Scott Drew

Here are some interesting stories from the world of retail for Thursday, May 30: 👖 Shares of Abercrombie & Fitch Co. continued their record run after the apparel retailer reported another quarterly earnings beat and raised its sales growth outlook, amid continued strength in the Abercrombie brand. 🏀 DICK'S Sporting Goods kicked off the year with net sales of more than $3 billion in Q1, an increase of 6.2%. Comparable sales in the quarter grew 5.3%, on top of 3.6% growth the year prior. 🦅 American Eagle said it’s making gains in boosting profitability as it works to improve its product assortment and tweak operations. Still, its fiscal first-quarter sales came in weaker than Wall Street expected. 🐹 Chewy smashed earnings estimates for its fiscal first quarter on Wednesday, announced its first share buyback program and signaled a recovering pet market. 🌳 Dollar Tree Stores announced it has acquired leases for 170 of 99 Cents Only Stores stores out of bankruptcy in Arizona, California, Nevada and Texas. Dollar Tree will reopen these stores with its own products under its brand. 🥾 Dr. Martens plc has announced a swathe of cost-cutting plans, after the bootmaker’s bottom line was hit by plummeting demand in the US last year. The London-listed firm hopes to save up to £25m in the coming financial year. 🏥 Walgreens said it will slash prices on 1,300 items across its drugstores — the latest big retailer to enact discounts as consumers grow increasingly picky about where they shop in an era of stubbornly high inflation. 🐶 Petco names a new chief stores officer as the COO exits. The pet retailer said it eliminated its chief merchandising and supply chain officer role and named five people to its executive leadership team. 👟Italian luxury sneaker brand Golden Goose, which was valued at €1.3bn when acquired by Perimia in 2020, said on Thursday it aims to list on Milan's Euronext next month. 💵 Cash register outages and internal system failures at Walmart have led to widespread mispricing, with customers being overcharged for certain items. The technical issues on March 19th affected 1,600 stores. 🌭 Americans are now prepared to spend nearly $6 for a hot dog. The summertime classic has climbed in price by 7.1% during the past year, according to the latest government figures. 🍔 A top McDonald's executive on Wednesday decried poorly sourced reports that the fast-food giant has hiked its prices faster than inflation. He also noted that an $18 Big Mac meal is exception not the rule. 💳 Visa and Mastercard have agreed to pay $197m to resolve a class action by millions of consumers accusing the financial payment companies of keeping cash access fees artificially high. 🍪 Subway’s footlong cookie is back. Following a four-month long disappearance, Subway announced Wednesday the “triumphant return” of the oversized chocolate chip cookie. #retail #retailnews #economy #DailyRetailNews

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Aloha Friday 🤙🏼 Here are some interesting stories from the world of retail for Friday, May 31: 👖 Gap shares rallied more than 20% in the extended session Thursday after the retailer reported first-quarter earnings and sales well above investors’ expectations, raised its guidance for the year and pared down its inventory. 🏬 Kohl's shares plunged as much as 25% on Thursday after the retailer reported a surprise first-quarter loss and lowered its forecast for the year. The department store chain saw a 5.3% drop in net sales. 🥫 Costco Wholesale reported fiscal third-quarter profit, revenue and same-store sales that all beat Wall Street forecasts, but shares of the membership-based warehouse retailer pulled back from a record high. 💄 Ulta Beauty earnings that showed the effects of a slowdown its CEO had previously warned about. Comparable sales increased 1.6% year over year, a stark slowdown from the same period a year earlier. 👗 Nordstrom shares fell 5.6% in extended trading Thursday after the company reported a wider-than-expected first-quarter loss of $39 million, although revenue topped analysts’ estimates. 📺 Best Buy has reported the 10th straight quarter of same-store sales declines, a reported 6.1% drop for February, March and April. Its total revenue of $8.85 billion was a little lower than Wall Street anticipated. 👟 Foot Locker’s turnaround is starting to bear some fruit.  The sneaker giant saw comparable sales decline 1.8% during its fiscal first quarter, far better than the 3.1% drop-off that analysts expected. 💵 Dollar General reported better-than-expected profit, sales and same-store sales for its first-quarter as more customers shopped its stores for groceries and other essentials. 🥡 Amazon customers in the US can now order takeaway deliveries from Grubhub without leaving the tech giant’s app. The deal is part of a deepening relationship between the tech giant and Grubhub. 🚫 Illinois set to end grocery tax. Legislators have approved a state budget for 2025 that eliminates the 1% tax, paving the way for Governor JB Pritzker to sign it into law. 👓 Innovative Eyewear has released an Eddie Bauer Smart Eyewear collection. The collection includes four styles and features voice access to ChatGPT. The glasses have built-in Bluetooth microphones and speakers for music and calls. 🥖 Subway, the restaurant chain with the most locations in the US, has sold $3.35 billion of asset-backed bonds to help fund its buyout by Roark Capital Group, in what is the largest securitization of its kind on record. 📦 The Federal Aviation Administration (FAA)is giving Prime Air additional permissions that allow it to operate drones for more deliveries in a wider area. 🇫🇷 Pharmacists in France have gone on strike for the first time in a decade, closing around 90% of pharmacies across the country. #retail #retailnews #economy #DailyRetailNews

