Dick's Sporting Goods reported a 7.7% increase in third-quarter sales and raised its full-year earnings guidance, results driven by the company's focus on improving its merchandise assortment and boosting its omnichannel presence. "We are not seeing people trade down," CEO Lauren Hobart said, while also adding that the retailer saw sales growth from consumers of all demographics.
The bar for personalization is rising 49% of consumers say they will likely become repeat buyers after a personalized shopping experience. To explore the latest trends in personalization, privacy and customer loyalty, download The State of Personalization 2022 report.
Abercrombie & Fitch's focus on opening new stores in 2022 led the company to post better-than-expected third-quarter results and increase its full-year outlook. Focusing on smaller formats has driven a 60% increase in sales per square foot at its newest namesake stores, while an omnichannel focused concept at new Hollister stores is designed to be adaptable and allow for merchandising flexibility, CEO Fran Horowitz said.
Women's workwear brand Argent is focusing on brick-and-mortar retail growth after downsizing during the pandemic, with the opening of a New York City store and plans to expand into additional markets. The brand, which also launched in nine Nordstrom stores this year, is finding that brick-and-mortar retail brings higher average sales than its online store.
How can you improve your loyalty initiatives?
As consumers shift their budgets to experiences, retailers must find innovative ways to stay competitive. Download Mastercard's latest report to learn how retailers can retain customers by using business experimentation to enhance key loyalty initiatives such as personalization tactics.
Mintel has identified consumer trends likely to emerge over the next five years, such as an increasing emphasis on individuality, need for fatigue relief and a desire to co-create with brands. "By bringing consumers into the creative process, beauty brands can foster loyalty," said Simon Moriarty, Mintel's director of trends for Europe, the Middle East and Africa.
Food retailers have been innovative in challenging times by offering more freshly made "grab-and-go" food, highlighting less pricey private label goods, and providing special discounts to loyal customers, writes Janet Jones Kendall. "As our customers face an ongoing inflationary environment, we know they are looking to stretch their dollars further than ever before," said Stuart Aitken, senior vice president and chief merchant and marketing officer at Kroger.
Members of four out of 12 train and engine service unions have rejected the latest labor contract offer, sending the parties back to the bargaining table and prompting NRF President and CEO Matthew Shay to call on Congress to help prevent a strike that could start as soon as Dec. 9 and cost more than $2 billion daily. "American businesses and families are already facing increased prices due to persistent inflation, and a rail strike will create greater inflationary pressures and will threaten business resiliency," Shay said.
More than 60 million US consumers plan to shop on Small Business Saturday. NRF spoke to small-business advocates for insights on what they expect to see from consumers the Saturday after Thanksgiving. Owners of Ravenox, Garden Gazebo and 36Lyn Refuel Station, to name a few, spoke of small-business resiliency and how they are anticipating consumer behavior. Read more.
Lovesac's founder and CEO Shawn Nelson joins NRF's "Retail Gets Real" podcast to speak on his entrepreneurial development of Lovesac and the inspiration behind the brand. Nelson reflects on his career journey from creating Lovesac as a side business in his parent's basement to a company that reports more than half a billion dollars in annual sales. Hear more.
Restaurant chains including Boston Market, Chipotle Mexican Grill, Bob Evans and KFC are promoting holiday meal deals this Thanksgiving as soaring grocery prices make dining out,
catered meals and takeout options more attractive. The average Thanksgiving dinner for a group of 10 is expected to cost $64.05 this year, up from $46.90 in 2020 and $53.31 in 2021, according to the American Farm Bureau Federation.