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It’s been another week with far more retail news than there is time in the day. Below, we break down some things you may have missed during the week and what we’re still thinking about.
From heart-shaped pasta to Funko’s new senior vice president of brand, here’s our closeout for the week.
What you may have missed
Foot Locker names Sonia Syngal to board of directors
Foot Locker on Tuesday announced two additions to its board of directors, including former Gap Inc. CEO Sonia Syngal. Syngal, who is also on Tanger’s board, has two decades of experience in retail, including in e-commerce, supply chain, brand strategy, operations and marketing, per a company press release.
Also joining the board is Ace Hardware CEO John Venhuizen, who has spent 12 years in the top spot and 30 at the hardware retailer overall. His experience spans marketing, store operations, strategy, IT and supply chain, among other areas. Guillermo Marmol is stepping away from Foot Locker’s board given the company’s retirement age guidelines.
"We are thrilled to welcome Sonia and John to our Board,” Foot Locker CEO Mary Dillon said in a statement. “We look forward to benefitting from their complementary experience and fresh perspectives as we continue to execute our Lace Up Plan, pursue operational excellence, revamp our digital experience, and strengthen customer engagement initiatives."
Funko brings on Stanely vet
Funko on Tuesday announced that it has appointed Jenn Reeves as its senior vice president of brand. She most recently was the global vice president of brand marketing for Stanley 1913, according to a company press release. Reeves will drive the company’s brand, voice and global strategy, and will report to CEO Cynthia Willams.
“As someone who thrives on storytelling and cultural relevance, joining the company during this exciting phase of its history is a huge opportunity to innovate and make a lasting impact,” Reeves said in a statement.
New Balance sales hit a record
New Balance this week said its global sales hit a record $7.8 billion in 2024, a year that’s been tough for sneaker brands like Nike and Under Armour, as well as some resale sites. This was a 20% increase from the previous year and a whopping 136% from five years ago.
The company credits its partnerships with Olympic gold medalist and world record holder Sydney McLaughlin-Levrone and Los Angeles Dodgers designated hitter Shohei Ohtani, plus its collabs with brands like Kith and Aimé Leon Dore. “Through selective partnerships and distribution, they’ve elevated the brand to premium status while breathing new life into retro styles that resonate with younger consumers like never before,” the 119-year-old brand said in an emailed press release.
The refresh includes more vibrant yellows and blues, greater emphasis on its spark logo and a new wordmark that was inspired by founder Sam Walton’s classic trucker hat.
While Walmart dubs this the first refresh in nearly 20 years, onlookers weren’t impressed. Commenting on the changes, one X user commented “simply increase saturation a bit and you have a bold new direction,” while another sarcastically called the refresh “so bold and visionary.”
Even discount grocer Aldi poked fun at the retail giant’s big reveal, posting side-by-side images of its logo on Instagram with the caption “Spot the difference! #IYKYK”
Ahead of Valentine’s Day, Barilla Canada released heart-shaped pasta on Wednesday. The limited-edition Barilla Love Pasta will be available at Walmart, IGA, Metro Quebec and other grocery stores based in Canada while supplies last.
The pasta debuted in the U.S. in previous years and per Barilla, “Canadians pleaded with the brand to make the special pasta available,” in the country.
What we’re still thinking about
61
That’s how many years Ronald S. Lauder spent with Estée Lauder before his recent retirement from the board of directors. On Jan. 10, Estée Lauder said the longtime executive and board member, who joined the company in 1964, would retire from the company’s board of directors.
In his time at the company, Ronald Lauder served on the board from 1968 to 1986, from 1988 to July 2009 and from 2016 till now.
He designated two directors of the company per a shareholder agreement with the Lauder family: his daughter Jane Lauder and son-in-law Eric Zinterhofer. Ronald Lauder plans to remain chairman of Clinique Laboratories.
3,283
That’s how many retail-related job cuts there were in December, up 2,800% from the year-ago period when there were 110 cuts, according to a recent report from Challenger, Gray & Christmas.
From the previous month, December’s job cuts grew nearly 45%. While cuts in December grew, for the full year retail downsizing narrowed by 47%.
Retailers continued to make hires during the year as well, with the number of hirings reaching 536,600 in 2024, compared to 440,893 in 2023.
What we’re watching
Will the California fire recovery drive home improvement growth?
As residents and businesses attempt to recover from the devastation of the Los Angeles-area wildfires, growth is likely to surge for some retail sectors in the coming years.
In a Wednesday note, Wells Fargo analysts said home improvement retail — companies like The Home Depot, Lowe’s and Tractor Supply — are likely well-positioned for growth due to rebuilding-related demand as the emergency situation is brought under control.
As of Friday, about 25 people had died, over 40,000 acres had burned and more than 12,300 structures were destroyed, according to state officials. In the two largest incidents, the Palisades fire was about 31% contained, while the Eaton fire was 65% contained as of Friday, per The Department of Forestry and Fire Protection. AccuWeather figures cited by Wells Fargo estimated the total damage and economic loss ranged between $250 billion and $275 billion.
Assuming 75% of the structures were housing units and rebuilding materials will cost between $1 million to $2 million per unit, that could represent a $10 billion to $20 billion home improvement sector tailwind during the next one to two years, Wells Fargo said. Wayfair, RH and others in the home furnishings segment are also likely to see a benefit as area residents refurnish their homes.
