Wayfair opens its first physical store near Chicago

Online home goods retailer Wayfair is opening its first physical store near Chicago, joining other digitally native companies moving into brick-and-mortar retail. This trend reflects challenges in e-commerce like privacy changes and competition from online marketplaces. Despite the growth of online shopping, the majority of retail sales still happen offline. Direct-to-consumer brands are expanding into physical stores to boost sales and profitability, but face challenges and risks in this transition.

US Retailers Closing Stores in 2023

In 2023, US retailers closed almost 5,500 stores, with major brands like Bed Bath & Beyond, Walgreens, and Rite Aid leading the closures. The home and office sector was hit hardest, accounting for over 30% of closures. Several retailers went bankrupt and liquidated stores due to poor sales and escalating theft. Despite high closures, there were also many store openings in the same year.

Gold Bar Sales at Costco

Costco has been selling gold bars alongside its usual products, with sales reaching up to $200 million per month. The surge in gold bar sales is attributed to economic turmoil, geopolitical concerns, and convenience for buyers. While Costco's gold sales contribute to its revenue, it may not be a high-profit business due to pricing and shipping costs.

ByteDance's Financial Success and Challenges

ByteDance, the Chinese parent company of TikTok, has achieved a 60% increase in profits in 2023, outpacing Chinese competitors. The success is attributed to leveraging short-video platforms for international e-commerce and expanding TikTok Shop in the US.