Weekly Consumer News Roundup // June 11, 2024

This week, shopping centers are making a comeback, Apple partners with OpenAI to bring ChatGPT to Siri, and more.

WORDS FOR THE WEEK

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

M&A and INVESTMENTS

• Edgar Bronfman Jr. and Bain Capital are considering an over $2B offer for Paramount Global parent National Amusements Bloomberg
• HanesBrands Is Selling Champion to Authentic in $1.2B Deal WWD
• Dollar Tree is exploring a sale of its Family Dollar brand CNBC
• Designer Brands acquires Canadian footwear retailer Rubino Retail Dive
• Cannabis producer Green Thumb explores merger with Boston Beer Reuters
• Jeffrey Lurie exploring sale of a minority stake in Philadelphia Eagles Bloomberg
• Marquee Brands Acquires Totes Isotoner Corp. with Randa as Partner SGB Media
• New Era Cap to acquire '47 in lifestyle brand tie-up Reuters
   

CULTURE/ GOOD READS

• The Ballad of the Birkenstock BoF

INDUSTRY NEWS

CPG

Adults are flocking to the toy aisle even more than preschoolers

Consumers 18 years of age and up spent $1.5 billion in toy-related purchases in the period from January through April, overtaking the three-to five-year-old demographic as the most important age group for the toy industry, according to a new report from market research firm Circana. CNN

Food Companies Are Still Paying the Price for Years of Inflation

Food makers from Campbell Soup to J.M. Smucker are in an extended slump as retailers push for discounts. WSJ

Why Zyn Nicotine Pouches Are So Hard to Find

Ever since Philip Morris International reported sales of Zyn had soared 80% earlier this year, demand has remained elevated while supply is — well, mostly either “sold out” and “out of stock. Bloomberg

Climate Change Is Coming for the Finer Things in Life

As the world warms, extreme weather is disrupting the production of some of life’s great comforts—wine, olive oil, coffee and cocoa. WSJ

Too Faced Is The Estée Lauder Cos.’ Next Brand to Hit Amazon

Following the Amazon launch of Clinique, the Estée Lauder Cos. is debuting another brand on the platform. WWD

RETAIL

Off-price retailers are becoming a hit with Gen Z

Off-price retailers like TJ Maxx and Ross say they are increasingly attracting younger shoppers who are looking to stretch their dollars. Modern Retail

Sporting-Goods Companies Warm Up for Busy Summer

Sportswear companies are moving to clear out leftover inventory to make room for new product lineups ahead of a summer packed with major sporting events, but analysts say any sales benefit will likely take time. WSJ

Five Below Cuts Outlook on Lower Consumer Base Spending Levels

Discount retailer warns that its core low-income shoppers are facing an outsized impact from years of inflationary pressures. WSJ

Costco Plans to Stop Selling Books Year-Round

The decision, which will be implemented in January 2025, could significantly impact publishers. NYT

Why one-stop grocery shopping no longer exists

Consumers are increasingly hitting up multiple grocery stores as they stock the fridge to save money and find exclusive items. Blame it on inflation and the rise of the private store brand. Axios

What Retail Apocalypse? Shopping Centers Are Making a Comeback.

Vacancy is the lowest it has been in two decades, at 5.4 percent, according to a recent report. The properties are thriving even as retailers like Macy’s and Express shutter many stores. NYT

MEDIA & TECH

NBA Nears $76 Billion TV Deal, a Defining Moment for Media and Sports

Advanced talks with NBC, Amazon and ESPN spotlight the staggering value of sports rights and could portend industry changes. WSJ

What’s driving Amazon & Walmart’s subscription wars

From members-only sales events to expanded restaurant delivery offers, Amazon and Walmart continue to add to the ever-expanding list of perks they offer their customers. Modern Retail

Apple brings ChatGPT to its apps, including Siri

Apple is bringing ChatGPT, OpenAI’s AI-powered chatbot experience, to Siri and other first-party apps and capabilities across its operating systems. TechCrunch

RESTAURANTS & HOSPITALITY

Foxtrot Will Rise Again — Sort of

The co-founder of Foxtrot on Wednesday, June 5 announced plans to reopen 15 stores in Chicago, Dallas, and Austin, Texas, this summer. Eater

Why TGI Fridays expects hotels to be a growth channel

The full-service chain, which opened a unit inside Hilton Garden Inn in Hollywood, California, says converting generic restaurants inside hotels decreases time and cost to develop. Restaurant Dive

Momofuku Taps Paul Carmichael for a Restaurant and a New Direction

The former chef at Momofuku Seiobo in Sydney, Australia, returns to New York to play a key role in shaping the company. NYT

The Unlikely New Real-Estate Darling: Restaurants

Low unemployment, rising wages and lifestyles of millennials have increased dining-away-from-home spending. WSJ

COMINGS & GOINGS

• Fair Harbor taps Bethany Muths as president Retail Dive
• Liquid Death names former PepsiCo, Keurig Dr Pepper exec as CFO Retail Dive
• Virginie Viard, Artistic Director of Chanel, Departs WWD
• Kering Names Laurent Claquin Chief Brand Officer WWD
• LVMH's Frederic Arnault named managing director of Financiere Agache Reuters
• Fanatics Hires New Betting Unit CMO From Gucci WSJ
• Joe Benarroch, head of business operations, is leaving X WSJ
• Alphabet names Lilly executive Anat Ashkenazi as CFO Reuters
• Yellow Wood Names Industry Veteran Alfie Vivian To Lead Elida Beauty Happi
• OpenAI hires former Nextdoor CEO Sarah Friar as first CFO Reuters
• Amorepacific Appoints Giovanni Valentini CEO for North America Region Happi