In today’s top retail news, Allbirds is aiming for a valuation of over $2 billion when it makes its public debut on the Nasdaq exchange, while Walmart+ is offering a cash-back promotion for new members who sign up on Monday (Oct. 25). Also, discounts are likely to be harder to find this holiday season because of supply chain headaches, and retailers are finding benefits in smaller, more curated shops.
Self-proclaimed ethical shoemaker Allbirds has set its sights on a $2.2 billion valuation for its initial public offering, according to a filing with the Securities and Exchange Commission. Allbirds will offer 19.2 million shares between $12 and $14 each, which would mean $269 million for the sustainable shoe brand. No date has been set for the Allbirds IPO.
People who sign up for Walmart+ on Monday (Oct. 25) will get $9.95 cash back that can be used to offset the customer’s next online order, Walmart said in an email, a promotion timed with Amazon’s introduction of a $9.95 delivery fee for orders from Whole Foods. The Walmart+ membership includes free grocery delivery from local stores at in-store prices, free shipping with no minimum purchase, and discounts on prescription medications and fuel.
The traditional discounts and specials related to the holiday season will be fewer and further between this year, as shoppers are likely to pay close to full price on just about everything on their holiday lists, according to a report in The Wall Street Journal. Out-of-stock messages are up 172% from January 2020, according to Adobe, Inc., which tracks 18 categories led by apparel, sporting goods, baby products and electronics.
Retailers, many known for their expansive stores, are beginning to refine their footprints and rethink how they utilize floor space and real estate to create a more focused experience for customers. Partnerships between brands to install shop-in-shop locations have picked up steam this year, beyond the traditional cosmetics counters that are the staples of department stores, and several retailers have begun opening small-format stores that are more curated than the typical big-box store.