Today in Retail: Team Lowe’s and Petco
Today in retail, Tractor Supply Company is updating its “Life Out Here” strategy, while Levi’s is buoyed by the return of looser jeans. Additionally, Walmart wants people to spend more time in its stores and is testing interactive elements to make that happen.
Walmart is launching an interactive store dubbed “time well spent”
The Walmart store in Springdale, Ark., will add a number of interactive elements that will make the outlet “a destination where people want to spend their time” through an initiative the company is calling Time Well Spent, the company said. Thursday January 27. .
The addition of interactive elements to Walmart’s incubator location – and others in the future – follows last year’s store redesign in 1,000 locations focused on better navigation and better guidance. The interactive store will feature improved lighting, space enhancements, digital screens, QR codes and more, according to a blog post on the company’s website.
Walmart will use what it calls “enabled corners,” elevated brand stores, space for brands to better tell their stories, and digital touchpoints to transform Walmart into a place where people want to spend more time.
Lowe’s and Petco to pilot 15 mini store-in-store locations
Lowe’s and Petco have entered into a joint venture that will place pet supply stores in 15 of its home improvement warehouses in three states.
Research from the companies found that nearly 3 in 5 consumers (58%) said they would be more likely to shop at a home improvement retailer if they could also get their pet supplies there.
The first in-store Petco store is expected to open at a Lowe’s in Texas in February, followed by 14 additional Petco locations added to other Lowe’s locations in North Carolina and South Carolina by the end of March.
Tractor Supply Company looks long-term and updates its “Life Out Here” strategy
Rural lifestyle retailer Tractor Supply Company said Thursday (January 27th) it will improve the in-store customer experience through service improvements and a transformed staffing model, create personalized mobile offers and make improvements to capabilities of its supply chain.
The moves are part of TSC’s Life Out Here strategy, which includes growing store productivity through Project Fusion and its Side Lot transformation program. The company says it will meet the increased demand for consumable, usable and edible goods through its supply chain improvements.
TSC’s fourth-quarter net sales for the fiscal year ending Dec. 25 were $3.32 billion, up 15.3% from the same period in 2020, while net sales of the fiscal year jumped 19.9%. Same-store sales also both posted impressive gains, up 12.7% for the fourth quarter and 16.9% for fiscal 2021.
Levi’s says relaxed trend, baggy jeans and larger sizes are driving demand for denim
CEO of global apparel retailer Levi Strauss & Co. Chip Bergh is “optimistic about the growth of the denim and denim category in the future,” he said on the company’s conference call for the quarter that ended at the end of November.
He pointed to the “continuing acceleration of the casualization trend” around the world, as well as a “new cycle of denim” with “looser, looser fits” for both men and women and the fact that about 40% of American pants don’t. no longer fit them, triggering the need for a “massive closet upgrade or refresh”.