In the midst of the Black Lives Matter movement, major retailers across the country are being asked to use their platform and influence to support black-owned businesses. Aurora James, a black fashion designer, has challenged retailers (Target, Whole Foods, Shopbop, etc.) to commit 15% of their shelf space to black-owned businesses. Sephora just became the First Brand to take Aurora James’s 15% Pledge.
Photo: Courtesy of Aurora James
1. Retail & Media Support Black-Owned Brands
Youtube is starting a $100M fund for black creators to help develop talent and fund new shows. The initial launch of this content will happen on Saturday when Google’s video platform will host a live-stream fund-raising event produced by YouTube Originals (YTO), “Bear Witness, Take Action.”
Glossier, the five-year-old beauty startup, pledged $1M towards the black lives matter movement. The beauty brand is donating $500,000 to “organizations combating racial injustice”, as well as $500,000 to support black-owned businesses within its sector.
Anthropologie & Reformation were accused of racist behavior this week. Influencers and customers are now boycotting these retailers to show their support for BLM.
Here is a list of black-owned businesses to support right now!
2. Store Closures on the Horizon
Zara announces that it will close 1,200 stores globally over the next two years while simultaneously growing its e-commerce platform. The company will be investing $1 billion into its e-commerce business and expects it to account for 25% of its overall sales by 2022.
Mall Closures: Experts predict that between 20,000-25,000 retail stores could close in the US during 2020, and about 60% of these store closures will be in malls. A recent report suggests that we could see a third of all US malls disappear in the next year as the impacts of Coronavirus accelerates the decline of this already dying industry.
Repurposing Malls & Retail Spaces: With all of these store closures around the country, the question becomes; how can we repurpose this space? Some of my favorite ideas are centered around indoor gardens, parks, and other public goods. Others are speculating that these could become massive distribution centers for Amazon and other eCommerce platforms. What do you think?
4. Who’s Thriving
Tesla’s stock has had a volatile week, but what else is new? After a 9% jump on Wednesday, Tesla closed at a record price of $1,025! Despite Wall Street downgrading the stock to “Hold” status, Tesla is holding strong, rounding out the week at $940 today.
Instacart is valued at nearly $14B as grocery delivery becomes an essential service for families across America. Prior to Coronavirus, Instacart’s future seemed bleak when Amazon acquired Whole Foods and launched it’s Prime Now delivery service. Now, there is more than enough demand for both brands to capture a meaningful market share. But will this customer behavior continue post-lockdown?
What I’m reading this week
- Twitter Deletes China-linked accounts that spread false information about Hong Kong and Covid-19
- BOF Podcast: Breaking up Big Luxury
- Capitol Hill Autonomous Zone
- Inside Jack Dorsey’s radical experiment for billionaires to give away their money
Favorite Products this Week
Tiktok Updates
xoxo Jackie
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