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It’s been another week with a lot more retail news than there is time in the day. Below, we break down some things you may have missed over the week, and what we’re still thinking about.
From Aldi trying to wed a couple to one of its stores in Tabasco launching summer products, here’s our closeout of the week.
What you may have missed
Bed Bath & Beyond would have considered private loans
The management of Bed Bath & Beyond would have consulted lenders about an asset-based loan, according to a report published this week by Bloomberg. Talks with private credit providers are early and the company is still evaluating other options, according to unnamed sources in the Bloomberg report.
As of May 28, the company had nearly $108 million in cash and cash equivalents, down from $1.1 billion a year ago.
The home goods retailer has struggled in recent months after experiencing a boost at the start of the pandemic. During its most recent quarter, Bed Bath & Beyond announced net sales fell 25% year-over-year to $1.5 billion, while comparable sales were down 23%. The retailer’s operating loss increased by more than $265 million and its net loss increased by more than $300 million. Meanwhile, Mark Tritton, who joined the retailer from Target in late 2019, has stepped down as CEO of Bed Bath & Beyond.
H&M launches activewear line with help from Jane Fonda
H&M this week announced the launch of her new brand, H&M Move, with the help of actress and fitness icon Jane Fonda and choreographer JaQuel Knight. The first delivery includes a number of “Move Essentials”, including tops, lightweight jackets, tights, bras and items that help people train and race. The fast-fashion retailer is also dropping its “H&M Move Monogram Collection,” which features a series of tracksuits with reflective details.
“I have spent much of my life moving people and was naturally drawn to H&M Move’s mission to move the world,” Fonda said in a statement. “I also really liked their philosophy of ‘movewear’ over ‘sportswear’. For me, it’s not about playing sports or being the most athletic. It’s about giving your body the kind of movement it needs to stay healthy so it can take care of you.
H&M aims to have 100% of materials used either recycled or sourced more sustainably by 2030.
Aldi wants to add some love to your cart
There are two types of people in this world: those who hate going to grocery stores and those who get married there.
For the latter group, it is a matter of choosing the right supermarket. While it’s hard to imagine a couple choosing to get married at a local Safeway, it’s perhaps unsurprising that Trader Joe’s has already organized a wedding ceremony in a store for an employee who found love in the frozen aisle (with a real person, not ice cream).
Aldi hope join this exclusive club with an offer for two lucky shoppers to become the first married couple at the grocery store, with an Aldi employee serving as the officiant as God intended. The retailer says its customers have already celebrated Aldi-themed marriage proposals, engagement photos, birthdays and baby showers, but this contest is a chance to get married at the store.
This deal is definitely for a couple whose love language is discounts, as the ceremony will be on an “Aldi Discovery Wednesday” and will come with free groceries for a year. The chosen couple will be able to invite up to 50 friends and family members and Aldi will also host a reception with food and drink from its shelves.
If that’s not romantic enough already, the wedding party will be treated to a “behind the scenes” tour of Aldi’s model store at its US headquarters in the bustling metropolis of Batavia, Illinois. And of course the perfect backdrop for wedding photos: an Aldi window display.
Tabasco makes spicy sauce portable
This one’s for all the hot sauce fanatics out there. Tabasco published a limited summer capsule inspired by summer grilling, according to a company press release.
The collection includes a bucket hat with a mini sauce holder, a Hawaiian-style button-up shirt, mules in the classic Tabasco red color, and even temporary tattoos.
“Our fans are passionate and constantly share the creative ways they use our products,” Kate Neuhaus, director of global marketing communications at McIlhenny Company, owner of the Tabasco brand, said in a statement. “We know everyone recognizes us for our iconic bottle shape, but we wanted to surprise and excite our fans with a drop as creative and original as they are.”
As summer draws to a close, this collection could help you end it on a high — just make sure the hot sauce in your hat doesn’t get in your eyes.
What we still think about
A week after his layoff 10% of its workforce and reported a quarterly net loss of $1.2 billion, Shopify has invested $100 million in e-commerce automation company Klaviyo, according to a Press release and one Filing with the SEC of the same day.
“Klaviyo is a shining example of the outsized impact Shopify’s ecosystem of apps and partners can have on the next generation of commerce solutions for independent brands,” said Harley Finkelstein, president of Shopify, in a statement. communicated. “Klaviyo has become invaluable to hundreds of thousands of merchants in helping them better understand their customers and engage them in a highly personalized way across so many touchpoints.”
The two companies have worked together since 2017, helping brands such as Glossier and Osea.
How many people Walmart lays off within its offices as the retail giant strives to evolve and position itself for a ‘strong future’. Including store associates, Walmart employs about 2.3 million people worldwide, about 1.6 million in the United States. . But the move nonetheless reflects a new normal for retail right now. With declining profits – including at Walmart – As spending rises and consumers rein in discretionary spending, retailers are looking at their labor costs, one of the most important line items on the balance sheet.
“Most of this is happening in central functions and at headquarters rather than on the shop floor, although there is growing caution about hiring new staff at all levels,” Neil said. Saunders, CEO of GlobalData.
what we watch
Not everyone buys what Victoria’s Secret sells
Victoria’s Secret has spent more than a year trying to turn the page on the decades-old offbeat marketing strategy that has cost it market share in recent years. The brand ditched its sexy “angels” for a collective of powerful women and in partnership with women-owned brands, among other movements; in the first trimester it was regain some of his strength.
However, not all consumers buy it and a Hulu Documentary titled “Victoria’s Secret: Angels and Demons” is a painful reminder of the disregard the brand and its senior executives had for women, and of the founder of L Brands Les Wexner’s ties to convicted sex trafficker Jeffrey Epstein.
This summer, Victoria’s Secret’s latest campaign, “We’ve Changed,” garnered feedback from skeptical consumers who think it’s too little, too late or even dishonest. “They changed because they were forced to,” one commenter said. on Instagram. “Not because they wanted to.”
Amazon launches same-day delivery for retailers
Amazon is now offering same-day delivery services to retailers, the company announced this week. The program started with pacsun, CGN, Very dry and Diesel as partners, with Sur La Table and 100% Pure joining in the coming months.
Including other brands in its same-day delivery service is one way to give Amazon Prime customers “greater choice, at faster speeds,” said Sarah Mathew, director of Amazon Delivery Experience, in a press release. It is currently available in select postcodes in over 10 metropolitan areas, including Atlanta, Chicago, Dallas, Las Vegas, Miami, Phoenix and Seattle, as well as Scottsdale, Arizona and Washington, DC, and will soon expand its reach.
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