Stores

This week in retail: Wilko shuts down stores, ICSC@Mid-Atlantic, and Stitch Fix earnings

Wilko will close the rest of its shops in early October.
article cover

Francis Scialabba

· less than 3 min read

Retail news that keeps industry pros in the know

Retail Brew delivers the latest retail industry news and insights surrounding marketing, DTC, and e-commerce to keep leaders and decision-makers up to date.

Start your engines—it’s National Cheeseburger Day, and for all those who celebrate, McDonald’s is offering its app users a double cheeseburger for 50 cents. Go ahead, indulge; we won’t tell anyone.

In the meantime, here’s a look at the week ahead:

In store closures: UK-based hardware retailer Wilko announced it will close 124 stores this week after the company failed to find a buyer for its remaining locations. The rest of the chain’s stores will close up shop in early October. However, variety store Poundland and discount chain B&M will acquire up to 71 and 51 of Wilko’s 400 stores, respectively.

  • Wilko has faced supply chain issues, a shortage of cash, and increased competition in the United Kingdom.

In events: ICSC@Mid-Atlantic, the annual retail real estate conference, will take place Thursday and Friday in Washington, DC. On Thursday, futurist, urbanist, and author Greg Lindsay will give a keynote address on the effects of the pandemic on downtowns, offices, and shopping centers.

Groceryshop starts Tuesday in Las Vegas, and Retail Brew will be on the ground during the three-day conference, which covers the evolution of grocery retailers and the changes in the production and distribution of CPGs.

  • Notable speakers include JJ Fleeman, CEO of Ahold Delhaize; Mike LaVitola, co-founder of Foxtrot; and Instacart COO Asha Sharma.

In earnings: Today, Stitch Fix holds its first earnings call since appointing new CEO Matt Baer in June. It’s a challenging time for the company; its cost-cutting attempts included shutting down a distribution center in Pennsylvania that will leave nearly 400 employees out of work.

In January, the company also laid off 20% of its salaried employees, and its former CEO, Elizabeth Spaulding, stepped down. Last quarter, Stitch Fix saw a 20% YoY drop in revenue and an 11% decline in users.

Retail news that keeps industry pros in the know

Retail Brew delivers the latest retail industry news and insights surrounding marketing, DTC, and e-commerce to keep leaders and decision-makers up to date.