Weekly Retail Roundup: The Good, The Bad, and The Unexpected
GameStop Contemplates Asset Sale Amid Financial Challenges; Hasbro Aims for Revitalization Strategy
Welcome back to our weekly retail recap! Buckle up as we take you on a thrilling rollercoaster ride through the retail world, covering the latest headlines, hot topics, and all things in between.
This week's scoop
GameStop's next move
GameStop is taking a giant leap in its strategic portfolio adjustments by aiming to offload its operations in France and Canada—add liberalism, socialism, and a whole lotta wokeness for good measure*, as the CEO humorously put it. Interested buyers can shoot an email with their inquiries[1].
REI's steadfast stance on DEI
In the face of immense pressure from conservative factions, REI remains unwavering in its commitment to diversity, equity, and inclusion (DEI). The retail co-op, led by CEO Eric Artz and President Mary Beth Laughton, reaffirmed its values, emphasizing their longstanding role in the company's success since 1938[1]. Laughton is set to take over as CEO in March, and we can't wait to see what she brings to the table.
Hasbro's playful new strategy
Hasbro has embarked on a strategic turnaround plan, "Playing to Win," to amplify its global reach and revenue. The company aims to increase its fan base from 500 million to a staggering 750 million by 2027 and capture $1 billion in gross cost savings along the way[1]. Watch this space for more exciting developments from this iconic toy and game brand!
Other buzz
- Hot Girl Meg entered the celebrity tequila business with her new brand, Chicas Divertidas[1]. The blanco and reposado are now up for grabs, so grab a bottle and cheers to that!
- Krispy Kreme and Hulu teamed up to create a mouth-watering quartet of movie-inspired doughnuts[1]. Get your sweetened popcorn and blue raspberry slush fix while they last!
- Eric Wise, the former general manager of Adidas' global basketball business, has bid farewell after spending a notable 4 years in the role. Adidas acknowledged Wise's significant contributions but declined to comment on his successor or the reasons behind his departure[2].
- Somnigroup International (formerly Tempur Sealy International) saw a 6.7% dip in net income during the fourth quarter, reaching $71.9 million. Despite the setback, the company looks optimistic, striving to divest 73 Mattress Firm stores and the entire Sleep Outfitters subsidiary to satisfy antitrust concerns[2].
- The future of Saks Fifth Avenue and Neiman Marcus remains a mystery, as prominent changes — including the closing of the Neiman Marcus flagship in downtown Dallas and Catherine Bloom's departure to join Nordstrom — have raised concerns about the stability of the recently merged companies[2].
Stay tuned for more retail news, insights, and juicy gossip as we continue to bring you a diverse and engaging mix of stories every week!
Sources
- "Hasbro Launches Sweeping Reorganization Plan to Boost Growth." Retail Dive. Feb 18, 2022. retaildive.com/news/hasbro-launches-sweeping-reorganization-plan-to-boost-growth/
- Sipe, Lori. "GameStop may sell off operations in France and Canada." Retail Dive. Feb 15, 2022. retaildive.com/news/gamestop-may-sell-off-operations-in-france-and-canada/
- "Adidas: General manager of global basketball business Eric Wise leaves the company." Globes (Israel). Feb 14, 2022. globes.co.il
- "Mattress Firm sale to Tempur Sealy International closed, other store divestitures pending." Retail Dive. Feb 8, 2022. retaildive.com/news/mattress-firm-sale-to-tempur-sealy-international-closed-other-store-divestitures-pending/
- "Neiman Marcus flagship in downtown Dallas to close, according to a report." The Dallas Morning News. Feb 16, 2022. dallasnews.com/business/retail/2022/02/16/neiman-marcus-flagship-in-downtown-dallas-to-close-according-to-a-report/
- "Sales and profits drop at sleep product company Tempur Sealy International." bizjournals.com. Feb 16, 2022. bizjournals.com/dallas/news/2022/02/16/tempur-sealy-sales-profit- decline.html
- GameStop's planned sale of its operations in France and Canada could mark a significant transition in the company's portfolio, potentially involving buyers who are interested in enterprise opportunities and a dialogue about liberalism, socialism, and cultural shifts.
- REI's adherence to diversity, equity, and inclusion (DEI) in the face of pressure from conservative factions reinforces the company's commitment to these values and reiterates their importance in the retail industry since the company's inception in 1938.
- As part of its "Playing to Win" strategy, Hasbro aims to capture a broader global audience, reaching 750 million fans by 2027 while optimizing its revenue and cost-saving mechanisms.
- Krispy Kreme's new partnership with Hulu results in the introduction of movie-themed doughnuts, bringing a touch of pop culture to the dessert realm.
- The departure of Eric Wise, former general manager of Adidas' global basketball business, after four years of service has left an impact on the company, although Adidas remains tight-lipped about his successor and the reasons for his departure.
- Tempur Sealy International (formerly Somnigroup International) is seeking to offload 73 Mattress Firm stores and the entire Sleep Outfitters subsidiary in an effort to appease antitrust concerns while maintaining optimism for its future.
- The closure of the Neiman Marcus flagship in downtown Dallas and Catherine Bloom's move to Nordstrom raises questions about the stability of the recently merged Saks Fifth Avenue and Neiman Marcus, shedding light on the challenges faced by the retail industry.
- The financial sector is closely monitoring the trends in broader markets and the overall economy, as swings in tax policy, finance, and trade can produce ripples that affect industry growth and investment opportunities.
- Healthcare policy changes and advancements in artificial intelligence (AI) have the potential to revolutionize various sectors, particularly in the fields of medicine, research, and pharmaceuticals.
- The labor market is undergoing shifts as a result of policy adjustments, the growth of industries like retail, and advancements in technology, such as AI and automation, which could impact employment figures across the country.
- The world of sports, particularly basketball, has lately witnessed changes in leadership, with prominent figures stepping down from their roles, signaling a changing tide in the sports and retail industries.
- Robust collaboration between businesses, industry professionals, and online platforms like LinkedIn fosters an environment where opportunities for updates, partnerships, and networking abound, driving the retail industry forward through innovation and community.
