The Weekly Closeout: Target works to rightsize inventory and two CEOs prepare to exit

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 the first Walmart+ Weekend to Velveeta nail polish, here’s our closeout for the week.

What you may have missed

2022 IPO activity at lowest annual run rate in 2 decades

2021 was a boom year for deals in retail. Retail Dive tracked around 80 major deals across the industry, with over 15 being initial public offerings, including Allbirds, Mattress Firm and Rent the Runway. But after that surge, IPO activity is slowing.

According to an MKM Partners report released this week, IPO activity in 2022 is at its lowest annual run rate in 20 years.

Activity began to slow in February this year, driven by factors like the war in Ukraine, rising commodity and energy prices, price correction in overvalued stocks, inflation and interest rate hikes, potential changes and the lingering economic impacts of the pandemic, per the report.

However, the analysts, led by Rohit Kulkarni, believe that “as macro uncertainties linger and volatile market conditions persist, the backlog of IPO candidates and pipeline should continue to build.”

And for SPAC deals, which rose in popularity over the past few years, activity is expected to pick up throughout the year as 600 SPACs are still looking for a target company to merge with, the analysts said.

Bloomingdale’s marks 150th anniversary with collaborations, special events

To celebrate 150 years, Bloomingdale’s will kick off a campaign in September. The retailer will host special shopping experiences, exclusive luxury product collaborations, pop-ups and events for its customers.

“This significant milestone represents a unique moment in Bloomingdale’s rich history to not only celebrate our heritage, but to also look ahead to our next chapter,” Tony Spring, chief executive officer at Bloomingdale’s, said in a statement. “Some of fashion’s best brands started here, trends have been ignited here, and discoveries are made here every day. Bloomingdale’s has always been a brand that inspires, bringing people, style, culture, and technology together.”

A special collection in honor of its 150th anniversary will include over 300 exclusive products developed with “top brands and designers,” the company said in a press release emailed to Retail Dive.

The campaign, which kicks off during New York Fashion Week, will run through this year’s holiday season.

Fisher-Price joins Mattel’s PlayBack program

Mattel on Tuesday announced an expansion of its PlayBack program, according to a company press release. The program, which is designed to recover and reuse materials from old Mattel toys in future products, will now include Fisher-Price toys. The program aims to keep products out of landfills and supports the company’s larger goal to use 100% recycled, recyclable, or bio-based plastic in products and packaging by 2030.

The PlayBack program will include Fisher-Price non-electronic toys, including Laugh & Learn, Little People and Imaginext brands, among others.

Customers can ship back used toys for free to Mattel.

Image courtesy Mattel

“The Mattel PlayBack program, aimed at repurposing these materials into new products and helping the environment, now provides parents and caregivers the opportunity to give these beloved Fisher-Price toys a new lease on life,” Chuck Scothon, senior vice president and general manager of Fisher-Price Infant and Preschool, said in a statement.

Customers can participate in the program by going to the Mattel website to print a free label so they can pack and mail their toys to the company. Products collected will be sorted and separated by material type to be processed and recycled.

Walmart+ Weekend sale impacted by lack of awareness, inflation: report

Walmart held its first members-only Walmart+ Weekend sale from June 2 to June 5. Results were mixed compared to data from 2021’s Amazon Prime Day.

Only 33% of Walmart+ Weekend shoppers were aware of the sale before it started, according to early results reported by market research company Numerator. This compares to 94% of Amazon Prime Day 2021 shoppers who knew about the Amazon sale beforehand.

Leave a Comment