Weekly Consumer News Roundup // June 25, 2024

This week, Netflix to open 2 massive venues with experiences & shops themed to its shows, Target taps Shopify to add sellers to its third-party marketplace, and more.

WORDS FOR THE WEEK

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

M&A and INVESTMENTS

• Drinks maker Britvic rejects $3.93 billion takeover proposal from Carlsberg Reuters
• KKR to buy European music festivals owner Superstruct Entertainment for €1.3bn Financial Times
• Sony Music is reportedly acquiring Queen's music catalog for ~$1.3B Yahoo
• AmEx to buy restaurant booking platform Tock for $400 mln Reuters
• Lassonde to acquire Summer Garden Foods for $235 million Food Business News
• Space NK Sells Off US Wholesale Arm to PCA Companies BoF
  
• Bragg Live Food Products explores sale Reuters
• LVMH acquires legendary Paris bistrot Chez L'Ami Louis Reuters
• Carlyle pushing ahead with sale of Italian fashion brand Twinset Reuters
• Naomi Watts' Stripes Beauty acquired by LVMH-backed L Catterton Fast Company
• OpenAI buys remote collaboration platform Multi TechCrunch
• LVMH Chief Arnault owns stake in luxury rival Richemont Reuters
• Revolve Acquires Alexandre Vauthier BoF

CULTURE/ GOOD READS

• Americans could be on a tight budget this summer CNN
• Consumer Retail Industry Trends in a Polarized Market Robin Report

INDUSTRY NEWS

CPG

Hooters launches line of frozen appetizers and snacks

The restaurant chain said the initial roll out of wings and popcorn chicken will be followed by other products later in 2024. Food Dive

Production of a favourite sriracha was halted — again. 

Huy Fong sriracha sauce is among the most popular hot sauces in North America, but the company is struggling to keep up with demand. CBC

Why craft brands are warming up to decaffeinated coffee

Decaf coffee is having a moment, and third-wave specialty roasters are rushing to offer caffeine-free and half-caf versions of their products to meet demand. Modern Retail

Seriously, Boxed Wine Is Really Good Now

The much maligned "Cardboardeaux" has been given a serious upgrade. Robb Report

RETAIL

Why online furniture platforms like Kaiyo are turning to physical retail

Kaiyo is one of a number of digitally-native furniture platforms making the move to physical retail to appeal to younger shoppers, many of whom are furnishing their first apartments and prefer to buy big-ticket items in person. Modern Retail 

Target taps Shopify to add sellers to its third-party marketplace

Target is turning to Shopify to add new and trendier brands to its website. CNBC

Eastern Mountain Sports, Bob’s Stores file for bankruptcy

Facing a “liquidity crisis,” Bob’s Stores and Eastern Mountain Sports, which are owned by GoDigital Media Group, this week jointly filed for Chapter 11 bankruptcy. The chains run about 50 stores and employ about 771 people, per court filings. Retail Dive

Brookfield’s Plan to Turn Malls Into Minicities Falls Short

Six years after big bet, only two malls have been redeveloped in this way. The slow pace of its redevelopment efforts shows how difficult, expensive and time consuming it is to revamp enclosed malls. WSJ

Walmart Partners With American Giant Bringing U.S.-Made Apparel To Millions

American Giant has partnered with Walmart to sell high-quality, American-made t-shirts in 1,700 Walmart locations across the United States. Forbes

Fast fashion retailer Shein confidentially files for London IPO

Shein, the fast fashion giant with links to China, has confidentially filed for a public listing in London as it faces backlash in the U.S. CNBC

MEDIA & TECH

Netflix to open 2 massive venues with experiences, shops themed to its shows

The “experiential” complexes, called Netflix Houses, will include elaborate events, themed gift shops and restaurants. CNN

Spotify launches a new Basic streaming plan in the US

Spotify is introducing a new “Basic” streaming plan in the U.S. The new plan costs $10.99 per month and includes all of the benefits of a Premium plan but without the monthly audiobook listening time. TechCrunch

TikTok Shop is winning over Gen Z adults, tying with Instagram as their top social shopping app

TikTok and Instagram were the top social apps where Gen-Z adults made purchases, according to a new Morning Consult survey. Business Insider

BuzzFeed Struggles to Sell Owner of Hit YouTube Show ‘Hot Ones’

Several parties are interested but balk at $70 million price. Proceeds of about $50 million would help company pay off debt. Bloomberg

Major Labels Sue AI Firms Suno and Udio for Alleged Copyright Infringement

Spearheaded by the RIAA, Universal, Warner and Sony have banded together to sue two of the most advanced start-ups in the emerging field of AI music. Billboard

Inspired by Gen Z, Pinterest users can now turn boards into videos for sharing on Instagram and TikTok

Catering to Gen Z’s demand for video-focused features, the company will now allow users to create short videos of their curated Pinterest boards, designed to be shared on social media. TechCrunch

RESTAURANTS & HOSPITALITY

Wawa’s Hoagiefest continues a run of foodservice value deals

With 62% of U.S. consumers eating less fast food due to inflation, c-stores and restaurants are leaning more into discounts and promotions. Restaurant Dive

Chipotle Introduces ‘Chipotle Boy’ Bowls Targeting Male Finance Professionals

Chipotle is acknowledging its most regular customer base as young urban male suited and booted office workers, and it’s launching a meal special to cater specifically to them. Retail Wire

Pizza Hut abruptly shutters 15 locations, 120 more seen in danger of closure

Pizza Hut has abruptly shuttered 15 locations in the Midwest with more than 120 others at risk of closing down after the chain landed in a bitter legal dispute with a franchisee. NY Post

McDonald’s releases a new $5 value meal to combat inflation

McDonald’s has revealed the details of its highly anticipated $5 value meal, which the fast food chain hopes will rev up sluggish sales and lure back customers who have cut back. CNN

Why Your Starbucks Frappuccino Is Now Half-Price

The coffee chain, long known for premium brews, is pumping out more deals to woo price-sensitive customers. WSJ

Bulgogi Tacos, Fire Pits and Tequila Bars: Concertgoers Shell Out for VIP Treatment

Venues offer more options to superfans seeking to swap sticky floors for souped-up suites—‘money can buy experience’. WSJ

COMINGS & GOINGS

• Claire’s CEO Ryan Vero exits Retail Dive
  
• Gap Inc. names new CTO Retail Dive
  
• Nike Design Exec Tania Flynn Lands at Athleta BoF
  
• Herbivore Botanicals Names Britany LeBlanc CEO WWD