Retail expert Stephanie Hood from The CMO shares her insights into how retailers use various tactics to persuade shoppers into spending more. These methods include urgent-sounding mistake messages, limited-time flash sales, cart abandonment emails offering discounts, and introducing decoy products to influence buying decisions.
Marks and Spencer shoppers in Sunderland are facing the closure of their city center store on May 25, 2024, leaving many devastated. The iconic art-deco building has been a pillar of the community for decades, and locals express concern about the impact on the area. Despite plans for a new M&S Foodhall at Washington Galleries, the seven-mile distance from the existing store poses challenges for some residents, who rely heavily on the city center location. The closure is part of a broader restructuring by Marks and Spencer, which aims to shift focus towards food-only stores and introduce larger, more modern outlets.
According to Bank of America analyst Christopher Nardone, footwear giant Crocs continues to perform exceptionally well, making it an attractive investment opportunity ahead of next week’s earnings release. The company’s strong international sales, particularly in Asia, are expected to drive significant growth in the coming quarters. Additionally, the recent appointment of Terence Reilly as president of the Heydude brand is seen as a positive step towards improving the brand’s performance.
Shares of Kering, the luxury conglomerate that owns Gucci, plummeted after the company issued a profit warning for the first half of the year. The announcement raised concerns about the performance of Gucci, which is Kering’s largest brand.
The high street has faced challenges in recent years due to the rise of online shopping, leading to the closure of several beloved brands. Iconic names such as Woolworths, Blockbuster, BHS, Debenhams, and Barratts have become nostalgic memories, leaving a void in the shopping landscape.
Walmart has announced the closure of another store, located in the Fair Park neighborhood of Milwaukee, Wisconsin. The store will shut its doors for the final time on May 17, affecting 105 employees. The closure is part of a trend of store closures by Walmart this year, with six other locations already closed nationwide. Walmart has other locations in the Milwaukee area, including a Supercenter in West Milwaukee, and employees have been encouraged to apply for positions at other stores. The closure of this store is a reminder of the challenges facing many brick-and-mortar retailers in the face of online competition and changing consumer preferences.
In the face of rising inflation, American consumers are flocking to the Chinese e-commerce platform Temu for affordable shopping options. Temu has captured 17% of the U.S. market share, challenging traditional retailers such as Amazon, Dollar Tree, and Five Below. The platform offers a wide range of products at competitive prices, complemented by discount codes for further savings. Temu has emerged as the No. 1 Shopping App on Apple’s App Store, surpassing Amazon, Target, and Walmart. Orders typically arrive within 10 days from China, but Temu has recently partnered with U.S. warehouses to expedite shipping times. The platform’s success has spurred concern among U.S. dollar stores like Dollar Tree and Dollar General, which have announced closures and layoffs due to changing consumer demands and economic challenges.
Popular clothing retailer Express has filed for bankruptcy and announced the closure of 95 stores across 20 states. The closures will affect locations in New York, New Jersey, California, Florida, Georgia, and more. The Staten Island Mall store will remain open. The Chapter 11 filing will facilitate a sale to WHP Global and mall landlords Simon Property Group and Brookfield Properties.
Express, Inc., a once-trendsetting clothing retailer, has begun closing sales at 95 of its stores following a Chapter 11 bankruptcy filing. The closures include all 10 UpWest stores and represent part of a larger plan to facilitate Express’s sale to a consortium led by WHP Global. Despite the closures, Express plans to continue operating as usual, with over 500 Express and Express Factory Outlet stores remaining open, along with Bonobos Guideshops and online operations.
Foot Locker debuts a redesigned store concept, dubbed the “store of the future,” to revamp its physical footprint and regain brand loyalty. The new stores feature an immersive layout, drop zone for sneaker releases, communal try-on area, elevated brand displays, and a “sneaker hub” for customization. The retailer plans to open five of these stores this year and up to 900 redesigns by 2025. Foot Locker aims to attract customers who shop outside of malls and provide sneakerheads with a unique in-store experience. The new store designs align with brand partners’ requests for enhanced storytelling and product displays. Nike has acknowledged the importance of wholesalers, providing a favorable environment for Foot Locker’s growth strategy.
