For better or worse, 2024 is now in the books, but we can’t resist one more look back. The Retail TouchPoints editors have identified 10 of the most-read news stories this past year — many of which exemplify key trends that will continue to resonate throughout 2025.
Tractor Supply Weeds Out Support for DEI, Environmental and LGBTQ+ Causes (July 1, 2024)
Tractor Supply was just one of the several retailers that backtracked on support for diversity, equity and inclusion (DEI) initiatives as well as environmental and social justice causes; others included Walmart, John Deere, Target, Ford, Harley-Davidson and Lowe’s. While retailers had traditionally tried to remain politically neutral, this option seems to be disappearing in a sharply divided country.
Exclusive: Google Debuts New Retail Media Solution with Lowe’s as First Beta Tester (March 18, 2024)
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Retail media was THE growth story in 2024, fueled by these networks’ ability to target consumers at key decision points in the shopper journey. Retailers including Walmart are stretching the boundaries of retail media by providing access to non-endemic advertisers and additional in-store opportunities.
Really, Truly Fake: The RealReal ‘Opens’ Counterfeit Handbag Store on Canal Street (June 13, 2024)
Counterfeits and dupes continued to plague retail — in 2023, Amazon alone identified, seized and disposed of 7 million counterfeit products. It remains a particular challenge in the luxury sector, even as resale programs make gently used genuine items available to those with aspirational budgets. As one of the key players in the luxury resale space, The RealReal sought to raise awareness and stimulate conversations around fake products by creating a pop-up on NYC’s Canal Street, a notorious knockoff hub, featuring faux handbags that were decidedly not for sale.
Walgreens Agrees to $192.5M Settlement with Shareholders Over Failed Rite Aid Merger (Oct. 20, 2024)
It was another rocky year for retail industry mergers, with Walgreens paying out over $190 million over a previous failed merger and the fizzling out of the $24.6 billion Kroger-Albertsons tie-up as well as the November 2024 end of a planned Capri Holdings and Tapestry merger.
Nike Plans to Cut $2 Billion in Costs, Layoffs Imminent as Strategy Pivot Continues (January 2, 2024)
Increasing competition in the sneaker market and global macroeconomic headwinds pushed Nike to make major cost cuts, using tactics such as simplifying its product assortment and making greater use of automation and technology. The brand also has been dealing with the repercussions of its efforts to beef up its direct-to-consumer (DTC) channel. After moving aggressively into direct sales in 2020 and 2021, Nike had to begin rekindling wholesale relationships with retailers including DSW and Macy’s in late 2023.
Walmart, Capital One End Contentious Credit Card Partnership (May 28, 2024)
Retailers sought to take more control over their payment processes while expanding checkout options such as buy now, pay later (BNPL), while Ebay debuted a Business Cash Advance offering that gives its sellers quick access to revenue-based loans.
Shein Shoppers can Now Make Returns at Forever 21 (May 1, 2024)
Even though China-based discount apps such as Shein and Temu spent a lot of time and legal fees sparring with each other, they also have become more integrated into more traditional retail channels in their efforts to stake a claim to the U.S. consumer’s wallet. And if imitation is truly the sincerest form of flattery, Amazon’s June 2024 debut of its own China-direct section is the ultimate compliment.
JCPenney Aims to Give $500 Million Back to Customers with Revamped Rewards Program (April 17, 2024)
CVS Revamps Loyalty Program into Simplified Two-Tier Offering (January 4, 2024)
Lowe’s Launches New Loyalty Program for DIYers (January 10, 2024)
Retailers, recognizing the value their loyalty programs provide (not just more spending but detailed first-party data about members), sought to simplify their programs and to use them strategically to target key customer groups. Some brands created unique rewards that went beyond racking up points; True Religion added “can’t buy” experiences such as the chance to collaborate with the brand’s Team True creator community.
