the furry kind. The dog food brand has partnered with pet influencers like Haddie the Pirate Dog, Dachshunds Of NYC and Dogumentary of Jake, all of whom boast thousands of followers on Instagram, to drive sales to local stores that carry Brutus Broth and boost brand awareness.
Nearly a year after acquiring online commerce startup Hero, Klarna has launched a virtual shopping offering of its own. Through Virtual Shopping from Klarna, shoppers can connect with in-store experts via live chats and video calls to get advice. Klarna Chief Marketing Officer David Sandstrom told Modern Retail that the virtual shopping offering is just the first among many social shopping capabilities the company is working on, signaling its bet on social commerce.
More retailers are trying to encourage people to pick up their groceries and conduct their primary care visits in one trip. Walmart announced last month that it is opening five new Walmart Health locations in Florida, offering services like primary care, behavioral health and dental. Meanwhile, Walgreens' and CVS's health care ambitions are picking up steam as fewer people visit its stores for Covid-related services.
In January, Pacsun unveiled its own NFT series, dubbed Pac Mall Rats. Pacsun’s focus on NFTs is all part of its digital-first strategy, which includes its initiatives in AR and VR experiences as well as gaming.
Covid vaccinations at CVS have sharply dropped to over 8 million in the first quarter from 20 million shots last quarter. Similarly, the number of Covid tests it administered dropped to 6 million from 8 million in the fourth quarter. Moving forward, CVS’s growth could depend on its other healthcare initiatives to boost foot traffic.
The pandemic has cost businesses located in city and large town centers 35% of their potential takings since March 2020, according to a January report from Centre for Cities. As work from home life continues for many, retailers are seeing growth opportunities in opening stores where shoppers live.
All of Columbia’s brands saw sales increase across the board, but Sorel topped them all with a 37% year-over-year growth. As other retailers like Lululemon bet on the footwear market for growth, Columbia appears to be benefiting again from already having an established brand on its roster.
Gas prices have soared to record highs in recent months, partly as a result of Russia’s war on Ukraine. Recently, retailers have seen this as an opportunity to drive sales and members to their loyalty programs by offering gas promotions.
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