Weekly Consumer News Update // June 20, 2023

Here's our weekly roundup of recent consumer and retail news. This week, Nike and others are selling through traditional retailers again, Google introduces virtual try-on using generative AI, and more. 

WORDS FOR THE WEEK

M&A and INVESTMENTS

• Overstock.com bids $21.5 million for Bed Bath & Beyond intellectual property assets CNBC
• Unilever is to acquire US premium frozen Greek yogurt brand Yasso Holdings Food Dive
• SVB agrees to sell its investment banking division Reuters

INDUSTRY NEWS

CPG

Bud Light Loses Title as Top-Selling U.S. Beer

Modelo Especial in May took over the top sales spot, reflecting the enduring damage from a Bud Light boycott. WSJ

Eating your way to sleep? CPGs are keeping a close eye on sleep-inducing food products

Late-night meals are a way to boost sales by creating a fourth meal that follows dinner and appeals to a tired nation. Food Dive

Cheers! Celebrities Continue To Top-Up On Alcohol Brand Endorsements

Cardi B, Jennifer Lopez, Ryan Reynolds and Bruno Mars are just some of the celebrities with their own alcoholic drinks brand in a multi-billion dollar sector. Forbes

One-Percenters Keep Shopping at the Dollar Store

Wealthy consumers scour discount-chain aisles for bargains. WSJ

U.S. Consumer Sentiment Rises To Four-Month High

Consumer sentiment jumped 7.9 percent month-to-month to 63.9 in the first two weeks of June, reaching its highest level in four months, according to preliminary data from a consumer survey conducted by the University of Michigan. SGB Media

RETAIL

International apparel retailers are snagging real estate space in the U.S.

While there are plenty of ways to enter the U.S. market, such as partnering with an established retailer, having a standalone physical store lets international players have control over their messaging and shopping experiences. Modern Retail

Student-Loan Repayments Are Coming Back. Retailers Are in for a Big Shock.

Millions of Americans are due to resume student-loan payments in the coming months. The collective monthly impact on their wallets could be as big as $10 billion. WSJ

Brands Wanted to Cut Out Stores. Not Anymore.

Nike and others are selling through traditional retailers they once shunned. WSJ

Why Walmart's new bet on fashion brands, home decor threatens specialty chains

Using low-cost and low-margin groceries as a draw, Walmart wants to change its image from merely a steep discounter to a destination where customers can also purchase fashionable home goods and clothing. Reuters

TECH

Spotify Takes a Sharp Turn With Its $1 Billion Podcast Division

The company is shifting away from exclusives to capture more ad revenue. Bloomberg

Google introduces virtual try-on using generative AI

The tools can show users how an item — starting with women’s tops — would fit on their body type, based on 80 models outfitted with AI. Vogue Business

YouTube doubles down on video shopping features 

YouTube is betting on all forms of social shopping, even at a time when Instagram gave up on its livestream shopping feature earlier this year, as well as its shopping tab. Glossy

After ‘Elemental’ Bombs, Can Pixar Restore Its Box Office Touch?

The pandemic may have trained families to wait and stream Pixar movies at home, while cash-strapped audiences have been eschewing original films in favor of big-name franchises. Variety

HOSPITALITY

Netflix will open a restaurant that serves food from ‘Chef’s Table,’ ‘Nailed It!’ and more

Netflix is expanding beyond streaming and mobile gaming and into a completely new category–the food service industry. TechCrunch

Americans Are Eating Out More as the Covid Home Cooking Boom Fades

After pausing during the pandemic, the long-running shift to restaurant meals has resumed. Bloomberg

Life Time’s New York City Expansion Continues With Indoor Pickleball And Athletic Club

Life Time entered into a lease agreement with Vornado Realty Trust to occupy more than 53,000 square feet on the first three floors of the Penn 1 building adjacent to Madison Square Garden in New York City, featuring indoor pickleball courts and an athletic club. SGB Media

What’s Behind Uber Eats’ Crack Down On Ghost Kitchens?

Uber Eats is purging 5,000 ghost kitchens from its app and setting stricter rules for the remaining ones after finding its platform flooded by virtual restaurants listing similar food options under different names. Retail Wire

COMINGS & GOINGS

• Matt Baer Named Stitch Fix CEO WWD
• VF Names Bracken Darrell CEO WWD
• Bonobos co-founder Andy Dunn returns as brand advisor after Walmart sale CNBC
• Alibaba Names Eddie Yongming Wu New CEO, Joseph C. Tsai Group Chairman WWD
• Saks Off 5th names chiefs for marketing, merchandising Retail Dive
• Disney CFO Christine McCarthy will step down WSJ
• Vince Holdings CFO departs Fashionista

GOOD READS

• These Pandemic-Era Habits Just Won’t Die WSJ
• In Today’s Increasingly Digital World, In-Person Shopping Isn’t Going Anywhere — Here’s Why Refinery29