It’s been another week with far more retail news than there is time in the day. Below, we break down some things you may have missed during the week, and what we’re still thinking about.
From Lowe’s expanding same-day delivery to the Gap, Adidas and Ye drama, here’s our closeout for the week.
What you may have missed
Walmart+ rolls out Paramount+ Essential access to subscribers
After announcing a partnership with Paramount Global in August, Walmart made good on its promise to offer Walmart+ subscribers access to a Paramount+ Essential subscription, which carries a limited ad load.
Walmart+ members will need to log into their accounts on the retailer’s website or app to create a Paramount+ account.
“Today’s kickoff marks a brand-new chapter for Walmart+ and the possibilities available for our existing and new members,” said Chris Cracchiolo, senior vice president and general manager of Walmart+. “It’s pretty simple for us – our Walmart+ members asked for a streaming benefit, and we absolutely delivered with Paramount+.
Lowe’s offers nationwide same-day delivery through Instacart
Ahead of the all-important holiday season, Lowe’s on Thursday announced same-day delivery is now available across the U.S. through a partnership with Instacart. Nearly 30,000 items will be eligible to be shipped the same day from more than 1,700 of the home improvement retailer’s stores. The nationwide rollout follows a pilot in select markets in February.
Lowe’s marks one of the first companies to offer same-day and scheduled delivery for large items on the Instacart App, according to a joint press release from the two companies.
"Lowe's knows how much this time of year means to our customers. Whether they are rounding out their Halloween decorating or getting started on holiday prep and gifting, we're able to offer more products, more convenience and more value for customers as we continue to improve the shopping experience in-store and online," Mike Shady, Lowe's senior vice president of online, said in a statement.
Kanye West airs dirty laundry with Gap and Adidas on Instagram
Artist Ye, formerly known as Kanye West, has been posting about his working relationships with retail partners Gap and Adidas on Instagram over the past week, according to the Business of Fashion.
Ye claimed in one post from Sunday that he was offered a $1 billion buyout from Adidas to end their collaboration with his brand Yeezy. The rapper and fashion mogul also posted about “legally” destroying Adidas leadership.
He also posted about his relationship with Gap, accusing the company of stealing designs from the Yeezy Gap Engineered by Baleniaga line for its own brand. At the time of publication, the Instagram posts had since been deleted or archived.
Neiman Marcus wants to play mind games with you
The Queen’s Gambit made us all wonder if chess was as cool as Anya Taylor-Joy made it look, but Neiman Marcus is now posing the important question: Does chess have a scent? And if so, how much would it cost?
The department store this week announced the launch of a fragrance house dubbed Mind Games, which describes itself as “a luxury fragrance collection that links the strategy and brilliance of Chess, with the innovative and hypnotic effects of perfumery.” How exactly one distills concepts like “the strategies that take an opponent by surprise” and “the triumph of spirit that accompanies each victory” into a scent is unclear, but Neiman Marcus is willing to bet someone will pay $345 to see if Mind Games was able to do it effectively.
With the chaos of the current chess landscape, perhaps there is no time like the present to find out if a fragrance can effectively “transport you to the crucial moments of competition.”
But until we find that out, here are some things chess is supposed to smell like in no particular order: Kona coffee, bright red pomegranate, champagne, tree moss, black licorice, panettone, vintage leather, pink peppercorn, myrrh.
Jerry Seinfeld puts away the puffy shirt for Kith streetwear
In a move that’s sure to shock some fans, luxury streetwear brand Kith released images of comedian Jerry Seinfeld modeling its latest Fall 2022 collection, according to an Instagram post.
There are no puffy shirts or velvet sweatpants, but fans won’t be shocked that Seinfeld is wearing a Mets hat in some images. The new collection features varsity-letter and floral print jackets, along with collegiate-style sweat sets.
What we’re still thinking about
Since joining Target in 2014, CEO Brian Cornell has seen the company through many waves of industry turbulence, from the rapid expansion of e-commerce to a once-in-a-century pandemic. During his tenure, the retailer has leaned on its stores and built out new capabilities, expanding its revenue by another $40 billion — which is roughly equivalent to adding all of Dollar General or TJX Cos.’s sales on top of what Target was already making when Cornell began.
Target announced this week that Cornell, who is 63, has committed to stay on as chief for another three years. In doing so, the company said it was nixing its policy to open up retirement conversations with its CEOs at age 65.
That is the upper end of a bid for Kohl’s real estate by the private equity firm Oak Street Capital, according to a Reuters report. Such a deal would entail leasing back its own stores. That, in turn, could bring a windfall of cash for Kohl’s and its shareholders while raising its liabilities and expenses, and potentially lowering its credit rating at some point. The reported bid follows failed acquisition talks with Vitamin Shoppe owner Franchise Group this summer.
At a Goldman Sachs conference this week, Kohl’s CFO Jill Timm confirmed that the company was running a competitive process in which it has reached out to 20 parties seeking out interest in its real estate for a sale-leaseback transaction that could include stores or distribution centers.
What we’re watching
Bloomingdale’s 150th anniversary
Bloomingdale’s is getting ready to celebrate its 150th anniversary in style. Brothers Lyman Bloomingdale and Joseph Bloomingdale opened their “Great East Side Bazaar” in New York at 938 Third Avenue in 1872, and the company has been a retail powerhouse ever since.
To celebrate, the company is throwing a gala, launching pop-up shops, introducing a virtual shopping experience and highlighting its own 150th Anniversary Collection with limited-edition products. The celebration’s kickoff starts on Saturday with “an epic party” in all of its stores from 1 p.m. to 5 p.m.