'Retail Armageddon' Means Deep Discounts for Shoppers
Carter Evans of CBS EVENING NEWS with NORAH O'DONNELL interviewed Burt Flickinger about “RETAIL ARMAGEDDON,” the result of too many goods in too many stores chasing too few shoppers’ dollars. Cargo that was stuck at sea during the Covid Pandemic have come in at a time when inflation is forcing cash-strapped Consumers to cut back.
Most Retail Chain Stores are overstocked by more than 30% forcing record retail mark-downs, especially in consumer electronics, sporting goods, apparel & accessories, with the biggest bargains still to come after Labor Day.
Retailers are also ”quietly” telling shoppers to not return unwanted merchandise & keep those good for free since the costs of returning items pressures retail profits even more. (The segment was produced by CBS NEWS’ Producer PAUL FACEY).