ICYMI: What We’ve Been Reading
Retail News Roundup
ICYMI: At RetailOasis, we recognise the importance of staying ahead in the ever-changing retail environment. To support your growth, we've compiled a selection of insightful articles that we consider essential for industry leaders. These articles highlight innovative and emerging trends, providing valuable perspectives to enhance your strategic decisions.
Source: John Greim/LightRocket via Getty Images
1. LUXURY DEPARTMENT STORE SAKS TO BUY NEIMAN MARCUS WITH HELP FROM AMAZON IN $4 BILLION DEAL
Article Link: https://www.forbes.com.au/news/investing/neiman-marcus-saks-fifth-avenue-hbc-merger/
Saks Fifth Avenue's parent company, HBC, is acquiring Neiman Marcus Group for $2.65 billion, with Amazon as an investor. This deal will create Saks Global, combining Saks, Neiman Marcus, and other brands under one umbrella while keeping their operations separate. The merger aims to enhance the luxury retail experience through technological advancements and is crucial for revitalising Neiman Marcus, which has faced significant financial difficulties. This acquisition is seen as a lifeline for Neiman Marcus, which struggled with debt and bankruptcy during the COVID-19 pandemic.
Source: Witchery / Instagram
2. WITCHERY SLAMMED AS NEW BOLD AWAKENING COLLECTION CUTS SIZES
Article Link: https://7news.com.au/news/witchery-slammed-as-new-bold-awakening-collection-cuts-sizes--c-15227541
Women's fashion brand Witchery has faced backlash for reducing its plus-size offering from a size 20 to an 18 in its new collection, Bold Awakening. The brand describes this change as part of a rebrand. In response to the criticism, Witchery stated they received customer feedback indicating inconsistencies in sizing. As a result, they have undertaken an extensive project to improve the accuracy and consistency of their sizing and fit. However, customers have not responded well to this explanation, feeling that Witchery lacks understanding by asking them to try another size.
Source: Daphne Howland/Retail Dive
3. BEST BUY CANADA TO OPEN 167 SMALL-FORMAT STORES
Article Link: https://www.retaildive.com/news/best-buy-canada-to-open-167-small-format-stores/720712/
Best Buy Canada is partnering with Bell Canada to open 167 small-format stores by the end of the year, starting with their first in British Columbia. These Best Buy Express stores will feature a curated tech selection, Geek Squad services, and telecom services from Bell. The move aims to reach new communities and expand Best Buy's presence, offering online order pickups for 100,000 products. Bell will handle store operations and costs, while Best Buy focuses on product assortment and fulfilment.
Source: Bloomberg
4. JAY-Z BACKS LUXURY WATCH TRADING PLATFORM WRISTCHECK
Article Link: https://ww.fashionnetwork.com/news/Jay-z-backs-luxury-watch-trading-platform-wristcheck,1648180.html
Hip-hop musician Jay-Z has invested in the luxury watch trading platform Wristcheck, joining other celebrities in the online watch market. Wristcheck, founded by watch enthusiast Austen Chu, focuses on high-end timepieces in Asia and offers authentication services to combat counterfeits. Despite a recent drop in second-hand watch values, Jay-Z’s investment adds to the company’s $13.6 million in raised funds. The platform charges a fee of 6% to 12% on sales and has other notable backers like the Alibaba Entrepreneurs Fund.
Source: Studios
5. WICKED AND GLADIATOR II WILL BE 2024’S ANSWER TO BARBENHEIMER
Article Link: https://www.vanityfair.com/hollywood/story/wicked-and-gladiator-ii-will-be-2024s-answer-to-barbenheimer
As part of a tactical power-play, Universal Pictures has moved the release of "Wicked" to 22 November 2024, setting it up for a direct clash with Ridley Scott’s "Gladiator II". The strategic scheduling aims to mimic the 2023 "Barbenheimer" phenomenon, where the simultaneous release of "Barbie" and "Oppenheimer" generated massive buzz and box office success (Barbie earning almost $1.5 billion, and Oppenheimer $975 million, respectfully). "Wicked" stars Cynthia Erivo and Ariana Grande, while "Gladiator II" features Paul Mescal, Pedro Pascal, and Denzel Washington. Fans are already having fun with portmanteaus like "Wickediator" for this epic movie showdown.
6. JUNE RETAIL SALES LOOK PROMISING OVERALL, CITI ANALYSTS CLAIM
Article Link: https://www.ragtrader.com.au/news/june-retail-sales-look-promising-overall-citi-analysts-claim
In June, Australian retail sales showed promising signs according to Citi analysts. Specialty sales increased by 2% compared to last year, marking the first positive growth since January 2023. While department store sales saw a decline in May, overall retail sales for the month grew by 2.1% year-on-year, with food and liquor leading the way. Household goods like furniture and hardware also showed improvement. Despite some challenges in categories like electrical, Citi remains optimistic about the overall trend, noting increased clearance activity and colder weather boosting sales in clothing and department stores.
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