Stores are sitting on a record $732 billion of merchandise — including computers, clothing and coffee tables — and finding that consumers aren’t interested.
In response, many of the country’s largest retailers are kicking off holiday sales earlier than ever, in hopes of clearing their warehouses enough to accommodate a new round of winter orders, according to company filings and earnings calls.
And the timing couldn’t be worse, as Americans’ appetite for clothing, furniture, electronics and other goods has cooled off in part due to surging inflation but also because of changing pandemic patterns toward services like restaurants and travel. Monthly household spending on goods has slowed lately.With inflation stubbornly near 40-year highs, many are finding that even the deepest discounts aren’t translating into sales.
Shares of Target’s stock have fallen more than 34 percent so far this year, largely related to inventory concerns. Nike shares, meanwhile, fell nearly 13 percent in one day in late September after the retail giant said it would have to “aggressively” mark down products on its website and in its outlet stores.
“We’re actively working down inventory,” Jill Timm, the company’s chief financial officer, said in an August earnings call. “We’ve been aggressive on clearance as well as promotions.” Charlie Reid, owner of Charlie’s Computers & Emporium in Las Vegas, is marking down dozens of laptops by 30 percent or more. He has nearly triple the stock of refurbished PCs than he’d hoped for.
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