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According to GlobalData, the U.S. secondhand apparel market grew 11%, or seven times faster than the broader retail apparel market, to $43 billion last year. The report estimates that resale sales online and at traditional thrift stores could reach $73 billion by 2028. #resale #retail #apparel #retailsales
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Department store Macy’s said Monday its board has unanimously decided to end negotiations with the activist group that had been looking to take the retailer private for roughly $6.9 billion. #departmentstores #mergersandacquisitions
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I appreciate the opportunity to share my thoughts with Josh and his team. They are truly doing some awesome work here in the #northwestarkansas #retail community.
We've had the chance to speak with some incredible folks in the #NorthwestArkansas and #Retail community over the last 3 months at Fieldbook Studio (a High Alpha Innovation Venture Studio)... Here are 5 observations we've made as a result of tapping the collective brain power of Tyler Scantlan, Scott Benedict, Matt Martin, Benn Manning, Carli Rosencranz and many others: 1) CPG Brokers Aren't Just Connectors: CPG Brokers are indispensable for both brands and retailers. They fill gaps left by retailers, who continue to reduce their in-house support offerings, year-over-year. 2) Inflation's Silver Lining: While inflation pinches wallets, it’s driving innovation. Brands are getting creative with lower-priced offerings and tailored experiences to meet changing consumer demands. 3) Point-solution Technology Isn't the Answer: Not all tech solutions are created equal. Brands need to be selective, integrating solutions that offer more than a painkiller to one isolated pain. 4) Retail Analytics Needs a Reality Check: Integrating online and offline channels is crucial, but the tools are often siloed and ineffective. True omni-channel success requires breaking down these barriers. 5) Small Brands have a Clear Shot at Giants: Emerging brands, though resource-constrained, are capturing consumer interest with agility and innovation. They often outshine larger competitors bogged down by bureaucracy. #RetailTrends #ConsumerTrends
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Retail sales reported by the National Retail Federation Retail Monitor indicated consumer spending slowed in June compared to May. Excluding automobile and gasoline, sales were up 0.47% from May, slower than the 1.35% growth reported in May. However, retail sales grew 3.42% from June 2023, which was the highest gain for total sales since last November. Retail sales were only slightly higher than the 3% inflation rate for the same period. #retailsales #nrf
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Number of the Day: 525,325 Enplanements at the Northwest Arkansas National Airport between January and June, up 11% compared with the same period in 2023. #flyxna #northwestarkansas
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As of early July, more than half (55%) of back-to-school and college shoppers have already begun buying items for the upcoming school year, according to the annual survey released by the National Retail Federation and Prosper Insights & Analytics. Similar to past years, the most popular destinations for back-to-school shopping for K-12 are online (57%), department stores (50%), discount stores (47%), clothing stores (42%) and electronics stores (23%). #backtoschool #nrf #consumerinsights
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The “Walmart+ Week 2024” PYMNTS Intelligence report draws from a survey of more than 7,700 United States consumers in June, looking at consumer trends regarding subscriptions and purchases during Walmart+ Week, which ran from June 17 to 23. The study found that, among the roughly 1 in 3 Walmart+ subscribers who joined the program specifically for access to the sale event, three-quarters of deals event participants bought health and beauty products. This share was greater than the same of any other kind of purchase. #beautyretail #walmart+
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The closely watched report on U.S. inflation indicated consumer prices cooling in June, a welcome sign for economists and consumers. The Consumer Price Index (CPI) declined 0.1% from the prior month in June but was up 3% annually. #inflation #economicindicators #cpi
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With the looming threat of a TikTok ban, marketing agencies and influencers are bracing for a big change. In April, President Joe Biden signed a law requiring ByteDance, the parent company of TikTok, to divest the business or face a U.S. ban of the platform. According to Forbes, 7 million businesses advertise on the platform, and 1 million influencers earn a living by making videos on TikTok. The creator economy is a $250 billion industry expected to double by 2027. This year, 92% of brands look to increase their influencer marketing investment. #socialmedia #tiktok
