Retailers Trim Sales Forecasts
Large retailers including Target, Walmart and Kohls are increasing sales at slower rates than they did at the height of the pandemic. Rising rates of inflation are driving shoppers to curb purchases of discretionary items in favor of staples like groceries.
Spending pull-back has been sharper than predicted. Consumer wallets are being squeezed, driving shoppers to be more mindful of what they’re buying. The result? Retailers are falling short on sales goals, inventory levels are rising, and retail executive turnover is higher is increasing.