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.
On Tuesday, McDonald’s is rolling out its $5 value meal for a limited time across parts of the US. The campaign marks the latest salvo in the fast food giant’s price war with rivals like Wendy’s and Burger King, which have also taken steps to compete at the cash register. While the price war among fast food chains is heating up, other retailers such as Target and Michaels have also cut prices on thousands of items in a bid to attract inflation-squeezed customers.
Here’s what else is going on in retail this week:
In hirings: Today, former Walmart executive Srini Venkatesan joined PayPal as its new chief technology officer. Venkatesan is set to lead the development and implementation of tech including artificial intelligence and machine learning. As enthusiasm around AI has bolstered other tech companies like Nvidia, PayPal CEO Alex Chriss signaled earlier this year that the platform planned to launch AI-powered products and features.
In learning: In other AI-related news, Relex Solutions will host a session on Wednesday on how artificial intelligence can help address “phantom inventory,” or goods recorded as being available in an inventory system when they’re actually missing. Along with experts from Homebase, Marks & Spencer, and Accenture, Relex will demonstrate how AI-driven predictive inventory tech can help.
In conferences: On Sunday, the Specialty Food Association’s 68th Summer Fancy Food Show kicked off at the Javits Center in New York City. The show, which runs until Tuesday, features more than 2,300 domestic and global food and beverage brands, and today Whole Foods CEO Jacon Buechel gave the keynote speech.
In fireside chats: On Wednesday, Oppenheimer & Co. is hosting a fireside chat with Lowe’s CEO Marvin R. Ellison and CFO Brandon J. Sink. The home improvement chain performed better than expected in the first quarter, even as DIY customers continued to pull back on spending. In response to this dynamic, Lowe’s has focused on bolstering its professional business, similar to rival Home Depot.
In another fireside chat on Tuesday, Walmart CFO John David Rainey will speak at the NYSE 2024 European Investor Conference in London.
In community service: Thursday is National HIV Testing Day, and Walgreens is offering free testing at 550 locations across the US.