Retail news that keeps industry pros in the know
Retail Brew delivers the latest retail industry news and insights surrounding marketing, DTC, and e-commerce to keep leaders and decision-makers up to date.
Start your engines—it’s National Cheeseburger Day, and for all those who celebrate, McDonald’s is offering its app users a double cheeseburger for 50 cents. Go ahead, indulge; we won’t tell anyone.
In the meantime, here’s a look at the week ahead:
In store closures: UK-based hardware retailer Wilko announced it will close 124 stores this week after the company failed to find a buyer for its remaining locations. The rest of the chain’s stores will close up shop in early October. However, variety store Poundland and discount chain B&M will acquire up to 71 and 51 of Wilko’s 400 stores, respectively.
- Wilko has faced supply chain issues, a shortage of cash, and increased competition in the United Kingdom.
In events: ICSC@Mid-Atlantic, the annual retail real estate conference, will take place Thursday and Friday in Washington, DC. On Thursday, futurist, urbanist, and author Greg Lindsay will give a keynote address on the effects of the pandemic on downtowns, offices, and shopping centers.
- Real estate experts will also give a presentation highlighting new developments and projects in the pipeline across the country.
Groceryshop starts Tuesday in Las Vegas, and Retail Brew will be on the ground during the three-day conference, which covers the evolution of grocery retailers and the changes in the production and distribution of CPGs.
- Notable speakers include JJ Fleeman, CEO of Ahold Delhaize; Mike LaVitola, co-founder of Foxtrot; and Instacart COO Asha Sharma.
In earnings: Today, Stitch Fix holds its first earnings call since appointing new CEO Matt Baer in June. It’s a challenging time for the company; its cost-cutting attempts included shutting down a distribution center in Pennsylvania that will leave nearly 400 employees out of work.
In January, the company also laid off 20% of its salaried employees, and its former CEO, Elizabeth Spaulding, stepped down. Last quarter, Stitch Fix saw a 20% YoY drop in revenue and an 11% decline in users.