Friday Five: March 1st
What’s new in the world of omni-channel marketing? Target makes a massive splash in the retail industry with many major announcements, while another legacy retailer cuts jobs. What’s the takeaway here? Consistent innovation and curation is winning consumers over. Check out our top five insights from the past week below!
1. Target Is The Latest Retailer To Take On Victoria’s Secret
“As Target launches Auden (lingerie), Colsie (loungewear), and Stars Above (sleepwear), it will end its current line of undergarments and sleepwear, Gilligan & O’Malley. It expects the three new brands to bring in $1 billion within a year, according to the Journal.”
Related: Our VP of digital solutions recently wrote on how Victoria’s Secret could reclaim marketshare.
2. Yet Another DTC Brand Debuted In Target Stores Earlier This Month
“As more direct-to-consumer brands test bricks-and-clicks strategies, many are finding a home, if not a guiding hand, at one of the nation’s biggest retailers: Target.”
3. Target Announces Launch Of Its Curated, Third-Party Marketplace, Target+
“But unlike with Walmart and Amazon’s marketplaces, Target is taking a more curated approach as to how sellers will be added to its program. The retailer says it’s starting with “thoughtfully selected” additions in areas like home, toys, electronics and sporting goods.”
4. The Two Reasons Why TJ Maxx & Marshalls Have Seen Traffic Increase For 17 Straight Quarters
“This marked the 17th consecutive quarter in which customer traffic had increased at these retailers. Why are TJ Maxx and Marshalls doing so well when so many other brick-and-mortar retailers are struggling to bring in the customers? Jaime Ward, head of the Retail Finance Group for Citizens Bank, pointed to two main reasons…”
5. Macy’s To Cut Roughly 100 Executive Jobs
‘“Macy’s is restructuring its upper management teams to ‘increase the speed of decision making, reduce costs and respond to changing customer expectations.’ The company will also cut roughly 100 vice president and above jobs effective March 1, according to a company spokeswoman.”’
That’s a wrap! What’s your big insight from this week? Let us know on Instagram or Twitter @BDSmktg. Have a phenomenal weekend! ✌🏻