Welcome back. We know no one can think about anything but the Super Bowl, but we’ll spare you any discussion of football or you know who, and remind you that commercials for this year’s game sold out faster than expected—so companies had better bring their A game.
If you care about anything else going on this week—particularly in the retail world—read on.
In openings: A new Saks Fifth Avenue women’s store is slated to open in Beverly Hills Thursday, taking over the former Barneys New York store that closed half a decade ago. Situated near Rodeo Drive, the new Saks store will feature the Fifth Avenue Club, where stylists take personal appointments in private suites.
“They even kept the old Barneys centerpiece—the infamous spiral staircase that connected all the floors!” an anonymous source who previewed the space told the Hollywood Reporter.
In earnings: McDonald’s reports earnings today, including numbers for the debut of its CosMc’s spinoff concept, which opened in December. The idea behind CosMc’s was seemingly to create a competitor for Starbucks, and the initial signs point toward success in that endeavor.
- The small-format, drive-thru-only chain saw more than double the number of visits in December than a typical McDonald’s, according to Placer.ai.
- Placer.ai also mentions that the restaurant’s “visitation numbers would likely have been much higher if the location had additional capacity to satisfy the overwhelming demand.”
Pepsico will report earnings on Friday and is coming off a very strong quarter, but there’s a catch. In 2023, the company benefited from double-digit price increases, but said it might moderate them in the coming year. The price hikes were so noticeable that European supermarket chain Carrefour pulled Pepsico products from shelves in France, Italy, Spain, and Belgium.
- A Pepsico spokesperson said the company is working with Carrefour on a resolution to get those products back in stores.
- Overall for 2023, the company has predicted increases in earnings (13%) and revenue (10%).