Chipotle's avocado-cutting robot, Coca-Cola's AI bet, Express' bankruptcy: Retail news roundup
In the world of retail, American fashion brand Express has filed for bankruptcy and plans to close over 100 stores imminently. Chipotle will deploy its avocado-peeling robots this year. And Coca-Cola is betting that AI can help keep up with Pepsi and Red Bull.
Meanwhile, Amazon wants compete with Target and Walmart in the grocery delivery business, and the FTC sues to block Tapestry’s $8.5 billion deal to acquire Capri.
Express will close more than 100 stores after filing for bankruptcy
U.S. fashion retailer Express has filed for Chapter 11 bankruptcy and plans to close over 100 stores as it looks to devise a new merchandising strategy. The 40-year-old retailer has struggled to reach consumers.
Chipotle says its avocado-cutting robot is coming soon
Chipotle’s solution for cutting avocados may be coming to a store near you as early as this year. Chipotle CEO Brian Niccol said the company plans to deploy some of its avocado-peeling robots at its busier locations as early as this year.
Coca-Cola is betting AI can help it compete against Pepsi and Red Bull
Coca-Cola is betting that AI can help it pop and has signed a $1.1 billion partnership with with Microsoft to help those efforts. Some of Coca-Cola’s biggest competitors, such as RedBull and Pepsi Co., already use AI to gauge customer engagement.
Amazon is taking aim at Target and Walmart with a new low-cost delivery subscription
Amazon wants to lead the pack in food delivery and believes that its new low-cost subscription service will keep it ahead of competitors like Walmart and Target. It’s offering Prime members the subscription for $9.99 a month, while customers using an EBT card can gain access for only $4.99.
Chipotle tells employees not to eat chicken on the job
Chipotle is hogging its chicken from employees in a bid to keep up with surging demand from customers. That comes just a day after the restaurant chain reported earnings that revealed its sales were being driven by its Braised Beef Barbacoa and Al Pastor Chicken menu items.
Shoppers in Asia are powering the global luxury industry (again)
The COVID-19 pandemic created massive challenges for companies, and the luxury industry was no exception. Even as companies like Gucci still try to shake off the pandemic-induced financial hit, consumers in Asia appear to be powering the return of other luxury retailers, like Prada and Moncler.
The FTC sued to block an $8.5 billion fashion merger between Tapestry and Capri
The Federal Trade Commission said Monday that sued to block Tapestry’s $8.5 billion deal to acquire Capri because it would eliminate “firece” competition in the luxury market. If allowed, the fashion deal would bring together six brands: Tapestry’s Coach, Kate Spade, and Stuart Weitzman, and Capri’s Michael Kors, Jimmy Choo, and Versace.
Smucker’s nearly $1 billion PB&J business is anything but crusty
Smucker’s Uncrustables is poised to become a $1 billion business, according to Sherwood. The company has even made plans to open a new factory in Alabama next month to keep up with demand. The plant is expected to create roughly 750 jobs.
Uniqlo is being powered by young women who want outfits for both ‘at the office or on a night out’
As return-to-office mandates shift how workers structure their days and lives, fashion retailer Uniqlo thinks it stands to get a boost from young women in search of versatility, according to its U.K. chief operating officer Alessandro Dudech. They are looking for items they can wear “at the office or on a night out,” he said.
Nike is getting back to the basics after its exclusive sneaker bid fell short
Nike has spent a great deal of time looking to innovate, but now it wants to get back to the basics by focusing on its running shoe catalog. The company’s efforts to sharpen its running brand image are in part due to the subdued success of its limited-edition franchise sneaker releases, the Wall Street Journal reported.
Lululemon plans to layoff hundreds of employees as it closes a distribution center
Lululemon is in the process of closing down its distribution center in Washington and laying off 128 employees, according to a WARN filing submitted to the state’s Employment Security Department. Layoffs are expected to begin June 21, the filing shows.
Nordstrom really wants to go private this time
Nordstrom’s founding family is seriously considering going private (again) and it has formed a special committee to evaluate any bids. Nordstrom said it’s not definite that it will pursue any particular deal or that one will be approved.