TJ Maxx's national treasure hunt
A massive sculpture of a whale tail called "Saved by the Whale's Tail" literally saved a train from falling 30 feet off its raised track. Who's working on the "2021 Will Be Better" sculpture?
Stocks closed higher yesterday, despite more COVID surges. NYC schools are shutting down again, and CA is implementing a nearly state-wide curfew.
New app, who dis?... Google Pay just went from something you use when you forget your credit card to a padded money app. Five years after launching, Pay has a whopping ~150M users in 30 countries. The revamped app rolled out in the US this week. It's a three-tab story:
But wait, there's more... In order to make sure it's in direct competition with every other money app: Google said it'll partner with banks to offer online checking and savings accounts in 2021. But the focus is Venmo-style payments and bill-splitting — Google's betting the "network effect" of peer-to-peer will take Pay to the next level.
Financial apps want all of you... Google Pay wants to achieve "all-in-one" app status, and so do other fintechs. They start with one thing, then expand.
Finding a $30 Michael Kors bag... under a pile of prom dresses. Discount legend TJX is the company behind the "affordable splurge" trifecta: TJ Maxx, Marshalls, HomeGoods. In June, TJX's CEO made a bold corona-conomy statement: "Nothing will change." He said TJX would continue to pass on ramping up online shopping, which made up just 2% of its sales.
Treasure Hunt = still #1... TJX's CEO says customers still want to "feel the fabric" (beautiful). The new site is meant to complement and encourage in-store shopping. Shoppers love the "treasure hunt" — the joyful feeling of accomplishment after finding a $40 James Perse sweater after hours of rifling. The HomeGoods site is an extra way to ride the "House Hype" wave.
For some, ecommerce is a "nice-to-have"... for others — like Lululemon — it's a make-or-break necessity. TJX's same-store sales dipped only 5% last quarter, despite it having basically no online presence. It made $867M in profit — more than it earned in the same quarter last year, and way more than the $887M it lost when stores were closed. Ross is also ecommerce-avoidant, and it crushed earnings expectations last quarter.
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Disclosure: Authors of this Snacks own shares of Google