Weekly Consumer News Roundup //January 16, 2024

Here's our weekly roundup of recent consumer and retail news. This week, Amazon, Google, Pixar announce layoffs, Mango plans 500 new stores by 2026, and more.

WORDS FOR THE WEEK

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

M&A and INVESTMENTS

• RBI to acquire Carrols Restaurant Group for $1B Restaurant Dive
• Wolverine World Wide sells Sperry to Authentic Brands Group for $70M CNBC
• TikTok owner ByteDance in talks with Tencent, others to sell gaming assets Reuters
  
• Kosas Taps Bankers to Explore Sale The Information
• Puig Acquires Dr. Barbara Sturm WWD
• Harry Styles Invests in British Brand S.S. Daley WWD
• Compass Diversified to Acquire Majority Stake in The Honey Pot WWD

INDUSTRY NEWS

CPG

Consumer spending growth will slow in 2024, economist predicts

Consumer spending has remained remarkably resilient, but that’s unlikely to continue, says Jack Kleinhenz, chief economist at the National Retail Federation. CNBC

Blueland available in all 515 Whole Foods locations

The move further expands the reach of the DTC cleaning brand, which is also sold through Costco, Meijer, Target and others. Retail Dive

In the Ozempic Age, Has ‘Craveable’ Lost Its Selling Power?

The food industry has long touted its products as impossible to resist. But with a spotlight on the perils of compulsive eating, that tactic is getting another look. NYT

DTC skin care brand Curology launches on Amazon

Following its entrance into physical retail in late 2022 through its partnership with Target, the brand continues to expand its distribution network. Retail Dive

RETAIL

Mango plans to open 500 new stores by 2026

The apparel brand, which is celebrating its 40th anniversary, will expand and launch stand-alone Mango Home locations. Retail Dive

Why Abercrombie & Fitch and American Eagle Are Racing Ahead of the Competition

The chains are exceeding sales expectations in a choppy market by giving young shoppers the products they want, in just the right amount. BoF

REI plans a dozen new stores in coming months

The outdoor retailer will open 10 this year and already has plans for two more in 2025 as well. Retail Dive

CVS to close ‘select’ pharmacies in Target stores in the coming months

Retail pharmacy chains in the U.S. struggle to boost profits. The closures will begin in February and finish by the end of April. CNBC

All Showfields stores will close for good on Saturday

The company, now in bankruptcy, has showcased DTC brands, which until recently have largely avoided wholesale partnerships or physical retail. Retail Dive

Renting Clothes Was Supposed to Be the Future of Fashion. Then Shoppers Got Bored.

Rent the Runway and Stitch Fix are adapting their business models to retain customers as needs and tastes have changed. WSJ

IKEA prices to fall despite Red Sea disruptions, CEO says 

Ingka Group has invested more than 1 billion euros ($1.1 billion) in price reductions across its markets from September to November, and aims to continue lowering prices in 2024. Reuters

Shoppers Prefer Staying Outdoors. That’s More Trouble for Malls.

Bath & Body Works, Foot Locker are among retailers ditching malls for strip centers, other shopping outlets. WSJ

MEDIA & TECH

Walmart Expands Rollout of Generative AI Shopping Search

Walmart Inc. opened up access to a generative artificial intelligence tool that allows shoppers to search for products by specific use cases, rather than look up one item at a time. Bloomberg

Amazon cuts hundreds of jobs in Prime Video and MGM Studios

The online retail behemoth last year cut more than 27,000 jobs as part of a wave of U.S. tech layoffs after the industry hired heavily during the pandemic. CNBC

OpenAI Unveils App Store for Custom Chatbots

People who subscribe to OpenAI’s ChatGPT Plus service will be able to browse the new store for tailored chatbots that perform different tasks. NYT

Google lays off hundreds in Assistant, hardware, engineering teams

Google said it will lay off hundreds at its Voice Assistant unit, while a few hundred roles are being eliminated in the hardware team responsible for Pixel, Nest and Fitbit, with the majority of people in the augmented reality (AR) team being let go. Reuters

As Disney pushes toward streaming profitability, Pixar to undergo layoffs in 2024

The studio stressed the layoffs are not imminent, but will take place later this year as Pixar focuses on making less content. TechCrunch

Uber shutting down alcohol delivery service Drizly

Uber has decided to shutter Drizly, an alcohol delivery service it bought three years ago for $1.1 billion. Axios

RESTAURANTS & HOSPITALITY

How Qdoba is plotting growth in Chipotle’s shadow

Chipotle’s company-owned business model has left a franchised-shape hole in the Mexican fast casual sector. Qdoba wants to fill it. Restaurant Dive

COMINGS & GOINGS

• Rothy’s Names Jenny Ming CEO WWD
• Solo Brands Appoints Christopher T. Metz as President and Chief Executive Officer Yahoo
• Amika Names Chelsea Riggs as CEO Happi
• Under Armour Names New Chief Product Officer, President of Americas WWD
• Andy Campion, Nike’s managing director of strategic business ventures, to exit Retail Dive
• Blackstone Names Global Co-CIOs WSJ
• Sephora Names New Global Chief Digital Officer Happi
• Lululemon names Jonathan Cheung as global creative director Fashion Network

GOOD READS 

• 4 Key Consumer Behavior Questions That Will Shape 2024 Forbes