It’s been another week with far more retail news than there is time in the day. Below, we break down some things you may have missed during the week, and what we’re still thinking about.
From Princess Polly opening more stores to Petco’s new “Bootique”, here’s our closeout for the week.
What you may have missed
Amazon boosts Prime delivery speed in Canada
Amazon Prime members in select areas of Canada now have even faster delivery options. The e-commerce giant is now offering Prime members in the Toronto area, Southwestern Ontario, and Metro Vancouver the option of click to doorstep delivery in as little as seven hours.
The company has also added a new 5 p.m. to 10 p.m. delivery window for customers in those regions of Canada. Additionally, orders placed by midnight can get delivered by the next morning. Items eligible for overnight delivery are labeled “Prime Overnight” in search results or on detail pages. Customers can select from two delivery windows — 4 a.m. to 8 a.m. or 7 a.m. to 11 a.m.
Amazon introduced Prime in Canada in 2013. The company said last week that it beat its own global record with more than 5 billion units arriving the same or next day — a year-over-year increase of more than 30%.
Princess Polly builds out U.S. store footprint
Apparel brand Princess Polly will be opening more stores across the U.S. in the coming months. The brand, which is owned by A.k.a. Brands, will open five new stores in the second half of 2024.
Courtesy of Princess Polly
The stores will be located in San Diego; Scottsdale, Arizona; Santa Clara, California; Irvine, California; and Boston, the latter of which will mark the brand’s first location on the East Coast, according to a company press release. The expansion comes after Princess Polly opened its first store in Los Angeles last year.
The stores, which will feature over 250 apparel items and over 200 accessories and footwear styles, will also host both influencer and customer-focused events.
“Growing Princess Polly’s physical retail footprint across the U.S. reflects our commitment to listening to our customers and delivering an unmatched in-store customer experience,” Wez Bryett, co-CEO of Princess Polly, said in a statement. “The five new stores will give fans a chance to touch and feel our products and to physically interact with the brand they’ve come to love online.”
Game Informer shuts down
After 33 years, Game Informer magazine is shutting down. The publication is owned by GameStop, which describes the publication as the “go-to destination” for gaming.
A farewell message on the publication’s website thanks its readers. “While our presses may stop, the passion for gaming that we’ve cultivated together will continue to live on,” it states. GameStop did not immediately respond to questions regarding the decision to shutter Game Informer.
Gap is now GAP on Wall Street
Gap Inc.’s once-iconic flagship brand, which some analysts have seen as in unrelenting decline, is getting a vote of confidence of sorts from its parent company. As of Aug. 22 — the day in 1969 when Gap’s first store opened in San Francisco — the conglomerate’s shares will trade on the New York Stock Exchange as “GAP,” retiring its current “GPS” ticker. Gap employees will ring the NYSE opening bell and will dress the trading floor in Gap denim and 1969 sweatshirts, per a company press release.
“Updating our NYSE ticker symbol to GAP on our 55th anniversary recognizes both an important milestone and the reinvigoration journey we’re on — inspired by our past, engaged in the present, and eager to shape the exciting evolution of our house of iconic American brands.” Gap Inc. CEO Richard Dickson said in a statement.
Retail therapy
Auntie Anne’s enters fragrance
Mall favorite Auntie Anne’s on Tuesday released an exclusive fragrance, Knead, that captures the signature smell of its chain shops. Knead captures the aroma of its pretzels as a “wearable scent infused with notes of buttery dough, salt and a hint of sweetness.”
Image courtesy of Auntie Anne’s
“There are few scents more recognizable than the aroma of Auntie Anne’s,” Julie Younglove-Webb, chief brand officer at Auntie Anne’s, said in a statement. “Smell is a special and powerful sense. Over the years, fans have shared their memories and experiences that began with just a whiff of our pretzels. We’ve bottled that moment and can’t wait for fans to enjoy it in a whole new way.”
In honor of the launch, Auntie Anne’s will open a Pretzel Parfumerie on August 13 in SoHo, New York. The sensory experience offers customers a complimentary tote bag and original pretzel. Those who purchase a bottle of the fragrance in-person at the pop-up will also receive an additional gift.
Knead is available in a one ounce bottle for $25 and 3.4 ounce bottles are $45. If you can’t make it to the pop-up, the fragrance can be bought online August 14.
Petco launches fall-themed Bootique
Petco launched its Halloween shop and fall collections on Wednesday, unveiling the pet retailer’s “Bootique.” The company brought back bestsellers and added new products to include over 300 items in the shop like costumes, decorative toys, treats, home decor and other everyday pet supplies. Ninety-percent of the items are under $15.
Image courtesy of Petco
Petco added products like a fairy costume, a pup latte headpiece and costumes for other animals like guinea pigs and bearded dragons. The company also expanded its pumpkin spice assortment and reflective gear from Petco’s private label Reddy.
Additionally, Petco is offering a fall grooming package for $28 from Sept. 3 through Nov. 2. The package can be added to a full-service bath or groom and features an apple blossom-scented wash and a fall-themed bandanna.
What we’re still thinking about
$0.6M
That’s how much Solo Brands’ net sales grew by in its most recent quarter, according to a company press release. The retailer also swung to a loss of $4 million and lowered its guidance for the year in the face of the “uncertain” macro environment. The parent company of Chubbies and Solo Stove, among other brands, is using 2024 to stabilize the business, with an aim of returning to growth in 2025.
“We are pleased with our second quarter results and were encouraged to see strong retail sales and sequential improvement in our direct-to-consumer business,” CEO Chris Metz said in a statement. “During the quarter we continued to make investments in talent and systems, setting the foundation needed to drive sustainable long-term growth while also completing the Solo Brands’ strategic plan based on an in-depth analysis of our business. However, the near-term environment remains quite challenging and quarter to date, we are experiencing softer demand trends in our business as consumers are being more selective with their spending.”
3.3%
That’s how much total orders declined during Bark’s most recent quarter, according to a company press release. The pet retailer recorded 3.4 million orders during Q1, mostly because it had fewer Barkbox and Super Chewer subscribers year over year. That hit revenue, too, which declined 3.6% to $116.2 million. Net loss narrowed slightly in the quarter, from nearly $12 million last year to $10 million this year.
"Fiscal 2025 is off to a strong start, building on the momentum we established last year. Our first quarter results are a testament to our continued progress, and we remain confident in our ability to deliver revenue growth through the year and achieve our first full year of positive Adjusted EBITDA and free cash flow," CEO Matt Meeker said in a statement. "Looking ahead, we anticipate ongoing improvements across the business, supported by a talented management team that is already implementing strategic shifts that we believe will drive long-term growth in revenue and profitability."
What we’re watching
The company formerly known as Bed Bath & Beyond sues Ryan Cohen
The company formerly known as Bed Bath & Beyond is suing Ryan Cohen and his company RC Ventures on allegations of insider trading. The plaintiff, known as 20230930-DK-Butterfly01, is attempting to recover over $47 million, stating that Cohen and his company made “dozens” of purchases and sales of securities between January and August of 2022 while acting as “statutory directors” of the retailer. Bed Bath & Beyond, they state, is entitled to recover some of the short-swing profit.
via https://www.aiupnow.com
Retail Dive Staff, Khareem Sudlow
