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It\u2019s 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\u2019re still thinking about.\u00a0<\/p>\n
From Lego adding technology to its iconic bricks to Care Bears launching a Harry Potter collection,\u00a0here\u2019s our closeout for the week.<\/p>\n
What you may have missed<\/h3>\n
Nike sells Rtfkt <\/em><\/p>\nAbout a year after shutting down Rtfkt, Nike sold the virtual products and experiences company to an unnamed buyer, a spokesperson confirmed. Nike did not comment on the terms of the deal.<\/p>\n
\u201cRTFKT transitioned to a new owner on December 17, launching a new chapter for the company and its community,\u201d a Nike spokesperson said in a statement. \u201cNike continues to invest in delivering innovative products and experiences across physical, digital and virtual environments.\u201d<\/p>\n
Nike acquired Rtfkt in 2021 ahead of a series of efforts to build out its virtual product offerings. The retailer in 2022 launched .Swoosh, a platform geared toward virtual products and creations, which is still in operation. Nike also launched its first virtual collection in 2023. The company\u2019s vice president and general manager of Nike Virtual Studios, Ron Faris, left Nike over the summer last year.<\/p>\n
Lego gets smart <\/em><\/p>\nLego Group this week introduced Smart Play, which incorporates technology into the company\u2019s classic bricks. Lego Smart Bricks \u201cbring play to life\u201d with light and sound sensors, a miniature speaker and more, according to a company press release. Smart Tags and Smart Minifigures are paired with the system to allow users to build interactive creations.\u00a0<\/p>\n\n\n
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\nCourtesy of Lego Group<\/p>\n
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\u201cThe launch of Lego Smart Play brings creativity, technology, and storytelling together to make building worlds and stories even more engaging, and all without a screen,\u201d Tom Donaldson, senior vice president and head of Creative Play Lab at the Lego Group, said in a statement. \u201cWe truly believe we are setting a new standard for interactive, imaginative experiences and can\u2019t wait to see this innovation in the hands of kids when we launch this year.\u201d<\/p>\n
Lego Smart Play All-in-One sets from Lego Star Wars are now available for preorder, and will be available to purchase starting March 1 on Lego\u2019s website, at Lego stores and at select retailers.\u00a0<\/p>\n
Hanky Panky finds a new owner<\/em><\/p>\nNewly formed brand management firm Crown Brands Group has acquired 48-year-old intimate apparel brand Hanky Panky. Financial details of the deal were not disclosed.<\/p>\n
Crown Brands Group partnered with Gelmart parent company Rafar Group to execute the acquisition. Through the deal, Rafar Group will serve as the core operating partner, while Crown Brands Group will focus on brand strategy and global licensing.<\/p>\n
Hanky Panky\u2019s founders Gale Epstein and Lida Orzeck will \u201cplay a pivotal role in shaping the brand’s future,\u201d according to the announcement from late December. The two founders will join Hanky Panky\u2019s board.<\/p>\n
“We built Hanky Panky on a foundation of comfort, quality, and female empowerment, and it was vital to find partners who respect that DNA,” Epstein and Orzeck said in a statement. “We trust Crown Brands Group and Rafar Group to steward this legacy. Their combined vision gives us great confidence that Hanky Panky will continue to thrive and innovate in this exciting next chapter.”<\/p>\n
Retail therapy<\/h3>\n
These bears can Slytherin any collection <\/em><\/p>\nIf you want to feel old, we are now celebrating the 25th anniversary of the release of the first Harry Potter film. In honor of the occasion, toy company Basic Fun revealed a collaboration with Warner Bros Discovery Global Consumer Products for a Harry Potter x Care Bears collection, according to a company press release.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n\n\n
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\nCourtesy of Basic Fun<\/p>\n
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The four Hogwarts houses are represented by Care Bears characters and come in two sizes. The limited-edition products can be found at major toy retailers starting this month.\u00a0<\/p>\n
“Care Bears and Harry Potter have a unique ability to connect with fans of all ages,” Robert Prinzo, head of global licensing at Cloudco Entertainment, said in a statement. “Bringing them together was a fun and meaningful way to celebrate imagination, magic, and the comfort these brands have offered for decades.\u201d<\/p>\n\nWhat we\u2019re still thinking about<\/h3>\n
110<\/em><\/p>\nThat\u2019s how many \u201chigh-performing retail assets,\u201d in the U.S. are now run by GGP \u2013 a name in malls that disappeared eight years ago after Brookfield acquired the rival REIT for $9.25 billion.<\/p>\n
But \u201cGGP\u201d (formerly known as General Growth Properties) is back. In a move that some retail real estate observers describe as baffling, <\/strong>Brookfield announced this week that it has rebranded its U.S. retail property portfolio with that moniker. The company describes the move as \u201cstrategic,\u201d saying in an emailed press release that it \u201cleverages GGP\u2019s strong brand equity within the retail market and further positions the platform as an independently branded business focused solely on investing, operating and developing retail real estate.\u201d<\/p>\n\u201cWe are returning to our roots,\u201d GGP CEO Kevin McCrain said in a statement.<\/p>\n
Everything else stays the same, though, with \u201cno changes to day-to-day business operations\u201d and all employees staying in their existing roles, he said. While a stand-alone entity, GGP also remains part of the Brookfield Corporation, per the release.<\/p>\n
What we\u2019re watching<\/h3>\n
Amazon\u2019s Buy for Me takes an opt-out approach <\/em><\/p>\nAmazon recently found itself facing upset independent brands who were surprised to find their products being listed and sold through Amazon\u2019s Buy for Me\u00a0feature.\u00a0<\/p>\n
Amazon\u2019s Buy for Me function was teased back in April and is still being beta tested, allowing some consumers to view and purchase products from external sellers who do not have their merchandise sold through Amazon. The e-commerce platform finalizes the purchase within its platform on behalf of the buyer, meaning users don\u2019t have to go off of Amazon to make the purchase.\u00a0Another feature, Shop Direct, allows customers to click on links to products not directly sold on Amazon and go to the brand\u2019s website to make purchases directly from that brand.<\/p>\n\nThe issue for some small businesses is consent \u2014 Amazon is not asking them for permission to promote or reissue their listings. Instead, Amazon is proactively adding seller listings found across the internet and will then remove them from Amazon\u2019s new feature if a brand asks them to do so afterwards.<\/p>\n
\u201cShop Direct and Buy for Me are programs we\u2019re testing that help customers discover brands and products not currently sold in Amazon\u2019s store, while helping businesses reach new customers and drive incremental sales,\u201d an Amazon spokesperson said in a statement to Retail Dive. \u201cWe have received positive feedback on these programs. Businesses can opt out at any time by emailing [email\u00a0protected], and we remove them from these programs promptly.\u201d<\/p>\n
Small brands took to social platforms to share grievances on how they were not made aware their products would be sold through the platform this way, specifically noting that some of the information\u00a0on listings themselves have inaccuracies.\u00a0<\/p>\n
Amazon\u2019s systems currently pull product and pricing information from brands\u2019 public websites, which is then checked again before a Buy for Me purchase is completed to check for accuracy.\u00a0<\/p>\n<\/p><\/div>\n
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