Well, it's Friday.
You made it through another week (and month). There are so many important stories happening right now, but on
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It was a tough week for the world, and retail played a major role in the current story that is shaping history. Here's what you need to know:
Brands and retailers support social justice movements and protests
The death of George Floyd, a Black man who died after a white police officer knelt on his neck for over 8 minutes, has spurred a wave of protests. Companies like Nike, McDonald's, and Target have spoken out in support of the movement, and some companies have donated millions of dollars to organizations supporting social justice.
Many major brands closed their stores to support 'Blackout Tuesday,' and encouraged employee participation in protests.
On the fast-food side, some CEO's and top executives at chains, like Chick-fil-A, McDonald's, and Taco Bell, have voiced their support for the protests. Meanwhile, critics say these chains should be doing more to fix the problem.
Major retailers close stores amid looting and violence
H&M, CVS, Target, and Nordstrom all announced temporary closures amid protests and looting in stores across the country.
Macy's Herald Square flagship store in New York City was one of the more recognizable stores hit by looters on Monday. Luxury stores like Gucci and Hermes were also a target of looters.
Amid the violence, Walmart has made the decision to remove firearms and ammunition from the sales floor of some stores. These items are still available for purchase upon customer request.
More chains are permanently closing stores and restaurants
Chain restaurants, including IHOP, Denny's, and TGI Fridays, have collectively permanently closed over 500 locations so far in 2020.
As dining rooms reopen in some parts of the country, restaurants are still finding it hard to recover from the headwinds of the pandemic and are having difficulty turning a profit while operating at reduced dine-in capacity.
Meanwhile, JCPenney announced it is closing 154 stores after a recent bankruptcy filing.
The big picture: Retailers have already confirmed more than 3,900 store closures for 2020, many of which were related to headwinds from the pandemic.
CEOs of top resale apps predict how the pandemic will bolster the multi-billion dollar resale industry
Resale is one of the few industries in retail that is seeing positive side effects amid the pandemic.
I spoke to 10 CEOs from top resale platforms like GOAT and OfferUp who revealed how the pandemic will forever alter their business and the resale industry as a whole — and why their companies have been in a position to succeed.
The takeaway: Across the board, resale is thriving for both buyers looking to make extra cash and sellers looking to get a deal. Resale platforms that foster this marketplace activity are thriving as a result.
A view from the C-Suites of Mars, Walmart, and DTC plant companies
- Mars CEO told me how the pandemic is transforming the $35 billion snacking and pet care company.
- CEOs from plant DTC companies The Sill, Horti, and Bloomscape talk about the surging demand for houseplants.
- Walmart CEO says the office, as we know, it is not yet dead.