Bloomberg Businessweek Weekend – February 20th, 2026

Overview

The February 20th, 2026 episode of Bloomberg Businessweek Weekend, hosted by Carol Massar and Tim Stenovec, dives into the nexus of retail earnings, evolving consumer behaviors, the impact of pop culture on education, the silent role of corporations in politics during the Trump era, and trends shaping luxury travel and live entertainment. The episode features in-depth interviews with Wayfair’s CFO Kate Gulliver, retail analyst Dana Telsey, Babbel's CRO Julie Hansen, Coursera's CEO Greg Hart, Feld Entertainment’s CEO Juliette Feld Grossman, and Forbes Travel Guide's Amanda Fraser.

Key Segments & Insights

1. Retail Earnings & Consumer Health: Wayfair’s Perspective

(02:07–13:19)

Guest: Kate Gulliver, CFO of Wayfair

• Earnings Recap and Business Momentum
  • Wayfair wrapped up the year with strong momentum: 7–8% revenue growth, significant EBITDA improvement (60% YoY), and continued market share gains despite overall category pressure.
  • “We flowed through to improved EBITDA—EBITDA grew year over year about 60%.” — Kate Gulliver (03:15)
• Investor & Category Sentiment
  • The broader home category was down low single digits in Q4 and possibly weaker in Q1.
  • Despite softness, Wayfair is outperforming its sector, consistently outstripping category declines.
  • Stock price nearly doubled over the year.
• Active Customer Trends
  • Wayfair’s reported key metric is active customers (12-month LTM), but recent dips stem from past German business wind-down.
  • Growth in order volume now precedes a rebound in customer count.
• Consumer Profile & K-Shaped Economy
  • Growth divergence: High-end brands within Wayfair’s portfolio, like Paragould, are up 20%+.
  • Larger furniture purchases are soft; smaller decorative/seasonal categories are more resilient.
  • “The category being down low single digits...furniture or bigger ticket items are down more.” — Kate Gulliver (06:37)
• Buy Now, Pay Later (BNPL)
  • BNPL penetration at Wayfair is lower than peers but expected to catch up as offerings expand.
• Physical Stores & Omnichannel Strategy
  • Positive early results from Chicago store—Illinois experienced a 10% CAGR higher than the rest of the country post-store opening.
  • New stores opening in Atlanta, Columbus (smaller format of 70,000 sq ft), and Denver in 2026.
  • Wayfair evaluates both store P&L and the “halo effect” on local e-commerce sales.
• AI & Personalization Initiatives
  • AI is driving advanced personalization (e.g., tailored product recommendations and generative image-based room design tools).
  • “One thing that we can do with AI is help get more personalized for your style preferences…Generative AI allows us to do that in a faster, more nimble way.” — Kate Gulliver (11:35)
• Humorous Aside
  • “Fortunately, people have an insatiable demand for pillows, so we will keep selling them.” — Kate Gulliver (13:14)

2. Retail Landscape and Economic Signals

(15:48–27:50)

Guest: Dana Telsey, Founder & CEO, Telsey Advisory Group

• K-Shaped Economy & Consumer Credit
  • Delinquency rates on loans rose to 4.8%—highest since 2017—most notably amongst low-income and young borrowers.
  • Retail sales stalled in December; high engagement around holiday sales, but a lull between Black Friday and Christmas was deeper than expected.
  • “The lull in the middle was deeper than expected…But nothing is taking away from the measured optimism in the consumer space.” — Dana Telsey (16:54)
• Olympics and Retail Impact
  • The Olympics drive product sales and brand awareness (Ralph Lauren, Figs for Team USA).
  • Events like the Olympics, World Cup, and America 250 are expected to bolster spending.
• Retail Bankruptcies/Closures
  • SAKS, Eddie Bauer, Allbirds, and Francesca’s faced store closures, but strong demand remains for retail space.
  • “If old doesn’t reinvent, they’re going away…Look at legacy that’s reinventing: Urban Outfitters, Victoria’s Secret, and the Gap.” — Dana Telsey (21:12)
• Retail Real Estate and Expansion
  • Even with closures, demand outstrips supply—especially for off-price (TJ Maxx, Ross, Burlington) and discount stores (Dollar General, Dollar Tree).
  • These chains are entering wealthier areas, appealing to higher-income shoppers seeking the “treasure hunt” experience.
• Gap and Viral Marketing
  • Successful brand rejuvenation through creative collaborations (e.g., Zac Posen, K-Pop stars), Instagram, influencer marketing, and store reinvention.
  • “The regular person is now your new celebrity…Gap has done product and marketing together.” — Dana Telsey (23:04)
• Trends: Tech & Personalization
  • Data-driven personalization and AI are accelerating retail’s adaptation.
  • Retailers focus on supply chain agility and launching more new brands/products at established stores.
• Fashion E-Commerce & Amazon
  • Amazon isn’t yet a fashion behemoth; brands prefer their own Amazon shops for reach, despite risk of imitation.
• Big Picture: Lululemon & TJX
  • Lululemon’s scale and profits persist despite product missteps; reinvention is seen as critical.
  • TJX (TJ Maxx/Home Goods) is thriving by investing in marketing and sustaining the in-store “treasure hunt.” Lack of a robust e-commerce platform is seen as a strength for their business model.

