'Discounts like you've never seen before': Big Name Retailers Are Set to Slash Prices
People are finally getting what they ordered during the Covid-19 pandemic, but it's two years too late.
It's looking like a sunny summer indeed.
Following the turmoil caused by the COVID-19 pandemic, there may be good news on the horizon for shoppers who love a good deal.
"There are going to be discounts like you've never seen before," Moody's Investors Service analyst Mickey Chadha told the Wall Street Journal.
Retailers are finally receiving shipments of previously in-demand (but nowhere to be found) goods like workout equipment, furniture, and electronics. But now that Americans' interests have shifted from indoors to out, these once-coveted items are no longer in such demand. These larger goods are also bulky and expensive to store, which means...bring on the sales.
Target, Best Buy, and Macy's are expected to lower prices starting in the upcoming quarter.
Chirag Modi, who oversees warehousing and supply chains at consulting firm Blue Yonder, told the Wall Street Journal he thinks there will be even bigger sales when the weather begins to cool.
"I'm hedging my bets I'll be able to get better deals in the fall," Modi told the outlet.
Prices on goods like sweatpants and loungewear are also expected to be cut.
Still, not everyone is expected to start slashing prices. Large companies with extensive warehouse space like Walmart and Costco are unlikely to offer additional big discounts as they have the ability to hold their inventory. Retailers that already work with large inventory surpluses, such as TJ Maxx, for example, are also unlikely to slash their prices, according to the Wall Street Journal.
Related: How the Covid-19 Crisis Has Driven Manufacturing-Related Change
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