Today In Retail: Resale Company StockX Lands $275 Million For Growth; Rite Aid Reports 12 Pct Revenue Increase
In today’s top retail news, StockX has landed $275 million in a Series E funding round, while Rite Aid Corporation reported as part of its fiscal 2021 third quarter results that revenues rose by 12 percent. Plus, the convenience store vertical has seen $21.7 billion of consolidation deals unveiled in the past four months.
StockX has notched $275 million in a Tiger Global Management-led Series E funding round. The resale online shopping company, which was started in 2016, usually works in the resale of merchandise such as footwear on its live marketplace. It now reportedly has $490 million in overall funds raised.
Rite Aid Corporation said on Thursday (Dec. 17) in its fiscal 2021 Q3 results that revenues increased by 12 percent, powered by expansion in the retail pharmacy and pharmacy services divisions. “We are pleased with our third quarter performance as we continue to grow our business and achieve major physical and digital milestones through our RxEvolution strategy,” Rite Aid President and CEO Heyward Donigan said in a press release.
The C-store space has witnessed $21.7 billion of consolidation arrangements announced in the last four months, as a pandemic-related mergers & acquisitions (M&A) pause concludes and coronavirus changes consumer demand. Murphy USA revealed intentions this week to purchase family-owned convenience store chain QuickChek Corp. for $645 million. And, in November, GPM Investments reportedly bought approximately 60 Midwest C-stores for $100 million along with the value of the outlets’ inventory and funds.
Clothing retailer rue21 (r21 Holdings, Inc.) said its robust financial position has let it refinance its current term debt, shore up available liquidity and lower the cost of funds. The company, which is based in Pennsylvania, operates over 673 retail stores in 45 states and through the web at rue21.com. The company recently launched rue rewards, which has attracted over 2.8 million members.