Stores in the US start big sales: where to find great deals from Walmart, Best Buy and Target

1. Walmart (WMT), Best Buy (BBY), Gap (GPS), Target (TGT), Bath & Body Works and others are increasing promotions and lowering product prices to entice inflation-weary shoppers to buy additional items on their shelves. , reports CNN.

Photo: IStock

A few months ago, these chains stocked up on supplies in preparation for supply chain shortages and what they predict will be robust consumer demand. But since they placed the order, their plans have been thwarted by the highest inflation in more than 40 years and a sharp drop in consumer confidence.

Rising inflation has forced many consumers to back out of shopping, several retailers say, especially low- and middle-income shoppers. Cash-strapped shoppers are struggling to afford groceries and gas and cutting back on non-essential items.

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Stores are now overstocked and need to make discounts to sell their vast inventory.

“These retailers miscalculated and now have large inventory,” said Brian Nagel, retail analyst at Oppenheimer & Co. “In some areas they have too much stock and they need to get rid of it.”

Where to find discounts

As such, shoppers can expect to find more deals on non-essential items such as clothing, electronics, furniture, homewares, and bath products — items that have been in high demand since the start of the pandemic and many people may have already bought. .

Walmart: "Rising levels of food and fuel inflation are impacting how customers spend money," it's impacting their ability to buy everyday items, Walmart CEO Doug McMillon said last week. Walmart says more will be needed markdownsthan previously expected across the range, especially for apparel.

The company also introduced a new program that allows shoppers to buy cheap products from brands such as Apple (AAPL) and Samsung.

Best Buy: July 27 Best Buy saidthat inflation is affecting consumer electronics spending, and the electronics industry will promote more products.

"As inflation continues to be high and consumer sentiment continues to deteriorate, consumer demand in the consumer electronics industry has further declined," Best Buy CEO Corey Barry said in a statement.

Gap: Earlier this month Gap said, which increases sales promotions in the second quarter, while Bath & Body Works said it did the same as it noticed a slowdown in in-store traffic.

“Customers, especially low-income customers, have become more cost-conscious and are limiting purchases and/or seeking lower priced items,” the company said. “They are affected by the general inflationary environment.”

Target: Last month, Target said it had too many large, oversized items such as furniture, TVs and kitchen appliances in the previous quarter because consumers weren't buying those products. "We didn't anticipate the magnitude of this shift," said Target CEO Brian Cornell.

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Target has discounted some of these larger items to make room for higher-demand products.

Discount Stores: Customers can also find more bargains in retail stores such as TJX (TJX) and Burlington (BURL)that benefit from excess inventory. These chains buy expensive items cheap and then sell them to customers at a discount from the original price.

“The procurement environment is better than ever,” Burlington CEO Michael O'Sullivan said last month. “We’re seeing brands we haven’t seen in a couple of years.”

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