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I enjoyed speaking with Larry Getlen about the trend for retailers opening smaller stores. It’s not just large department stores opening smaller format stores, but that is certainly popular. Also, available locations close to both suburban and urban consumers are tight, especially in more high-traffic lifestyle centers. There are numerous advantages and opportunities for retailers in smaller stores to more effectively manage the assortment, inventory, staffing, and last but certainly not least, the consumer experience. #retail #stores

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Another top-line miss: General Mills General Mills reported today its Q4 results: - Net sales were down 6.4% to $4.71 billion, reflecting unfavorable net price realization/mix and lower pound volume - Those results included a three-point headwind from a comparison against favorable trade expense timing in the prior year, which impacted net price realization and mix - Organic net sales were down 6% to miss the consensus estimate of -3.3%, and slowed from the FQ3 trend - The decline in organic sales was driven by the trade expense timing comparison, a reduction in retailer inventory, and a headwind in international segment results - Volume was 2% lower during the quarter, led by a 6% drop in the North America Retail segment and 7% decline in the Pet segment - Price/mix fell 4% during the quarter, driven lower by a 10% decline in the International segment General Mills expects now 2025 organic sales to be 0% to +1% vs. the consensus estimate of +1.2%. "As we move into fiscal 2025, our top priority is to accelerate our organic net sales growth, and specifically our volume growth, by delivering remarkable experiences across our portfolio of leading brands," stated CEO Jeff Harmening Time to refocus for all on organic (volume) growth Exciting times To read our last publication on how to accelerate organic (volume) growth: 𝗙𝗠𝗖𝗚 𝗖𝗘𝗢𝘀: 𝗠𝗮𝗻𝗮𝗴𝗶𝗻𝗴 𝗙𝗶𝗻𝗮𝗹𝗹𝘆 𝗙𝗼𝗿 𝗦𝘂𝘀𝘁𝗮𝗶𝗻𝗮𝗯𝗹𝗲 (𝗩𝗼𝗹𝘂𝗺𝗲) 𝗚𝗿𝗼𝘄𝘁𝗵 𝗢𝗿 𝗛𝗼𝘄 𝗧𝗼 𝗦𝘁𝗼𝗽 𝗦𝗵𝗿𝗶𝗻𝗸𝗶𝗻𝗴 𝗧𝗼 𝗚𝗹𝗼𝗿𝘆 - 𝗙𝗿𝗼𝗺 𝗭𝗕𝗕 𝘁𝗼 𝗭𝗕𝗚® (𝗭𝗲𝗿𝗼-𝗕𝗮𝘀𝗲𝗱-𝗚𝗿𝗼𝘄𝘁𝗵) https://lnkd.in/eV5d39VE 𝗧𝗼 𝗴𝗲𝘁 𝗮𝗹𝗹 𝗼𝘂𝗿 𝗶𝗻𝘀𝗶𝗴𝗵𝘁𝘀, 𝗳𝗼𝗹𝗹𝗼𝘄 𝘂𝘀 & 𝘀𝘂𝗯𝘀𝗰𝗿𝗶𝗯𝗲 𝘁𝗼 𝗼𝘂𝗿 𝗙𝗠𝗖𝗚 𝗖𝗘𝗢 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀 𝗻𝗲𝘄𝘀𝗹𝗲𝘁𝘁𝗲𝗿: https://lnkd.in/ea4gy65y #fmcg #cpg Nestlé The Coca-Cola Company PepsiCo AB InBev Unilever Procter & Gamble Mondelēz International Kraft Heinz L'Oréal Danone The HEINEKEN Company Bel Reckitt Kenvue Sanofi Haleon Pernod Ricard Diageo General Mills Campbell's JDE Peet's Carlsberg Group Ferrero Henkel Mars Lindt & Sprüngli Kellanova Shiseido Bayer | Consumer Health https://lnkd.in/ehYwq5sR

