Fast food meets senior living this week, as Taco Bell starts handing out day passes on Tuesday to eligible rewards members to “The Cantinas,” an early retirement community that the chain will open in San Diego later this summer. The facility will offer “senior-inspired” low-impact sports, arts and crafts, weekend lodging—and, of course, Taco Bell food—to attendees of all ages.
Here’s what else is going on in retail this week:
In sales events: There’s no denying that the elephant in the room is Amazon Prime Day, which runs on Tuesday and Wednesday. The e-commerce giant is touting “millions of exclusive deals” in more than 35 categories, including 40% discounts on back-to-school items. However, the event has arguably lost some of its novelty in recent years. Competitors Walmart and Target held sales events last week, and Amazon itself has been discounting heavily outside of Prime Day. In 2023, the company said, customers saved $24 billion from deals, with just $2.5 billion coming from Prime Day.
In data: The US government’s monthly retail sales report for June is due out on Tuesday. The May results were weaker than expected, with sales rising just 0.1% month over month and 2.3% YoY. Yet at least one economist pointed out that lower gasoline sales were largely to blame, and that the overall picture was still encouraging.
In conferences: If you’re not already on your way to Rancho Palos Verdes, California, you probably missed the registration deadline, but over the next three days, senior retail executives at a number of major brands will meet to discuss the industry at the National Retail Federation’s Nexus “salon-style” event. The conference is designed to facilitate peer-to-peer discussion and foster connections between industry leaders.
In earnings: Q2 earnings season is kicking off with a batch of results from major banks this week, including Bank of America, Goldman Sachs, and PNC Bank. Why should retailers care? Bank earnings usually offer a glimpse at the health of the broader economy and consumer resilience. Credit card delinquencies, for example, are one measure to watch, and lately, that number has been rising, as consumers take on more debt overall.