November 2023: Monthly Consumer News Roundup

Welcome to Traub's roundup of recent consumer and retail news.

Each month, we'll be sharing a compilation of the biggest news stories from all corners of the consumer landscape, from CPG, retail, beauty, tech, hospitality, real estate, investing and more.

Here's our roundup of recent news articles: 

How Mini Beauty Became Big Business 

Once seen as a last-minute impulse purchase, bite-sized products are becoming a main attraction for prestige brands and retailers looking to widen their customer base. BoF

Gap Is Righting the Ship With Old Navy

Old Navy’s unexpectedly fast recovery bodes well for the company’s turnaround effort. WSJ

Sam Altman Is Reinstated as OpenAI’s Chief Executive

Sam Altman was reinstated as OpenAI’s chief executive, the company said, successfully reversing his ouster by OpenAI’s board after a campaign waged by his allies, employees and investors. NYT

Kim Kardashian’s SKKY Partners Reaches First Deal With Truff Sauce Brand

Skky Partners LP, the investment firm led by Kim Kardashian and Jay Sammons, has gotten a taste of the private equity world now with its first acquisition in Truff, the maker of luxury condiments infused with the culinary delicacy truffle. Bloomberg

Empty Bed Bath & Beyond stores are hot real estate

After the closing of its business, Bed Bath & Beyond locations that have been abandoned are now being claimed and transformed by other companies. CNN

Tesla's drive-in restaurant is finally taking shape

Tesla is rapidly constructing a planned 1950s-style diner and drive-in movie theater in Hollywood that will also be a Supercharger station with 32 charging stalls. Axios

Black Friday weekend shopping turnout soars to a record, as consumers seek bargains

Shopper turnout across websites and stores hit an all-time high of 200.4 million over the five-day weekend from Thanksgiving Day through Cyber Monday, according to a survey by the National Retail Federation. CNBC

Amazon Allies With Meta for Shopping Via Instagram, Facebook

Two of tech’s largest players, Amazon and Facebook parent Meta Platforms Inc., are testing a feature that lets shoppers buy Amazon products directly from ads on Instagram and Facebook. BoF

Consumers Splurge Even as Savings Fall

A group of US consumers has surprised companies and economists by splurging on Taylor Swift concerts, trips to Paris and dining out — even as their savings decline. Time

Pepsi Is On Its Way to Surpassing Coca-Cola’s Value Thanks to Snack Brands

PepsiCo Inc. is on course to take over as the biggest US beverage company by market value, supplanting rival Coca-Cola Co., which has held the spot largely uninterrupted for the better part of two decades. Yahoo

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