The Goods (U.S. Edition) – Ride for the Brand
Welcome back to The Goods! This week we’re talking about a logo or no-go decision, tourists beating the heat with cooler vacation plans, and one man’s plan to bring back the delightfully tacky charm of Hooters.
Labor Day is not only the unofficial end of summer – it also marks the end of peak hot dog season. According to the National Hot Dog and Sausage Council (yes, it’s a real thing), Americans consume approximately 7 billion hot dogs from Memorial Day to Labor Day. That equates to 818 hot dogs consumed every second during the summer months. Talk about the dog days of summer!
What’s In: This Week’s Trends
- A Barrel of Backlash: Cracker Barrel bit off more than it could chew when it rolled out a new, simplified logo last week as part of its rebranding efforts. The new logo quickly sparked backlash online from customers and political commentators, including President Trump, who claimed the chain was abandoning its traditional country image. The change was made as part of CEO Julie Felss Masino’s three-year effort to modernize the brand and attract younger customers, following a 16% decline in foot traffic since 2019. In response to the backlash, the company announced Tuesday it would bring back its original branding. The news appeared to resonate with the street, as shares have rebounded about 6% after last week’s losses.
- Screen Age Dream: Drive-in movie theaters had a major comeback during the pandemic, generating 85% of U.S. box office revenue from March to August 2020, a sharp increase from just 2.9% the year before. While attendance has slowed over the last five years, the remaining 283 operating drive-ins in the U.S. – compared to more than 4,000 locations in the 1950’s – hold nostalgic and cultural value. Even as demand has waned since the pandemic, some younger couples are purchasing and reopening shuttered drive-ins and keeping the tradition alive by offering affordable prices, throwback films, and a retro vibe.
- No Mall Feat: While most department stores are offloading real estate to cut losses, Dillard’s is taking the opposite approach by scooping up mall properties. In a rare move, Dillard’s and Trademark Property teamed up to purchase the Longview Mall in Texas for $34 million. Dillard’s CEO said the sale will preserve and improve the shopping experience, while keeping the mall out of the wrong hands, as many buyers are letting the properties deteriorate. Despite broader department store struggles, Dillard’s maintains a loyal customer base and had more than $1 billion in cash on hand as of last quarter.
Cash or Card: Consumer Behavior
What’s going on with the consumer these days? This week we talk about people trading in tropical trips for cold getaways, a troubling new trend in debt delinquencies, and the exclusive dating app with a waitlist of 2.5 million people that is captivating Gen Z.
- Too Hot to Globe Trot: With climate change causing abnormally high temperatures and severe weather events, more tourists are opting for “coolcations” to milder climates. Heatwaves have taken a toll on popular tourism sites around the globe, shutting down the Eiffel tower and the Acropolis this summer, and driving down visitor numbers at Six Flags parks. Travelers are trying to beat the heat by going to high-tech, urban zones like Abu Dhabi and Singapore, or even cooler escapes like Iceland and Antarctica. Almost half of the advisers at luxury travel agency Virtuoso say clients are modifying travel plans because of climate change.
- A Twist of Late: S. consumers with the highest credit scores are starting to fall behind in debt repayments, according to VantageScore. Late repayments over 90 days were up 109% year-over-year for “superprime” consumers (credit scores between 781-850) and 47% among “prime” consumers (credit scores between 661-780). There has also been an uptick in late-stage delinquencies in auto loans and mortgages. These groups are typically considered the most financially secure, and the sharp increases in delinquencies could be a sign of Americans’ financial health deteriorating more broadly.
- Is it Worth the Swipe? In today’s tough dating market, there are 2.5 million people sitting on a waitlist for the members-only celebrity dating app Raya. The ultra-exclusive app receives up to 100,000 applications every month and has users willing to pay $24.99 per month for the service (assuming they pass the rumored 8% acceptance rate). While other apps are struggling to attract young swipers, Raya has found success with the group. Gen Z accounts for 40% of its member and applicant pool, which has included famous names like Simone Biles and her now-husband NFL player Jonathan Owens, as well as Drew Barrymore and Olivia Rodrigo.
Making Moves: Industry Transformations & Innovation
ICYMI, even industry icons need to reinvigorate their brand presence through unique and creative ways. Here are some new brand moves that you should know about:
- Throwing in the Owl: After filing for bankruptcy earlier this year, one Hooters operator is betting that he can revive the restaurant chain by doubling down on its original “delightfully tacky” charm. Nick Kiefer, who already owns nearly two dozen Hooters locations, plans to expand his reach by taking over 50 bankrupt locations and “re-Hooterizing” them with $300,000 makeovers, streamlined menus, and stricter standards for Hooters Girls. Waitresses will don orange shorts rather than the bikini-style bottoms that some locations introduced a few years ago, and will have to maintain “glamorous hair” and an “attractive fit & image.” With sales slightly down but trending upward, Kiefer believes the blend of nostalgia, sauce-heavy comfort food, and a polished brand image is the recipe to make Hooters hot again.
- Ride for the Brand: Levi Strauss & Co is going all-in on cowboy culture in a major push to reach its $10 billion revenue goal… and we’re not talking denim corsets and bedazzled jackets a la Cowboy Carter. With its sights set on America’s 93 million working class consumers, Levi is going back to its roots as an affordable and functional workwear brand. The brand’s new, low-priced western boot cut and western straight jeans are designed to fit over work boots and compete with rivals like Wrangler among blue-collar men in rural areas. To drive the campaign, Levi is bringing its full assortment to western retailers like Boot Barn and Cavender’s, with country star Shaboozey and The Bear’s Matt Matherson riding in (on horseback) as the new faces of the brand.
- In-fur-ance for Fido: Retailers including PetSmart and Sam’s Club are the latest to jump on the pet insurance trend by offering discounted plans as part of their membership perks. Walmart, Petco, and Costco are already among those providing coverage to over seven million pets in North America. Despite the new market joiners, less than 4% of dogs and cats are insured in the U.S. as of 2024, according to the North American Pet Health Insurance Association. For retailers, it’s a strategic upsell that builds loyalty by turning stores into one-stop shops for everything from flea meds to food, as well as providing financial peace of mind for pet parents.
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