Good afternoon. Chipotle and Sweetgreen must be shaking in their boots after Papa John’s introduced its new Papa Bowls—all toppings, no crust. Drop a line if you’re brave enough to admit you’d give it a shot.
In today’s edition:
—Katishi Maake, Maeve Allsup
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Carhartt
Carhartt is lacing up its boots.
The 133-year-old workwear brand is scaling up operations with plans to meet its core customers where they are with plans to open new storefronts and allow for more customization within its product selection.
As Alex Guerrero, its SVP and general manager of global product, explained to Retail Brew, the Carhartt customer is typically a blue-collar worker who needs a lot more bells and whistles to get the most out of their purchases.
- For example, a left-handed carpenter using the offering now has the option to more easily access tools kept on their pants by customizing them with hammer loops.
- Loyalty members making an online purchase can tailor clothes to a more snug fit, as well as add extra pockets or kick panels.
Innovation is where Carhartt sees much of its future, which is why the company is in the midst of a pilot program for customizable clothing that allows its 600 loyalty members to pick and choose extra features for a handful of products.
Getting down to business: Guerrero, the former VP and general manager of Jockey’s US men’s business, likened Carhartt’s program to “Nike by You,” which allows sneakerheads to design their own custom shoes through Nike’s website.
- Workwear is a category that has been missing the data-driven level of detail when it comes to offering customizable apparel, Guerrero said.
Read more about Carhartt’s expanding footprint(s).—KM
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Illustration: Francis Scialabba, Photos: Blume
Startup funding hit record highs last year, with investors injecting $643 billion into companies of all shapes and stages. But women-founded companies received a tiny fraction of that cash—in the US, female entrepreneurs received just 2% of venture capital funding.
- Women investors are just as scarce—in 2019, fewer than ten of the top 100 global VC partners were women, according to CB Insights.
None of this would come as a shock to Canadian entrepreneur Karen Danudjaja, who closed the first raise for her superfood latte company, Blume, at the end of July, and who, on August 18, launched a salted-caramel blend focused on libido.
“When I set out, I really wanted [Blume’s backers] to actually be 50% women, which was pretty hard to accomplish,” she told Retail Brew. “We ended up at 40% women invested in the round, which I’m very proud of.”
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Blume, which boasts an all-women team, secured just over $1.5 million from investors like women-focused The51, and SmartSweets backer Judy Brooks.
- The round will help Blume expand further into retail, Danudjaja said. For that, they needed capital and strategic partners, so they focused on investors who had experience scaling products to US stores.
Founder tips: Danudjaja, who started Blume at her desk while working in commercial real estate, has advice for other women entrepreneurs: Raise on a timeline that makes sense for your brand rather than for the market, and don’t dilute your power.
Here is more of what Danudjaja has learned while building a company and fundraising as an Asian woman.—MA
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Retail’s changed a lot these last 2 years. Wanna know what to expect this holiday season? Simon Data’s Consumer Holiday Shopping in 2022 report offers key insights into shopper POVs on cart abandonment, brand loyalty, preferred comms channels, and more. Adapt your strategies for a new retail world—download your copy today.
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Today’s top retail reads.
Workers speak up: McDonald’s employees allege that sexual harassment and retaliation persists, even when incidents are reported to HR. (The Guardian)
Out of the woods? Although activewear brand Outdoor Voices put itself up for sale earlier this summer, company revenue is up, leaving some wondering if its turnaround efforts have paid off. (Business of Fashion)
Welcome back, maybe: Several companies are teeing up this Labor Day as the new threshold for return to work, setting up potential showdowns between employees and employers. (Bloomberg)
Learn: Ever had to convince someone at work that their idea isn’t that great, and yours is way better? Learn the art of influence and persuasion (not a controversial Netflix remake of Jane Austen, we promise) in the Brew’s 8-week Leadership Accelerator. The next cohort begins September 26—apply today!
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Winter is coming. Are you ready for it?
SalesRX retail training, taught by renowned retail expert Bob Phibbs, is the perfect program to prepare your associates for the coming holiday season. They’ll learn to:
- Ask the right questions.
- Connect confidently face-to-face.
- Engage customers, even in difficult situations.
- Pack up exquisite dreams, not just merchandise.
Get in touch with SalesRX now to prepare for seasonal success. Invest in your workforce to melt customers’ hearts.
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Saks has closed on a new $60 million facility to help sustain its growth.
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Buc-ee’s, a Texas-based convenience chain, will open a new Missouri location and expand west in 2024.
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T.J. Maxx lowered its sales forecast and missed its earnings expectations as consumers cut spending on apparel and home goods.
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CVS, Walgreens, and Walmart must pay $650.5 million to two Ohio counties for contributing to the opioid epidemic, a federal judge ruled.
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July retail sales were largely flat as consumers leaned into online shopping.
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The numbers you need to know.
A handful of meme-y stocks surged in recent weeks, specifically for embattled companies Bed Bath & Beyond, GameStop, and Revlon. It’s like January 2021 again.
Bed Bath & Beyond shares spiked 22% Wednesday from the day before, a trend set this month. In June, the company let go of CEO Mark Tritton on the heels of sales declining 27% YoY in the latest earnings report.
- On Tuesday, 395+ million shares of Bed Bath & Beyond were traded, ending the day up almost 300% for the month. The company is still down more than 20% this year.
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Plus, the stock fell Wednesday after it was revealed in a filing that investor Ryan Cohen plans to sell his entire stake in the company.
And Revlon’s along for the ride: Shares are up 45% from July; Morgan Stanley reportedly bought 400,000+ shares last quarter.
- Revlon filed for Chapter 11 bankruptcy in June.
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The company’s CFO Victoria Dolan is set to retire at the end of September.
- The stock is still down 29% YoY.
The stock of the granddaddy of meme-investor fascination, GameStop, is also resurging.
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GameStop shares increased ~11% on Tuesday. The video game retailer is now up 20% this year after its colossal 700% spike in 2021.
“There’s a big demand for speculation, and it’s back. It may be short-lived, but it’s back,” Tastytrade founder Tom Sosnoff noted on CNBC’s Squawk Box.
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Sundry Photography/Getty Images
Last week, we asked readers if Walmart should enter the streaming wars, and we received more reader interest in the company holding off on it (355 responses) than moving ahead (226).
Katishi Maake reported with Marketing Brew’s Ryan Barwick about the streaming deal, which would benefit from the company’s growing advertising business. On its own, Walmart+ is still fairly one-dimensional, Neil Saunders, managing director of retail at GlobalData, told us.
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Catch up on the Retail Brew stories you may have missed.
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Written by
Katishi Maake and Maeve Allsup
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