The Modern Retail Podcast is a podcast about all the ways the retail industry is changing and modernizing. Every Saturday, senior reporters Gabi Barkho and Melissa Daniels break down the latest retail headlines and interview executives about what it takes to keep up in today’s retail landscape, diving deep into growth strategies, brand autopsies, economic changes and more
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Rundown: Dollar General and Lululemon show signs of weakness, Foot Locker scales back
samedi 31 août 2024 • Durée 26:02
On this week's Modern Retail Rundown, the staff discusses the issues plaguing Dollar General as it tries to lure bargain shoppers with its low-priced products. Lululemon's stalled growth in the U.S. also shows that the company isn't as economy-resistant as it has been over the last few years. Meanwhile, Foot Locker is scrapping international growth in favor of cost-cutting to improve profit margins.
Liquid Death's secret to viral marketing: Hire comedians
jeudi 29 août 2024 • Durée 29:49
Liquid Death is masterful at going viral. But the man leading its marketing team doesn't like it described as such.
"I hate the word viral," said Dan Murphy, svp of marketing at the canned beverage brand Liquid Death. In his mind, it's not precise enough.
Liquid Death, by all accounts, is a viral product. Its very concept is meant to make people laugh and share. The company is best known for its canned water products that appear like beer cans. And as it gained prominence, the viral campaigns continued -- most recently, for example, Liquid Death ran a giveaway offering a lucky customer a fighter jet.
But what Murphy was focused on wasn't virality but eliciting an organic response. "We needed people to walk down the beverage aisle and see a thing and stop," he said.
Murphy spoke at last week's Modern Retail Marketing Summit and dove into how the brand approaches its campaigns and is so successful at getting people to engage with it. This week's Modern Retail Podcast is a live recording of the conversation. He shared many tips of the trade. For one, he said, "we're entirely in-house."
The other part that's so important, Murphy said, was to hire people in comedy to create comedic campaigns.
"We don't have people with traditional marketing backgrounds in the creative group," he said. "It's people that are Adult Swim writers and wrote for movies and wrote for The Onion."
Rundown: Kroger & Albertsons pause merger, L Catterton interested in Mattel & the rise of 'Amazombies'
samedi 27 juillet 2024 • Durée 25:21
On this week's episode of the Modern Retail Rundown the staff starts out with an analysis of the pending Kroger and Albertsons merger, which is now on hold. This week also saw LVMH-backed L Catterton reportedly approaching toy maker Mattel for a potential acquisition. Finally, Amazon returns are overwhelming retail drop-off points like UPS and Staples -- so much so, the store employees now refer to customers with these returns as "Amazombies."
Skandinavisk founder Shaun Russell on making a lifestyle brand from candles
jeudi 7 septembre 2023 • Durée 31:07
Skandinavisk is trying to sell the experience of Scandinavia in a scent.
The brand launched in 2012 with a line of candles that tried to embody different aspects of Scandinavian life. Current scents include "Skog" ("calm of the boreal forest"), "Fjord" ("carved from glaciers") and "Regn" ("after the rainfall"), among others. Some of these scents showcase literal things, like local trees, others try to give a sensory experience to more ephemeral attributes.
Its founder, Shaun Russell, originally hailed from the U.K. but found himself in Denmark and Sweden around twenty years ago, and fell in love with the region.
"It kind of gets into your blood," he said. "I felt the secret of Scandinavia is in balance -- in the balance with nature, the domination of nature that surrounds the region; the balance within society, which it is famous for; but also the balance of the individual, balance of the self." This realization of what made Scandinavia different as a region was the starting point for his brand, Skandinavisk.
Russell joined this week's Modern Retail Podcast and spoke about his brand's growth over the last decade.
Since its founding, Skandinavisk has expanded beyond candles into diffusers as well as bath and body care. And it's also worked on becoming an international brand beyond its Copenhagen roots. The company has a thriving DTC presence, but has also expanded its wholesale presence into stores like Selfridges and Sephora U.K.
Russell is proud of Skandinavisk's retail expansion, but still sees it as one of his biggest challenges. "Distribution is one of the hardest challenges for any business -- both creating it and then managing it," he said.
But one thing that has helped Skandinavisk get in front of more eyeballs is its B Corp certification, which requires approved companies to prove they follow strict social and sustainability practices while maintaining the highest form of public transparency. Companies must go through a rigorous process to receive the certification. Skandinavisk sought B Corp approval in 2019 -- "it was one of the hardest things we've ever done," Russell said.
And while Russell is happy to have received the B Corp stamp of approval, he said it hasn't led to a huge increase in sales. Instead, Russell said the certification is more of a B-to-B marketing tool. "It draws a different type of person to you," he said -- whether it's a candidate looking to work at a more socially responsible workplace or a retail seeking out more sustainable brands.
