Here are the discounts at Walmart, Target and other popular stores | national news
A glimmer of relief emerges at the checkouts: the return of discounts.
Walmart, Best Buy, Gap, Target, Bath & Body Works and others are increasing promotions and lowering merchandise prices to entice inflation-weary shoppers to buy extra products sitting on their shelves.
Months ago, these chains stocked up on merchandise, preparing for supply chain shortages and what they expected to be strong consumer demand. But since they took over, their plans have been derailed by the highest inflation in over 40 years and decline in consumer confidence.
Rising inflation has forced many consumers out, especially low- and middle-income shoppers, according to multiple retailers. Cash-strapped shoppers are struggling to afford groceries and gas and have cut back on discretionary spending.
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It left too many bad things for retailers: think back to the early days of the pandemic, when everyone was remodeling their homes and buying new laptops. Stores are now overloaded with this stuff, and they have to reduce these items to juice demand.
“These retailers have mispositioned their inventory,” said Brian Nagel, retail analyst at Oppenheimer & Co. “In some areas, they are too heavy on inventory and need to empty it.”
So shoppers can expect to find more deals on discretionary goods such as apparel, electronics, furniture, home goods and bath items – items that have been in high demand since the start of the pandemic and that many people may have already purchased.
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