The Weekly Closing: Bloomingdale’s Turns 150 and Jerry Seinfeld Models for Kith
It’s been another week with a lot more retail news than there is time in the day. Below, we break down some things you may have missed over the week, and what we’re still thinking about.
From Lowe’s same-day delivery expansion to the Gap, Adidas and Ye drama, here’s our closeout for the week.
What you may have missed
Walmart+ rolls out Paramount+ Essential access to subscribers
After having announced a partnership with Paramount Global in August, Walmart delivered on its promise to offer Walmart+ subscribers access to a Paramount+ Essential subscription, which includes a limited advertising charge.
Walmart+ members will need to log into their accounts on the retailer’s website or app to create a Paramount+ account.
“Today’s kickoff marks a whole new chapter for Walmart+ and the opportunities for our existing and new members,” said Chris Cracchiolo, senior vice president and general manager, Walmart+. “It’s pretty simple for us – our Walmart+ members asked for a streaming benefit, and we absolutely delivered with Paramount+.
Lowe’s offers same-day nationwide delivery via Instacart
Ahead of the all-important holiday season, Lowe’s announced Thursday that same-day delivery is now available across the United States. through a partnership with Instacart. Nearly 30,000 items will be available for same-day shipping from the home improvement retailer’s more than 1,700 stores. The nationwide rollout follows a pilot in select markets in February.
Lowe’s is one of the first companies to offer same-day, scheduled delivery for large items on the Instacart app, according to a joint press release from the two companies.
“Lowe’s knows how much this time of year means to our customers. Whether they are completing their Halloween decorating or embarking on holiday preparation and gifting, we are able to offer more than products, more convenience and more value for customers as we continue to improve the shopping experience in-store and online,” Mike Shady, senior vice president of Lowe’s Online, said in a statement.
Kanye West Spreads Dirty Laundry with Gap and Adidas on Instagram
Artist Ye, formerly known as Kanye West, was publish on his working relationships with retail partners Gap and Adidas on Instagram over the past week, according to Business of Fashion.
Ye claimed in a Sunday post that he was offered a billion dollar buyout by Adidas to end their collaboration with his Yeezy brand. The rapper and fashion mogul has also posted about the “legally” destruction of Adidas’ leadership.
He also posted about his relationship with Gap, accusing the company of stealing designs from the Yeezy Gap Engineered by Baleniaga line for its own brand. At the time of publication, tThe Instagram posts had since been deleted or archived.
Neiman Marcus wants to play mind games with you
The Queen’s Gambit made us all wonder if chess was as cool as Anya Taylor-Joy made it seem, but Neiman Marcus is now asking the important question: Does chess have a smell? And if so, how much would it cost?
The department store announced this week launch of a perfume house called Mind Games, which describes himself as “a luxury fragrance collection that combines the strategy and brilliance of chess with the innovative and hypnotic effects of perfumery”. How exactly one distils concepts like “the strategies that surprise an opponent” and “the triumph of spirit that accompanies every victory” into a flavor is unclear, but Neiman Marcus is willing to bet someone will pay 345. $ to see if Mind Games was able to do this effectively.
With the chaos of the current chess landscapeperhaps there is no better time than the present to find out if a fragrance can effectively “carry you through the crucial moments of competition”.
But until we find that out, here are some things that chess is supposed to smell like in no particular order: Kona coffee, bright red pomegranate, champagne, tree moss, black licorice, panettone, vintage leather, pink peppercorn, myrrh.
Jerry Seinfeld puts away the baggy shirt for streetwear Kith
In a move that is sure to shock some fans, luxury streetwear brand Kith has released images of the comedian model Jerry Seinfeld her latest fall 2022 collection, according to an Instagram post.
There are no puffy shirts or velor sweatpants, but fans won’t be shocked that Seinfeld is wearing a Mets hat in some footage. The new collection includes varsity letter and floral print jackets, as well as varsity style tracksuit sets.
Kith is known for using unexpected celebrities for his campaigns, including Breaking Bad Actor Giancarlo Esposito and actor Steve Buscemi.
What we still think about
Since joining Target in 2014, CEO Brian Cornell has seen the company weather many waves of industry turmoil, from the rapid expansion of e-commerce to a once-in-a-century pandemic. During his tenure, the retailer built on its stores and built new capabilities, growing revenue by another $40 billion, which is roughly equivalent to adding all the sales of Dollar General or TJX Cos. on top of what Target was already doing. when Cornell started.
Target announced this week that Cornell, who is 63, has pledged to stay on as chief for another three years. In doing so, the company said it was backing away from its policy of opening retirement conversations with its CEOs at age 65.
It is the upper end of a offer for Kohl’s real estate by private equity firm Oak Street Capital, according to a Reuters report. Such a deal would involve leasing its own stores. That, in turn, could bring a windfall of cash to Kohl’s and its shareholders while increasing its debt and spending, and potentially lowering its credit rating at some point. The reported offer follows failed acquisition talks with the owner of Vitamin Shoppe Franchise Group this summer.
At a Goldman Sachs conference this week, Kohl’s Confirmation from CFO Jill Timm that the company was conducting a competitive process in which it approached 20 parties seeking an interest in its real estate for a sale-leaseback transaction that could include stores or distribution centers.
what we watch
150th anniversary of Bloomingdale’s
Bloomingdale’s is gearing up to celebrate its 150th anniversary in style. Brothers Lyman Bloomingdale and Joseph Bloomingdale opened its “Great East Side Bazaar” in New York City at 938 Third Avenue in 1872, and the company has been a benchmark retailer ever since.
To celebrate, the company is organize a gala, launching pop-up stores, introducing a virtual shopping experience and showcasing its own 150th anniversary collection with limited-edition merchandise. The celebrations kick off begins on Saturday with “an epic party” in all its stores from 1 p.m. to 5 p.m.