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Stores have too much stuff. That means discounts are coming – New Orleans, Louisiana

New Orleans, Louisiana 2022-05-27 21:52:00 –

Some welcome news for shoppers under pressure from inflation: TVs, furniture, clothing, sporting goods and other high-value product promotions are skyrocketing. Target, Wal-Mart, Best Buy, Urban Outfitters and other top retailers have overstocked some products in the last few weeks. As a result, we plan to reduce prices and increase sales of those products to eliminate excesses. This represents a major reversal from most of 2021, when discounts on high-value products were scarce for consumers. Last year, a major chain dialed back. Their homes and wardrobes in promotions as the products were tightly supplied due to production bottlenecks and slowdowns in major world ports. Conditions have changed in the last few months. Some stores have overstocked items they ordered from manufacturers a few months ago, hoping that personal consumption will heat up. However, demand softened as consumers felt pressure from the largest rise in inflation since the 1980s. “Companies have chased as many products as possible to support demand, but are now slowing down,” he said in a note to clients on Monday. Urban Outfitters CEO Richard Hayne said Tuesday that price cuts and promotions are starting to pick up. Target said it carried a large amount of large and bulky products such as furniture, TVs and kitchen utensils in the previous quarter, misunderstanding how consumers are moving to buying luggage, toys and upholstery. rice field. Target CEO Brian Cornell said last week, “I didn’t expect the magnitude of the change.” Targets have marked down some of these big items to make room for high-demand products. , TV and computer promotions are on the rise. “Some products were even more promoted in the quarter than expected and were similar to pre-pandemic levels,” CEO Corie Barry said Tuesday. Bargains at closeout retailers such as TJX and Burlington, which take advantage of overstocking, have increased. These companies buy luxury goods cheaply and sell them to shoppers at discounted prices from their original prices. “Purchase environment Burlington CEO Michael O’Sullivan said Thursday. “We are looking at brands that we haven’t seen in a couple of years.”

There is some welcome news for shoppers suffering from inflation. Promotions for TVs, furniture, clothing, sporting goods and other high-value items are skyrocketing.

Target, Walmart, Best Buy, Urban Outfitters, and other top retailers have said that some products are in stock too much in recent weeks. As a result, they plan to lower prices, increase sales of those items, and eliminate excesses.

This represents a major reversal from most of 2021, when there were few discounts on high-value items for consumers.

Last year, major chains dialed back into promotions as production bottlenecks and slowdowns at major global ports tightened product supply.

Stores and brands were able to accumulate savings while at home during a pandemic and sell their products in full to consumers who want to spend a lot of money on their homes and wardrobes.

The situation has changed in the last few months. Some stores have overstocked items they ordered from manufacturers a few months ago, hoping that personal consumption will heat up. However, demand softened as consumers felt pressure from the largest annual rise in inflation since the 1980s.

Dana Telcy, CEO and CEO of Telsey Advisory Group, said in a note to customers on Monday: “Companies have chased as many products as possible to support demand. It’s slowing down now. ” She said price cuts and promotions are starting to pick up.

“Currently, retailers have excess inventory,” said Richard Hayne, CEO of Urban Outfitters, on Tuesday.

Urban Outfitters plans to increase promotions for the rest of the year and the winter holiday shopping season, he said.

Target said it was carrying large and bulky products such as furniture, TVs and kitchen utensils in the last quarter, misunderstanding how widespread consumers are moving to buying luggage, toys and upholstery. ..

“I didn’t expect the magnitude of the change,” Target CEO Brian Cornell said last week.

Target has marked down some of these big items to make room for high-demand products.

Best Buy also states that TV and computer promotions are on the rise.

“Some products were more promotional than we expected into the quarter and were similar to pre-pandemic levels,” CEO Corie Barry said Tuesday.

Shoppers may also be able to find more bargains at closeout retailers such as TJX and Burlington, which take advantage of overstocking.

These companies buy luxury goods cheaply, look back and sell them to shoppers at a discounted price from the original price.

“The current buying environment is better than ever,” Burlington CEO Michael O’Sullivan said Thursday. “We are looking at brands that we haven’t seen in a couple of years.”

Stores have too much stuff. That means discounts are coming Source link Stores have too much stuff. That means discounts are coming

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