For the nation’s bicycle shops, the past few years have probably felt like the business version of the Tour de France, with numerous twists and turns testing their endurance.
Early in the pandemic, a surge of interest in cycling pushed sales up 64 percent to $5.4 billion in 2020, according to the retail tracking service Circana. It wasn’t unheard of for some shops to sell 100 bikes or more in a couple of days.
The boom didn’t last. Hobbled by pandemic-related supply chain issues, the shops sold all their bikes and had trouble restocking. Now, inventory has caught up, but fewer people need new bikes. So, bicycle makers have been slashing prices to clear out the excess. It all adds up to a tough environment for retailers, although there are a few bright spots like gravel and e-bikes.
“The industry had a hard time keeping up with the demand for a couple of years, but then demand slowed as the lockdowns ended, and then a lot of inventory started showing up,” said Stephen Frothingham, editor-in-chief of Bicycle Retailer & Industry News. “So now for the last, a year and a half, the industry has struggled with having too much inventory, at the supplier level, at the factory level, at the distributor level, at the retail level.”
In 2023, bike sales totaled $4.1 billion, up 23 percent from 2019, but down 24 percent from 2020, according to Circana. The path out of the pandemic has been uneven — national retailers, such as REI and Scheels, are stabilizing faster than independent bike stores, said Matt Tucker, director of client development for Circana’s sports equipment business.
For John McDonell, owner of Market Street Cycles on the popular thoroughfare of Market Street in San Francisco, the shift to hybrid work brought about by the pandemic has been particularly tough on business. There used to be 3,000 bikes passing by his shop a day during the summer. That’s fallen to below 1,000, with fewer people commuting to work.
According to Pacer.ai, which tracks people’s movements based on cellphone usage, San Francisco lags all other major cities when it comes to workers returning to offices, with April office visits still down 49 percent compared with April 2019.
“Our downtown is still a wasteland,” McDonell said.
Independent bike stores not only have to compete with national chains, but increasingly, bike makers such as Specialized and Trek as well. They’ve been buying bike shops and selling their bikes directly to consumers, essentially cutting out the middleman. Frothingham estimates there are now around a thousand bike shops in the country owned by either Trek or Specialized.
“They’ve got the money to absorb the fact that bike stores, you know, are not a super profitable thing, and in the process, they’ve also been able to cut us out of it,” McDonell said.
McDonell has been forced to cut down to using a skeleton crew of himself and another staffer, down from five previously. His dream of selling his shop to a younger bike enthusiast when he retires is fading. He might close his store when his lease is up in a couple of years.
“Now I am just trying to land it with both engines on fire and trying not to lose money on my way out,” he said.
In Boulder, Colorado, Douglas Emerson’s bike shop, University Bicycles, is faring better, boosted by its location in one of the most popular places to ride bikes in the country. He’s had the shop for 39 years and employs 30 staffers.
Like other bike stores, the pandemic spurred a frenzy of bike buying at University Bicycles. Emerson recalls selling 107 bikes in 48 hours. But right after the boom, sales slowed dramatically because inventory was scarce, and rentals died down since no one was traveling.
“It became a struggle right after the boom,” Emerson said. “And since then, the manufacturers have overproduced. And they’ve slashed prices dramatically which is good for the consumer. But with the small shops they’re often not able to take advantage of those prices.”
Emerson says the shop reached a “saturation point” – everyone who wanted a bike bought one. Now, he’s selling those customers accessories like clothing, helmets and locks. His shop has returned to its 2019 sales numbers.
University Bicycles has also benefited from some of the shifts in buying patterns. Continued high demand for e-bikes and a growing demand for children’s bikes have helped. And gravel bikes, which are designed to be ridden both on paved and gravel roads, are replacing road bikes as a popular seller.
John Ruger, who has been a cyclist for 50 years and is a loyal University Bicycles customer, hasn’t bought a bike in 10 years, but plans on taking advantage of the current prices to buy a gravel bike. A top gravel bike he’s eyeing that would normally sell for $12,000 to $14,000 is currently retailing for $8,000, he said.
“The timing is good,” he said. “I can get a bike now because they’re less expensive and my bikes are getting old.”
Shawna Williams, owner of Free Range Cycles in Seattle, Washington, didn’t have the sales surge others did because her 700 square foot shop was so small she took customers only by appointment from March 2020 to May 2021.
But Williams did have to deal with the eventual shortages. She spent a lot of time “checking in with other shops to see if we could buy something, even at retail, from them, just in order to get a repair done or a build done.”
