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🎯 Target Is Slashing Prices on Excess Inventory and Canceling Orders

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Target Slashes Inventory

On June 7, 2022 the retail giant Target announced that that it would mark down prices on some bigger-ticket items, helping to slash inventory and clear space needed for new and more desirable inventory to serve current demands, and ahead of the critical back-to-school, fall and holiday shopping seasons. Target also announced that they are canceling some pending orders from suppliers. WOW!

What’s going on at Target?

Target has a build up of excess inventory, particularly in home goods and TVs. They had increased stock when sales were strong. People were staying home during the pandemic, and flush with federal stimulus money. And some of that extra stock was delayed due to the recent shipping issues.

However, it’s all a different landscape now. Many people are back to work and school…and in a struggling economy: Target reported first quarter earnings down 52% over the same period in 2021. In recent months, shoppers have altered their purchasing choices in response to the fastest jump in inflation in decades, and Target says they are going to replace inventory they clear out with what people want right now: necessities like food, household staples and self-care items.

“Retail inventories are elevated,” Michael Fiddelke, Target’s chief financial officer, told The Associated Press in a phone interview. ”And they certainly are for us, in some of the categories that we misforecast. We determined that acting aggressively was the right way to continue to fuel the business.”

Target is canceling some orders

Target is also canceling orders from suppliers, particularly for home goods and clothing. They are working with vendors whose orders are being cancelled. In some cases, some of the raw materials will be used for higher demand products.

What about other retailers?

Other top stores, including Walmart, Macy’s, Kohl’s, Gap and Urban Outfitters, have also recently said they are holding too much inventory of some product lines, and they also plan to mark down prices and step up sales to clear out the excess inventory before the back-to-school season.

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🎯 Target Is Slashing Prices on Excess Inventory and Canceling Orders