3. Corporations, Politics, and the ‘Era of the Good Corporate Citizen’

(30:42–41:41)

Guest: Amanda Mull, Bloomberg Businessweek

• Corporate Silence in the Trump Era
  • After Trump’s 2025 inauguration, major companies have largely stayed quiet on political matters, especially regarding controversial policies.
  • “Once President Trump was inaugurated in 2025, it became clear that corporations would have to please not just their shareholders, but also his administration, lest they be targeted for lawsuits or regulatory reprisals or by the rage of the MAGA movement at large.” — Carol Massar (30:42)
• Historical Perspective
  • Companies have mostly advanced their own interests historically, engaging in societal issues only under significant public pressure (e.g., WWII, Civil Rights movement, Apartheid).
• Citizens United & Corporate Political Power
  • The 2010 decision enabled corporations to fund political candidates more directly, amplifying corporate influence—but not necessarily public advocacy.
  • “Corporations…wanted a more active role in politics… this leads to this decision where it is now pretty easy for corporations to fund, in a pretty limitless way, political candidates.” — Amanda Mull (36:33)
• Fear of Political Backlash
  • Executives now weigh fiduciary duty and fear of government reprisal over public advocacy or activism.
  • “Their ultimate responsibility in their role is to their shareholders. So if they’re doing things that they know could get them punished…” — Tim Stenovec (39:17)
• Big Takeaway
  • Business journalism matters as companies wield substantial societal and political influence, even when silent.

4. Pop Culture’s Impact on Learning: Bad Bunny and Babbel

(46:49–52:06)

Guest: Julie Hansen, Chief Revenue Officer & US CEO, Babbel

• Bad Bunny’s Super Bowl Halftime Show
  • Sparked a boom in Spanish-learning app signups: 85% of daily new users learning Spanish during halftime, with overall downloads up 3x.
  • “Normally we have about 62% of our daily signups are people learning Spanish—during the Super Bowl, almost 85%…signups were up just about 4x, downloads up 3x.” — Julie Hansen (47:04)
• Ongoing Engagement
  • Spanish remains at 78% of new user signups, sustaining post- Super Bowl.
  • January and February signups, often motivated by travel, show stronger engagement levels.
• AI and Live Translation
  • Real-time AI translation (T-Mobile, 50+ languages) poses challenges, but Babbel argues that learning a language provides cultural fluency and emotional connection, not just communication.
  • “Translation solves the moment. Learning transforms the person.” — Julie Hansen (51:24)

5. Online Learning Consolidation: Coursera + Udemy

(52:19–57:59)

Guest: Greg Hart, President & CEO of Coursera

• Overview of the Merger
  • Coursera and Udemy (announced late 2025) aim to close the $1.5bn-revenue merger by the second half of 2026, pending regulatory approval.
  • Coursera is consumer-driven; Udemy is more enterprise-focused—the combination is highly complementary.
• Market Outlook
  • The education market is vast ($2T+), with Coursera-Udemy still a small, innovative player among physical education, LLMs, YouTube, TikTok, etc.
  • Content synergies: More choice for learners (375+ university and 85,000+ subject-matter experts), expanded reach (300m registered learners), and value for enterprise clients.
• Growth Segments
  • AI/Gen AI-related courses are experiencing explosive growth (from 8 to 15 enrollments per minute YoY on Coursera).
  • 86% of Coursera learners seek career advancement—skilling/upskilling is central.

