Bin stores are retail’s fastest growing off price channel that combine bargains with a nod to sustainability… and the ‘treasure hunt’ thrill of thrifting.
- Mainly operated by indie retailers, these stores buy up returned items from Amazon, Walmart, Target and others, along with overstock and liquidation merchandise.
- Prices on merchandise can drop daily, with higher prices on the newest items.
- Items can be brand-new or slightly flawed.
- Americans returned nearly $816 billion in merchandise in 2022, per the National Retail Federation.
- Bin stores offer retailers a less costly way to handle returned items then having to process them back into inventory.
FINANCE
Nike (USA) reported Q2 sales rose 1% to $13.4 billion. Profits increased earnings rose 19% to $1.6 billion. Sales rose in China, but fell in the US and Europe. However continued weak sales has Nike planning to cut hundreds of jobs and simplify its product ranges as part of attempts to save $2 billion in costs over the next three years amid poor sales.
JCPenney (USA) reported Q3 net sales fell 10.7% to $1.5 billion. Net loss in the period widened by 76.5% to $30 million.
Coupang (S. Korea) has agreed to acquire Farfetch (UK), providing a lifeline for the luxury-focused online retailer. Farfetch will delist, wiping out its existing shareholders. As part of Coupang it has a chance to refocus and grow.
Superdry (UK) said that sales fell 13% in the six months through October. Comparable store sales fell 7%.
PODCAST
How To Beat Burnout by Winning the Now
If you’re like most of us, sooner or later you face times when you’re just burnt out. You hit a wall. There’s nothing left in the tank
Yet we still need to keep going and moving ahead at work and in our personal lives.
Today we are joined by Eric Recker, founder of Win The Now. Eric knows what it’s like to battle burnout and to have to find a pathway back into the game. After trying almost everything to overcome the stress that comes from feeling that you always need to be just that much better, he found a way to identify his triggers – and to prevent them from crashing his life.
You’ll Learn:
- A simple technique for focusing on the ‘now’.
- How to find a balance between growth and contentment.
- Why taking one small step can create massive momentum.
RETAIL
Uniqlo (Japan) plans to open 200 stores in the US and Canada by 2027, 20 new stores slated to open in 2024.
Giordano (Hong Kong) has received international recognition for its outstanding customer service. Read more
MARKET
UK retail sales volumes grew by 2.3% in November in non-food stores, per the Office for National Statistics (ONS), which it credited to hefty discounting and longer Black Friday deals.
US consumer sentiment jumped to 69.7, a 13.7% increase from November and was the first rise after four months of declines, per the University of Michigan Index of Consumer Sentiment (MCSI). It is now just below the midpoint between the pre-pandemic reading and the all-time low set in June 2022. The index was boosted by consumers’ expectations that inflation was continuing to drop.
A US recession is less likely in the coming year as data now points to a successful soft landing on the back of a strong labor market and lower inflation, per Investopedia.
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