Today in Retail: Retail Bankruptcies Tumble 60%; Peloton’s Latest Struggles Cloud Its Future – pymnts.com
Today in retail, Walmart could take a step into the metaverse, while Peloton continues to test the theory that there’s no such thing as bad publicity. Plus, retail bankruptcies were at their lowest level in a decade last year, dropping from 52 bankruptcies to 21.
Plagued by Problems, Peloton’s Latest Crisis Clouds Broader Health and Fitness Trend
Peloton’s rocky stretch started with a death, accidents and lawsuits, followed by a product recall after months of resistance, and, most recently, continued with reports of a reorganization that might include layoffs and production cuts of its core product.
Then came Peloton’s 25% drop in its stock price in a single day Thursday (Jan. 20), representing a $2 billion selloff. Add to that the ongoing COVID-19 pandemic, and it’s fair to wonder whether Peloton is still going through growing pains 27 months after it went public or if people are moving away from personal home fitness in their quest to return to fitness centers, gyms and other athletic activity.
Retail Bankruptcies Drop 60% to Lowest Level in a Decade
Retail bankruptcies fell in a big way, from 52 bankruptcies in 2020 to 21 last year, Axios reported Thursday (Jan. 20), citing research by S&P Global Market Intelligence, with the 2021 total matching the lowest number in the past 10 years, achieved in both 2013 and 2014.
The precipitous drop in bankruptcies in 2021 could signal the end of the decimation of the retail industry triggered by the ongoing spread of the COVID-19 pandemic, but it certainly shouldn’t be taken as a sign that trouble is completely over in that sector, according to the report.
AMZN vs WMT Weekly: Dialing up the Digital, Working on the Warehouses
Walmart has reportedly filed more than a half-dozen trademarks and patents to protect its intellectual property in the metaverse, the cryptocurrency world and nonfungible tokens (NFTs).
According to the filings, Walmart is looking to create “financial services, namely, providing a virtual currency for use by members of an online community via a global computer network,” that would facilitate virtual purchases with “virtual currency, in the field of nonfungible tokens (NFTs).” Last year, Walmart launched a 200-location pilot of bitcoin-enabled ATMs that it hopes to expand to thousands.
Perfect Corp. Teams With MAC Cosmetics, SoPost on AI Shade Matching, Product Sampling
Beauty tech platform Perfect Corp., beauty brand MAC Cosmetics and online product sampling platform SoPost are getting together on a personalized product sampling experience for MAC Cosmetics’ Studio Fix Fluid Foundation, according to a Thursday (Jan. 20) press release.
The collaboration brings together augmented reality virtual try-on and personalized artificial intelligence shade matching, along with physical product sampling, bridging the gap between the digital and physical worlds and allowing shoppers to make better decisions.
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