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 Amazon facing a proposed class action lawsuit over returns to PopTart’s latest flavor, here’s our closeout for the week.
What you may have missed
Tommy Hilfiger promotes interim CMO to position
Tommy Hilfiger appointed Virginia Ritchie as its global chief marketing officer effective Sept. 1, according to a press release. After serving as the interim while simultaneously leading global consumer engagement, Ritchie is being promoted after 13 years with owner PVH Corp.
“Virginia is an experienced and respected brand leader within our organization,” CEO Martijn Hagman said in a statement. “Over the last 13 years with PVH, she has developed a deep understanding of the Tommy Hilfiger brand DNA and has been a champion for the transformations and evolutions that keep Tommy Hilfiger aspirational and relevant for our consumers.”
Lowe’s has a ball with the NFL
Lowe’s announced on Thursday that it has renewed its multi-year contract with the National Football League. The partnership includes a marketing campaign with a national TV commercial, a refreshed roster of “Lowe’s Home Team” players and the release of a limited-edition DIY Wrist Coach accessory.
"With the return of the NFL season, Lowe's wants everyone – whether they're our DIY and Pro customers or NFL stars – to feel equipped to take on home improvement projects and support the communities they love," Jen Wilson, Lowe’s senior vice president of enterprise brand and marketing, said in a statement.
The Lowe’s Home Team is a group of pro athletes and Lowe’s associates that encourage consumers to rely on the retailer as a trusted expert and partner. This year it features Dallas Cowboys Quarterback Dak Prescott, Pro Bowl Tight End Travis Kelce, Pro Bowl Running Back Christian McCaffrey, Offensive Tackle Kelvin Beachum and Carolina Panthers Quarterback Bryce Young.
Banana Republic is now at Home
Banana Republic on Wednesday launched BR Home. The collection features bedroom, living room and dining room furniture, long with lighting and home décor. Products are crafted from premium materials including French Oak, marble, brass, plush cotton cashmere, and organic cotton, and are sourced and created by global artisans.
“Whether traditional global handicraft, American heritage production, or small companies working in this era of maker culture, product craftsmanship is a Banana Republic legacy," Aaron Rose, Banana Republic’s chief commerce and experience officer, said in a statement. “This dynamic collection celebrates the beauty of high-quality natural materials and skilled artisans, creatives, and those designers whose work reflects our brand values and allows us to support craftsmanship communities around the world.”
BR Home has a dedicated website and will be in select U.S. stores by the end of the month.
Retail therapy
RH wants to reimagine One Ocean Drive, Miami Beach
Luxury furniture retailer RH announced a proposal to “reimagine and restore” One Ocean Drive, Miami Beach, per a company press release Wednesday.
The company formally entered the bidding process for a long-term lease of the public property. The proposal includes restoring the public property’s green space through parks, direct beach access, sculpture gardens, green roofs and more. RH expects a total capital investment ranging from $150 to $170 million, inclusive of an about $50 million in public benefits. It is seeking a 30-year lease term starting at a base rent of $7 million.
“It’s our vision, values, beliefs and culture that bind us and drive us to think until it hurts, until we can see what others can’t see, so we can do what others can’t do,” RH Chairman and CEO Gary Friedman said in a letter. “Those things we live for, would fight for and die for. One Ocean Drive, Miami Beach is not a financial choice for this team, it’s an emotional one.”
Pop-Tart’s new flavor makes all-day breakfast a reality
Pop-Tarts want you to believe that if you bite into it’s newest flavor, you will experience the “classic taste of a fresh off-the-griddle pancake stack just like your local diner would make.” No syrup or utensils required.
Whether revelers believe the sentiment about the new Frosted Chocolatey Chip Pancake Pop-Tarts or not, the brand consistently produces new flavors for its fans, among them are Frosted Banana Bread, Apple Jacks Frosted Apple Cinnamon Flavor and Red, White and Blueberry, according to its website. In July, it announced the return of its highly-requested Strawberry Milkshake flavor, another iteration of its Diner Classics, which first debuted in the 2000s, according to the release.
Both flavors can be found this month in 16-count boxes at Walmart for $4.86, but both flavors will also roll out to retailers nationwide in December.
What we’re still thinking about
$2.8M
That was GameStop’s second-quarter net loss, marking an improvement from a net loss of $108.7 million the year before. The company’s net sales also improved year over year, increasing from $1.136 billion to $1.164 billion, per a company press release Wednesday.
GameStop did not hold a conference call for its Q2 results. Its CFO resigned in August after about a year in the role, just a few months after CEO Matt Furlong was let go and Ryan Cohen was appointed executive chairman.
15M
That’s how many members have joined At Home’s loyalty program, Insider Perks.
“The growth of our Insider Perks program marks an exciting milestone for our business,” Susan Rodgers, chief marketing officer of At Home, said in a statement. “It allows us to better understand our customer and keep them at the center of our decisions.”
The Texas-based home retailer launched Insider Perks in 2017, offering members benefits like special pricing on deals, early access to sales and receiptless returns.
What we’re watching
Amazon faces proposed class action lawsuit over returns
In a lawsuit filed in federal court in Washington this week, four Amazon customers say the e-commerce giant overcharged them for returns, violating its own policies. In court documents they describe in excruciating detail what it took to get track down returns and deal with Amazon customer service when refunds weren’t issued or were mysteriously rescinded. They are demanding a jury trial and proposing a class action on behalf of Amazon customers nationwide.
The e-commerce giant didn’t respond to requests for comment on the lawsuit or whether it, like other retailers, has toughened its policies regarding returns.
Returns have exploded with the rise of e-commerce over the last couple of decades. Return rates in 2022 remained steady year over year at 16.5%, according to research by the National Retail Federation. For Amazon that would translate to $36 billion in returns from its online store alone. “Reverse logistics” has become such a major aspect of retail that the NRF, the largest U.S. retail industry group, this week announced its acquisition of the Reverse Logistics Association.