Today, Russell said Skandinavisk has expanded in ways he didn't expect. But it led him to a useful entrepreneurial lesson. "If you're starting your own brand, you have to be open to opportunity," he said. "You have to have your ears open, and you have to catch chances if they pass you -- even if not necessarily what you were planning."
'I'm obsessed with building companies': Why Uri Minkoff is focused on growing a brand he and his father launched in the '90s
jeudi 31 août 2023 • Durée 36:43
Uri Minkoff knows a thing or two about getting a brand off the ground. Beginning in 2005, he and his sister built the luxury brand Rebecca Minkoff, ultimately selling a majority stake two years ago. During those early years, he also launched his own technology company, Fortis Software, that he led for about a decade until he went back to focusing on his joint venture with his sister.
And, it turns out, Minkoff and his father co-founded a business in the late '90s that Minkoff is only now beginning to really focus on.
BodyHealth is a nutrition and supplement company that's been around since 1997. It sprung out of Minkoff's father's physician clinic, which Minkoff also helped get off the ground. The clinic is called LifeWorks -- "And we built what has now become the largest or second largest integrated medical clinic in the country," Minkoff said.
Through LifeWorks, Minkoff and his father saw demand for supplements and medications aimed specifically at top-tier athletes. "One of the things that we found early on is, clinically, what the doctors found was that protein was a big issue -- and, particularly, protein digestibility [and] absorbability." That is, many people were trying to take a protein supplement, but their bodies weren't actually absorbing it.
Over the years, BodyWorks launched more products but focused more on the medical retail track. Over 20 years, its distribution ballooned to over 2,000 physician offices, even with Minkoff not actively leading it or focusing on its growth. But now he's set his sites on growing BodyHealth even more -- focused specifically on direct-to-consumer.
Minkoff had the realization a few years ago that "there's no reason that we shouldn't tell the story and expand this," he said on the Modern Retail Podcast. "Let's do repackaging that's appropriate for consumers, that's not just going to be on physician shelves."
So far, it's working. BodyHealth will be in 1,000 store shelves by the end of the year. In August, it debuted on Erewhon shelves -- something Minkoff is very proud of.
What has helped BodyHealth grow, said Minkoff, especially over the last year is its direct connection with customers. The brand has a vibrant Facebook page of over 30,000 members where its most obsessed customers share ideas, feedback and recipes. "Our email list is growing wildly, because of the content that we put out there," Minkoff said.
It also helps that Minkoff has some business successes in his back pocket to inform of his how to build BodyHealth. "I'm obsessed with building companies," he said. "I'm obsessed with creating products that are for end consumers. And I've kind of been that way my whole life."
This week on the Modern Retail Rundown we start with the news of Shein and Forever 21’s new partnership, in which the companies will sell each other's merchandise. Next, Subway sells to a private equity firm after months of rumors -- after decades of family ownership. Finally, a look at Rolex's new acquisition of legacy watch retailer Bucherer.
News cited:
https://www.cnbc.com/2023/08/24/shein-strikes-deal-with-fast-fashion-retailer-forever-21.html
https://www.modernretail.co/marketing/there-are-a-lot-of-misunderstandings-about-how-o[…]-app-is-trying-to-get-ahead-of-its-own-marketing-narrative/
https://www.wsj.com/business/deals/subway-sandwich-chain-agrees-to-sale-to-roark-capital-11812c1f
https://www.bloomberg.com/news/articles/2023-08-24/rolex-to-buy-bucherer-in-major-retail-move-for-swiss-brand
Georgia-Pacific CMO Laura Knebusch on staying nimble as a CPG behemoth
jeudi 24 août 2023 • Durée 33:35
Georgia-Pacific is a company most everyone in the U.S. has interacted with.
It's a paper conglomerate behind some of the biggest names, such as Brawny and Dixie. But even though the products are ubiquitous, when is the last time a shopper has really thought about such a brand? This conundrum is what Laura Knebusch thinks about every day.
Knebusch is the CMO of Georgia-Pacific, and is in charge of all consumer-facing marketing and customer experience endeavors. It's a tall order for a parent company that has brands in most mass retailers, small retailers as well as online. "We have to be thinking about how we are delighting consumers with the experience they have with our brands every time they are interacting with us," Knebusch said. She joined the Modern Retail Podcast this week and spoke about how she approaches marketing such a behemoth.
One major facet of Knebusch's marketing philosophy is to always be testing out new channels and ways to reach customers. "We do have a focus on experimentation," she said. "It's not a set, we're going to do this many [experiments]. But, each year, we want to make sure that we are carving out a certain amount of investment so that we can experiment and learn and not just invest in the things that are tried and true. With the world changing so much, that's absolutely critical."
