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People are panic shopping now, but once the dust settles there may be a big change in the products people buy. For one, grocery private brands will likely see a surge. This is because consumers will likely seek out value over name brands — but also that the perception behind private branding has changed considerably over the last few years.
The coronavirus outbreak has lead workers from all kinds of industries to push for greater protections from their employers, and retail is no exception. This begs the question of how, once the coronavirus outbreak slows, which temporary changes to a retailer's paid sick leave policy or pay increases will stick. One potential outcome: that more retail workers will seek to unionize.
As “retail apocalypse” rumors continue to fly, teenagers are reviving shopping centers’ foot traffic. Among the draws are a social experience, immediate gratification, a personal branding opportunity and a much-needed break from their mobile phones.
It's a critical week for U.S. retailers, as Friday will mark two weeks since many of them decided to temporarily shutter their stores. While most of them said that they would fully pay their store employees through the closure, they were also only initially planning on closing their stores for two to three weeks. With the number of coronavirus cases in the U.S. only continuing to grow, it's likely that many of their stores will remain closed for longer than that. As such, trade groups like the National Retail Federation are more urgently pushing Congress to include relief for retail businesses in any bailout package.
When 21-year-old Hunter College student Kenneth Pabon began looking for a fashion internship during his spring 2019 semester, he took a little bit of a different approach to finding his gig. Pabon did not use Hunter College’s career advising office or scour online job boards like LinkedIn, where he does have a profile, or Indeed. Instead, he Instagram direct-messaged two of his favorite fashion influencers, Sophie and Charlotte Bickley, sisters behind the website and social media accounts Yin 2My Yang.
Retail has changed dramatically over the last few weeks. While many businesses are struggling, the ones that are able to see this crisis through will likely need to invest in new technology to be better prepared for the next crisis. Here are some of the areas that big retailers will likely focus on.
Retailers are embracing shopping rewards programs that offer bonuses beyond coupons. As brick and mortar and e-commerce retail struggle to navigate the current landscape, loyalty programs can act as a bridge to shoppers amid the Covid-19 crisis. A shift in customers’ expectations in recent years has led more retailers to adopt unique perks that reward frequent shoppers in experience-focused ways, not just discounts. Retail chains like Uniqlo, Sephora and H&M have joined the trend, along with startup direct to consumer brands like Carbon38 and Glossier.
Businesses big and small are feeling the impact of the coronavirus. But mid-tier retailers, especially those saddled with a lot of debt, are in an especially precarious situation. Many of these brands have been trying to rejuvenate business for years with mixed success. The coronavirus may prove to be their death knell.
Some investors have speculated that the coronavirus could lead to a rise in sales for e-commerce startups, as more people shop online instead of visiting stores. But, that doesn't mean that these startups are completely in the clear. Direct-to-consumer startups, in their never-ending quest to acquire customers more cheaply, have been moving to open more stores in recent years. Others also rely on in-person events to reach new potential new customers.
Melanie Kahn, founder of Illinois-based beverage brand Poppilu Antioxidant Lemonade, was relying on the annual Natural Products Expo West event to help move her business forward in a number of ways. She was hoping to meet with potential investors during the event, which was supposed to be held between March 3 and 7 and get her company in front of new retailers. Plus, she had a new product to promote, for kids.
For the past couple of years, Bath & Body Works has been the one bright spot of L Brands, reporting positive comparable sales growth while Victoria's Secret has been reporting declining sales. Soon, the mall-based lotion and candle retailer will get a chance to stand on its own.
It's been four months since Bed Bath & Beyond named former Target executive Mark Tritton as its CEO, in the hopes of reversing nearly three years of same-store sales declines. Tritton has started to lay out his agenda for turning the big-box retailer around, beginning with cleaning house. Last week, the company cut 500 jobs, or about 10% of its corporate team. Now, the next step is for Tritton to figure out how to bring more people back in-store.
Victoria's Secret's market share has declined for years as consumers have grown tired of its overtly sexualized marketing and merchandise. But the number of startups and retailers vying to take a slice of the business that previously belonged to Victoria's Secret hasn't slowed down.
Last summer, Kroger began selling cannabidiol products at over 1,000 of its stores across the country. The country's largest national grocery chain joined the CBD boom in stocking topical CBD products like oils, balms and creams. Kroger, along with Rite Aid, Walgreens and CVS, has been on a mission to introduce CBD use to mainstream shoppers since the hemp-derived compound was decriminalized in 2018. With hundreds of stores, largely located in the Midwest and the South, Kroger has quickly become one of the biggest brick and mortar CBD sellers by footprint, with plans to become the go-to hub for large CBD producers.
Blue Apron is considering either selling itself or raising more private money. It's also closing one of its facilities. Undoubtedly, the meal kit company has had a rough few years -- and this latest development may mean the beginning of the end. How did Blue Apron go from a startup darling to where it is now?
While many channels factor into customer experience, email has by far the most reach. In a new guide for retail marketers, learn the best practices for using email to drive revenue, increase brand awareness and boost traffic.
People don’t think of co-working spaces as operations for physical products, but all our fulfillment is done out of our office, where we have expensive equipment for custom label printing. Our teammate from California was feeling uncomfortable being in New York and went back home, and I wanted to support him on that. The timing also coincided with our other teammate leaving to have surgery, so now it’s just me, our full time head of engineering and a few part time workers.
Read MoreA series of presentations, workshops and talks to help you navigate and survive our current crisis and the acceleration of e-commerce that has come with it.
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