She adapted by offering more services like repairs and maintenance to offset lower sales of bikes. The maneuvering helped her keep overall sales steady even throughout the pandemic.
“Bike sales, the way that I have kind of framed the shop, are an awesome bonus, but we really need to be sustaining the shop through repair and, like, thoughtful accessory sales,” Williams said. “A bike sale to me, if we do things well, that means creating a customer for life.”
US bike shops boomed early in the pandemic. It’s been a bumpy ride for most ever since
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US bike shops boomed early in the pandemic. It’s been a bumpy ride for most ever since
- A surge of interest in cycling in the US pushed sales up 64 percent to $5.4 billion in 2020
Starbucks reports drop in comparable sales, earnings as global demand suffers
- The Seattle-based company’s strategy to drive demand through promotions and improved loyalty program offers fell flat
Last week, Starbucks reported preliminary fourth-quarter results and suspended its annual forecast through the next fiscal year as new CEO Brian Niccol tries to steer the company toward the path to growth.
The Seattle-based company’s strategy to drive demand through promotions and improved loyalty program offers fell flat in the face of muted spending from cost-conscious consumers.
Starbucks is also facing an uphill battle in China, where it is dealing with a choppy macroeconomic recovery and stiff competition from local brands.
Comparable sales in China, the company’s second-largest market after the US, declined for three straight quarters, falling 14 percent in the fourth quarter.
Investors, however, are betting on seasoned industry veteran and ex-Chipotle Mexican Grill head Niccol to simplify the company’s leadership and operating structure, and reinvigorate the coffee-house culture at Starbucks’ US stores.
Shares of the company have risen about 26 percent since Niccol replaced Laxman Narasimhan as CEO in a surprise announcement in August. They were down about 1 percent in extended trading on Wednesday.
International comparable sales fell 9 percent in the fourth quarter, compared with expectations of a 6.5 percent drop, as per data compiled by LSEG.
Starbucks’ loyalty program growth was also tempered in the fourth quarter, with 90-day active members in the US remaining flat sequentially. That compares with a 3 percent sequential rise reported in the third quarter.
The company’s net income fell to $909.3 million, or 80 cents per share, from $1.22 billion, or $1.06 per share, a year earlier in the fourth quarter ended Sept 29.
Australian police recover 40,000 stolen coins based on the children’s animated series ‘Bluey’
- A police statement said on Wednesday 40,061 coins were found on Tuesday afternoon in a self-storage business in Sydney
- Police were notified on July 12 that 63,000 of the coins had been stolen from a Sydney warehouse
SYDNEY: Australian police said on Wednesday they had recovered more than 40,000 stolen limited-edition coins based on the hit children’s animated series “Bluey.”
The Bluey coins, with a face value of one Australian dollar (65 US cents) each, were found on Tuesday afternoon in a self-storage business in the Sydney suburb of Wentworthville, a police statement said.
Bluey is the name of a blue heeler puppy whose adventures with her cattle dog family living in the Australian city of Brisbane, where the series is produced, have become popular among children around the globe.
The series premiered in Australia in 2018 and began streaming on Disney+ in 2020.
The 40,061 recovered coins were still in the Royal Australian Mint plastic bags that they had been stolen in three months earlier, police said.
Police were notified on July 12 that 63,000 of the yet-to-be-released series of coins produced by the national mint in Canberra had been stolen from a warehouse in the Sydney suburb of Wetherill Park, not far from where the coins were recovered on Tuesday.
Police formed Strike Force Bandit to investigate. Bandit is the name of Bluey’s dad.
Three people have been charged over the theft.
A 27-year-old woman whom police allege drove two accomplices to the July burglary was arrested on Tuesday hours before the coins were recovered.
Two men had earlier been charged over the theft and police were a searching for a fourth suspect.
Police raided a Sydney property on July 31 and recovered 189 of the coins. They discovered the dealer selling them was a legitimate coin collector who had innocently bought them for AU$1.50 (98 US cents) each. He was paid no compensation for the seized coins.
A Royal Australian Mint spokesperson was not available for comment on Wednesday.
Hello Kitty – the cute, enigmatic character – turns 50 on Friday
- The simple design of the character – who is not a cat, but a little girl from London according to Sanrio – has mileage as a money-spinner for years to come, experts say
TOKYO: Hello Kitty, the cute, enigmatic character that adorns everything from handbags to rice cookers, turns 50 on Friday – still making millions for her Japanese creators.