6. Live Entertainment & Family Spending: Feld Entertainment

(60:45–71:58)

Guest: Juliette Feld Grossman, CEO, Feld Entertainment

• Business Trends & Consumer Behavior
  • Feld’s portfolio (Ringling Brothers, Barnum & Bailey, Monster Jam, Disney on Ice, etc.) is a discretionary spending bellwether.
  • Late 2025 saw spending pressure, but 2026 has rebounded with strong demand as families seek out-of-home entertainment.
  • “We try to drive that urgency because we're in a different market every single week…business has been very strong this year and we're excited to be in that place.” — Juliette Feld Grossman (62:10)
• Pricing and Regulation
  • All-in ticket pricing regulations now help consumers see true costs.
  • Average experience costs ~$40 per person; product mix shifted to absorb tariffs without passing costs to consumers.
• Merchandise and Production
  • Exclusive, custom-designed souvenirs; strong warranties and customer service.
  • Logistics: Feld builds and maintains its own trucks (Monster Jam), with 100+ vehicles and custom parts; “Monster Jam University” trains a diverse, competitive driver pool.
  • Destruction is part of the show—trucks are regularly damaged and repaired.
  • “Grave Digger is still hand painted…40 hours to paint…” — Juliet Feld Grossman (69:09)
• Revenue Diversity
  • Besides ticket sales and merchandise, licensing, partnerships, sponsorships, media rights, and activations at major retailers (Walmart, Target) are significant.
  • Staff retention and specialized skills (mechanics, performers) are central to business continuity.

7. Luxury Travel: Forbes Travel Guide 2026 Star Awards

(75:16–86:44)

Guest: Amanda Fraser, President, Standards & Ratings, Forbes Travel Guide

• How Properties Are Rated
  • Forbes Travel Guide is in its 68th year, visiting and paying for all properties independently—properties can’t pay for a rating.
  • 70% of ratings are based on service, focusing on authenticity and brand connection; 2,400+ properties globally.
• Trends in Hospitality
  • Notable in 2026: The world’s first and only five-star cruise (Ritz Carlton’s Ilma Yacht Collection), multi-generational/frictionless travel, rising demand for smaller, intimate luxury stays.
  • Increased pipeline of luxury properties reflects broader wealth creation and younger generations spending more on travel.
  • “The pipeline is so strong…this is the beginning of a very strong decade for travel and luxury travel.” — Amanda Fraser (86:24)
• Behind the Ratings
  • Inspectors are undercover (“if an evaluation is found out… we have to pull them out”).
  • Properties pay for transparency into their score breakdown, but not for the ratings themselves.

Notable Quotes & Moments (with Timestamps)

• “We flowed through to improved EBITDA—EBITDA grew year over year, about 60%.” — Kate Gulliver, Wayfair CFO (03:15)
• “The category being down low single digits...furniture or bigger ticket items are down more.” — Kate Gulliver (06:37)
• “The lull in the middle was deeper than expected…But nothing is taking away from the measured optimism in the consumer space.” — Dana Telsey (16:54)
• “Translation solves the moment. Learning transforms the person.” — Julie Hansen, Babbel CRO (51:24)
• “Feld’s Monster Jam trucks—Grave Digger is still hand painted…40 hours to paint…then every weekend we go out and we shred it.” — Juliette Feld Grossman, Feld Entertainment CEO (69:09)
• “The pipeline [for luxury hotels] is so strong and the great wealth transfer is speeding into that…this is the beginning of a very strong decade for travel and luxury travel.” — Amanda Fraser, Forbes (86:24)

Timestamps: Key Topics

| Segment/Topic | Guest | Start | |-------------------------------|-----------------------|-----------| | Wayfair Results & Consumer | Kate Gulliver | 03:06 | | Retail & Consumer Trends | Dana Telsey | 15:48 | | Corporate Responsibility | Amanda Mull | 30:42 | | Pop Culture & Language Apps | Julie Hansen | 46:49 | | EdTech Merger (Coursera/Udemy)| Greg Hart | 52:19 | | Live Events & Family Spend | Juliette Feld Grossman| 60:45 | | Luxury Travel/Forbes Guide | Amanda Fraser | 75:16 |

Summary

This episode presents a sweeping view of retail’s resilience, the changing psychology of consumers, the increasing intertwining of pop culture and education, and a nuanced look at corporate America’s new political reticence. The coverage is balanced by lighthearted and engaging moments—such as “the insatiable demand for pillows” (13:14) and the labor of hand-painting Monster Jam’s famous trucks (69:09).

Overall, the episode delivers insight for retail executives, policy-watchers, hospitality professionals, and anyone trying to decipher current economic and social trends shaping business and consumer behavior worldwide.