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“Our new store concept cements Foot Locker’s position as the leader in sneaker culture by offering an engaging, cutting-edge shopping experience for the sneaker passionate,” Foot Locker’s president and CEO Mary Dillon stated in a press release.  I spoke with Inside Retail US and Nicole Kirichanskaya and what this all means for the 👟 retailer. Some of my insights: Foot Locker is headed in the right direction with their ’store of the future’ strategy. In fact, it is long overdue. This strategy will put a spotlight on product obsessed sales associates, hyper-localized assortments as well as curated experiences. Rethinking the physical store will get Footlocker to take customer insights and inform product and store decisions based on location and community. This will make every store different and get customers excited about visiting the retailer. The sneaker industry has lost a lot of its luster. Brands like Nike and Under Armour are overstocked with SKUs, and adidas would have had a rough year if it wasn’t for the Samba. Additionally, there are more brands competing for market share. On and HOKA have taken the running community by storm. Brooks Running is focused on innovation and wholesale while PUMA Group and Reebok are relying on celebrities as creative directors to capture a new customer base. The hype around exclusivity and limited editions is not as exciting for consumers, and it will take a lot more than just the product to persuade shoppers to buy. Retailers like Footlocker have the upper hand if they reimagine the physical store as a destination for innovative and exciting experiences vs. focussing on pushing a handful of brands. It’s all about the customer and getting them to spend time in your store. Find the entire article here --> https://lnkd.in/ebzaEUam Shoutout to Neil Saunders and Marie Driscoll, CFA 🙌🏽 #retail #retailnews #footlocker #footwearnews #stores #cx #merchandising

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Retail Today / Retail Renaissance: Has the Dollar Store sector hit a wall? After a tremendous run over the last 20 years, now with 40,000 dollar stores in the US. #dollarstores This retail sector produces $125 Billion Dollars in sales. But it’s not easy, an operational challenge everyday, “Low Prices, High Stress”. #sales #lowprices This area is dominated by Dollar General with 20,000 stores, 170,000 associates and $39 Billion Dollars in sales. They have driven growth by opening 1,000 stores per year. #dollargeneral Now the bad news, 99cents only is closing 371 stores out West. Family Dollar is planning on closing up to 1,000 stores. Dollar General plans to scale back new store openings this year to 800! #familydollar #dollartree So where is the opportunity? Demand is still strong from consumers, DG has even seen an uptick in higher income customers. However weak operating performance continues to drag existing store sales down. Even though recently installed CEO Todd Vasos talked about a “Back to Basics” strategy. #dollargeneral #basics I have attached an article from Frank Beard, on his recent visit to Dollar General in Des Moines, Iowa. Frank writes on the Convenience Store Industry. His findings are similar to mine, a complete breakdown in a “Sustainable Execution” strategy. How to keep your counters filled and match consumer demand. Frank Beard #retail #retailtrends #retailindustry #shoppingexperience #sustainableexecution #TopRetailExpert

