Despite Overall Inflation Easing, Online Grocery Prices Continue Their Upward Trajectory
May 15, 2023 : According to the latest report from Adobe, online grocery prices experienced a significant increase of 9.3% in April compared to the previous year, despite price declines in most other categories tracked by the Adobe Digital Price Index. This indicates the persistent inflation within the online grocery sector, although demand for the convenience of online grocery shopping remains strong.
Downtown San Francisco’s Retail Sector Caught in a Spiral of Decline
May 12, 2023 : San Francisco’s downtown retail community faces a challenging situation as Nordstrom and Coco Republic join the growing list of businesses leaving the area. While city authorities are attempting to implement measures to expedite planning, encourage pop-up shops, convert retail spaces into offices, and enhance policing, several major retailers have already closed their doors. The pandemic-induced shift to remote work has left offices vacant, resulting in decreased real estate values, reduced tax revenue for City Hall, and strained public service budgets. This downward spiral has prompted more residents and businesses to depart, further shrinking the tax base.
Dufry and Autogrill merger yields $2.66 billion in Q1 consolidated revenue
May 11, 2023 : The merger between travel retailer Dufry and global travel food and beverage operator Autogrill has yielded positive results. The new entity experiencing substantial organic growth of 51.5% in the first quarter, driving combined turnover to 2.36 billion Swiss francs ($2.66 billion). CEO Xavier Rossinyol attributed this success to the ongoing momentum in the travel sector, with April net sales continuing to perform well compared to 2022 and surpassing 2019 levels at constant exchange rates.
Former First Lady Michelle Obama Joins PLEZi Nutrition as Co-founder and Strategic Partner to Tackle Childhood Obesity through Healthier Food Choices
May 9, 2023 : Former First Lady Michelle Obama has joined PLEZi Nutrition as co-founder and strategic partner, aiming to tackle the sugar problem and inspire change within the food industry. The company’s launch was announced during the Wall Street Journal “Future of Everything Festival,” where Obama expressed her frustration finding healthy food options for her kids and her commitment to addressing the health crisis by starting a food company. PLEZi Nutrition’s mission is to provide healthy and affordable drinks and snacks for children while transforming the entire food industry.
Peloton’s stocks plummet following the announcement of a larger-than-anticipated loss.
May 8, 2023 : Shares of Peloton plunged by 13% on Thursday after the company announced a larger-than-expected loss for Q3 of 2021 and its first-ever predicted decline in subscribers due to an uncertain economic backdrop. Although subscriptions have become a bigger share of Peloton’s business, accounting for 60% of total revenue in the quarter, its hardware sales continue to lag.
J.C. Penney Continues to Struggle Despite Efforts to Boost Sales and Profitability
May 8, 2023 : According to Simon Property Group CEO David Simon, J.C. Penney, the struggling department store that suffered year-on-year declines in 2022 and declared bankruptcy in 2020 has been showing signs of progress.
Nordstrom to Close Canadian Stores and Invest in Technology for Long-Term Improvement
May 4, 2023 : Nordstrom, the luxury department store chain, has announced two changes to its business strategy to improve its results and deliver long-term value to shareholders. Firstly, the company will close its six Canadian department stores and seven Canadian Rack stores by late June due to poor performance in the market. This move will enable Nordstrom to focus on its core U.S. business.
CEO of Prebiotic soda maker Olipop reveals Coca-Cola and PepsiCo have expressed interest as the company approaches $200 million in annual sales
May 1, 2023 : Olipop, a prebiotic soda maker, is expected to surpass $200 million in annual sales this year, just five years after its introduction in grocery stores. Although PepsiCo and Coca-Cola have expressed interest in the company, Olipop’s founder and CEO, Ben Goodwin, is not interested in selling just yet, focusing instead on expanding the business. Olipop presents itself as a healthier alternative to traditional soda, and its formula contains fibre and prebiotics to promote gut health. Despite declining soda consumption over the past two decades, functional soda, which addresses digestive health, has seen a rise in popularity, benefiting companies such as Olipop and Poppi. However, with its premium price point, Olipop faces a challenge during inflation.
Fast-growing retailers set to capitalize on Bed Bath & Beyond store closures in a land grab
April 28, 2023 : Bed Bath & Beyond, which filed for bankruptcy on Sunday, has nearly 500 locations that could become available for other retailers to rent, with its stores closing in high-traffic suburban areas. Given the convenience and proximity to growing communities, these retail spaces could be attractive to doctor’s offices, grocery stores, off-price retailers, and hybrid store gyms.
HMV plans to reclaim top spot on Oxford Street
April 28, 2023 : HMV, the U.K. music and entertainment retailer, will reopen its flagship store on Oxford Street in London after a four-year absence. The store is expected to reopen by the end of 2023, in time for the crucial Christmas holiday season. HMV closed the store in 2019 when the company went into administration and was taken over by Sunrise Records. The decision to return to 363 Oxford Street was due to a “dramatic turnaround,” with HMV returning to profit in 2022.
