How Ralph Lauren and Nike are Capitalizing off the Olympics
We're a week into the Olympics and by now most viewers have noticed that Ralph Lauren, Nike and Under Armour are the official sponsors of Team USA gear. Joining The Long and The Short to discuss the benefits of outfitting Team USA is Nick Martell and Jack Kramer, Co-Founders & Co-CEOs of MarketSnacks.
Ralph Lauren shocked many when it dressed Team USA in suede gloves during the opening ceremony. The internet was quick to point out they were reminiscent of a scene from "Dumb and Dumber." The gloves were on sale after the ceremony for $1,000 and are already sold out! Martell and Kramer say that Ralph Lauren really needs to capitalize on post-Olympic buzz and try to bring more people into their brick-and-mortar store, after a struggle with its online sales.
Plus, Nike may be outfitting the athletes when they receive medals, but it's also teaming up with Snap. The apparel company was the first non-Snap company to sell product on the platform, pushing its Air Jordan III "Tinker" shoes after the All-Star NBA game on Sunday night. Martell and Kramer say this was Nike's attempt at appealing to a younger, more millennial, audience.
Some small grocery stores and neighborhood convenience stores are eager for the U.S. government shutdown to end and for their customers to start receiving federal food aid again. Late last month, the Trump administration froze funding for the SNAP benefits that about 42 million Americans use to buy groceries. The U.S. Department of Agriculture says about 74% of the assistance was spent last year at superstores like Walmart and supermarkets like Kroger. Around 14% went to smaller stores that are more accessible to SNAP beneficiaries. A former director of the United Nations World Food Program says SNAP is not only a social safety net for families but a local economic engine that supports neighborhood businesses.
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