Retail Channels
15 May 2023
Macy's welcomes 25 businesses for retail accelerator
The Workshop at Macy's supports women- and diverse-owned businesses through education, and a popup shop.
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During the month of May, Macy’s is welcoming 25 brand owners participating in a retail accelerator program that provides access to funding and connections to the storied department store owner's network.
The Workshop at Macy’s supports women- and diverse-owned businesses with a monthlong program focused on education in key business functions such as brand identity, financial management, assortment planning, pitching, growth capital and more.
The program also provides connections to customers and suppliers. Participants will have the opportunity to sell products at scale on a digital popup shop on macys.com. Then, following graduation, the cohort participants will be introduced to Macy’s buyers and digital marketplace teams. This will set up the opportunity to onboard as vendors.
When it comes to funding, the brands can enter a pitch competition, which offers the winner a $100,000 prize. This is offered in addition to a $5,000 grant that all businesses receive when they complete the program. Brands will also be introduced to S.P.U.R. Pathways: Shared Purpose, Unlimited Reach, the multiyear financing program that Macy’s introduced last year in partnership with Momentus Capital to provide a range of funding options for underrepresented businesses.
“For more than a decade, The Workshop at Macy’s has represented our ongoing commitment to amplify and uplift underrepresented businesses by providing entrepreneurs with a best-in-class development program,” said Michelle Wang, Macy’s vice-president, retail diversity strategy, in a statement. “Through Mission Every One, Macy’s is dedicated to reinventing and reimagining representation in retail by providing participants with the tools and resources to excel, and I’m thrilled for this year’s businesses to experience growth, continue to develop and create meaningful connections through The Workshop at Macy’s.”
Here’s a look at the brands participating in the program:
Apparel
- Besida
- Carlton Jones
- Goddess Rising Intimates
- Kahindo
- Monzlapur
- Moxie Fitness Apparel
- ObservaMe
- Tony by Toni
Beauty
- Bea’s Bayou Skincare
- Cardon
- DefineMe
- Ivyees
- Maple Organics
- TOA Waters
Center Core
- b.c.e Custom Shoes
- Ms. Jetsetter
- Po Campo
- The Standard Shoes
- Twelve AM
Home
- Aya & Pete
- domoINK
- Rochelle Porter
- Surprise Powerz
- Wax Buffalo
Kids
- Nola Tawk
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Marketing
09 June 2023
'There's a lot of ways to frame value'
Campbell Soup Company CEO Mark Clouse offered thoughts on messaging amid inflationary shifts in consumer behavior.
Photo by Kelly Common on Unsplash
After months of elevated inflation and interest rate hikes that have the potential to cool demand, consumers are showing more signs of shifting behavior.
It’s showing up in retail sales data, but there’s also evidence in the observations of the brands responsible for grocery store staples.
The latest example came this week from Campbell Soup Company. CEO Mark Clouse told analysts that the consumer continues to be “resilient” despite continued price increases on food, but found that “consumers are beginning to feel that pressure” as time goes on.
This shows up in the categories they are buying. Overall, Clouse said Campbell sees a shift toward shelf-stable items, and away from more expensive prepared foods.
There is also change in when they make purchases. People are buying more at the beginning of the month. That’s because they are stretching paychecks as long as possible.
These shifts change how the company is communicating with consumers.
Clouse said the changes in behavior are an opportunity to “focus on value within our messaging without necessarily having to chase pricing all the way down.”
“No question that it's important that we protect affordability and that we make that relevant in the categories that we're in," Clouse said. "But I also think there's a lot of ways to frame value in different ways, right?”
A meal cooked with condensed soup may be cheaper than picking up a frozen item or ordering out. Consumers just need a reminder. Even within Campbell’s own portfolio, the company can elevate brands that have more value now, even if they may not always get the limelight.
The open question is whether the shift in behavior will begin to show up in the results of the companies that have raised prices. Campbell’s overall net sales grew 5% for the quarter ended April 30, while gross profit margins held steady around 30%. But the category-level results were more uneven. U.S. soup sales declined 11%, though the company said that was owed to comparisons with the quarter when supply chains reopened a year ago and expressed confidence that the category is seeing a longer-term resurgence as more people cook at home following the pandemic. Snacks, which includes Goldfish and Pepperidge Farm, were up 12% And while net sales increased overall, the amount of products people are buying is declining. Volumes were down 7%.
These are trends happening across the grocery store. Campbell is continuing to compete. It is leading with iconic brands, and a host of different ways to consume them. It is following that up with innovation that makes the products stand out. Then, it is driving home messaging that shows consumers how to fit the products into their lives, and even their tightening spending plans.
Campbell Soup is more than 150 years old, and has seen plenty of difficult economic environments. It is also a different business today, and will continue to evolve. At the end of the day, continued execution is what’s required.
“If it's good food, people are going to buy it, especially if it's a great value,” Clouse said.
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