Weekly Consumer News Update // July 4, 2023

Happy Fourth of July! 🎆 Here's our weekly roundup of recent consumer and retail news. This week, Fenty Beauty debuts in Roblox, Meta announces launch of Twitter competitor, and more. 

WORDS FOR THE WEEK

M&A and INVESTMENTS

• Authentic Brands Group Gets Another $500 Million From General Atlantic WWD
• Monster Beverage set to buy Bang Energy for up to $362M Food Dive
• Cart.com Secures $60 Million in Series C Funding WWD
• TSG Is Exploring Sale of Outdoor, Ski Gear Retailer Backcountry Bloomberg
• Little-known NJ baby retailer Dream on Me tentatively wins rights to Buy Buy Baby’s IP CNBC

INDUSTRY NEWS

CPG

Costco is cracking down Netflix-style on shoppers sharing membership cards to use at self-checkout

Costco shoppers using the self-checkout lanes at the warehouse club are increasingly being asked to show a member ID with their photo as the company aims to rein in unauthorized card-sharing. Business Insider

Popstars are driving prices up as fans flock to concerts

Concert tickets have surged in price, to the point where economists are noticing. Fans are shelling out a fortune for tickets to see the world's biggest music acts, including names like Taylor Swift and Bruce Springsteen who haven't toured for years. Reuters

Once a staple of grocery and mass retailers, Danone digs in at discount stores

The retail channel is one of the fastest-growing segments of the dairy and plant-based giant’s business in the U.S. with sales forecast to top $100 million in 2023. Retail Dive

Americans are feeling more confident about the economy

Americans are feeling fairly bullish about the US economy: A key measurement of consumer confidence just jumped to its highest level since January 2022. The Conference Board’s Consumer Confidence Index was 109.7 in June, rising from 102.5 the month before, according to a report released Tuesday. CNN

Overstock.com will change website name to Bed Bath & Beyond as deal closes

The e-commerce home goods retailer will no longer go by its eponymous name online and will instead move under the Bed Bath & Beyond domain name in the coming weeks after acquiring the bankrupt rival’s intellectual property. CNBC

Why GenZ Is Drinking Less And What This Means For The Alcohol Industry

By being more focused on its physical and mental health, GenZ is driving the rise of the NoLo movement, paving the way for a new face of the drinking industry. Forbes

Walgreens announces plans to close 150 stores in US

The closures are part of a cost-cutting effort that just got its sixth target increase. The company projects at least $800 million in savings in 2024, for an accumulation of $4.1 billion by then. Retail Dive

Sriracha sauce is selling for as much as $120 amid prolonged shortage

Huy Fong Foods, which makes the rooster-adorned bottled sauce, has been dealing with a years-long shortage of the chilis, which is hurting production and causing some shortages. CNN

Lonely adults are driving a boom in stuffed animal sales

Stuffed animals aren't just for kids anymore. Adults are clamoring for squishy friends and weighted plushies. For some people, stuffed animals help  alleviate anxiety and loneliness. Business Insider

RETAIL

Kim Kardashian’s Skims Is Opening Its First Stores Next Year

Skims is set to debut its first flagship store in Los Angeles in the first half of 2024, followed by a second opening in New York. WWD

Spirit Halloween Begins Hiring 40K Workers as it Readies Record Number of Seasonal Stores
Spirit Halloween is planning to open 1,500 temporary locations this fall across the U.S. and Canada — the most ever in the company’s 40-year history — and has begun the process of hiring the thousands of employees it will need to run them. Retail Touchpoints

H&M to grow third-party brand strategy as online rivalry intensifies

H&M is adding more third-party brands to its stores and websites to attract more paying customers. The Swedish retailer has added 70 outside brands to its marketplace platform in six markets. Reuters

Alo Yoga Plans 50+ New Store Openings, With First Locations In Paris And London By 2024

With over $1 billion in sales in 2022 and new store openings on the way, Alo Yoga bets on retail expansion to generate further growth and affirm its cult-brand status. Forbes

Christmas Tree Shops to Liquidate All Stores

Lenders terminated a loan funding the retailer’s bankruptcy after the company breached terms due to worsening sales, liquidity. WSJ

Venus Et Fleur, Known For Its Long-Lasting Flowers, Is Opening Boutiques And Revolutionizing The Floral Industry

Venus Et Fleur currently has nine locations open but it has plans to open four to six doors over the next several years, including some international openings. Forbes

Retailers brace for hit to discretionary spending, holiday sales as Supreme Court nixes student loan forgiveness

Apparel, home goods and electronics will likely be impacted the most as households pull back further in order to pay down debt. Retail Dive

TECH

Fenty Beauty Debuts in Roblox, Invites Users to Co-Create Product

Rihanna, the former Savage x Fenty CEO, is now focusing on the Fenty Beauty experience and bringing it to the metaverse. WWD

Google lays off staff at its mapping app Waze

Alphabet-owned Google said it is cutting jobs at mapping app Waze as it merges the app's advertising system with Google Ads technology, without giving details on the number of layoffs. Reuters

Zuckerberg Looks to Deliver Hit to Musk With Upcoming Twitter Clone Named Threads

The planned Meta microblogging app, set for release Thursday, is seen as a potential rival because of the Instagram connection and the company’s history. WSJ

COMINGS & GOINGS

• Heyday names new CEO Retail Dive
  
• The Children’s Place vet joins Claire’s as chief merchandising officer Retail Dive
• L Catterton Appoints Peter Chang As Managing Partner SGB Media
• Amazon Fulfillment Chief Leaves for Delivery Startup ShipBob The Information
• Under Armour Shuffles C-suite, Chief Product Officer to Exit WWD
• McCormick & Co. names insider Brendan Foley as CEO Food Dive
• Gerry Murphy to Become Chairman of British Supermarket Group Tesco WWD
• Avery Baker Steps Down as President and Chief Brand Officer of Tommy Hilfiger Global WWD