Today in retail, Nike sues StockX for unauthorized use of its shoes in nonfungible tokens (NFTs), while New York City officials and small business owners feel pressure with the increase in quick commerce firms. Plus, Amazon and Walmart both call on partners, while Lego Discovery Center gets a refresh.
Nike Suing Retailer Selling Sneaker NFTs
Athletic apparel and equipment maker Nike charged Detroit-based online sneaker and handbag reseller StockX in New York federal court with selling unauthorized images of Nike shoes, saying StockX’s NFTs violate Nike’s trademarks and are likely to confuse consumers. According to the federal lawsuit, StockX started selling unauthorized NFTs of Nike’s sneakers, telling buyers they could redeem the tokens for physical versions of the shoes “in the near future.” Nike’s lawsuit charges StockX with selling more than 500 Nike-branded NFTs without permission.
NYC Wrestles With Quick Commerce Firms
Business leaders and government officials worry the steadily increasing number of quick commerce startups could begin to push out New York’s bodegas and corner stores and are using zoning regulation to keep the growth of these companies in check. Quick commerce facilities operate in something of a gray area as far as zoning is concerned, and the way this issue is handled could have wide-ranging implications.
AMZN vs WMT Weekly: Top 2 Retailers Making More of Partnerships
Amazon investors who had been savaging the company’s stock for more than two months this week cheered 9% fourth-quarter revenue growth that was the company’s lowest increase in 20 years and took the company’s projections for even slower growth in stride. Walmart, whose shares have showed resilience while the market has continued its downward trend, is slated to share its fourth-quarter results Feb. 17. Both companies have been relying more on partnerships to achieve their goals, with Amazon’s pairing with electric vehicle maker Rivian serving as an example of how these things are supposed to work.
Lego Uses Mall Space to Click With Customers
Danish toy maker Lego is using mall space in suburban Washington, D.C., for its “next-generation” Lego Discovery Center, launching the 32,000-square-foot indoor center at Springfield Town Center in Springfield, Virginia, next year. Last month, Lego announced its collaboration with commerce and communications agency TracyLocke on its global “Store of the Future” concept. The first three stores are in New York City; Barcelona, Spain; and Chengdu, China, with additional locations set for other parts of the world in the future.
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