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Here's our weekly roundup of recent consumer and retail news. This week, Amazon increases luxury channel with Coach partnership, Spotify will now offer audiobooks to subscribers, and more.
WORDS FOR THE WEEK
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M&A and INVESTMENTS
- Apple Mulls $2 Billion a Year Offer for Formula 1 Rights Business Insider
- Celebrity Hotspot Cipriani Seeks $526 Million for Global Push Bloomberg
- Ketel One owner offers $285 mln for Dutch gin maker Lucas Bols Reuters
- Resy and Eater co-founder raises $24M for Blackbird, a restaurant loyalty platform TechCrunch
- MVC Group Acquires Majority Stake in Triathlon Gear Company Zoot WWD
INDUSTRY NEWS
CPG
Online discount grocer Martie launches nationwide
With grocery prices continuing to rise, Martie is positioning itself as a solution for Americans looking to save money on food costs. Modern Retail
America’s Food Giants Confront the Ozempic Era
Big food companies and investors are watching as Ozempic and other similar weight-loss drugs flow to millions of people, upending America’s diet industry and raising new questions about how consumers will eat. WSJ
Nonalcoholic drinks brands are testing out ‘Sober October’ campaigns
Known as the younger sibling of Dry January, Sober October has gradually become a popular challenge for people trying to cut back on drinking. Modern Retail
Why FSA accounts are an ‘untapped opportunity’ for wellness brands
Shoppers are getting savvier about ways to spend their FSA dollars, a pretax benefit available to roughly half of the U.S. population, according to the Bureau of Labor Statistics. Modern Retail
Mexican liquors and beers are on the rise in the U.S.
Effective marketing, shifting demographics and changing consumer trends have driven demand for tequila, mezcal and beer brands such as Modelo Especial and Corona Extra. CNBC
‘Pharmageddon’: Walgreens walkout this week could make your prescriptions hard to get
Employees at major pharmacy chains like CVS and Walgreens say their demanding work schedules are bad not only for them but for patients. Fast Company
RETAIL
Spookery, On Demand: Spirit Halloween Partners with DoorDash
Via a new partnership with DoorDash, Spirit Halloween will make costumes, décor, candy and accessories available for same-day delivery from its 1,500+ stores in less than one hour on average. Retail Touchpoints
Amazon Used Secret ‘Project Nessie’ Algorithm to Raise Prices
The strategy, as described in redacted parts of FTC lawsuit, is part of agency’s case that Amazon has outsize influence on consumer prices. WSJ
Gen Z headed to malls this holiday season: report
Nearly half of young shoppers said they’ll do their holiday shopping at malls as consumers plan to spend $530 on gifts, down from $612 last year. Retail Dive
Adobe Sees Holiday Sales Online Up 4.8% to $221.8 Billion
Mobile shopping is seen surpassing desktop shopping for the first time this holiday season. WWD
Target Spotlights Toys Priced Under $25, Creates Virtual Toy Shop
Responding to consumer concerns about the impact of inflation on their holiday budgets, Target is offering thousands of toys and games priced under $25, with some items as low as $7.99. Retail Touchpoints
As Amazon attracts Coach, the platform is becoming a fashion brand hotspot
“While it may not always be seen as a channel for luxury, many consumers do search for higher-end items on Amazon and are willing to buy big brands from the site.” Glossy
Our Place launches on Amazon
The move adds to the DTC cookware brand’s channel expansion in recent years, which has also included opening stores of its own. Retail Dive
Can American department stores save themselves?
US retailers are navigating a tired wholesale model and ambivalent consumer demand. To cope, they’re banking on loyalty plays and high-spending consumer retention. Vogue Business
Showfields, Once Named The Most Interesting Store In The World, Files For Bankruptcy
Showfields files for Chapter 11 bankruptcy protection, just a few weeks after closing its Manhattan and Miami locations. Forbes
Target Is Blaming Theft for Store Closures, But Landlords Say Otherwise
Target Corp. grabbed national headlines last week when it blamed worsening theft for its plan to shut nine stores in four states, feeding into a narrative on the deteriorating state of America’s cities. Bloomberg
MEDIA & TECH
Maybelline New York debuts virtual beauty, music experience on Roblox
Brands and retailers are flocking to the online game platform to create virtual worlds filled with digital replicas of their products. Retail Dive
Spotify Gave Subscribers Music and Podcasts. Next: Audiobooks.
A year after adding à la carte sales of audiobooks, Spotify is offering paying subscribers 15 hours of books a month. NYT
Hate returning packages? Uber will now do it for you
The rideshare giant unveiled a new product update that allows users to request an Uber to specifically drop off their e-commerce packages at a local post office, FedEx or UPS outpost. CNN
Netflix Plans to Raise Prices After Actors Strike Ends
Company to become the latest streamer to lift fees; Disney weighs launching a new live-sports tier abroad. WSJ
Bill Gates-Backed Startup Launches AI Chatbot for Personalized Movie, Book Picks
Chatbot runs on OpenAI language-processing tech and will learn user preferences over time. WSJ
ChatGPT can now predict fashion and beauty trends
The former Google Trends researchers behind AI firm Spate have tested a new way to predict and analyse consumer trends using ChatGPT, including exclusive insights into how fashion and beauty can tap into the impending zeitgeist. Vogue Business
RESTAURANTS & HOSPITALITY
Popeyes overtakes KFC as No. 2 chicken chain, but Chick-fil-A stays on top
Popeyes is now the No.2 chicken chain in the U.S. Both Popeyes and KFC have lost market share to Chick-fil-A over the past year. KFC’s domestic business has struggled to keep up with the competition. CNBC
Hilton signs on for Waldorf Astoria Residences Pompano Beach
American multinational hospitality company Hilton is taking to South Florida to open its subsidiary’s first stand-alone living concept. Luxury Daily
McDonald’s and Wendy’s win false advertising lawsuit
A federal judge dismissed a lawsuit brought against the two companies accusing them of selling smaller hamburgers than advertised and alleging the food didn’t look as appetizing in person as pictured on their websites. CNN
COMINGS & GOINGS
- Liquid Death hires ex-White Claw executive as its first chief commercial officer Food Dive
- Divya Mathur Joins Revolve Group as Fashion Director WWD
- Walgreens CIO Hsiao Wang out amid C-suite shakeup Retail Dive
- Kravets Named CEO of Lancer Skincare Happi
- Maurice Marciano Steps Down as a Guess Board Member WWD
- Alan Murray to Step Down as C.E.O. of Fortune NYT
- Brooklinen appoints new CEO Retail Dive
- Shein Appoints Vice Chairman SGB Media
- Rolls-Royce Motors CEO to Retire Luxury Daily
- Rupert Campbell Stepping Down as Head of Adidas North America WWD
- Shein names new group vice chairman Retail Dive
GOOD READS
