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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 Shoe Carnival naming a chief merchant to Home Depot’s first comparable sales growth in two years, here’s our closeout for the week.
What you may have missed
Mattel, Lego veteran joins Funko
Funko named Glenn Abell senior vice president of sales for the U.S. and Canada, the company announced Tuesday. He will be responsible for strategy and growth in the company’s wholesale and specialty sales channels.
Abell has more than two decades of experience in the toy industry, which include a 16-year stint at The Lego Group. He most recently was general manager and global head of the building sets category at Mattel.
Abell has a track record of "driving revenue growth" and Funko is looking to him to advance its transformation and expand the strategic fandom, CEO Cynthia Williams said.
Abell’s appointment is the second leadership hire in as many months. Funko in January named Jenn Reeves senior vice president of brand, with responsibility for accelerating the company’s global brand positioning, voice and growth strategies.
Reebok SVP of global product steps down
Portia Blunt, Reebok’s senior vice president of global product, is leaving the company, the company said Monday in a press release emailed to Retail Dive. Blunt was elevated to the role last year and served as the brand’s vice president of global apparel and creative direction since 2021. She will now focus on Bee Blunt, the lifestyle and fashion brand she founded in 2022.
"Since joining Reebok, Portia’s stewardship, passion, and integrity have been instrumental in driving our success, and I am incredibly grateful that she joined the team,” Reebok CEO Todd Krinsky said in a statement.
On Wednesday, Shoe Carnival’s current chief merchandising officer, Carl Scibetta, announced he will retire on April 4 after over 10 years with the company and over five decades in the retail industry.
Tanya Gordon will take over the role on April 6, according to a filing with the Securities and Exchange Commission. Gordon has worked in a number of leadership positions within Shoe Carnival, most recently working as its general merchandising manager.
Retail therapy
Harry Potter flies into Chicago
Get your wands ready, a Harry Potter immersive store is coming to Chicago this spring. Following in the steps of the New York flagship, Harry Potter Shop Chicago opens April 10 on the Magnificent Mile.
The immersive store will have themed areas, exclusive merchandise, props and a Butterbeer Bar. Alongside themed merch, fans can also personalize a Hogwarts robe, wand or acceptance letter.
Say hello to Orbi
Sphere Entertainment on Thursday introduced the world to Orbi, an emoji character on the Exosphere in Las Vegas. The character, which was nameless until this week, first appeared in 2023. Orbi's expressive reactions appear daily on “the world’s largest LED screen,” the company said.
Sphere also launched an e-commerce site that includes apparel and accessories for adults and children and an Orbi Collection.
“The e-commerce site is a way for fans around the world to connect with Orbi and Sphere via official branded merchandise, further extending the reach and visibility of Sphere's brand,” Chandra Allison, Sphere’s executive vice president of sales and service, said in a statement.
What we’re still thinking about
15.2%
That’s how much Warby Parker’s revenue grew in 2024, reaching $771.3 million. The eyeglass retailer also narrowed its net loss for the year to $20 million from $63 million in 2023.
Warby Parker reported earnings the same day it announced a partnership with Target, where the eyeglass brand will open shop-in-shops in the mass merchant’s stores. Five stores are slated to open in the second half of 2025.
0.8%
That’s how much Home Depot’s comparable sales grew in Q4, marking the first comp sales growth in two years for the retailer. The home improvement retailer also reported net sales increased 14% year over year during the period to $39.7 billion.
At rival Lowe’s, comp sales during Q4 increased 0.2% year over year, while net sales were nearly flat at $18.6 billion.
What we’re watching
Target’s game plan
Target has had a week of big announcements.
The retailer partnered with Disney and Marvel on its Pillowfort brand, where the company’s in-house product design team created a collection of sheet sets, quilts, hooded blankets and pillows, among other products. A few days later, Target revealed a new partnership with Champion - five years after the last one ended - that will feature a 500-piece collection, with most items priced under $40. Then, it was announced that the retailer would partner with Warby Parker on eyewear shop-in-shops.
The efforts may be a part of the company’s larger goals of providing newness and value to shoppers, especially as sales have lagged in recent quarters.
“Consumers remain pressured, but are willing to spend when they find the right balance of on-trend newness at compelling price points,” Chief Commercial Officer Rick Gomez said on a November earnings call. The retailer will report its Q4 and 2024 full-year earnings on Tuesday.
