Weekly Consumer News Roundup // December 12, 2023

Here's our weekly roundup of recent consumer and retail news. This week, Macy's receives buyout offer, Google debuts Gemini generative AI model, and more. 

WORDS FOR THE WEEK

For more inspiration, visit @dailystoic and @dailyphilosopher on Instagram. 

M&A and INVESTMENTS

• Macy’s received a $5.8B buyout offer from Arkhouse Management and Brigade Capital Management Bloomberg
• It’s a 10 Founder Acquires Canadian Hair Care Company Nisim Happi
• Skydance and RedBird Capital Exploring Paramount Deal CNBC
• Unified Commerce to Buy Spiritual Gangster WWD

INDUSTRY NEWS

CPG

White Claw launches 0% alcohol seltzer range

White Claw is introducing a new seltzer for adults which is designed to replicate the taste of an alcoholic drink, without the alcohol. FoodBev

Cigarette Maker Cuts Value of Camel and Other U.S. Brands by $31 Billion

British American Tobacco told investors that it had reassessed the “useful economic lives” of some of its brands amid waning sales and a shift toward vaping. NYT

Campbell Soup’s Goldfish launches potato chip-inspired crisps

The innovation marks the first time the food manufacturer incorporated spuds into the nearly $1 billion snacking brand, which is popular among teens and adults. Food Dive

SmileDirectClub to Shut Down

Bankrupt tooth-alignment venture once valued at $8.9 billion is now set to liquidate. WSJ

Selena Gomez Enters Fragrance and Body Care With Find Comfort

The singer-actress-entrepreneur is expanding Rare Beauty beyond color cosmetics for the first time. WWD

Hasbro laying off 1,100 employees

Hasbro is slashing nearly 20% of its workforce amid an ongoing slump in toy sales. CNN

RETAIL

Shopping for Luxury Online Has Fallen Out of Fashion

Investors are suffering from buyers’ remorse as luxury e-commerce sites lose money. WSJ

Apparel retailers dominate prime corridor leasing: report

Athleisure brands in particular are leading the way this year, with Lululemon and Vuori opening stores in popular shopping districts. Retail Dive

Swarovski unveils new flagship store in NYC

The Fifth Avenue location is part of the jewelry brand’s North American brick-and-mortar expansion. Retail Dive

Uniqlo to Open 20 Stores in North America in ’24

The Japanese retailer operates 72 units in the region that had sales of 164 billion yen in fiscal 2023. WWD

Macy’s Billion-Dollar Question: What’s More Valuable, Real Estate or the Business?

Some analysts say retailer’s ownership of hundreds of stores is key to investors’ buyout bid. WSJ

Walmart is going after Amazon in a new way — and borrowing a strategy from Target

Walmart is leaning more into its 4,700 US stores to fulfill orders for its growing e-commerce business. It's a strategy that rival Target has been laser-focused on for a decade, with notable success. Business Insider

The American Store Is Shrinking

Evolving shopping habits, rise in e-commerce soften demand for department stores, other big-box space. WSJ

MEDIA & TECH

Google debuts powerful Gemini generative AI model 

Unlike other AI models, Gemini was trained to recognize, understand, and combine different types of information including text, images, audio, video, and code. YouTube

TikTok becomes first non-game app to reach $10B in consumer spending

The app, which reached 1 billion monthly active users in 2021, has now become the first non-game mobile app to generate $10 billion in consumer spending across the Apple App Store and Google Play combined. TechCrunch

Netflix to Serve Up Live Tennis, Featuring Nadal and Alcaraz

The streaming company’s latest live sports event features two big names in tennis. WSJ

‘Gamified’ virtual stores target new generation of consumer

Gen Z’s approach to experiential retail means gamified environments that reward people for spending time. Shopping is a bonus. Vogue Business

RESTAURANTS & HOSPITALITY

McDonald’s wants to add 9,000 new locations in the next three years

McDonald’s is seemingly everywhere. That’s apparently not enough. The burger chain plans to have 50,000 locations globally by 2027. CNN

Ghost kitchens are making a post-pandemic pivot to survive

As various challenges — such as inflation and lack of profitability — hit the industry, major ghost kitchen players are making changes to their original business model and pausing growth plans. Modern Retail

McDonald’s to open first CosMc’s spinoff restaurant this week

McDonald’s is positioning CosMc’s as a fast, convenient way to grab a pick-me-up snack or coffee. CNBC

COMINGS & GOINGS

• Nobull Appoints Ex-Timberland President as COO SGB Media
  
• Alibaba President Exits Farfetch Board BoF
• Clean Makeup Brand Youthforia Makes Key Appointments Happi
• Luxury vintage e-tailer ReSee names Vestiaire Collective co-founder Sébastien Fabre as CEO Fashion Network
• Spotify CFO to Exit The Information
• Lanvin Group Replaces Joann Cheng With New CEO BoF
• Michelle Gass to take over as Levi’s CEO in January Retail Dive
• Strava Appoints Former Nike Exec as CEO SGB Media
• General Mills leadership changes further push into pets, international segments Food Dive
• Chewy Names David Reeder as Next Finance Chief WSJ
• Shake Shack CEO Garutti to retire next year AP
• Jacquemus CEO Bastien Daguzan takes on president role Vogue Business

GOOD READS 

• Farfetch wanted to be luxury’s tech backbone. What now? Vogue Business
• The US shoplifting scourge is a lot of hype with little evidence CNN
• A Soulless Holiday-Shopping Strategy The Atlantic