In retail today, Target is testing curbside returns and Starbucks order delivery, while Overstock’s stock price rises after the company’s blockchain-based trading platform crashed. obtained an investment from Intercontinental Exchange. Additionally, one man’s furniture scrap is another person’s furniture treasure, and major retailers believe an omnichannel approach is the way forward for the declining sector.
Overstock soars after struggling eTailer reports market share and profit gains
The share price of e-commerce retailer and technology company Overstock.com Inc. jumped nearly 25% on Wednesday (February 23) after the company released its fourth quarter and full year results. in fiscal 2021, with the jump coming three months after its stock price. fell 65% in November.
Overstock celebrated its most successful Cyber Five – from Thanksgiving to Cyber Monday – in company history, which helped it meet its profitability targets for the quarter. Investors were also excited about Intercontinental Exchange’s strategic investment in tZero, the blockchain-based trading platform for cryptocurrencies and digital assets in which Overstock has a majority stake.
Lowe’s rolls out strong home improvement predictions
Lowe’s fourth-quarter fiscal 2021 earnings reflect optimism about the home improvement industry and consumers’ desire to continue doing it themselves, even as COVID-19 pandemic restrictions continue to ease, with demand for building tools and materials strong as builders and do-it-yourselfers update their toolboxes to finish a backlog of delayed projects.
Lowe’s same-store sales rose 5% in the fourth quarter ended Jan. 28, and the company expects total fiscal 2022 sales to be between $97 billion and $99 billion, up from a previous forecast. from 94 to 97 billion dollars.
Retail sustainability trend shifts from resale to refuse with furniture made from waste
Brooklyn-based furniture maker REDU is looking to tap into unprecedented consumer demand for sustainable, reusable products that reduce waste and reduce stress on the environment, by expanding the reach of its recycled furniture via a showroom interactive in the Upper East Side of Manhattan.
Meanwhile, resale platforms such as Kaiyo and Chairish are tackling sustainability through marketplaces that combine buyers and sellers of used furniture, and other brands are working to reduce their carbon footprint and reduce waste. by other means.
Pottery Barn offers reclaimed wood furniture made with reclaimed materials and Crate & Barrel sells a range of furniture certified by the Forest Stewardship Council.
TJX FY22 Optimism dampened by falling stock prices
Discount apparel and home goods retailer The TJX Companies missed analysts’ expectations in its fourth quarter and fiscal 2022 results, in part due to the spread of the omicron variant of the pandemic. of COVID-19 causing store closures.
Many of TJX’s stores were closed for at least part of the three-month period during the holiday shopping season, but the company still increased its total number of stores by 117 for a total of 4,689 locations at across its brands — TJX, Home Goods and Marshalls — and saw a 2% year-over-year increase in square footage.
The stores of the TJX companies that remained open during the year performed well, with same-store sales open only in the United States up 17% compared to fiscal 2020. The fiscal year also saw net sales of $48.5 billion, up 16% from two years ago and up 51%. % since last year.
Home Depot, Macy’s, Walmart Push omnichannel integration of in-store and online retail
Three of the biggest retail brands have outlined similar plans over the past week or so, which reflect their belief that omnichannel retail is the way forward for the industry as it continues to try to regain its pre-pandemic glory.
In their respective quarterly earnings reports, Walmart CEO Doug McMillon spoke about a changed business model that is increasingly digital, Macy’s CEO Jeff Gennette told investors that the integration of e-commerce and brick-and-mortar stores performed better in all scenarios, and new Home Depot CEO Ted Decker announced his intention to fight friction wherever it exists to meet changing customer expectations. This tells us something these guys already know: retail is all on board the omnichannel bus.
Aim to test curbside returns and Starbucks orders
Target will soon launch a test in select markets that will allow customers to order Starbucks or make a return through its contactless curbside service.
Customers will use the Target app to signal that they are on their way to the store and will have the option of placing an order from the Starbucks menu that will be delivered to their car by a Target employee or making a return without leaving their vehicle.
Target will also expand its app’s “save item” functionality, allowing customers to choose from a wider assortment of categories – including household essentials and beauty products – and designate something as a second choice if their top item choice is not available.