Every week, we bring you the top stories and analyses from the global Subscription Economy.
Macy’s is getting into the clothing subscription and resale businesses
Excerpts from an article by Lauren Thomas on CNBC.com
Macy’s said Wednesday it’s dipping its toes into both the clothing subscription and apparel resale businesses.
The department store operator said it started a pilot this month with resale marketplace ThredUp at 40 Macy’s stores across the country, taking up about 500 square feet of space at each location.
“We know many consumers are passionate about sustainable fashion and shopping resale,” CEO Jeff Gennette said on a call with analysts. “This partnership gives us the opportunity to reach a new customer and keep them coming back to shop an ever-changing selection of styles, and brands, that we don’t typically carry.”
Earlier, Macy’s reported fiscal second-quarter earnings that fell well short of estimates and cut its forecast for the year. Shares fell more than 13%.
Read the full article on CNBC.com. And read Zuora CEO Tien Tzuo’s insightful piece “5 Ways to Make Macy’s Great Again” here.
Bloomingdale’s Launches ‘My List’ Subscription Rental Service
Excerpts from an article in Retail Touchpoints
Bloomingdale’s is the latest retailer to hop on the “try before you buy” subscription bandwagon, with the department store set to launch an online subscription rental service in September. The service, called “My List at Bloomingdale’s,” will be available to shoppers for a flat monthly fee of $149.
My List will debut with a fall “ready-to-wear” assortment of hundreds of women’s styles from more than 60 brands and more than 100 exclusive pieces, according to Women’s Wear Daily. Shoppers are offered a referral incentive of $25 for every new member who joins.
Several brands, including Frame, are expected to make their subscription rental platform debuts on My List.
Read the full article in Retail Touchpoints
Spotify to Test Subscription Price Hike in Scandinavia
Excerpts from an article by Jem Aswad in Variety
Spotify is planning to market a more expensive version of its music service in Scandinavia in an effort to see whether it can raise prices in other territories, a report in Bloomberg claims, citing people familiar with the matter. A source has confirmed the news to Variety.
The streaming giant will raise the price of its family plan by about 13%, the sources said, stressing that the effort is a test and the company has not locked in a price rise in Scandinavia or anywhere. It was unclear whether the company would add assets to the subscription plan to accompany the price hike.
Scandinavia — Spotify’s home base and the countries where it has the strongest presence — is the safest market for the company to test such a price hike.
Read the full article in Variety
For more Subscription Economy resources and events, head to www.subscribed.com.