One thing that's no longer an experiment, though, is online grocery. According to Knebusch platforms like Instacart grew thanks to the pandemic and are more or less here to stay. That being said, they are still in their infancy. E-commerce, she said, "is an area where we are testing and learning and experimenting because it's changing so much. And we are seeing capabilities develop really quickly. So it has to be kind of an experimental mindset."
And many of the ad offerings on those platforms have yet to mature. "I think measurement is still a really big opportunity in this area," she said. "Companies like Instacart are putting a lot of focus in this area and evolving, but there are still opportunities… particularly in the area of kind of measurement -- making sure that you can return the value for those investments that you're making in them."
For her, it all boils down to a new retail paradigm that every business must contend with. "Consumers expect more from brands -- they have more choices, more ways to purchase and more ways that you can reach them," she said.
Rundown: Instacart may finally IPO, Aldi's new acquisition & Everlane's turnaround plan
samedi 19 août 2023 • Durée 29:16
This week on the Modern Retail Rundown we discuss the latest reports of Instacart’s approaching IPO, which can come as soon as September. Next is a look at Aldi’s acquisition of Winn-Dixie and Harvey's parent company -- a major expansion in the Southeast for the German grocer. Finally, a new story outlines Everlane’s new goal to shed its image and become a top apparel brand.
Stories cited:
https://www.bloomberg.com/news/articles/2023-08-17/instacart-said-to-plan-for-september-ipo-in-boost-for-listings
https://www.wsj.com/articles/instacart-sees-revenue-profit-boost-ahead-of-public-listing-1d7891d
https://www.cnn.com/2023/08/16/investing/aldi-buys-winn-dixie/index.html
https://www.supermarketnews.com/retail-financial/secretaries-states-want-ftc-block-kroger-albertsons-merger
https://www.forbes.com/sites/pamdanziger/2023/08/16/under-new-management-everlane-leans-into-quiet-luxury-with-a--sustainability-edge/
https://www.nytimes.com/2020/07/26/fashion/everlane-employees-ethical-clothing.html
'This isn't about opening as many stores as we can': Primark U.S. president Kevin Tulip on introducing the value retailer to North America
jeudi 17 août 2023 • Durée 31:50
The U.K.-based retailer has become synonymous overseas with value-based apparel. But the company has been steadily growing its U.S. fleet with the hopes of becoming a powerhouse retailer in North America, as well. Its first store opened in 2015 and it currently has 20 open. Over the last 12 months alone, the company opened up seven new locations. And, according to Primark's president of U.S., Kevin Tulip, the plan is to get to 60 stores in the region by 2026.
"The strategy was always about opening up a handful of stores and testing and learning," said Tulip on the Modern Retail Podcast. He joined this week's episode and dove into the retailer's international expansion strategy, as well as its evolving approach to technology and e-commerce.
Tulip certainly knows a lot about the Primark brand. He first joined the company when he was 16. "It was a weekend job -- straight out of school, while I was studying, doing four hours on a Saturday, four hours on a Sunday," he said. "And I really fell in love with retail."
Two decades later and he's risen the ranks from a store associate to president of an entire area of business.
Right now, one of Tulip's main focuses is on finding the right locations for new stores. As he describes it, it's an art and not a science. "We've taken our time and understood the locations we're going into," he said. "This isn't about just opening as many stores as we can."
One other big question surrounding Primark is its approach to e-commerce. The retailer has staunchly focused on in-store sales. It recently upgraded its U.S. site to be more accurate with merchandise, while still getting shoppers to go into local stores.
Even though Primark is testing some buy-online, pickup in-store options in the U.K., Tulip insisted that stores are still the primary focus. The digital strategy, he said, "isn't focused on creating the website to be transactional."
Rundown: Tapestry & Capri merge, companies rein in rewards & Amazon scales back private brands
samedi 12 août 2023 • Durée 27:39
On this week’s Modern Retail Rundown, we discuss the growing consolidation in the Tapestry’s big acquisition of Michael Kors owner Capri. Next, why brands are reducing the rewards in their rewards program to improve margins. Finally, we talk about Amazon scrapping a majority of its apparel private labels amid growing anti-trust ridicule.
Stories referenced:
https://www.nytimes.com/2023/08/10/business/tapestry-capri-merger-luxury-fashion.html
https://www.modernretail.co/marketing/ralph-lauren-and-coach-are-resonating-with-younger-digital-first-shoppers/
https://www.cnbc.com/2023/08/05/companies-crack-down-on-customer-perks-and-rewards-like-airline-miles.html
https://www.wsj.com/articles/amazon-cuts-dozens-of-house-brands-as-it-battles-costs-regulators-3f6ad56d
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