Retail Brew // Morning Brew // Update

April 10, 2025

Hello, it’s Thursday, and while the tariff saga continues, here’s a sweet bit of news: The viral Dubai chocolate bar is getting a liquid makeover courtesy of Shake Shack, which is introducing a Chocolate Pistachio Dubai Shake available at several of its locations in the US. Tariffs may come and go, but this milkshake is only available for a limited time.

In today’s edition:

—Alex Vuocolo, Vidhi Choudhary

STORES

Cost in translation

Change purse with a receipt coming out of it

Getty Images

When Treasury Secretary Scott Bessent said last month that “access to cheap goods is not the essence of the American Dream,” making an argument for the Trump administration’s controversial tariff policy, the country’s biggest retailers had just made it abundantly clear cheap goods were still the essence of their business models.

“We’re going to focus on value for our customers and we’re going to do everything we can do to control prices and keep prices low,” Walmart US CEO John Furner told shareholders in February.
A few weeks later Costco CEO Ron Vachris said, “We are prepared and our people are very well equipped to lower prices and defer any cost increase that comes our way,” and Target CEO Rick Gomez stressed that the company’s primary focus remained delivering competitive prices to customers, even as tariffs could pressure profits.

And yet, many expect tariffs to work against these goals: The National Retail Federation estimated that consumers could lose between $46 billion and $78 billion in spending power per year if the Trump administration’s initial plan for tariffs was implemented.

“The moment prices start rising a significant proportion of that is going to be passed onto the consumer,” Mark Matthews, executive director of research at NRF, told Retail Brew. “These retailers have a responsibility to their shareholders to maintain profitability, and I don’t think anybody can expect them to start turning their margins negative.”

However, higher prices are not always the solution to recovering margin.

Keep reading here.—AV

From The Crew

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New episodes are released every weekday at 7am ET. Check ’em out on YouTube or wherever you get your podcasts.

SUPPLY CHAIN

All spice and everything nice

Burlap & Barrel

When Burlap and Barrel Co-Founders Ethan Frisch and Ori Zohar saw the news about Trump tariffs unfolding last week, the spice importer, which works with more than 30 countries, decided to turn its routine spring promotion into a “Tariff Sale.”

“We saw that there was an opportunity to really give our business a leg up, going into all this uncertainty,” Zohar told Retail Brew. Burlap and Barrel imports a host of spices from places like Vietnam, India, and Indonesia that have been slapped with tariffs.

Burlap and Barrel announced discounts of up to 20% across all items on its website last Thursday to run through Tuesday. Founded in 2016, Burlap and Barrel sources spices like black pepper and cinnamon from farmers around the world. The spice company supplies to both celebrity chefs and home cooks in the US.

Retailers have been pushing shoppers to buy ahead of Trump’s tariff announcements since November of last year. Some smaller and scrappy retailers started holding “pre-tariff” sales, soon after Trump won the election, asking shoppers to make purchases right away.

For Burlap and Barrel, the strategy seems to be working.

Keep reading here.—VC

PAYMENTS

Letter you bet

Michael M. Santiago/Getty Images

In JPMorgan’s annual letter to shareholders, CEO Jamie Dimon took retailers to task for pushing for regulations that limit their share of transaction costs.

“It is unfortunate that retailers and banks have been in a battle for years over who should bear the cost of processing money—and that retailers continue to use ‘lawfare’ to get their way,” he wrote.

The regulation in question is the Durbin Amendment or Regulation II, which was enacted as part of the Dodd-Frank Act in 2010. The law sets standards for determining if a debit card interchange fee is “reasonable and proportional to the costs incurred by the issue with respect to the transaction,” according to the Federal Reserve.

Keep reading here.—AV

Together With Walmart Marketplace

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Customers, keep ’em coming

Morning Brew

Winning customer loyalty takes more than just great products—it requires meaningful, rewarding experiences. On April 15, join us to learn how brands are using AI, gamification, and data-driven strategies to build stronger customer connections and drive repeat business. Register now.

SWAPPING SKUS

Today’s top retail reads.

Big spender: Inside Prada’s ~$1.4 billion Versace deal. (the New York Times)

Taking a chance: Why Sam’s Club plans on opening 15 new clubs per year as economic projections remain uncertain. (CNBC)

Tough break: LVMH opened a new facility in Texas to make bags, but it’s proving more challenging than the retailer planned for. (Reuters)

JOBS

Be part of something bigger than job boards. CollabWORK taps into niche communities and newsletters like Retail Brew to connect you with relevant opportunities. Expand your network and discover roles that are just right for you—click here to see jobs selected for Retail Brew readers.

Director of Ecommerce at Lug (hybrid)
E-commerce Merchandising Coordinator at a home goods gift box company (in person)
Account Executive at a creative agency (in person)

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