Owens Corning needed a way to not only gauge the stiffness and performance of its wind turbine blades but also to assess their longevity. The company found the answer in the form of predictive analytics, combining science and data to reduce material testing time from 10 days to two hours.
Sephora has boosted the appeal of its Beauty Insider loyalty program by offering cash for purchase points to all members, creating points-multiplier events and lowering the shipping minimum, according to Allegra Stanley Krishnan, vice president of loyalty at the beauty retailer. Customers may also opt to donate cash rewards to a rotating monthly charity; the National Black Justice Coalition has been chosen for June and Project Glimmer will be featured in July.
Walmart held its 50th annual shareholder meeting as a conference call because of the coronavirus, and the pandemic, the retailer's response to it and the shopping trends that have played out were among several hot topics on the agenda. Executives also addressed the killing of George Floyd and the broader issue of racism in the US.
American Eagle Outfitters is feeling the pent-up demand of young consumers as stores start to reopen and gearing up for a strong back-to-school shopping season, company executives said. Stores that have reopened are averaging sales at about 95% of their pre-pandemic levels.
In the wake of the killing of George Floyd in Minneapolis, Amazon will contribute $10 million to 11 groups working for social justice and racial equality, chosen in collaboration with its Black Employee Network. The e-commerce giant will also make a grant to BEN to "fund local organizations that support education and racial equality initiatives in communities across the country where our employees live and work."
RTW Retailwinds, the parent of fashion retailer New York & Co., has "a substantial doubt" that it will be able to continue as a going concern and could file for bankruptcy protection, according to a regulatory filing. The pandemic forced the retailer to close stores, leading to a glut of inventory, and the company has skipped April and May rent and some vendor payments.
New York City's reopening plan will move into phase one on Monday, allowing nonessential retailers to reopen for curbside pickup and delivery. Some of the city's retailers are taking an even more cautious approach to reopening amid the unrest after the killing of George Floyd.
Levi Strauss & Co. had reopened 35% of its US stores by last week and, unlike some fashion retailers, the denim brand has opted to open every other dressing room. Consumers are lining up at some stores, executive Marc Rosen said, and those who show up are making bigger purchases.
Resale platform StockX's effort launched a year ago to expand from sneakers and streetwear to collectibles and new product lines kept the company afloat during the pandemic, executive Jesse Einhorn said. Demand for toys, puzzles and face masks grew and offset a lack of growth in other categories.