Nordstrom joined Macy’s Tuesday in cutting its annual outlook for profit and sales despite second-quarter results that topped Wall Street forecasts. FOX13
Soaring prices have forced families to become more cautious. They are doing without new clothing, electronics, furniture and almost everything else that is not absolutely necessary. And spending habits have shifted faster this year than anyone expected. After being cooped up at home during the pandemic, Americans seemed to shift almost overnight to spending on dinners out, movies or concerts, and travel.
The shift in spending habits has left retailers with elevated inventories of products that have become difficult to move. At Macy’s, customers at every strata with household income below $250,000 are cutting back proportionately, Gennette said. At its Bloomingdale’s stores, where medium household income is more typically $250,000 and above, spending has continued at a healthy pace.
In one more pandemic-related shift, Gennette said that store locations in downtown areas are bouncing back as more people return to the office. Those sales have yet to return to levels more common before COVID-19, however. Inventory levels increased 7% in the three-month reporting period compared with last year, but it’s down 8% compared with 2019.
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