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Here are some interesting stories from the world of retail for Monday, May 13: 📱 The bargain app Temu, which has gained spectacular popularity with American consumers, is shifting business priorities beyond the US. Temu wants to limit risks and seek other sources of growth. 🚫 Last week, a merger between Neiman Marcus Group and Saks Fifth Avenue came closer to becoming a reality, but will a newly emboldened FTC try to block the deal? 🥗 Whole Paycheck, no longer? The CEO of Whole Foods Market says the upmarket grocery store chain will soon offer more affordable options in an attempt to minimize the impact of inflation on customers. 👰🏼 From the boardwalk to the altar: T-shirt, shorts, bikinis and boot sellers are now dressing brides: a string of affordable fashion brands have jumped into the weddings industry to appease thrifty shoppers with inexpensive bridal wear. 🇫�� Amazon plans to invest more than €1.2bn ($1.3bn) in its operations in France, creating more than 3,000 permanent jobs. The Amazon Web Services investment would increase cloud infrastructure in the Paris area. 👟 A'ja Wilson of the WNBA's Las Vegas Aces is getting her own Nike signature shoe. Wilson worked with Nike's team of innovation, product, and design experts to create a signature shoe collection inspired by her distinctive style. 🍏 Workers at the first Apple Store to unionize have now also authorized a first strike against the tech giant’s retail operations. Apple Store workers in Towson, MD, voted late Saturday to authorize a strike, according to a statement. ♻️ Starting next year, Patagonia’s wet suits won’t just be recycled — they’ll be reincarnated. This is the product of a years-long initiative by Patagonia to eliminate much of the waste that accumulates when a surfer buys a new suit. 👷🏼 An investigation by advocacy group Public Eye shows that staff working for some suppliers of SHEIN are working 75 hours a week, despite the Chinese fast fashion firm promising to improve conditions. 🍞 In the hope of boosting bread sales, which slow down during the hotter seasons, some specialty stores and manufacturers in Japan are focusing on selling "cold bread" that can be eaten like a dessert. 🍗 Chicken is reprising its role as the star of Americans’ dinner plates. Stung by the rising price of beef, diners are buying more wings at fast-food chains and frozen tenders at grocery stores. 📉 Inflation is moving a baby step in the right direction, though the trend toward lower inflation was interrupted in the first quarter. Wednesday’s release of the key April consumer price index will reveal the current path. 🥤 Investor interest in cleaner, healthier energy drinks shows no signs of fizzling out. After a number of lucrative exits, investors have proven eager to back new challengers in the energy drink category. #retail #retailnews #economy #DailyRetailNews

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If It Ain't Fixed Don't Broke It Macy's announced another round of 150 store closures 3 years after closing 100 stores The closures and layoffs are part of a streamlining effort to better align with the ever changing consumer and marketplace Best Buy is closing 15 stores in 2024 after closing 25 stores in 2023. Additionally, Geek Squad layoffs abound as Best Buy expands the use of A.I. New Gap CEO, Richard Dickson, has stated that marketing has lost sight of the differentiation between its Gap, Old Navy, Banana Republic, and Athleta brands Three large struggling companies with similar turnaround strategies Cut costs, improve inventory mix, align symmetries, yada yada yada One thing these companies never talk about? How do we improve the lot for our employees? How do we get our employees to care? How do we get our remaining employees engaged in our success when all we've done is beat them down Okay, that was 3 things, but you get the point Companies don't know how to engage their employees, and they don't care Why should they? The Institution of Leadership has not moved the employee engagement needle since the 1990’s, which is surprising since the same tired old solutions have been recycled as new for decades Servant Leadership hasn't improved engagement Authentic Leadership hasn't improved engagement Emotional Intelligence hasn't improved engagement The Point? Just because others continue to fail to improve employee engagement doesn't mean it can't be done Better ideas, higher engagement It really is that simple The Illusion of Competence #leadership #innovation #tech #management #emotionalintelligence

