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 the U.S. Postal Service’s partnership with Toys R Us to Chewy’s adorable holiday countdown for pets, here’s our closeout for the week.
What you may have missed
Post Service partners with Toys R Us to help St. Nick
The U.S. Postal service is partnering with Toys R Us to expand Operation Santa.
The Post Office has accepted letters to Santa from kids and families for over a century. The letters are anonymously made available through a website where individuals or organizations can read them and fulfill someone’s holiday wish. Toys R Us is offering a curated e-commerce site to make gifting through the program easier.
“[We] are making it easier for individuals and families to spread joy to children in need and make their holiday dreams come true,” said Toys R Us E-commerce Vice President Gary Haas.
Also this year, participants have the option to send gifts using the Postal Service’s newest shipping offering, USPS Ground Advantage, which offers nationwide delivery times ranging from two to five business days.
Office Depot adds Hallmark cards, accessories
Office Depot is adding an assortment of Hallmark products to its party supply offering, the company said in a Monday announcement. The product offering will include greeting cards for all occasions; gift wrap and accessories; notepads, notecards, and journals; and partyware and decorations.
“With Hallmark's renowned occasions assortment, combined with Office Depot's capability to custom print products through our copy and print centers, we are uniquely positioned to be the go-to destination for all of life's special moments,” Andrew Tomlin, vice president of print and business services at Office Depot, said in a statement
Office Depot has also recently started partnerships with the TSA to offer PreCheck enrollment in collaboration with Telos; an expanded college dorm and school supply offering from Dormify; and PowerUp, a program in partnership with Dun & Bradstreet to offer business owners marketing, data and advertising services.
Figs opens second store
DTC scrubs brand Figs opened its second store in Philadelphia on Sept. 19, per a press release. The Rittenhouse Community Hub on Walnut Street hosts an embroidery workshop, shopping experience, lounge and café. The company said it is approximately four times larger than its first brick-and-mortar location in Los Angeles.
The location for the latest retail experience is within two miles of five healthcare institutions, per the company. Figs’ community hubs were made to “reimagine the retail experience by providing healthcare professionals the opportunity to shop for their apparel in a way that never previously existed,” per the brand.
Figs plans to expand on this strategy with more community hub openings set for 2025. Recently, the healthcare apparel brand named a former Lulu exec as its chief financial officer.
Retail therapy
This one goes out to all the good boys out there
Whether you like it or not, the holidays are right around the corner. Bark, however, is bringing back something that even the holiday-reluctant individuals among us can get behind.
The company, known for its BarkBox and Bark Super Chewer subscription boxes, on Thursday announced the return of its Season’s Sweetings Advent Calendar. The calendar, which is exclusively available on Costco’s website and its stores, features eight holiday themed toys and 16 treats for dogs.
“When the Season’s Sweetings Advent Calendar first launched at Costco, it was their loyal shoppers and engaged social media community that helped drive buzz and excitement around this new holiday offering,” Michael Black, Bark’s chief revenue officer and general manager of consumables, said in a statement. “We heard about consistent sell-outs from our customers who said shelves couldn’t be restocked fast enough.”
Bravely barefoot
There’s nothing like the comfort of a pair of slippers on a cool day. But a new brand is bravely asking the question, what if you could enjoy that same benefit on the dirty streets of New York City?
Brave Pudding, a brand named after a housewife in 1776 who threw her pudding down a hill rather than serve it to redcoat soldiers, is using that tale to inspire shoppers in a similar act of bravery: wearing $380 socks outside. The company has named its hero product — a glorified cashmere sock with a rubber outsole — the “Hampton Strolls,” perhaps an appropriate nod to its price tag.
The shoes come in colors like “caviar,” “porridge” and “hazelnut,” and are aimed at customers who “appreciate refined simplicity and elegance,” according to a product page. Brand founder Sarah Fiszel says the idea for Brave Pudding is to challenge conventional thinking and bring interior comfort outside.
“For as long as I can remember, I have been customizing my clothes and gluing soles onto my slippers and wearing them outside,” Fiszel says on the brand’s website. Now, though, shoppers can spend nearly $400 for the same experience.
What we’re still thinking about
$985,320
That’s how much GameStop CEO Ryan Cohen will pay as a civil penalty to settle charges regarding his acquisition of Wells Fargo shares in violation of the Hart-Scott-Rodino Act, according to a release from the Federal Trade Commission. The HSR Act requires companies and individuals to report large transactions over a certain threshold to the FTC and Department of Justice so the agencies can investigate deals prior to close.
Cohen acquired over 562,000 Wells Fargo voting securities, resulting in aggregated holdings that exceeded HSR thresholds, according to the FTC.
96.5%
That’s how much operating income fell in the second quarter for Vince. The quarter ended for the apparel and accessories company with a total of $1.1 million compared to nearly $33 million in the year-ago quarter, according to a company release. Net sales for the quarter increased almost 7% to $74.2 million year over year. Wholesale sales increased nearly 30%, while direct-to-consumer segment sales decreased 18%.
“The strength in our wholesale channel was driven in part by our ability to fulfill demand earlier than expected and helped to offset softer performance in our direct-to-consumer channel which was impacted by store closures and our strategic decision to continue to pull back on promotional activity,” Vince Interim CEO David Stefko said in a statement.
What we’re watching
Here come the holi-deals
Four major retailers announced plans for the holiday season this week, including the first slew of holiday sales events in what is becoming an increasingly long season. As has become standard, Amazon’s fall sales event is back in early October, and both Target and Walmart are matching the e-commerce giant’s sales timing with deals of their own.
Best Buy isn’t even waiting until October to give shoppers a head start on the season, teasing a member-exclusive sales event Sept. 27 to Sept. 29, an Apple trade-up event Sept. 30 to Oct. 13 and a “prep for the holidays event” starting Oct. 21, which offers customers discounts on everything “to be the ultimate host” for the season. All four retailers are offering special benefits for loyalty or paid members.
The surge of announcements is a sign that the holiday season has truly begun and likely portends a larger flood of retailer event notices to come. Bankrupt retailer Big Lots beat them all to the punch last week, though, with the commencement of its “Black Friday Fridays” on Sept. 13.
