Morning Brew - ☕ Macy’s or break it

The Workshop at Macy’s.
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May 29, 2024

Retail Brew

T-Mobile for Business

Hey there. If you’re still in that awkward period between your Memorial Day sale purchases hitting your bank account and them actually arriving at your doorstep, we’re right there with you, and we’re also starting to forget what we ended up ordering. Time will tell!

In today’s edition:

—Jeena Sharma, Alex Vuocolo, Erin Cabrey

STORES

Workshop till you drop

The Workshop at Macy's winner Dr. Nwamaka Ngoddy Vendor pitch competition winner Nwamaka Ngoddy. Macy’s/The Workshop at Macy’s

America has long been considered the land of dreams, and while not every dream comes true, Macy’s is doing its part to ensure that some do—26 to be exact.

Founded in 2011, The Workshop at Macy’s—a vendor accelerator program designed to assist business owners from underrepresented communities with industry knowledge, resources, and tools—is currently welcoming its latest cohort of 26 business owners.

All of the participants have access to Macy’s funding resources, its suppliers list, and a chance to compete for a $100,000 business grant, courtesy of Klarna, Spark Foundry, and Bazaarvoice. They will also have the opportunity to put up a pop-up shop on the Macy’s website and receive $5,000 upon completion of the program.

The initiative is part of Macy’s social purpose program, Mission Every One, and aims to uplift diverse business owners.

Keep reading here.—JS

   

PRESENTED BY T-MOBILE FOR BUSINESS

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RETAIL

Gaining excess

TJX Companies storefront Jhvephoto/Getty Images

So many large retailers reported their Q1 earnings last week that it’s been hard to keep track of them. In the interest of playing catch-up, here’s a quick rundown of some insights we dug up from a handful of earnings calls:

E-commerce excess: Competition is hot right now in the e-commerce space, as China-based upstarts such as Shein and Temu press their advantage against US-based giants like Amazon and Walmart. And apparently TJX Companies, the parent of discount chains including Marshalls, TJ Maxx, and HomeGoods, is benefiting from an abundance of inventory.

“Fortunately for us, we’re able to take advantage of the excess inventories across the e-comm business as those flex,” CEO Ernie Herrman told shareholders. “Some of the vertical players as well as the full-line players, they’ve had spill-off of goods. That has been a supplier of extra inventory for us.”

Keep reading here.—AV

   

COMMUNITY

Coworking with Cindy Chen

Cindy Chen headshot Cindy Chen

On Wednesdays, we wear pink spotlight Retail Brew’s readers. Want to be featured in an upcoming edition? Click here to introduce yourself.

Cindy Chen is co-founder of FancyTech, an AI content creation tool that works across categories like fashion, beauty, and food and beverage.

How would you describe your job to someone who doesn’t work in retail? I lead global brand partnerships at FancyTech. I help brands and companies generate product images and image-to-videos using GenAI. We work with apparel, luxury, and e-commerce brands to adapt across social and marketing channels in an efficient and automated way. We’ve helped more than 500 brands produce on average 10,000 videos per day. Instead of hiring a team to do photo shoots and the logistical planning required, we create images and videos with the channel and audience in mind. Brands just have to send us a product photo, and we do the rest. This is becoming more necessary because of the sheer volume of visual assets needed to stand out and the costs of creating them. GenAI can solve this problem, and we have tailored our technology to specialize in product marketing for retailers.

One thing we can’t guess about your job from your LinkedIn profile? My past experiences working at luxury retailer Moda Oprandi and Alibaba have helped me gain a deep understanding of brand perspective across the spectrum.

Keep reading here.—EC

   

TOGETHER WITH NICE

NICE

Stand-out CX. If you’re not incorporating AI into your CX strategy, you could be missing out. Never fear, retailers. Join Retail Brew on June 6 for Revolutionizing Retail to learn how AI is powering deep customer insights, improving decision-making, and optimizing the customer experience. Save your seat.

SWAPPING SKUS

Today’s top retail reads.

Confidence boost: Consumer confidence rose for the first time in four months in May, according to The Conference Board. (Bloomberg)

Stop at nothing: Ahold Delhaize USA CEO JJ Fleeman discusses recent Stop & Shop closures and the grocery giant’s newly unveiled Growing Together strategy. (Progressive Grocer)

Pal around: PayPal is utilizing its shopper data to establish an ad business, tapping Uber’s former advertising head to lead its new PayPal Ads division. (the Wall Street Journal)

Retail reliable 5G networks: Give your network an upgrade with T-Mobile for Business. With T-Mobile’s nationwide 5G supporting your locations, you can optimize your operations and omnichannel experience simultaneously with purpose-built retail solutions.*

*A message from our sponsor.

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