NRF Leader Justifies Tariffs, Big Lots Expedites Store Expansion Plans
Lowdown on the Week's Retail Shenanigans
Another week, another heap of retail news! Here's a rundown of what you might've missed and the stuff still tickling our fancy.
What's Hot, What's Not
- Nordstrom's Corner Collab with New Balance
Nordstrom's partnering with New Balance at The Corner, their dedicated space at 57th and Broadway, New York City. The partnership is part of an on-going series of brand takeovers at the flagship store. The forthcoming pop-up kicks off with a month-long celebration dubbed "Grey Days", showcasing New Balance's signature color and offering a mix of new and classic products. The theme for June and July will be "Found in New York". Olivia Kim, creative head at Nordstrom, is thrilled about connecting customers with New Balance's rich heritage and showcasing the vibrant culture of New York City.
- NYSE Kicks Solo Brands to the Curb
The New York Stock Exchange has initiated the delisting of Solo Brands due to its "abnormally low selling price". Trading in the company's Class A common stock was suspended on April 22. Solo Brands, the owner of Chubbies and Solo Stove, received a noncompliance notice from the stock exchange in March. They have the chance to review and appeal the NYSE regulation staff's decision.
- Shopsense AI Makes Buzzfeed More Shoppable
BuzzFeed and Shopsense AI joined forces on Monday to integrate product recommendations into articles, making Buzzfeed the first editorial brand to collaborate with Shopsense. Shopsense's AI-powered technology updates product recommendations in real-time, considering inventory, promotions, and payment options. The integration will result in two types of displays—an AI-driven product carousel with products based on the article or image content, and a fully sponsored one featuring curated collections from one retailer or brand.
Retail Remedies
- Panera's Pastry Purses
Panera has jumped onto the luxury fashion trend with their trendy Baguette Bag, and this time it's with a croissant-shaped clutch. The limited-edition purse, available for $39.50, can fit one of their Croissant Toast Sandwiches and is currently sold out (with rumors of a restock coming soon!). The accordion-like sides and pleated design pay homage to the croissant's flaky crust, and a gold chain shoulder strap finishes off the design. Panera is marketing it as a unique blend of food, function, and fashion while rewarding bread-loving purchasers with a $15 Panera gift card.
- A Finger-Lickin' Good Mother's Day Treat
For Mother's Day, KFC has partnered with Benchmark Resorts and Hotels to offer a chicken and waffles meal in selected hotel room service menus for stays on May 10 and May 11. Hotels participating in the offer include properties in Boston, Seattle, Phoenix, Daytona Beach Shores, Florida, and Portland, Oregon, where rates begin at $159 per night. The package includes nightly accommodations, a limited-edition KFC bathrobe, chicken and waffles, and a KFC-branded dining tray.
Keep Revolving the Industry Wheel
- Gorgie Gulps Down $24.5M in Series A Funding
Energy drink brand Gorgie secured $24.5 million in Series A funding, add to their existing $12.5 million. The round was led by Notable Capital, with additional investment from Coefficient Capital and individual investors such as Jason Cohen, Yossi Nasser, and the brand's founder Michelle Cordeiro Grant. The influx of funds comes as Gorgie prepares to launch in nearly 2,000 Target stores this summer.
- Big Lots Set to Reopen 132 Stores
Variety Wholesalers, the new owners of Big Lots, are spearheading the expansion of 132 stores nationwide. These reopenings mark the beginning of a massive comeback after initial store reopening efforts began in April. The retailer aims to provide the best value to customers by offering a wide range of fresh inventory and great deals. Roughly two-thirds of the reopening stores are spread across Alabama, Florida, Georgia, Indiana, Kentucky, Michigan, Mississippi, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.
It's Complicated
- NRF CEO Expresses Worries About Tariffs
Matthew Shay, CEO of the National Retail Federation, struck a balanced tone concerning tariffs. While he acknowledged their importance in protecting certain industries in the US, he emphasized the existing issues of uncertainty and potential impact on affordability and availability for consumers. This comes after President Trump announced a series of tariffs on various goods in early April.
[1] - [https://www.google.com/search?q=Nordstrom+pop-up+partnership&oq=Nordstrom+pop-up+partnership&aqs=chrome..69i57j69i60.5361j0j7&sourceid=chrome&ie=UTF-8][2] - [https://www.google.com/search?q=Nordstrom+the+corner+new+balance&oq=Nordstrom+the+corner+new+balance&aqs=chrome..69i57j69i60.693j0j7&sourceid=chrome&ie=UTF-8]
- The ongoing collaboration between Nordstrom and New Balance at The Corner, a dedicated space in their flagship store, is an exciting addition to the retail landscape, with the upcoming pop-up, "Grey Days," set to celebrate New Balance's signature color and showcase a mix of new and classic products.
- The New York Stock Exchange has taken a tough stance on Solo Brands, citing abnormally low selling prices, leading to the delisting of the company and the suspension of trading in its Class A common stock.
- In a move that aims to make shopping more seamless, BuzzFeed has integrated Shopsense AI's real-time product recommendations into their articles, making Buzzfeed the first editorial brand to partner with Shopsense.
- Capitalizing on the luxury fashion trend, Panera has launched a croissant-shaped clutch bag, modeled after their popular Croissant Toast Sandwich, which is currently sold out, with rumors of a restock coming soon.
- For a finger-lickin' good Mother's Day treat, KFC has partnered with Benchmark Resorts and Hotels to offer a chicken and waffles meal in selected hotel room service menus for stays on May 10 and May 11.
- Gorgie, an energy drink brand, has secured $24.5 million in Series A funding, preparing to launch in nearly 2,000 Target stores this summer.
- Big Lots, under new ownership, is set to reopen 132 stores nationwide, marking the beginning of a massive comeback after initial store reopening efforts began in April.
- The National Retail Federation's CEO, Matthew Shay, has expressed concerns about the potential impact of tariffs on affordability and availability for consumers, while acknowledging their importance in protecting certain industries.
- In the world of fashion and energy, the balance between functionality, luxury, and affordability seems to be an exciting installation in retail shenanigans.
- As we leap into yet another Monday, the landscape of retail continues to evolve, with sports teams partnering with fashion brands, AI-powered innovations, and the war of tariffs subtly shaping the policy landscape—making every week an exciting prospect.
