In today’s top retail news, rising Planet Fitness membership and slowing growth at Peloton suggest that home fitness may be a pandemic fad for some consumers as retailers look for ways to tackle abuse of their return policies and promotions. Pinterest also said it was okay to be left alone just weeks after PayPal rejected reports that it was interested in acquiring the social website, and Pacsun is the latest brand to launch a new physical retail concept.
Peloton’s fall and the rise of Planet Fitness suggest that the connected fitness boom is over
Peloton told analysts and investors this week that there has been a stronger-than-expected drop in website traffic and a slower-than-expected increase in retail showroom traffic over the past two months. Meanwhile, Planet Fitness – which like many gyms struggled mightily during the pandemic – beat earnings expectations this week, adding 15 million members for the third straight quarter.
Retailers Affected by $ 90 Billion Counterfeit Returns and Advertising Abuse
PYMNTS research, conducted in partnership with Forter, found that customer service policy abuse costs US retailers with sales greater than $ 100 million up to $ 89 billion a year, with the largest companies at are most likely to be attacked and abuse has the highest loss of revenue. Of the types of abuse, promotion abuse – or the improper use of rewards, sales, or other promotions – is the most widespread, followed by unreceived items and abuse of returns.
Pinterest “Well positioned” as an independent company, says CEO
Pinterest continues to invest in transforming the photo sharing social media site into a commercial hub, even as monthly user growth continues to slow. The executives state that they are convinced of the company’s plans as an independent company. Ben Silbermann, Pinterest president and CEO, told analysts that he is focused on building a “creator-driven” ecosystem for the future of lifestyle media and social commerce.
Pacsun launches first kids store in Mall of America
Pacsun launches its own store for children and opens its first store in the Mall of America, Minnesota. The 1,435 square meter Pacsun Kids Store is directly connected to the Pacsun Adult Store and offers gender-neutral clothing such as graphic t-shirts, fleece sweatshirts and outerwear for children aged 4 to 14 years.
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NEW PYMNTS DATA: THE HOLIDAY SHOPPING OUTLOOK 2021
Above: It’s almost time for the Christmas shopping season, and nearly 90% of US consumers plan to do at least some of their purchases online – 13% more than in 2020. PYMNTS surveyed more than 3,600 consumers as part of the Holiday Shopping Outlook 2021 to order Learn more about what drives online sales this Christmas season and how product availability and personalized rewards affect retailer preferences.
