Today in Retail: Discount Stores Become More Popular as Inflation Rises; UK Modernizes ‘Basket of Goods’ to Reflect Consumption Habits
Today in retail, SoftBank sells $1 billion in shares of eCommerce platform Coupang while brand aggregator Flummox raises $12.9 million to invest in its portfolio. Plus, Walmart invites innovators to apply for its ninth annual Open Call event, Amazon’s share of eCommerce hits an all-time high and adidas joins TrusTrace Material Traceability & Compliance.
Brand aggregator Flummox has raised $12.9 million (11.8 million euros) in a fundraising round led by Swiss company Fasanara Capital. The company will invest in its portfolio, adding at least 15 new brands, and hire specialists to strengthen its proprietary IP in sourcing, operating and scaling brands online.
Flummox buys and scales online consumer brands with yearly sales less than $1 million and a “predominant presence” on Amazon or Shopify across multiple online channels.
Discount Stores Gaining More Ground in Paycheck-to-Paycheck Economy
More than half (56%) of the 2,100 people PYMNTS recently surveyed had shopped at a discount store in the past month, including 12% who have visited discount stores even if they haven’t bought anything, implying that individuals and families are comparing prices.
PYMNTS research also showed how firmly entrenched the pivot toward finding cheaper goods really is, with more than half of all income groups — not just lower income individuals at less than $50,000 annually — have been shopping at discount stores, including consumers who make more than $100,000 annually.
Within this earnings group, a greater percentage — an additional 14% — are browsing the aisles, even if they are not making purchases.
Walmart Kicks Off Annual Product ‘Gong Show’ With Open Invite to Entrepreneurs Walmart on Monday (March 14) opened the application period for its ninth annual Open Call event, a major driver of products and innovation for the largest retailer in the U.S., as it looks to add more merchants to its marketplace.The company […]
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