Retailers are trying to cut down on excess inventory by issuing sales before Labor Day. It's offering a bit of relief for shoppers facing high inflation.
around Labor Day to get stores ready for the pivotal holiday season. This year, however, there are more pre-Labor Day sales than in years past due to a problem hitting retailers across the industry: excess inventory.
In 2021, retailers saw tremendous demand. Retail sales surged 14% year-over-year which is "absolutely unheard of" especially compared to pre-pandemic times when average retail sales growth was about 3.7%, according to Mathews. Retailers were ordering a lot of goods to meet demand, however, supply chain disruptions caused significant delays for a range of products.
Macy's and Nordstrom recently announced that there is a hefty amount of unsold inventory, forcing the companies to resort to deep discounts just to get rid of it.
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