Happy Friday. It’s The SKU! A Retail Brew Summit on October 25! It has the juice of all things retail knowledge. You’ll hear and interact directly with speakers from your favorite brands, network with fellow industry colleagues, and take home tactics you can immediately implement at your company. Hurry! Prices are discounted (we can’t imagine a more beautiful thing) for a limited time. Get your ticket here before the price goes up.
In today’s edition:
—Andrew Adam Newman, Erin Cabrey
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Ahmad Darmansyah/Getty Images
There are devices in the retail world we take for granted. Let’s stop doing that.
Finding closure: In 1952, Floyd Paxton was on a flight home to Washington state and didn’t finish his bag of peanuts. He wanted to cinch up the bag to save for later, so he took a credit card out of his wallet, used a pocketknife to cut out a notched tag that we’d recognize today as a bag clip, and fastened it shut.
It sounds apocryphal, as invention stories sometimes do, but that’s how Paxton told it.
Paxton had sold nailing machines to apple orchards, which at the time shipped apples in wooden crates that were nailed shut. But when the industry began switching to plastic bags in the 1950s, growers closed the bags with tape or rigid wire. As a more reusable and elegant option, Paxton began to manufacture and sell bag clips.
In 1953, Paxton applied for a patent for a device that mechanically fastened the clips onto bags; it was granted in 1955. (A patent for the clip itself, curiously, wasn’t granted until 1973.)
He formed the Kwik Lok Corporation in 1954. And it grew, fittingly, at a steady clip.
Classify your occlupanid. A subreddit for bread clip devotees has more than 1,300 members intent on documenting the objects’ surprising personalities.
Upper crust. For grocery stores, bread tags’ colors can indicate when to remove older loaves from shelves, because, as the Kwik Lok website explains, they “are available in seven colors that permit color coding pull dates.”
Kwik on the uptake. Paxton died in 1975. Kwik Lok still dominates the industry, with factories in the US, Canada, Australia, Japan, and Ireland. They sell “billions” of bag clips yearly, a Kwik Lok executive told Atlas Obscura.
Keep reading here.—AAN
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SMS marketing packs serious potential for brand growth. After all, 95% of texts are read in under 3 minutes. To take advantage of all that exposure (and to avoid sounding spammy), you need messaging that’s clever, curated, and convincing.
Sailthru’s guide can get you there. The Right SMS Message for Every Marketing Initiative is designed to help spark messaging inspo that engages and converts.
Elevate every marketing campaign with features like SMS sign-up incentives, loyalty programs, and seasonal merch drop notifications. From personalized birthday texts to back-in-stock notices, learn how to leverage any occasion toward your revenue goals.
Download your copy of the guide here.
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Courtesy of Authentic Brands Group
While the Beyond Meat nose-biting scandal (more on that later) dominated retail headlines in September, the month saw plenty of other significant C-suite news, like a Reebok intern’s 30-year climb to become CEO. We rounded up the month’s most notable retail hires and departures:
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Todd Krinsky, a 30-year Reebok veteran who began as an intern, climbed to the top rungs of the sportswear company to become CEO. Current chief Matt O’Toole will join new owner Authentic Brands Group as executive vice chairman next year.
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Unilever CEO Alan Jope will retire at the end of 2023. Jope, too, rose through the ranks for three decades, joining the company in 1985 as a graduate marketing trainee.
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Starbucks named Laxman Narasimhan, former CEO of The Reckitt Benckiser Group, as its incoming CEO starting October 1. He’ll take over the role in April, ending Howard Schultz’s third stint as the coffee chain’s chief exec.
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Peloton co-founder John Foley, who left the CEO role in February but remained executive chair, fully resigned from the company. Co-founder and chief legal officer Hisao Kushi and CMO Dara Treseder will also step down.
Making ends meat: Beyond Meat COO Doug Ramsey was suspended from the alt-meat maker after being arrested for allegedly assaulting a man and biting his nose following a college football game.
Kohl’s shoulder: Activist investor Ancora Holdings tried to force out Kohl’s CEO Michelle Gass and chairman Peter Boneparth, following dipping profits and halted talks to sell to Franchise Group. However, the retailer said its board “unanimously supports Ms. Gass and her leadership team.”
Keep reading here.—EC
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And…that's a wrap
It might seem like summer (remember summer?) should somehow still be happening, but nope! It's very firmly fall, the holiday shopping season is just around the corner (Wait, what? It started in mid-July?), and it's the last day of Q3.
So, here, at the outset of the final quarter on the calendar, is a look back at our most popular stories of the past three months:
Is earned wage access the future of hourly pay? Retail’s biggest names are offering workers the option of accessing their hourly pay on demand, hoping it will improve recruitment and retention.
What does it mean for a company to use a ‘Made in USA’ label? As more companies bring manufacturing stateside, here’s what they can and can’t say about being American-made.
A look back at the Great Recession and how it changed the retail landscape There are many differences between the Great Recession and today’s current economic environment, but also significant similarities that stand out.
Logo big or go home: How Nike got its swoosh for just $35 A college student was asked to design a logo that evoked movement. More than five decades later, it’s still just doing it.
Gassed mile: How the USPS’s decision not to purchase more electric vehicles could collide with retailers The USPS appears to snub the Biden administration’s climate agenda, with plans to electrify only 20% of its new delivery fleet. Will carbon-reducing companies now snub the USPS?
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Rev up your revenue. Wunderkind’s 2022 Market Outlook Report lays out actionable steps to prep you for Black Friday, Cyber Week, and beyond. Find out how you can bolster customer loyalty opportunities, use personalized messaging that converts, and stay relevant this season. Download the report here.
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Today’s top retail reads.
Out and about: Move over, digital advertising, as brands increasingly turn to hand-painted billboards to get the word out. (The New York Times)
Wait and watch: The iconic Italian business family behind Ferrari is betting on Chinese fashion, having invested 80 million euros in a Chinese luxury label. But will it work? (Business of Fashion)
Side effect: Rihanna has partnered with the NFL for one big, splashy Super Bowl performance, and Fenty might stand to benefit the most. (Glossy)
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Interested in networking and engaging with top retail brands? We’ve got you covered.
Just give us a quick update on what you’ve been up to in the world of retail and you’ll be entered to win a ticket to The SKU.
We almost forgot the best part: You don’t have to come alone. You’ll also get a second ticket to give to one of your colleagues.
Enter to Win 🎟
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H&M is considering charging customers for online returns to combat rising costs.
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Nike shares slumped 9+% as the retailer continued to deal with supply chain challenges.
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Inflation in Germany spiked to double digits, a first in decades, as energy and food costs rose.
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Peloton lost its lawsuit against Lululemon, as a US court dismissed its trademark-infringement claim.
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Three of the stories below are real...and one is most definitely not. Can you spot the fake?
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One woman secured an interview with Nike by sending her resume printed on a cake.
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A UK jewelry company is selling a pumpkin spiced latte engagement ring for $10,000.
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A New York-based sneaker label has introduced a shoe collection that looks and smells like Krispy Kreme donuts.
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A yogurt brand wants to pay one visitor $50K to tour and experience Iceland.
Keep reading for the answer.
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Catch up on the Retail Brew stories you may have missed.
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OK, but like, we still wish our shoes smelled like donuts.
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Written by
Andrew Adam Newman and Erin Cabrey
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