The simple design of the character – who is not a cat, but a little girl from London according to Sanrio, the company behind Kitty – has mileage as a money-spinner for years to come, experts say.
One woman in the US state of California has amassed so much Hello Kitty merchandise that her husband built her a pink so-called “she-shed” to keep it in.
Stuffed inside are thousands of toys and other items featuring Kitty and her eye-catching red bow, including rows of sunglasses, a swivel chair and novelty gumball dispensers.
“People my age, you know, we are told many times, ‘Hello Kitty is for little kids,’ and I laugh at that,” said Helen from Riverside County, conceding she is “50 plus.”
Helen, who drives a Hello Kitty-decorated SUV and runs the local fan club “Hello Kitty SoCal Babes,” has been “obsessed” with the character since its 1970s US debut.
Her vast collection of Hello Kitty plushies “make me feel warm,” she said, describing spending hours among the soft toys, many of them rare, on a regular basis.
“Something in my inner child gets healed,” she said.
Hello Kitty started life as an illustration on a vinyl coin purse.
It has since appeared on tens of thousands of products – official and unofficial – including tie-ups with Adidas, Balenciaga and other top brands.
The phenomenon shows no sign of slowing, with a Warner Bros movie in the pipeline and a new Hello Kitty theme park due to open next year on China’s tropical Hainan island.
Sanrio’s share price has soared more than seven-fold, pushing its market cap over one trillion yen ($6.8 billion), since young CEO Tomokuni Tsuji took over from his grandfather in 2020.
“We’d be foolishly cynical to say that we don’t need these soft, fluffy, pink things,” Christine R. Yano of the University of Hawaii said.
In fact, “given the fraught nature of our contemporary lives, perhaps we need it now more than ever,” said Yano, author of the book “Pink Globalization” about Hello Kitty.
“This is not a phenomenon that has died or is going to die, at least soon.”
Unlike other Japanese cultural exports such as Pokemon or Dragon Ball, there is minimal narrative around the character, whose full name is Kitty White.
She has a twin sister Mimmy, a boyfriend called Dear Daniel, and a pet cat of her own, Sanrio says. She loves her mother’s apple pie and dreams of becoming a pianist or poet.
The rest is left to fans’ imaginations – just like her “abstract, bare design that can speak with a kind of simplicity and elegance to more people,” Yano said.
“I call her a ‘pure product’,” the researcher added.
Some feminists say Hello Kitty’s lack of mouth is a symbol of disempowerment, but Yano counters that by not depicting it, “she has a greater range of expression.”
Famous Hello Kitty fans include Lady Gaga, Nicki Minaj and Katy Perry, and her appeal extends to royalty: Britain’s King Charles wished her a happy birthday this year.
And on Hello Kitty’s TikTok account – whose bio is “CEO of supercute” – sardonic memes and footage from “Hello Kitty Day” at US baseball games delight 3.5 million followers.
Hello Kitty is the epitome of Japan’s “kawaii” – cute – soft power, and she is the mascot of a campaign promoting good tourist etiquette in Tokyo.
Posters celebrating the 50th anniversary are on display at Sanrio Puroland theme park, where businesswoman Kim Lu from Manila had brought her four-year-old niece on their holiday.
“This really is our priority here in Tokyo,” she said.
“To be honest, we really don’t know” the reason for Hello Kitty’s ineffable popularity, said Lu, 36.
“I think it’s the kawaii charm.”
Sanrio owns the copyright to hundreds of other popular characters, and Hello Kitty now accounts for 30 percent of profits, down from 75 percent a decade ago.
But Kitty is still a favorite of 23-year-old Rio Ueno, who took an overnight bus from Japan’s northern Niigata region to visit the park with a friend.
“I’ve had Kitty goods around me since I was a small child,” said Ueno, dressed in a fluffy Hello Kitty sweater, sporting a Kitty bag, and clutching a Kitty doll.
“She is someone who is always close to me, and I want it to stay that way.”
’I’m terrified’: French auteur Audiard hits Oscars trail for ‘Emilia Perez’
- Now French director Jacques Audiard is steeling himself for the next, arduous stage — a glitzy yet grueling campaign as an Oscars frontrunner
LOS ANGELES: His film “Emilia Perez” won multiple prizes at Cannes, and was snapped up by Netflix. Now French director Jacques Audiard is steeling himself for the next, arduous stage — a glitzy yet grueling campaign as an Oscars frontrunner.