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DICK'S Sporting Goods Quarter 1 Results: ⚽ Delivers Net Sales of $3.02 Billion, Up 6.2% Versus the Prior Year ⚾ Delivers Double-Digit EBT Margin of 11.3% 🏀 Delivered 5.3% comparable sales growth, driven by growth in transactions and average ticket 🏈 Reported earnings per diluted share of $3.30 with 4% EBT growth 🎾 Raises full year 2024 guidance for comparable sales growth to a range of 2.0% to 3.0%, up from 1.0% to 2.0% previously 🏐 Raises full year 2024 earnings per diluted share guidance to a range of $13.35 to 13.75, up from $12.85 to 13.25 previously #dsglife #dickssportinggoods #results

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With the 8.1% sales decline accelerating over the last quarter and with losses growing on the bottom line, JCPenney has started its new fiscal year on a sour note. Unfortunately, the market has been soft which has not helped revenue, but as it is only part way through its reinvention program JC Penney also isn’t firmly on the front foot. Lower credit income is also unhelpful, with revenues here down by 20.5 over last year.   The changes JCP has been making to some stores and to assortments seem to be delivering, with refurbished shops performing better and some categories like womenswear producing stronger numbers. Sadly, these things are not yet sufficiently developed or widespread enough to offset staleness in the balance of the business. Basically, there is still a lot of work to do to put JCP on a more stable footing.   Fortunately for JCPenney, it is well financed and has a strong financial partner in its owners. As such, management won’t lose too much sleep over being in the red. However, the company needs to produce some better results across the remainder of this fiscal to prove its strategy is working. It was great to chat with Daphne Howland of Retail Dive about the latest Q1 numbers - link to article in the comments. #retail #retailnews #departmentstores #trading #apparel

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Aloha Friday! 🤙🏼 Here are some interesting stories from the world of retail for Friday, May 10: 👨🏽‍⚖️ Former retailer Bed Bath & Beyond has filed a lawsuit against Hudson Bay Capital Management, seeking to recover over $300m in trading profits from the hedge fund. 🥕 Instacart reported strong first-quarter results, as the company’s total revenue, number of orders and gross transaction volume were all up sharply year over year. On the bottom line, net income came in at $130,000. 👜 Tapestry, the parent company of Coach, Kate Spade New York and Stuart Weitzman, has expanded its outlet strategy and overall marketing spending in response to evolving consumer behaviors. 👠 Salvatore Ferragamo booked lower revenue for the first quarter, weighed by a weak consumer environment in China and the soft performance of its wholesale channel. Revenues totaled €227m in the first three months. 👓 Warby Parker’s revenue jumped 16% in the first quarter of the year as other brands in the sector struggle to grow sales. The eyewear seller expects full year sales to climb as much as 13 percent to $761 million in 2024. 👨🏻‍💻 Online retail sales in the US have increased by 7% from January to April 2024, driven by strong demand for groceries and cheaper discretionary items, according to an Adobe Analytics report. 🏋🏼‍♂️ The Planet Fitness $10-a-month membership plan is a powerful marketing tool and a central part of its strategy. But the largest gym chain in the United States is hiking that monthly fee for the first time in more than two decades. 🌈 Target has Pride merchandise in fewer stores this year after backlash it received caused it to pull some items from last year's collection. Last year collections went into all stores; this year they will go into select locations. 🍷 More Americans are making lifestyle changes, consuming fewer alcoholic beverages and switching to non-alcoholic brands that resemble booze-filled cans and bottles. 🍏 Apple has apologised for an ad for the new iPad Pro, following criticism for its depiction of an industrial compressor flattening tools for art, music and creativity. 🍓 ALDI USA plans to pass along $100m in savings to customers by reducing prices on over 250 items. The company aims to help customers save money amid concerns of persistent inflation. 🍔 Many consumers are expressing frustration at the surge in fast-food prices, which are starting to scare off budget-conscious customers: about 25% of people who make under $50,000 are cutting back on fast food due to costs. 🧸 Funko taps former Hasbro executive as CEO: Cynthia Williams served as president of Hasbro’s Wizards of the Coast and Hasbro Gaming units until she resigned last month. 🚛 DoorDash and Uber are pushing back against measures that set a minimum pay standard for delivery drivers in Seattle. NYC and Seattle are the first two cities in the US to pass a minimum wage law for food gig delivery workers. #retail #retailnews #economy #DailyRetailNews

