Now, THIS is the definition of acceleration…Gradually, then suddenly.
The graph above is circulating around twitter and shows the huge increase in e-commerce sales as a result of the pandemic. Speaking of which…
1. A Retail Apocalypse?
Adding to the long list of retailers in trouble, JCPenny officially filed for chapter 11 bankruptcy this week. This doesn’t necessarily mean they are going out of business, but that they can’t pay off their creditors and need to restructure their debt. Experts are now questioning if JCPenny will be able to rebound .…My guess is no unless they reinvent themselves entirely.
Hudson Bay Co (owners of Saks) is in talks to buy the recently bankrupted Neiman Marcus. This could be good news for the company, however many of the luxury retailer’s relationships with brands will be forever impacted by their inability to pay back debts. A number of large beauty brands (Chanel & Tom Ford to name a few) were top on the list of creditors that Neiman Marcus was unable to pay.
2. A New Way to Shop
Instagram Shop was one of the most widely discussed topics of conversation in retail this week. Facebook just announced that users will be able to launch “Shops” directly from their Facebook or Instagram profile. These “Shops” will allow customers to browse products and checkout directly from the app. They are partnering with a number of eCommerce platforms – including Shopify – to enable Shop’s seamless checkout feature on their platform. Zuck claims this new feature will help small businesses during this challenging time.
The Yes is a new shopping app that just launched that plans to personalize the online shopping experience. Using algorithms and a series of “Yes” or “No” questions, the app helps recommend products that you might like from across the web. I think this is a really interesting idea, but it’s clear that the app is still in its initial beta testing phase so more to come on this!
3. Who’s Thriving
Amazon x Vogue just announced that they are collaborating to launch a digital storefront on Amazon’s website in an effort to help small designers that have been impacted by Covid-19.
Lululemon sales hit an all-time high (+92% from March!) as casual work-from-home wear has become the new norm.
Peloton sales were +66% in the most recent quarter as consumers rush to purchase at-home workout equipment! What was once considered a luxury product is now viewed as a necessity for physical and mental health.
4. Best Sales This Week
Revolve: Extra 20% off sales items!
Anthropologie: Extra 50% Off all sale items, 25% off furniture
ASOS: 25% Off Memorial Day Sale
Saks off Fifth: Extra 25% Off Sale Items (really amazing skincare deals)
5. Favorite Products this Week
Happy Friday!
Love From Jackie
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