“I’m terrified,” Audiard told AFP in an interview in Los Angeles, before the surreal musical about a transgender Mexican drug lord hits limited US theaters this Friday, before streaming on November 13.
“Mass success is something very unsettling — it’s not real life.”
With his movie a favorite for the best picture Academy Award, and tipped for nods in categories from best actress to best director, the 72-year-old Audiard will be shuttling back and forth from France to the United States for the next several months.
Modern Oscars campaigns involve a swirl of galas, press conferences, screenings and smaller awards shows, each offering chances to press the flesh with mercurial Hollywood voters in an expensive and crowded marketplace.
Netflix, which has come to dominate Hollywood’s vital streaming sector but has yet to win the coveted best picture Oscar, intends to use all its considerable heft in promoting Audiard’s 10th feature.
Following North American festival appearances in Telluride in August and Toronto in September, “Emilia Perez” opens The American French Film Festival (TAFFF) in Los Angeles this week.
The campaign promises to be much more intense than in 2010, when Audiard’s film “A Prophet” was nominated for an Oscar in the lower profile though still highly prestigious best international film category.
“It’s like going from a provincial competition to the Olympics,” said Audiard, a Parisian dandy, who wore a leopard-print shirt and a scarf around his neck under his blue suit.
Audiard’s genre-hopping film — winner of the Jury Prize at Cannes — is the story of the repentance of Manitas, a powerful Mexican drug lord.
Trapped in a violent, macho world, Manitas employs a lawyer (Zoe Saldana) to arrange a deep, lifelong aspiration — to become a woman, named Emilia.
Finally free to be herself, Emilia begins a crusade to help victims of the narco gangs. She also reconnects with her former wife (Selena Gomez) and children, who believe she is dead, by posing as a distant relative.
Playing both Manitas and Emilia, Karla Sofia Gascon is heavily tipped to become the first openly transgender actress ever nominated for an Oscar.
Indeed, Gascon heavily shaped the role. Audiard had originally envisioned a younger heroine, but upon meeting the Spanish star who transitioned at 46, he quickly reworked the script.
A younger character would not have suffered enough to be credible, he told AFP.
“I tried hard to make it work, but it didn’t add up,” said Audiard.
“When Karla Sofia appeared, it was a revelation. It was like the Virgin appeared before me — it was so clear.”
“When you transition at 46, I can’t even dare to imagine what her experience was like before... what was her life and her pain?“
This epiphany helped Audiard give more substance to his transgender heroine, who was first inspired by the Boris Razon novel “Ecoute.”
Borrowing stylings from opera, “Emilia Perez” is billed as a musical drama but stands at the crossroads of multiple genres — narco-thriller, Latin American telenovela, and LGBTQ drama, among others.
That unique combination was, for Audiard, the “obvious” way to embrace his heroine’s transition and the many contradictory facets of her personality.
The film’s “kitsch” trappings insolently address social issues, such as when choirs sings the refrain “Rhinoplasty! Vaginoplasty” in a hospital-set dance sequence, he said.
“It had to absorb everything. It’s a film that has to be embarrassing,” Audiard said. “We are singing about things that are improbable.”
Those unlikely ingredients have combined to make a work hailed in the American press as one of the leading Oscars contenders, with nominations set to be revealed in January. The ceremony takes place on March 2.
Success would be a crowning achievement for Audiard’s award-winning career, in which he has repeatedly put diverse outsiders at the center of his films.
“Dheepan,” which won the Cannes top prize Palme d’Or in 2015, followed the lives of Tamil refugees in a Paris suburb. “Rust and Bone” chronicled an orca trainer who lost her legs in a horrific accident. “A Prophet” delved into the world of prison violence.
“I am a curious person,” said Audiard.
“I’m fascinated by people who are difficult to categorize.”
Adidas reaches settlement with rapper Ye
- Adidas and Ye had been embroiled in multiple lawsuits for the past two years, since the German company ended a partnership with Kanye West
LONDON: Adidas has reached a settlement with rapper Ye to end all legal proceedings between them, the sportswear brand said on Tuesday, without giving a value for the deal.
Adidas and Ye had been embroiled in multiple lawsuits for the past two years, since the German company ended a partnership with the rapper previously known as Kanye West over antisemitic comments he made.
“There isn’t any more open issues, and there is no... money going either way,” CEO Bjorn Gulden told reporters on a conference call.
