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 retiring with Taco Bell to a Build-A-Bear on the Magnificent Mile, here’s our closeout for the week.
What you may have missed
Von Dutch acquired by a brand management firm
WSG Brands on Wednesday announced that it acquired fashion and lifestyle brand Von Dutch, according to the company. Under its new ownership, the brand will be led by Jack Cheika and Marc Benitez, WSG’s CEO and COO.
“WSG will ensure that each Von Dutch piece — from classic trucker hats to its spirited, rebellious ready-to-wear — will stay true to the authenticity and heritage of Von Dutch as a symbol of dynamic self-expression and bold individuality,” the brand management firm said in a statement.
Groupe Royer and its subsidiary Royer Brands International transferred ownership of the brand to WSG last month. A spokesperson for the company declined to comment on how much WSG paid for the acquisition or the financial terms of the agreement.
Build-A-Bear heads to Chicago’s Magnificent Mile
Build-A-Bear Workshop has opened its latest store in Chicago’s famous Wrigley Building in the heart of the city’s Magnificent Mile.
Image courtesty of Build-A-Bear
“At Build-A-Bear Workshop, we are committed to creating unforgettable memories for families and kids of all ages through our unique, hands-on retail experience,” Chris Hurt, chief operating officer at Build-A-Bear Workshop, said in a statement. “We are thrilled to open our Workshop doors in the Wrigley Building, a historic and vibrant tourist location on Chicago’s Magnificent Mile, and we look forward to welcoming Guests of all ages to create their very own furry friends.”
The retailer is hosting a grand opening event on Saturday in honor of the new store, which includes giving away free Lil Cub teddy bears to the first 50 customers to visit the store that day. The event will also include mascot appearances and additional giveaways.
John Legend, Chrissy Teigen named Ipsy Icon Box collaborators
Beauty membership company Ipsy on Thursday announced John Legend and Chrissy Teigen will be the latest collaborators of its Icon Box.
Image courtesy of Ipsy
“Self-care is a family affair at our house,” Legend said in a statement. “Despite our busy lives, we’re always sharing product recommendations and finding ways to pamper ourselves and each other — even if it’s just for a few moments. That’s why we were thrilled to collaborate with IPSY on the August Icon Box.”
Ipsy’s Icon Box is a quarterly upgrade offered to its members. Past Icon Box curators have included Patrick Starrr and Gwen Stefani.
Brands included in this quarter’s box are Il Makiage, GXVE Beauty, Drunk Elephant, Fenty Skin and Pat McGrath Labs. Legend’s Loved01 skin care brand and Teigen’s Cravings food and lifestyle brand will be featured as well.
Retail therapy
Bath & Body Works gets its own Crocs
Bath & Body Works on Monday released a limited-edition collection of products in collaboration with Crocs, according to a press release sent to Retail Dive.The products are inspired by Bath and Body Works’ Gingham fragrance line.
Image courtesy of Bath & Body Works
The DTC footwear company is selling its signature classic clogs in Bath & Body Works’ blue gingham with four scented and four metallic Jibbitz charms in the shapes of Bath & Body Works products. A pair retails at $70.
The classic clogs are available exclusively to Bath & Body Works’ rewards program members. The Crocs Cozzzy Sandals can be purchased on the Crocs website while supplies last.
Taco Bell plans for retirement
Taco Bell on Tuesday announced plans to open an early retirement community dubbed The Cantinas “where everyone can live like a retiree,” per a press release.
The retailer is making a home for the “old at heart” in San Diego from Aug. 17 to Aug. 18. Taco Bell rewards members get exclusive access to day passes and weekend memberships starting July 16.
Image courtesy of Taco Bell
The Taco Bell-fueled weekend getaway features early morning tee times, afternoon aerobics and pickleball matches. Taco Bell rewards members over 21 only can reserve a stay at The Cantinas.
What we’re still thinking about
$65
That’s the new price for a Costco annual membership for individuals or businesses in the U.S. and Canada, effective Sept. 1. It’s the first membership price hike since 2017, according to the retailer. Executive memberships will also increase by $10 from $120 to $130 in September. At the same time, the maximum annual 2% reward available to Costco’s highest tier members will rise to $1,250. It was previously $1,000.
The company expects the fee increases to affect about 52 million paid members, about half of whom have an Executive membership. By raising the fee by $5 to $10, the retailer may generate about $350 million in incremental sales and profit over the next two years, according to one analyst’s estimates.
2 million
That’s the estimated number of self-checkout terminals that could be in operation by 2029, per a recent report from RBR Data Services. The report noted that self-checkout experienced a record year in 2023 with 217,000 terminals delivered worldwide. That’s up 12% from a year ago.
Although the U.S. is the largest market for self-checkout, several major retailers, including Walmart, Target, Dollar General and Five Below are backing away from the technology or moving to limit its in-store availability or use. Despite that shift in the U.S., adoption of self-checkout is rising elsewhere around the world, including in regions that were slow to implement, such as Germany, according to the report.
What we’re watching
Will shoppers take advantage of summer sales?
Amazon recently announced its Prime Day dates of July 16 and July 17, and since then many other retailers have come out with their own promotional events in response.
Walmart, Target, Best Buy and Kohl’s are a go for mid-July summer sales. Macy’s this week revealed a new sales event that focuses on loyalty members, dubbed “All-Star Week,” that starts on July 16. An unlikely player trying to steal market share is TikTok Shop, which will discount “thousands” of items.
But, the big question is: Are consumers ready to spend? A recent survey commissioned by Forter showed that nearly all respondents (90%) reported that their cost of living rose over the past five years, and nearly two-thirds of shoppers said they changed their online shopping habits in response to higher prices. Additionally, discretionary spending is slowing due to inflation, credit card debt and rising insurance premiums, according to a recent report from The Conference Board.
