The Drive Thru: Brands support Black Lives Matter protests, and major chains face looting and pandemic-related closures
Advertisement
Shoshy Ciment
Jun 5, 2020, 23:46 IST
Samantha Lee/Business Insider
Advertisement
Well, it's Friday.
You made it through another week (and month). There are so many important stories happening right now, but on The Drive Thru, we're focused on everything happening in restaurants and retail.
By the way, if you haven't done so already, subscribe here to get me (Shoshy Ciment) and my colleague Kate Taylor in your inbox every Friday.
It was a tough week for the world, and retail played a major role in the current story that is shaping history. Here's what you need to know:
The death of George Floyd, a Black man who died after a white police officer knelt on his neck for over 8 minutes, has spurred a wave of protests. Companies like Nike, McDonald's, and Target have spoken out in support of the movement, and some companies have donated millions of dollars to organizations supporting social justice.
On the fast-food side, some CEO's and top executives at chains, like Chick-fil-A, McDonald's, and Taco Bell, have voiced their support for the protests. Meanwhile, critics say these chains should be doing more to fix the problem.
Amid the violence, Walmart has made the decision to remove firearms and ammunition from the sales floor of some stores. These items are still available for purchase upon customer request.
Chain restaurants, including IHOP, Denny's, and TGI Fridays, have collectively permanently closed over 500 locations so far in 2020.
Advertisement
As dining rooms reopen in some parts of the country, restaurants are still finding it hard to recover from the headwinds of the pandemic and are having difficulty turning a profit while operating at reduced dine-in capacity.
Meanwhile, JCPenney announced it is closing 154 stores after a recent bankruptcy filing.
The big picture: Retailers have already confirmed more than 3,900 store closures for 2020, many of which were related to headwinds from the pandemic.
Resale is one of the few industries in retail that is seeing positive side effects amid the pandemic.
Advertisement
I spoke to 10 CEOs from top resale platforms like GOAT and OfferUp who revealed how the pandemic will forever alter their business and the resale industry as a whole — and why their companies have been in a position to succeed.
The takeaway: Across the board, resale is thriving for both buyers looking to make extra cash and sellers looking to get a deal. Resale platforms that foster this marketplace activity are thriving as a result.
Walmart CEO says the office, as we know, it is not yet dead.
{{}}
NewsletterSIMPLY PUT - where we join the dots to inform and inspire you. Sign up for a weekly brief collating many news items into one untangled thought delivered straight to your mailbox.