U.S. stores face an inventory glut. Target has too many TVs, kitchen appliances, outdoor furniture, electronics and fitness supplies. Gap got stuck with too many hoodies and athleisure garments as office workers quickly jumped back into suits and dresses.
The other day, a large retailer completely rescinded a commitment to buy one of McGill's best-selling sets. A big toy trade show produced fewer orders, too, he said, by over a third. Stores are cautious about future demand – partly because of inflation uncertainty, but partly because their money is tied up in storing and sorting out the inventory glut.
"You could say for being in the toy business this last probably 12 month [period] has not been as much fun as it should be," McGill said.In the next few weeks, new data will show how long this inventory glut might last, said Jason Miller, who tracks retail inventories and sales at Michigan State University. Initial evidence suggests the retailers with bloated inventories are already starting to get things under control.
Still, importers continue bringing in near record-high amounts of goods to the U.S., he said. That's because even though last year's shopping frenzy has slowed, Miller said, people are still buying more products than they did before the pandemic.Alina Selyukh is a business correspondent at NPR, where she follows the path of the retail and tech industries, tracking how America's biggest companies are influencing the way we spend our time, money, and energy.
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