Target Corporation announced that they plan to cut prices and cancel orders from its suppliers to reduce excess inventory and combat inflation and supply chain disruptions. Target, like many retailers that faced skyrocketing demand in the early months of the pandemic, stocked up on goods. But consumers are now turning away from goods like furniture, appliances, and other products for staying home and shifting to spending more on experiences and going out.Â
Furthermore, shoppers’ budget continues to crunch due to inflation, and the ones who continue spending are focusing more on non-discretionary items like groceries. Thatâs a change that arrived much faster than major retailers had anticipated.
Now, stores are left with over-inventoried small kitchen appliances, TVs, and other unwanted merchandise. This is not just happening with Target but a lot of their competitors as well, Target is going to be aggressive in clearing out unwanted goods and wants to make room for what is now in demand, including groceries and makeup products.
No further details about the discounts they are planning to offer have been revealed yet, but shoppers should expect to see marked-down prices on small appliances, home electronics, or items that the company wishes they never had.
