Here’s what large national advertisers are up to this week:
Advertisements are now rolling out for all 115 million monthly Amazon Prime Video viewers, a move that began in May when the e-commerce giant migrated some of its content to its ad-supported Freevee streaming service. Industry observers expect Amazon will be the largest driver of connected TV ad spending this year, and streaming ad revenue is expected to account for 10.7% of all of Amazon’s 2024 ad revenue vs. 7.3% last year.
REI is the latest company to announce significant workforce reductions this year. REI notified employees in a letter last week that the outdoor retailer would lay off 357 people across its organization, including 200 corporate employees at its Sumner, Wash., headquarters and 121 in its distribution centers. The news follows Nike’s December announcement to “streamline” its organization and cut costs, partly via layoffs. Google and Amazon have also announced fresh job cuts for 2024.
Luxury retailers and brands are stepping up their perks, exclusive events and experiences for their wealthiest customers. Brunello Cucinelli and Gucci have invitation-only boutiques in a few markets, Burberry and Louis Vuitton have suite-sized dressing rooms specifically for their wealthiest clients and Saks Fifth Avenue and Neiman Marcus offer early access to exclusive collections and events... Circle K is planning a significant expansion in Wisconsin, where it will open 60 convenience stores over the next few years. The retailer already has approximately 30 c-stores in the state. This investment in Wisconsin is part of a larger effort to open 500 new Circle K stores worldwide, mostly in North America, and will create around 1,200 jobs, company officials said.
Jack in the Box’s brand awareness covers more ground than the chain’s current footprint, a factor that bodes well for the planned expansion of the chain and its sibling chain Del Taco, Jack in the Box said. Its CEO sees the potential for Jack in the Box to grow from 2,200 units to 5,750 locations in the coming years, and plans call for the two banners to open 90 to 120 new units per year by 2027... Freddy’s Frozen Custard & Steakburgers has announced franchise agreements that will add more than 30 new restaurants to its footprint. Experienced Freddy’s franchisees will open new restaurants in target markets within New Mexico, Texas, Idaho, Arkansas, Oklahoma, Missouri and Arizona. Freddy’s has more than 130 locations in development for this year.
General Motors’ Buick brand has previewed its Enclave CUV, inspired by the Wildcat EV concept car shown in June 2022 and due in showrooms later this year. Though Buick sales have lagged in the U.S., while its China business has remained strong, the tables are turning. The 125-year-old brand was the fastest-growing “mainstream” nameplate in the U.S. in 2023, up 61% to 166,852, while the brand’s historically strong China business fell 20% to 517,000.