In a familiar theme for omnichannel retailers who have gotten ahead of the curve in digital transformation, Macy’s reported store sales down 61% in the second quarter, while ecommerce increased 53%. Still brick-and-mortar news was not all bad, as stores reopened stronger than expected and luxury goods outpaced projections.
A seeming disconnect between fewer last-order promise dates and faster holiday delivery times is explained by the rising popularity of buy online, pickup in store, according to an annual survey from Kurt Salmon. This season, 53% of retailers didn’t offer a last order promise date to avoid disappointing customers.
One thing is clear: we’re living in a subscription service economy that is only going to expand. Brands from Nike and Bloomingdales to Coca-Cola, Mercato and GNC have taken the plunge, and organizations across all industries are seeing subscription offerings as a growth engine. Here are 4 predictions for subscription services in 2020.
In a surprising move, Hudson’s Bay Company is selling the storied Lord & Taylor chain, which dates to 1826 in New York, to fashion rental subscription startup Le Tote for a relatively cheap $75 million upfront, and another $25 million via a promissory note in two years.
Just in time for fall, Bloomingdales is launching its own fashion rental subscription service. Expected to launch in September, My List will offer customers a monthly fashion subscription for $149.