{"id":75194,"date":"2023-11-29T00:00:00","date_gmt":"2023-11-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/11\/29\/us-retailers-are-getting-more-selective-with-their-inventories-this-holiday-season-maersk-divests-stake-in-hoegh-in-latest-in-cost-saving-measures\/"},"modified":"2023-11-29T00:00:00","modified_gmt":"2023-11-29T00:00:00","slug":"us-retailers-are-getting-more-selective-with-their-inventories-this-holiday-season-maersk-divests-stake-in-hoegh-in-latest-in-cost-saving-measures","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/11\/29\/us-retailers-are-getting-more-selective-with-their-inventories-this-holiday-season-maersk-divests-stake-in-hoegh-in-latest-in-cost-saving-measures\/","title":{"rendered":"US retailers are getting more selective with their inventories this holiday season + Maersk divests stake in Hoegh in latest in cost-saving measures"},"content":{"rendered":"

W<\/strong>ary of overstocking, US retailers have reworked their inventory strategy for this year\u2019s holiday season:<\/strong>Big-box retailers such as Walmart<\/a> and Target<\/a>, and specialized stores such as Best Buy, are trimming their inventories ahead of the busy holiday shopping season, opting to zero-in their supply chains on products with high demand, the Wall Street Journal<\/a> reported. Retail outlets spent a considerable part of this year working through overstocked inventories carried over from 2022.<\/p>\n

Supply-chain flexibility is the new mantra:<\/strong> Buying trends are more unpredictable now than they were before the pandemic, global leader of the retail practice at consulting firm AlixPartners<\/a> David Bassuk told WSJ. The volatility in consumer spending patterns has motivated executives to apply more adaptable inventory strategies. \u201cWhat is driving our top line sales is our ability to keep our inventory fresh and clean,\u201d Dick\u2019s Sporting Goods<\/a> CEO Lauren Hobart said on a 21 November investors\u2019 call. Macy\u2019s executives are gearing their inventories to emphasize \u201cvariety versus redundancy,\u201d president and CEO-elect Tony Spring said. <\/p>\n

Holiday sales are expected to show muted growth this year:<\/strong> Retail sales for the 2023\u2019s holiday season are expected to grow between 3-4% over 2022\u2019s figures to between USD 957.3 bn and USD 966.6 bn, WSJ reports citing National Retail Federation<\/a> projections. Holiday sales grew 5.3% y-o-y in 2022 to USD 936.3. <\/p>\n

Danish shipping company <\/strong>AP Moller-Maersk<\/a><\/strong> has sold its remaining shares in <\/strong>Norwegian shipping firm <\/strong>Hoegh Autoliners<\/a><\/strong>, Reuters<\/a> reports. Maersk, the second largest shareholder of Hoegh Autoliners, sold its 20 mn shares for NOK 90 (USD 8.3) a share. The shares accounted for 10.5% ownership and voting rights in the Oslo-listed company. <\/p>\n

Dig deeper:<\/strong> The move comes as Maersk works to prepare for \u201cchallenging times ahead,\u201d CEO of Maersk Vincent Clerc said<\/a> during the company\u2019s Q3 presentation<\/a> in November. \u201cOur industry is facing a new normal with subdued demand, prices back in line with historical levels and inflationary pressure on our cost base. Given the challenging times ahead, we accelerated several cost and liquidity-saving measures to safeguard our financial performance.\u201d <\/p>\n

The news got a lot of ink in: <\/strong>Reuters<\/a>, Splash<\/a>, Marine Link<\/a>, and TradeWinds<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Wary of overstocking, US retailers have reworked their inventory strategy for this year\u2019s holiday season:Big-box retailers such as Walmart and Target, and specialized stores such as Best Buy, are trimming their inventories ahead of the busy holiday shopping season, opting to zero-in their supply chains on products with high demand, the Wall Street Journal reported. 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