Pride Month is now in full swing, and a number of retailers are promoting their LGBTQ+-themed merchandise. But as one queer executive warned, retailers should be wary of “rainbow washing” this month, and make sure they’re engaging with the LGBTQ+ community in a meaningful way—though for companies such as Target, even the bare minimum has proven controversial.
Here’s what else is going on in retail this week:
In earnings: Retail earnings are still trickling out this week, with results coming from Bath & Body Works and Stitch Fix on Tuesday; Dollar Tree, Five Below, Lululemon, Victoria’s Secret, and Lovesac on Wednesday; and JM Smucker, Zumiez, and Big Lots on Thursday. Some things to keep in mind for this particular crop: Dollar Tree acquired 99 Cents Only, the regional discount chain that went bankrupt last month, and announced more corporate layoffs.
In conferences: Shrink might not be the hot-button issue it was in 2023, but the industry is still very much focused on preventing it. With that goal in mind, retailers will be gathering in Long Beach, California, from Tuesday to Thursday for the National Retail Federation’s Protect conference, which will feature a lineup of speakers and exhibitors focused on topics such as cybersecurity, theft prevention, and employee training.
In data: The monthly jobs report is due out on Friday, which in addition to the consumer price index is one of the most closely watched economic indicators for retailers. That’s because employed people tend to go shopping more than unemployed people, especially if their wages are increasing. In April, the unemployment rate held steady at 3.9%, and average hourly earnings had grown 3.9% over the previous 12 months. Employment in the retail industry specifically also trended up, adding 20,000 jobs.
In new hires: Starting today, Jordan Broggi is taking over as EVP of customer experience and president of online for Home Depot. It’s a notable hire given that the home improvement retailer’s online sales increased 2% in Q4, while online sales at rival Lowe’s remained flat.