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At this point we've all heard of “shrinkflation,” but a new trend is now facing the #grocery and #retail sectors that marks a significant shift in the way we approach retail marketing and pricing strategies. “Upflation” aims to reclaim sales by introducing innovative uses for existing products -- at premium prices. Confession: I don't know how they're different, but I do love the dog wipes for my beloved canine :)   Upflation is more than just a pricing strategy; it's a response to changing #consumer preferences, where cost-consciousness and a desire for value are paramount. Great reporting by Bloomberg’s Leslie Patton and Deena Shanker about a topic we should all be keeping a close eye on:    https://lnkd.in/dhkhC-sN  

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According to GlobalData, the U.S. secondhand apparel market grew 11%, or seven times faster than the broader retail apparel market, to $43 billion last year. The report estimates that resale sales online and at traditional thrift stores could reach $73 billion by 2028. #resale #retail #apparel #retailsales

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Here are some interesting stories from the world of retail for Thursday, June 20: 🏥 RITE AID is looking to close over two dozen more stores in two states. The drugstore filed a notice of additional closing stores identifying a total of 27 locations in Michigan and Ohio that it has added to the chopping block. 👗 The arrival of summer weather and some good deals and discounts around Memorial Day helped to stimulate spending on apparel in May. Shoppers are looking for bargains and value when they spend. 🥫 Is Lidl poised to finally turn the corner in the US? Lidl US has new changes underway, including a broad update of its assortment, as it looks to adapt its model to better suit the American consumer. 🏭 Department store chain JCPenney has announced a $40m investment in upgrading its Reno distribution centre in Nevada, US. This is the latest in a series of initiatives aimed at streamlining supply chain operations.\ 📦 Amazon intends to invest €10bn ($10.75bn) in its cloud and logistics services in Germany. German Chancellor Olaf Scholz praised the investment that should create more than 4,000 jobs this year. 👖 After a 15-year hiatus, Limited Too, the popular mall classic from the early 2000s, is making a comeback just in time for back-to-school shopping. It is set to relaunch in July, but no further details have been provided. 🏅 Ralph Lauren has unveiled Team USA’s Olympic and Paralympic uniforms. The opening ceremony attire consists of pants and a wool, double-breasted, navy blue jacket with red and white trim. 👟 Nike has increased its paid parental leave benefit from eight to 16 weeks for all US-based employee. For the first time, this benefit will extend to part-time retail employees. 🧴 Space NK has sold off its US division to distribution firm PCA Companies for an undisclosed sum.The British beauty retailer has nearly 600 points of sale in the US, including in Nordstrom and Bloomingdale’s. 👰🏼 Kleinfeld Bridal is rolling out KleinfeldAgain, an online marketplace to sell and buy pre-owned wedding dresses. The new digital resale experience is available globally and designed to promote circular fashion. 🚚 Shipt has added a pair of features to its platform: the ability for shoppers to build individualized lists of products they want to buy and the option to select items to be automatically added to their cart on a regular basis. ⛽️ Gasoline prices tend to rise during the peak summer driving season, but Americans may be in luck this year.  Prices likely peaked in mid-April at a high of $3.67 per gallon — and are expected to continue falling in coming weeks. 🚙 A cyber incident at data provider CDK Global, whose software is used at 15,000 auto dealers, hampered operations Wednesday at US and Canada dealerships, the company said. 📉 Mortgage rates fell below 7% last week for the first time since March. The rate for a 30-year fixed mortgage fell from 7.02% to 6.94%. #retail #retailnews #economy #DailyRetailNews

