Many retailers have suddenly found they have too much of the wrong kinds of inventory.
© 2015 Bloomberg Finance LP.
Target, too, has been marking down big, bulky items like patio furniture and televisions in order to make room in stores for items that consumers are more interested in right now. There has been “a change in some of the categories at the top of the guests’ shopping list,” said Target’s chief financial officer, Michael Fiddelke, on the company’s earnings call last week. Luggage sales, for instance, grew over 50% in its latest quarter.
“As supply chain constraints ease and consumer demand wanes, warehouses are filled to the brim,” Jefferies analyst Jonathan Matuszewski wrote in a recent note to clients. The chance to buy more goods at a discount could provide some relief to consumers rocked by inflation that’s hit 40-year highs and pushed the price up on everything from gas to groceries to toys. Consumers have largely put up with higher prices, but there are now signs that many are beginning to feel the squeeze by switching to store brands and cutting back on discretionary purchases. Walmart noted that some people were buying half-gallons of milk, instead of full gallons, for instance.
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