
They’re Real and They’re Spectacular (AEO Data Edition)


The Metric That Ate Retail (Brew’s Credibility)
A month ago, Retail Brew served up clickbait gold: “American Eagle foot traffic fell 9% after the Sydney Sweeney spot.” Days later, AE called it their best campaign ever.
Someone's lying, and it's probably the data.
The culprit? A scrappy UK upstart called Pass_by, peddling foot traffic analytics with all the credibility of a TikTok psychic.
Revised numbers seems to be the theme of the week, futurists, because, meanwhile, the Bureau of Labor Statistics just revised their June numbers the wrong direction—from up to down 22,000 jobs—a first since December 2020. Suddenly, everyone's second-guessing the spreadsheets.
There are two ways to slide easily through life; to believe everything or doubt everything. Both ways save us from thinking. — Alfred Korzybski
This isn't denim drama. It's an epistemology crisis masquerading as retail analytics. Polish philosopher Korzybski would have diagnosed this instantly: we keep confusing the map for the territory. Headlines are maps. Markets are territory. When the map looks authoritative enough, we stop asking for directions.

Goodhart's Law strikes again. Once measurement becomes the target, it stops measuring anything useful. (We covered this in our recent Decoded series.) Turn "foot traffic" into press-worthy KPI theater and suddenly it's driving media cycles instead of signaling actual customer behavior. Never mind that the "dip" preceded the back-to-school shopping peak. Context is for quitters.
The availability heuristic loves a good story. A vivid "9% drop after controversy" sticks harder than boring baseline reality. One week of cherry-picked data feels like gospel when it confirms our priors about cancel culture commerce. (Plot twist: it didn't become a self-fulfilling prophecy.)
The quantification fallacy completes the trifecta. What can be easily counted gets elevated over what actually matters. Foot traffic fluctuates for dozens of reasons—stock levels, pricing pressure from tariffs, consumer credit availability—but those don't make for tweet-worthy takedowns.
This puts Pass_by and Retail Brew in an extraordinarily awkward position. If you're shopping for commerce analytics, do you trust the startup that got the biggest retail story of the summer completely backwards? Their incumbent competitor Placer.ai might be boring by comparison, but boring keeps you employed.
The real punchline? When the metric becomes the message, the message becomes expensive. AE's stock soared 40% Thursday in light of the new information. It would have tanked if everyone believed Pass_by's fairy tale.
In an industry built on measuring everything, maybe it's time we measured our measuring tools.
— Phillip


Environmental Egos. Depop is doubling down on the belief that recommerce is about so much more than doing good for the planet; it’s about fueling your sensitive little ego. The online fashion reseller’s newest campaign, “Where Taste Recognizes Taste,” attempts to stoke an emotional response to secondhand shopping, explaining to consumers that if people want your old stuff, it means you have great taste. The campaign, which includes a 60-second ad spot, OOH, Spotify and SiriusXM ads, and CTV ads across streaming platforms, features “Depopelgangers”: people from opposite ends of the Earth who have the same fashion sense.
The campaign coincides with the beginning of Secondhand September, a month-long initiative inspiring consumers to curtail new purchases and embrace resale platforms like Depop.

Hoarders’ Delight. Walmart has launched a new livestreaming series called Collector’s Night with the collectibles community WeTheHobby. Every Thursday through Walmart Live, the retailer will feature live box breaks, surprise giveaways, and exclusive drops, tapping into consumers’ insatiable appetite for dopamine-surging shopping experiences that feed their fanaticism. Walmart execs noted that collectables are a “critical and exciting area” of investment and growth for the retailer, and this shoppable media experience will help inspire discovery and deliver joy.
Justin Breton, Director of Brand Experiences and Strategy at Walmart (and LORE contributor) shared in a statement that with Collector’s Night, “we’re expanding into one of the most dynamic spaces in retail today. It’s another way Walmart is surprising customers with offerings they may not have expected to find here — and we’re just getting started.” This is Walmart’s latest program developed through its TalkShopLive partnership, which has helped the retailer drive awareness of its expansive marketplace assortment. It is part of a much broader immersive commerce play that includes spatial commerce and gaming.


Scarcity Theatre. Chloe Malle is putting Vogue US on an editorial cleanse, ditching monthly issues for "collectible editions" that drop whenever Mercury isn't in retrograde. The new head of editorial content is overhauling its publishing cadence in favor of a more curated and higher-end experience. Rather than operating on a monthly launch schedule, issues will run based on key themes and cultural moments.
In conversation with the New York Times, Malle revealed that with fewer prints per year, the team can run them on higher-quality stock and turn the tomes into “collectible editions.” Malle’s vision is the antithesis of the Buzzfeed-era approach to publishing, which focuses on quick, trending stories that provide only surface-level information. The goal, according to Malle (who was previously editor of Vogue.com), is to lean into “original, witty, irreverent, and joyful points of view on things.”
Malle's strategy mirrors that of luxury retail: create artificial scarcity, elevate quality, and watch consumers pay more for the privilege of owning something rare. With fewer issues per year, Vogue can charge the same annual rate while cutting production costs. Is this margin expansion disguised as editorial innovation?

Old Navy Beauté. Gap Inc. wants to close in on its competition by expanding into beauty and accessories. The “phased launch” into beauty will begin with a new curated assortment in 150 Old Navy stores that will be featured in curated shop-in-shops with dedicated beauty associates. Old Navy Chief Creative Officer Zac Posen also revealed the brand’s official venture into luxury-leaning handbags on his Instagram. The versatile collection of totes, shoulder bags, crossbodies, and clutches was all designed by Posen, and (the best part) they’re all under $50.
Handbags are becoming a key entry point for brands to boost customer lifetime value and bolster their brand image. Just last week, Alo announced it was venturing further into the category by offering a truly luxury line of high-end handbags. While the reception to that announcement was lukewarm at best, consumers are apparently responding more favorably to Old Navy’s approach and Posen’s vision for the brand.


Monstrous Real Estate. Gentle Monster has tapped actress and cultural phenom Tilda Swinton as the official face of its latest campaign and new flagship headquarters: Haus Nowhere Seoul. The immersive retail space is part of the brand’s “Future Retail” project and is a grand manifestation of its art-meets-sci-fi-tech vision. Coinciding with Gentle Monster’s “Bold” collection and campaign, the store has been transformed into “a surreal realm where reality and virtuality intersect,” with Swinton’s bold performance as the A-List cherry on top. Haus Nowhere also features various art installations, including Daniel Arsham’s “More Is More” project.
Gen Z Zigs on Holiday Spending. The vast majority of consumers surveyed by PwC (84%) indicated that they plan to cut back on spending over the next six months due to rising product prices and cost-of-living increases. Although seasonal spending is expected to drop 5%, Gen Z is supposedly the cohort making the biggest cuts; they plan to reduce their holiday budgets by 23%. Now, what consumers say they will do is sometimes vastly different from what they’ll actually do, but it could be helpful context for brands that want to understand how Gen Z’s priorities vary from other demographics.