{"id":1508407,"date":"2022-06-08T20:34:19","date_gmt":"2022-06-09T00:34:19","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1508407"},"modified":"2022-06-08T20:34:22","modified_gmt":"2022-06-09T00:34:22","slug":"target-to-slash-prices-for-tvs-furniture-because-of-inventory-glut","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/target-to-slash-prices-for-tvs-furniture-because-of-inventory-glut\/","title":{"rendered":"Target To Slash Prices For TVs, Furniture Because Of Inventory Glut"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftarget-to-slash-prices-for-tvs-furniture-because-of-inventory-glut%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1508407&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Target has revealed it will slash prices in order to reduce its inventory.<\/p>\n<p>The plethora of TVs, furniture and kitchen appliances stacked up at Target stores are taking up room that the franchise would prefer to stock with items such as food, household essentials and beauty products.<\/p>\n<p>\u201cWe thought it was prudent for us to be decisive, act quickly, get out in front of this, address and optimize our inventory in the second quarter \u2014 take those actions necessary to remove the excess inventory and set ourselves up to continue to be guest relevant with our assortment,\u201d Target CEO Brian Cornell told <a href=\"https:\/\/www.cnbc.com\/2022\/06\/07\/target-markdowns-plan-to-cut-inventory.html\">CNBC<\/a>.<\/p>\n<p>\u201cWe want to make sure that we continue to lean into those categories that are relevant today,\u201d he added.<\/p>\n<p>Other franchises are also plagued by inventory surpluses; Walmart stated that their customers are eschewing discretionary purchases because of the price of gas and groceries.<\/p>\n<p>\u201cOver the past several weeks, we\u2019ve continued to assess the broader retail environment and I think it\u2019s no secret right now based on what\u2019s been reported, the level of inventory across all retail is pretty high,\u201d Target CFO Michael Fiddelke <a href=\"https:\/\/www.startribune.com\/target-will-slash-prices-to-get-rid-of-inventory-warns-profit-will-shrink-this-summer\/600179915\/?refresh=true\">stated<\/a>.<\/p>\n<p>\u201cSome of the blockbuster deals seen on the store\u2019s site include a four-piece outdoor furniture set, usually priced at $409.99, for\u00a0$267.99 \u2014 markdown of nearly 35 percent, and a 40 inch HD television for $200, marked down from $250,\u201d <a href=\"https:\/\/www.dailymail.co.uk\/news\/article-10893901\/Target-SLASH-prices-unwanted-items-tries-rid-15-billion-inventory.html\">The Daily Mail<\/a> reported. \u201cLast month, Richfield-based tech retailer Best Buy announced it would prepare for a \u2018slowdown\u2019 in sales as it reported higher operating costs than predicted for the first quarter of 2022.\u201d<\/p>\n<p>Kyle Goldschmidt, an assistant professor at the University of St. Thomas\u2019 Department of Operations and Supply Chain Management, explained that the glut of inventory resulted from shipping delays as companies ordered products in advance.<\/p>\n<p>\u201cThis has resulted in historically high logistics costs throughout the supply chain, from ocean, rail and trucking carriers, to warehousing, and now fuel costs,\u201d he said. \u201cConcurrently, consumer spending is gradually shifting from goods back towards services \u2026 which could leave retailers with too much inventory, and more importantly, the wrong type of inventory.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Target has revealed it will slash prices in order to reduce its inventory. The plethora of TVs, furniture and kitchen appliances stacked up at Target stores are taking up room that the franchise would prefer to stock with items such as food, household essentials and beauty products. \u201cWe thought it was prudent for us to &#8230;<\/p>\n","protected":false},"author":60,"featured_media":1509105,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1508407","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1508407","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/60"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1508407"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1508407\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1509105"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1508407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1508407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1508407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}