Daily QuickWit (7/27) – Top Retail News of the Day

Interesting day in Retail. Here’s what the RetailWit team is digging into today:

Netflix to open first physical store as it expands retail offering. Netflix opened an online store in the US just a few weeks ago and now is planning for brick & mortar in Tokyo (2022), Netflix will “[merge] the virtual world of the internet with the real world”, recreate sets from their shows, and has other initial ideas. Recently, they also announced a foray into video games—both come in the face of slowing subscriber growth for their base business.

Circle K signs exclusive partnership with Bitcoin Depot. Circle K, who already has 700+ bitcoin ATMs, will be gaining more soon in partnership with Bitcoin Depot. It will enable customers to exchange cash for thirty different cryptocurrencies.

A deep dive into hard seltzers. Comprising 7% of total alcohol beverage, the category is growing in dollar amount (+$0.5B YTD growth), but is showing signs of slowing growth. In Q2 results from Boston Beer, the CEO says demand didn’t match increased production for Truly. It’s a crowded category and the winners are starting to emerge.

Target releases diversity report. They have made strides in Diversity and Inclusion and admit they still have ground to cover. Kudos to Target for tracking and releasing this information.