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This week, Apple releases its first sports app, Macy’s will close 150 stores, and more.
WORDS FOR THE WEEK
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M&A and INVESTMENTS
- London’s Iconic BT Tower in $347 Million Sale to MCR Hotels Bloomberg
- Commerce Media acquired BuzzFeed's media division for $108.6M Bloomberg
- Interior design startup Havenly acquires home décor retailer The Citizenry TechCrunch
- Rowing Blazers Acquired By Burch Creative Capital BoF
- Big Lots acquires entire inventory of toy company Hearthsong Retail Dive
CULTURE/GOOD READS
- The Art and Science of Retail Store Success BoF
INDUSTRY NEWS
CPG
Forty Ounces of Hydrated Consumer Behavior: A Close Look at the Brands Driving the Unexpected Rise of Hydration Accessories
In today’s social media-obsessed world, large hydration tumblers claim their place as today’s must-have accessory. WWD
Diageo steers Captain Morgan further into RTD with cocktail launch
The spiced rum brand is launching its first malt-based beverage item as it seeks a greater presence in the growing canned spirits space. Food Dive
Consumers are tired of inflation. But some retailers fear falling prices
As shoppers await price cuts, retailers like Home Depot say their prices have stabilized and some national consumer brands have paused price increases or announced more modest ones. CNBC
How PepsiCo, Kellanova adapt their snacks to local tastes around the world
CPG companies have turned to different shapes, textures and flavors, such as Cucumber Lays in China and Tangy Tomato Pringles in India, to appeal to native preferences. Food Dive
RETAIL
Inditex Pushes Bargain Brand to Counter Shein
The rapid growth of Shein, with its budget prices, has put significant pressure on the Zara owner and rival fast fashion group H&M. BoF
Shutting down Overstock was ‘a fatal mistake’: Beyond executive chairman
Beyond Inc. will reopen Overstock’s online store in the coming weeks in collaboration with Shopify. Retail Dive
Etsy cedes the market for cheap goods and ultra-fast delivery to Amazon, Walmart, Shein and Temu
The marketplace is working hard to keep mass-produced items off its site and lure discretionary dollars from reluctant consumers. Retail Dive
Macy’s Will Close 150 Stores but Expand Bloomingdale’s and Bluemercury
The retailer, under a new chief executive and facing a takeover bid, outlined a three-year strategy to achieve “sustainable, profitable growth.” NYT
Can IKEA Save the Mall?
The furniture giant has bought a string of locations and says it can rejuvenate them with co-working spaces and Nordic food. WSJ
Vuori, The Athleisure Brand Valued At $4 Billion, Is Halfway To Opening 100 Stores By 2026
With more than 50 retail stores, including three internationally, Vuori is set to reach its goal of 100 stores by 2026 to meet strong and growing consumer demand. Forbes
Gucci, Prada and Tiffany’s bet big on property
A new luxury trend: huge bets on retail properties as there has been a flurry of deals on New York’s Fifth Avenue. The Economist
MEDIA & TECH
Apple launches Apple Sports app with scores and betting odds
The app expands Apple’s involvement in the sports world as it continues picking up rights to air games on Apple TV Plus. The Verge
How Pinterest’s ‘Inclusive AI’ Is Getting Users to Shop
The social-media giant is making it easier for users to find inspirational images of people with similar hair, skin and body types as them, helping it attract Gen-Z consumers who are using shopping features on the platform at a higher rate than any other group. BoF
BuzzFeed plans to lay off 16% of employees after selling Complex
Media group says it will be ‘more profitable, more nimble’ after offloading Complex at a discount and implementing a restructure. Guardian
Sony to lay off 900 PlayStation employees, shut London studio
The layoffs will affect about 8% of the division's staff in regions from the Americas to Asia and come days after Sony slashed the annual sales expectation for its PlayStation 5 console. Reuters
RESTAURANTS & HOSPITALITY
Dunkin' gambles on caffeine-spiked drink after Panera deaths
Dunkin' has introduced new fruit-flavored energy drinks that contain slightly less caffeine than Panera Bread's Charged Lemonades, which led to lawsuits over customer deaths. Axios
Dining out is about to look a lot different
The American restaurant industry is facing a crisis due to severe labor shortages, negatively impacting customer experiences. Business Insider
Wendy’s will soon begin testing Uber-like surge pricing
The price of a Wendy’s Frosty could soon fluctuate throughout the day as the chain looks to introduce Uber-like surge pricing on its menu. CNN
Dutch Bros Expands Into Florida Taking Aim At U.S. Coffee Giants
Dutch Bros, mainly a West Coast and southwest preserve, is heading east to Davenport, Florida later this month on its way to 4,000 outlets. Forbes
COMINGS & GOINGS
- Bed Bath & Beyond, Overstock name new CEOs Retail Dive
- Bumble rejigs top brass under new chief executive Reuters
- Supergoop Names Lisa Sequino New CEO BoF
- Disney’s Head of Live-Action Movies to Step Down WSJ
