/ shiftonomics

🛒 Huge Week For Retail

From Macy's to Wrangler, here's a look at the biggest stories we're reading this week:

💵Retail Sales Expected to Climb Higher
🔥This is the Hottest American City for Jobs
👖Lee, Wrangler Spinoff
⛰North Face Taps Rockies For HQ
⬇️Doubling Down on Malls
🛴Are Scooters Winning Over Cities?
🤔Americans Now Own Less Stuff
🛒Why Shoppers Abandon Their Cart
🎓Companies Recruiting Schools

News ⚡️

💵 Retail Sales Expected to Climb Higher
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Great news for retail: Sales are expected to climb higher than previously expected. According to the National Retail Federation's updated outlook for 2018, they predict a climb of 4.5 percent, compared to previous expectations around 3.8 percent.

"Higher wages, gains in disposable income, a strong job market and record-high household net worth have all set the stage for very robust growth in the nation's consumer-driven economy," NRF President and CEO Matthew Shaw acknowledged in a statement. "We knew this would be a good year, but it's turning out to be even better than expected."

We'll begin to get a good look at actual results this week because of a handful of retailers are set to report earnings including Macy's and Walmart. Home Depot crushed Wall Street expectations today, raising outlook for revenue and same-store sales for the full year, reporting that number of customer transactions jumped this past quarter and saying shoppers were spending more at their stores.

📖Read more at CNBC.

👖Lee, Wrangler Spinoff
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For a time, there was no bigger denim brand than Wrangler.

Made popular by roaming cowboys and hotshot race car drivers, the denim business is now maturing. While a considerable segment of Americans still wear jeans, many more are looking for different clothing options that fit their particular lifestyle or activity.

That's probably why VF Corporation announced their spin-off which will create a separate publicly-owned, yet to be named denim company which will remain headquartered in Greensboro, North Carolina.

"People are wearing athletic apparel now for all kinds of occasions — work, play, and school — without any intention of using them for athletic purposes," said Matt Powell, a sports industry analyst at market research firm NPD Group previously told CNN. "The more casual, lifestyle categories have been on fire."

📖Read more via: CNN Money

⛰North Face Taps Rockies As HQ
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Monday was a huge day for the Colorado outdoor industry.

Following up news of parent company, VF Corp's spin-off of it's denim business, the retailer signaled they were 'all-in' on the booming athleisure business by announcing a move of North Face to Denver from Alameda, Calif.

In addition to North Face, the retailer giant will also move JanSport, Smartwool and Eagle Creek to work alongside 85 key executive roles that will transition from VF's current headquarters in Greensboro, North Carolina.

Location, location, location.

It's an interesting move that other retailers will follow and signals a big transition to a Denver region full of startups, technology and consumers who pursue an active lifestyle -- something that's not lost on CEO Steve Rendle. It will also help boost brand visibility and hiring.

“Colorado is an area with an unrivaled heritage and culture of outdoor and activity-based lifestyles, as well as a thriving business environment,” said Steve Rendle, VF’s chairman, president and CEO, in a news release. “It is a great strategic fit for our business, and we are excited to be relocating our headquarters and several brands to the metro Denver area next year. We believe that the creation of our new headquarters in the area will help us to unlock collaboration across our outdoor brands, attract and retain talent, and accelerate innovation.”

🚵Learn more about North Face planned move at SNews.

The Big Idea 🤔

⬇️Doubling Down on Malls
While mall owners have faced record store closures and bankruptcy filings as more Americans shop online, Taubman Centers Inc. has doubled down.

It is reinvesting in design, technology, big-data tools and new store mixes for its 24 malls. One of the biggest overhauls is a $500 million revamp of the Beverly Center in central Los Angeles.

ℹ️See what mall owner is doubling down at The Wall Street Journal.

🛴Are Scooters Winning Over Cities?
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In the ever-evolving scooter race, it seems tensions between cities, residents and the scooter startups are getting more heated. Some civic leaders are outright banning them or placing wide-sweeping restrictions on the Birds and Limes.

And, some residents are taking things into their own hands. This week, residents set some California scooters on fire while others tossed them into the Pacific Ocean.

📖Read the story at CityLab.

🤔Americans Now Own Less Stuff
Blame it on software, emerging technology (and perhaps, Millennials), but Americans now own less stuff.

Remember when the great dream of Americans was to own a car and a home? Now, that's changed. Bloomberg's Tyler Cowen pontificates on why we own less, and what it means for the future:

"Each of these changes is beneficial, yet I worry that Americans are, slowly but surely, losing their connection to the idea of private ownership. The nation was based on the notion that property ownership gives individuals a stake in the system. It set Americans apart from feudal peasants, taught us how property rights and incentives operate, and was a kind of training for future entrepreneurship. Do we not, as parents, often give our children pets or other valuable possessions to teach them basic lessons of life and stewardship?"

📖Read more at Bloomberg.

Heard From Around The Web 💬

🔥The Hottest City For Jobs
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Which American city is the hottest for jobs right now?

According to an economic report from LinkedIn, Austin, Texas has never been hotter. Combined with a growing tech sector, hiring is up more than 14 percent since last July. According to data from the online professional networking site, out of 10,000 LinkedIn members in Austin, 105 arrived there in the last year. Here's the top cities they came from:

Houston (10.5%)

San Francisco (7.6%)

New York (4.8%)

👀the detailed report at LinkedIn.

🎓Companies Recruiting Schools
Vocational training is back in the U.S., as companies scour high schools for workers amid a historically low unemployment rate. The number of students in such programs has risen 22% in the past decade, to 3.6 million, The Wall Street Journal reports.

What companies are doing this? CVS, Electic Boat, Tesla and Volkswagen are just an example.

🚗Take a tour with The Wall Street Journal

🛒Why Shoppers Abandon Carts
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How impactful is a challenging or cumbersome digital shopping experience?

When it comes to payments, it turns out consumers will abandon the process if it's too difficult, and some may never return.

In a recent consumer study by Splitit, 87% of online shoppers said they would abandon their shopping carts during checkout if the process was too difficult. And on top of that, 55% admitted they would abandon their carts and never return to the retailer's site.

📖Read more tips from Retail Dive.

Taylor Pipes

Taylor Pipes

I write stories about people that interact with technology that solves human problems. I love exploring and finding compelling stories at the intersection of technology and the future of work.

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