Target said it would mark down prices on some bigger-ticket items that consumers have pulled back on purchasing.
President Joe Biden is set to meet with Federal Reserve Chairman Jerome Powell as soaring inflation takes a bite out of Americans' pocketbooks and the president's public approval.
But many shoppers in recent months have altered their purchasing choices in response to the fastest jump in inflation in decades and the end of federal government pandemic stimulus payments. Consumers are making fewer high-end purchases and buying more necessities like food, household staples and self-care items.
"There is a need to clear down inventory -- even if that means discounting -- to rebalance stock levels and make more room" for these categories in high demand, Neil Saunders, an analyst at GlobalData Retail, said in a note to clients Tuesday. Target was caught off guard by the speed of these shifting trends and last month told investors it would begin marking down some overstocked items.
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Facing huge inventory, Target cuts vendor orders, pricesSales of big TVs and appliances that Americans loaded up on during the pandemic have faded, leaving Target with a bloated inventory that it said must be marked down to sell.
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Facing huge inventory, Target cuts vendor orders, pricesTarget is canceling orders from its suppliers, particularly in home and clothing, while slashing prices of goods in a bold move to clear out mounds of unwanted inventory ahead of the critical fall and holiday shopping seasons.
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Facing huge inventory, Target cuts vendor orders, pricesSales of big TVs and appliances that Americans loaded up on during the pandemic have faded, leaving Target with a bloated inventory that it said must be marked down to sell.
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Facing huge inventory, Target cuts vendor orders, pricesTarget is slashing prices to clear out amassed inventory ahead of the critical fall and holiday shopping seasons.
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Facing Inventory Surplus, Target Cuts Vendor Orders and Slashes PricesTarget is canceling orders from suppliers, particularly for home goods and clothing, and it’s slashing prices further to clear out amassed inventory ahead of the critical fall and holiday shopping seasons.
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Facing huge inventory, Target cuts vendor orders, pricesTarget is canceling orders from suppliers and slashing prices to clear out a bloated inventory. The moves follow a pronounced shift by American consumers, away from pandemic spending on such things as big TVs and small kitchen appliances.
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