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Welcome to a new week. Monday is National 7-Eleven Day. Grab a free Slurpee through the 7-Eleven rewards app , beware of brain freeze and check out what’s happening in the world of ecommerce this week:
- CosmoProf North America : The beauty community descends on Las Vegas from July 12-14 for a B2B-centered exhibition that takes a two-track focus on finished products and supply chain. The latest goods, technology and packaging will be on view.
- Miami Ecommerce Summit : Miami became a tech destination over the last two years. On July 14, tap into the the city's ecommerce community and learn from speakers representing Perry Ellis, Pitusa, BigCommerce and Walgreens.
With inflation still under a microscope, it’s a big week for new monthly data on prices and demand. Check out the schedule of releases recapping June from the federal government:
- Consumer Price Index provides the latest reading of the government’s inflation gauge on Wednesday, July 13. May’s year-over-year increase of 8.6% showed prices continuing to tick up in the 40-year-high range, and helped prompt the Fed to make a larger-than-expected rate increase of .75%. Will there be any cooling this month?
- Producer Price Index, which is the measure of what manufacturers pay for goods at their initial sale before they reach retailers, will provide further inflation data on Thursday, July 14.
- Total retail sales for the month will close out the week on Friday, July 15, providing the latest snapshot of how price increases are affecting spending. This measure has held relatively steady in the face of inflation, so it will continue to be closely watched for warning signs that could arise with any significant deviation from recent trends.
- Consumer sentiment also gets its preliminary July reading from the University of Michigan on Friday. Last month found this measure at its record low. The economic picture hasn’t changed much since then.
Stories we’re following:
- Amazon Prime Day is here. The annual deals extravaganza is here on July 12-13. To get ready, check out our primer for sellers and predictions from the experts. Throughout the week, we’ll be watching for reports showing if deal volume remains high at a time of inflation, whether sellers are meeting goals and how influencers are driving interest.
- Earnings season gets underway. Alongside the latest government data, company earnings reports will provide important insights about the health of the economy, and the consumer. PepsiCo and ConAgra Foods are among the companies kicking off the Q2 reporting.
- Profitability over growth: As venture capital firms send signals of a pullback with the economy tightening and layoffs from tech companies follow, one message embedded throughout the cuts is a focus on profitability over growth . The p-word also came up again in a recent Retail TouchPoints article that detailed how ecommerce systems and processes that were expanded over the last two years will now prove their value to businesses. We’ll be looking to tell the stories of how brands, retailers and the software companies that power them are making progress toward that milestone of a healthy business.
Trending in Economy
On the Move has the latest from Amazon, Lovesac and more.
This week, leadership is changing at GameStop, Sorel and Beautycounter. Meanwhile, key executives are departing at Amazon, Wayfair and Lovesac.
Here’s a look at the latest shuffles:
GameStop CEO fired
GameStop announced the termination of Matthew Furlong as CEO on Wednesday. A brief statement did not provide a reason for the firing.
With the move, Chewy founder and activist investor Ryan Cohen was named executive chairman of the video game retailer. Cohen will be responsible for capital allocation and overseeing management.
It came as the company reported a 10% year-over-year decline in net sales for the first quarter. Meanwhile, the company’s net loss improved by 62%.
In an SEC filing, GameStop further added this “We believe the combination of these efforts to stabilize and optimize our core business and achieve sustained profitability while also focusing on capital allocation under Mr. Cohen’s leadership will further unlock long-term value creation for our stockholders.”
Cohen was revealed as GameStop's largest shareholder when he disclosed a 10% stake in the retailer in 2020. GameStop went on to become a leading name in the meme stock rise of 2021.
Sorel president steps down
Mark Nenow is stepping down as president of the Sorel brand in order to focus on his health.
After rising to the role in 2015, Nenow spearheaded a transformation of Columbia Sportswear-owned Sorel from a men’s workwear brand to a fashion-focused brand that led with a women’s offering of boots, sandals and sneakers.
“Mark led the brand to sales of $347 million in net sales in 2022,” said Columbia Sportswear CEO Tim Boyle, in a statement. “His leadership has been invaluable to this company, and we wish him the very best.”
Columbia will conduct a search for Nenow’s replacement. Craig Zanon, the company’s SVP of emerging brands, will lead Sorel in the interim.
Beautycounter appoints interim CEO
Beautycounter appointed board member Mindy Mackenzie as interim CEO, succeeding Marc Rey. According to the brand, Rey and the board “mutually decided to transition to a new phase of leadership for Beautycounter.”
McKenzie, a former executive at Carlyle, McKinsey and Jim Beam, will lead the company as it conducts a search for a permanent CEO. Additionally, former Natura & Co CEO Roberto Marques will join Beautycounter’s board as chair.
As part of the transition, Nicole Malozi is also joining the company as chief financial officer. She brings experience from Tatcha, Nike, and DFS Group Limited.
Amazon’s North America fulfillment chief departs
Melissa Nick, a VP of customer fulfillment for North America at Amazon, will leave the company, effective June 16, CNBC reported . Nick joined the company in 2014, and oversaw a region that included nearly 300 fulfillment centers. After doubling its supply chain footprint during the pandemic, Amazon recently reorganized its fulfillment operations to take a regional approach, as opposed to a national model that often resulted in items shipping across the country.
Wayfair’s chief commercial officer to retire
Jon Blotner (Courtesy photo)
Steve Oblak will retire from the role of chief commercial officer at home goods marketplace Wayfair. With the move, Jon Blotner will be promoted to chief commercial officer.
"Steve has served as a critical part of our leadership team and played a pivotal role in Wayfair's growth, helping us grow from a $250 million business when he joined to $12 billion in net revenue today,” said Wayfair CEO Niraj Shah, in a statement. “He oversaw countless milestones, from helping to launch the Wayfair brand as we brought together hundreds of sites into a single platform, to launching new categories, business lines, and geographies while overseeing our North American and European businesses, to leading our debut into physical retail.”
Blotner previously oversaw exclusive and specialty retail brands, as well as digital media at Wayfair. Before joining the company, he served as president of Gemvara.com prior to its 2016 acquisition by Berkshire Hathaway.
Lovesac announces CFO transition
Furniture retailer Lovesac said Donna Dellomo will retire as EVP and CFO, and move to an advisory role, effective June 30. Dellomo was with Lovesac for six years.
Keith Siegner was appointed as the next EVP and CFO. He brings experience as CFO of esports company Vindex, as well as executive roles at Yum! Brands, UBS Securities and Credit Suisse.
Additionally, Jack Krause will retire from the role of chief strategy officer, effective June 30. His responsibilities will be divided between CEO Shawn Nelson and president Mary Fox.
“Since joining Lovesac, Jack has played an instrumental role in transforming the Company into a true omni channel retailer by helping expand our physical touchpoints and digital platform as we continue to disrupt the industry,” said Nelson, in a statement.
NRF adds board members
The National Retail Federation announced the addition of five new board members. They include:
- Marguerite Adzick , founder and CEO, Addison Bay
- Harley Finkelstein, president, Shopify
- Ian Kahn , partner, PwC
- Sharon Leite, CEO, Ideal Image
- Carrie Tharp, VP, strategic industries, Google Cloud