Like it or not, 2017 was a big year for many things, including retail. Here’s a quick look at five of the stories that made the top of our list.
Amazon acquired Whole Foods
Not only did Amazon acquire one of the most well-known grocery chains but they also lowered prices for consumers: win and win. What’s up next for the dominating online merchant? They announced lockers that will hold customer’s orders for them for pick-up in select stores and also just added many of the Whole Foods brands products to their Prime delivery service. The company claims to have shipped over $1 Billion items in 2017.
Target, one of the few big stores to make a comeback
After investing over $7 billion into making over their stores, adding new brands to their inventory and also deciding to put money into smaller stores that suit urban markets...the brand made a turnaround for the better. Many large department stores and mega one-stop-for-everything stores have been on the decline, but Target is giving other retailers a run for their money.
Apple broke more records with the launch of iPhone X
Apple topped themselves again. Not really surprising news, but still newsworthy as the new iPhone X set high sales records for the company. Many critics cited that a $1,000 phone wouldn’t be a smart move, but the gamble paid off with them selling tens of millions of iPhones last quarter.
Already in 2017, over 11,000 brick and mortar stores accepted Bitcoin as a payment method. With returns in the investment market of over 1,300% it’s expected that this currency will be used at many more retailers and also as a lucrative investment option.
Chipotle got queso
While the initial excitement was prevalent, once the famous chain made the melted cheese dish a part of their menu, most excitement was gone. News outlets quoted consumers saying Chipotle’s queso is “a crime”, that it “tastes like crayons”, and the company had an upward PR battle with consumers who said many more negative comments. In December, Chipotle announced it would be reinventing their current recipe and trying again. We can only hope for better.