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Sam’s Club | ShadyPaws®️Corporation ——————————————————————- Shifting the narrative to ‘All Year’ around pet protection products in pet stores… Still today, numerous pet stores continue to underestimate the importance of year-round pet protection. While some may view shade, heat, and ground cover products as ‘seasonal’ needs, it’s crucial to remember that pets require protection from the elements all year long. As pet owners, it's our responsibility to ensure that our furry friends are safe and comfortable at all times. ShadyPaws Corporation is grateful to Sam's Club, for recognizing the importance of pet care for ‘All’ seasons by showcasing our products with such exposure which is more than we could have ever imagined. Let's work together to shift the conversation and acknowledge our consumer’s needs when traveling with animals along with time spent outdoors to ensure we prioritize year-round pet protection for ‘Pawsitively The Best®️’ in pet health care. #ShadyPawsInc #SamsClub #CEO #PatriciaDarquea #Founder #Inventor #Leadership #Entrepreneur #Business #Linkedin #WomanOwned #WomenInTech #Manufacturer #Distribution #K9 #Dog #PetHealth #Commerce #Editorial #Surfing #PublicRelations #SocialMedia #Retail #Outdoorindustry #Buyers #Buyer #Camping #Marketing #SportsIndustry #Boating #K9Training #Yachts #Hiking #Biking #Camping #SurfingIndustry #Womensupportingwomen #PublicSpeaker #PublicSpeaking #PetIndustry #Brand #APPA 🇦🇹🇺🇸

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🎙️ **Podcast Recommendation!** 🎙️ I love when a morning podcast fills your cup for the day! Just finished listening to an incredible episode of **The Backroom with Retail Dive: Lee Peterson and the hard truth about retail stores** where they discuss what brick and mortar stores need to do to survive in a digital age. One standout concept that really resonated with me is the idea of a **"Flagship Mentality"** for all stores. Here are my biggest takeaways: 🏬 **Flagship Mentality:** To thrive, every store should be considered a flagship. It's about creating an in-store experience that is enjoyable and preferable to online shopping. Remember, we need to make people want to visit the store since they no longer have to. 🛠️ **Components of Flagship Mentality:** 1. **The Power of Store Associates:** The most overlooked, and often first cut, part of retail is the store associate. Well-trained and engaged associates can be the difference between gaining or losing a customer. Their impact is underestimated. 2. **Additional Services:** Offering unique services that add value to the shopping experience. These services may be the differentiator between an online experience! 3. **Superior Design and Environment:** Crafting a store layout and ambiance that is both inviting and memorable, and makes you want to come back! Incorporating these elements can transform any store into a destination, making the experience differentiated and special. Don't miss this episode if you're in the retail industry – it's a good one! 🚀 #Retail #CustomerExperience #FlagshipMentality #StoreAssociates #RetailDive #PodcastRecommendation

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Since 2019, Kohl's sales have shrunk by $2.3 billion. That’s a pretty terrible number given consumer spending on retail rose by a dramatic $1.3 trillion over the same period.     The Kohl’s losses are a combination of existing customers spending less and the complete defection of some shoppers. Over the past five years, Kohl’s has lost 1.3 million customers: people who used to visit Kohl’s, but now they don’t. Most of these folks still buy things so it’s interesting to see where they’re now shopping, or shopping more at, instead of Kohl’s. The diagram below traces the defections. The most notable thing is the gains being made by off-price retailers. TJX – with its TJMaxx, Marshalls, and HomeGoods banners – is picking up a lot of trade. Ross, Nordstrom Rack, and Burlington are also in the mix. It’s no wonder off-price is doing so well when it’s gaining so many customers from chains like Kohl’s. What’s also notable is that online specialists don’t dominate. Amazon has picked up some trade, as has Wayfair, but neither are the main beneficiaries of Kohl’s woes. This underscores that the very simplistic narrative of ‘online killed…” is often far from the truth. It is also significant that Costco makes an appearance. Costco is a silent assassin. Many retailers don’t have it on the radar for non-food; but the reality is that Costco has a formidable non-food business. Retailers like Kohl’s don’t underperform because one large enemy comes in and swoops away all the custom. Their substantial loss of trade comes from many players nibbling away at their sales and market share. #retail #retailnews #departmentstores #wholesale #shoppers

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