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Jockey’s president and COO on 150 years.

Hi, this week companies officially started requesting tariff refunds from the US government. Retailers including Costco and Walmart could potentially get money back on their books. What they’ll choose to do with that money? Anyone’s guess. Tell us yours!

In today’s edition:

—Jeena Sharma, Alex Vuocolo, Erin Cabrey

OPERATIONS

Jockey 150th anniversary ad

Jockey

If any brand can claim credit for shaping the underwear category, it’s Jockey.

Best known for inventing the modern men’s brief and helping turn undergarments from purely functional basics into a mass consumer category, the Wisconsin-based company is celebrating its 150th anniversary this year.

Today, Jockey operates in more than 140 countries, including India, Australia, New Zealand, and the US, and has grown into one of the most recognizable names in innerwear.

In 2025, for example, Page Industries, the company that licenses Jockey products in India—one of Jockey’s largest international markets—reported stronger-than-expected Q3 profits of $23.4 million.

Throughout its history, however, one thing has remained constant: The company has stayed fully family-owned, with underwear still representing a major share of the business, Mark Fedyk, president and COO of Jockey International, told Retail Brew.

In a recent conversation with Retail Brew, Fedyk discussed the brand’s evolution, its long-standing values, and why it continues to resonate with consumers.

Keep reading here.—JS

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STORES

State of stores

Retail Brew

Here’s an excerpt from Chapter 1 of our State of the Industry report on stores:

With the hype for AI solutions reaching a fever pitch, the humble brick-and-mortar store might seem like the last place retailers would be investing their money. Yet nearly 8 in 10 (78%) of retailers report moderate or significant in-store investment, and nearly a third (32%) are maintaining an even mix between online and physical channels.

Taken together, this data might not point to a return to unchecked expansion—though Coresight Research predicts 5,500 new stores will open in 2026, up 4.4% year over year—but it could be a signal that companies have a renewed sense of appreciation for the old-fashioned in-store experience. Indeed, some may see it as their best bet to attract customers in an increasingly digital marketplace.

“There is a realization that there is an inherent AI-proof opportunity for stores to create that kind of experience you can’t replicate via an AI agent,” Nikki Baird, VP of strategy at retail solutions provider Aptos, told Retail Brew. “Especially among younger generations, we see more and more a shift toward, ‘I want a real experience.’”

For some retailers, it’s the possibility of merging technology with the in-store experience that is driving investment.

Get the full report here.—AV

RETAIL

Gas prices

Andrew Harnik/Getty Images

US retail sales rose 1.7% month over month to $752.1 billion, and 4% YoY in March, the Commerce Department reported this week. The Commerce Department also revised February’s monthly sales increase from 0.6% to 0.7%.

High prices at the pump were largely to blame for the jump, as gas sales rocketed 15.5% from the previous month and 18.1% YoY. Gas prices soared 21.2% month over month in February, the US Bureau of Labor Statistics reported earlier this month. Excluding gas and motor vehicle sales, retail sales increased 0.6% month over month and 4.2% YoY.

Nonstore retailers, made up largely of e-commerce sales, saw a 1% month over month and 10.1% YoY increase in March. E-commerce marketing company Omnisend reported earlier this month that higher gas prices, which it found is the highest cost concern among consumers, could be encouraging consumers to shop more online.

Keep reading here.—EC

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SWAPPING SKUS

Today’s top retail reads.

Strong glow up: P&G sales grew 7% on strong beauty demand. (CNBC)

Chip mates: Meta has partnered with Amazon for AI chips to power future AI models. (Bloomberg)

Runs lean: Nike is cutting 1,400 jobs in the technology department in the next phase of its restructuring. (the Wall Street Journal)

The hard choices: Our latest newsletter, Founder Brew, dives into the pivots, trade-offs, and costly lessons that define the lives of builders. Subscribe today.*

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