Today in retail: supply chain; Macy’s increases his remuneration
In today’s top retail news, The RealReal and thredUP see an opportunity to capture consumers as their competitors struggle with their supply chains, while brands are poised to capitalize on virtual sales at as the metaverse becomes more widespread. Additionally, Macy’s is taking steps to attract new employees with higher salaries and education benefits, and Primark is looking to massively increase its presence in the United States.
Resale markets see ‘compelling opportunity’ as others struggle with supply chain
Second-hand markets thredUP and The RealReal say they have so far been immune to the higher prices and tangled supply chains that plague many other retailers and brands as the shopping season approaches. holiday shopping, although shipping costs and staffing levels remain a challenge. In the third quarter, thredUP reported revenue of $ 63.3 million, up 35% year-on-year; RealReal said its revenue reached $ 119 million in the three months ended September 30, a 53% increase.
Brands Prepare to Go Virtual Competition as Metaverse Goes Mainstream
While some consumers are still familiar with what the metaverse is, brands and retailers have been working on plans to sell merchandise in virtual worlds for some time. Last week, for example, PYMNTS reported that Nike has filed several Intent-to-Use applications with the U.S. Patent and Trademark Office, and Gucci and Balenciaga are among the luxury brands that already sell items to Roblox.
Macy’s Raises Minimum Wage Amid Labor Shortage
Macy’s will raise its minimum wage for employees to $ 15 an hour as part of a benefits package that will also include debt-free tuition and wage increases for employees at all levels of the company . The Debt-Free Education Program will launch in February, with approximately $ 35 million distributed to U.S.-based salaried and hourly employees over the next four years to cover all tuition, books, and fees for the completion of high school, university preparation courses, learning English. programs, associate’s and bachelor’s degrees, bootcamps and professional certificates.
Primark aims to quadruple the number of stores in the United States
Discount clothing retailer Primark plans to increase its number of stores in the United States from 13 to 60 over the next five years, a rapid expansion as the company aims to expand its portfolio to 530 stores globally . Primark has no e-commerce presence, although its website features collections and products available locally to consumers before they visit the store.