No images? Click here ![]() October 2023 | Newsletter No.4 | #retailrundownBaker Retail Rundownby Anoushka Ambavanekar & Leo Contreras Stay in the know with our rundown of the previous month's top retail industry news, curated by our talented team of Penn student analysts. Uber Technologies will accept more payment options on its food delivery platform, Uber Eats, and roll out an artificial intelligence (AI)-powered assistant to help users find deals and explore different food options. Rival food and grocery delivery platforms like Doordash and Instacart have already rolled out AI-powered search tools to assist customers. In 2023, US retail workers are grappling with increased customer anxieties related to high prices and political polarization. The challenges of low pay, unpredictable schedules, and repetitive tasks have been exacerbated by the pandemic, leading to high turnover rates and understaffing. Workers face heightened incidents of shoplifting, verbal abuse, and even physical threats, with some reports highlighting the role of inflation and supply chain issues in intensifying these challenges. Instacart, an app that allows people to hire a contract worker to shop for and deliver groceries, went public on September 19. As the pandemic receded and growth of their delivery services slowed, Instacart turned towards advertising as a new source of revenue. Despite a trend of reduced spending in the food industry, Starbucks reported a record-breaking $8.2 billion in revenue last quarter, largely driven by Gen Z's love for customized iced drinks. Although increased costs and COVID-related shutdowns in China impacted earnings, Starbucks still exceeded its expectations by 0.3%. Meanwhile, founder Howard Schultz continues as interim CEO as the search for a permanent replacement is underway. Seeking to introduce retro styles to a younger generation of Adidas wearers, Adidas will be reviving its 51-year old fashion and lifestyle division, Adidas Original. This revival comes at a time when the brand has seen an unprecedented surge in popularity over some of its original styles such as the Gazelle and Samba, in late months of 2022, through its collaboration with luxury brands such as Gucci. Now it has set its eye on reaping the benefits of this current popularity by introducing new styles to some of its retro footwear in a general effort to extend its presence amongst younger generations. |