Weekly Retail Wrap-up
GameStop Abandons NFTs Venture, Collaborates with Hidden Valley Ranch Brand by Burt's Bees
Catch up on the latest retail news from a lively and unfiltered perspective! Here are the tidbits you might have missed this week and the intriguing details that we can't stop thinking about.
This week in retail
Bye-bye, Tupperware's Chief Commercial Officer
Hector Lezama, Tupperware's ex-Chief Commercial Officer, bid farewell to the company on January 19[2]. The company reorganized the position to separate out sales leadership responsibilities, which will now be led by regional leaders reporting to CEO Laurie Ann Goldman. Samantha Lomow has been named to the Chief Commercial Officer role, effective February 1[2]. She has been working with the company as a consultant since November, and previously was the Chief Customer Officer at Foot Locker.
Bath & Body Works gets a refresh
Following customer demand for new formulas without sulfates or parabens, Bath & Body Works announced it has reformulated its entire body care line[2]. All body washes, scrubs, creams, lotions, and body butters from the retailer have new formulas. The company stated this initiative is part of its ESG commitments, which also include a relaunch of the hand soap category with bottles made from at least 50% recycled plastic and the addition of hand soap refills in a recyclable carton.
GameStop bids farewell to NFTs
GameStop announced it is exiting its NFT marketplace due to the regulatory uncertainty of the crypto space[2]. Starting February 2, customers will be unable to buy, sell or create non-fungible tokens. Existing customer NFTs will remain accessible and saleable via other platforms. GameStop launched a beta version of its NFT marketplace in July 2022, and ended its crypto wallet support in November, also due to regulatory uncertainty.
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Retail timeouts
Ranchy kisses on chapped lips
With the NFL playoffs underway and the Super Bowl looming, Hidden Valley Ranch and Burt's Bees are celebrating winter-chapped lips with a limited-edition pack of lip balms in four flavors: Hidden Valley Ranch, Buffalo Sauce, Crunchy Celery, and Fresh Carrot. Keep in mind, they are limited edition, so grab them while you can!
Chuck E. Cheese's game show
In another sign that the apocalypse may not be too far away, Chuck E. Cheese announced a development deal with Magical Elves to create a gameshow series based on the brand's arcade experience. The format will feature physical challenges where adults will compete over supersized arcade games, including pinball, air hockey, alley roller, and the human claw.
What we're pondering
Stitch Fix sheds full-time stylists
Stitch Fix will eliminate 10 styling leader positions as part of a shift away from full-time stylists[2]. The company is moving to a part-time only model come March 31. About a quarter of the company's stylists currently work full-time, and they can choose to shift to a part-time model or leave the company. Stitch Fix has been making changes to its stylist ranks over the past year.
DoorDash expands delivery reach
DoorDash now delivers over 2 million products through its service, far exceeding its restaurant roots[2]. The company recently announced partnerships with new retailers such as Camping World, Golf Galaxy, and The Vitamin Shoppe. The new retail launches aim to support customers on their active and wellness journeys, according to the company.
What we're watching
Kenmore's US expansion
O'Rourke Sales Company and Kenmore are partnering to expand the availability of Kenmore's major appliances nationwide[2]. This long-term, exclusive partnership gives O'Rourke the rights to distribute Kenmore appliances in the U.S. across its retail, rent-to-own, e-commerce, hospitality, and military exchange channels. Kenmore is in the middle of a brand revitalization strategy aimed at creating its broadest cumulative distribution network for major appliances in nearly a century of sales[2].
- The regulatory uncertainty in the crypto space has led to GameStop's decision to exit its NFT marketplace.
- Stitch Fix is moving towards a part-time only model for its stylists, eliminating 10 full-time styling leader positions.
- Hector Lezama, the former Chief Commercial Officer of Tupperware, has left the company and a new Chief Commercial Officer, Samantha Lomow, has been named to the role.
- Bath & Body Works has reformulated its entire body care line in response to customer demand for new formulas without sulfates or parabens.
- DoorDash now delivers over 2 million products, far exceeding its original focus on restaurant delivery.
- O'Rourke Sales Company and Kenmore are partnering to increase the availability of Kenmore's major appliances nationwide.
- In a limited edition collaboration, Hidden Valley Ranch and Burt's Bees have released a pack of lip balms in four flavors.
- Chuck E. Cheese has signed a development deal with Magical Elves to create a gameshow series based on the brand's arcade experience.
- Stitch Fix's change in the stylist ranks is part of its broader strategy to create efficiency and cost savings in its business model.
- The CEO of Stitch Fix, Laurie Ann Goldman, expects the company's ESG commitments to contribute positively to its brand image and consumer preferences in the fashion-and-beauty, food-and-drink, home-and-garden, and entertainment sectors.
