As retailers scramble to keep shelves stocked amid a global supply chain crisis, industry insiders say we should be prepared to 'settle' when it comes to holiday gifts.
As retailers scramble to keep shelves stocked amid aKen Hicks, CEO of clothing retailer Academy Sports, toldthat shoppers "will have to settle more because they [retailers] just won't have as good of a selection."
Delays and shortages along the supply chain have left mountains of products stuck in factories in Asia orSteve Azarbad, cofounder and chief investment officer of hedge fund Maglan Capital, which invests in retailers, said some companies had resorted to buying products from two years ago to keep shelves stocked.
"I talk to a lot of suppliers, and they're telling me 'I just can't fill all the orders I'm getting,'" Azarbad told Bloomberg. Toys, which are in hot demand during the holiday season, have been particularly badly hit. One toymaker, Basic Fun, told Bloomberg that around $8 million worth of its toys were sitting in a factory in China and that it couldn't move them because of aOne of the world's largest toymakers, MGA International, said it recently had more than 600 containers filled with toys that were stuck in the port of Los Angeles for six weeks waiting to be unloaded.
Falling demand in the first half of 2020, followed by a surge at the back end of the year, has led to delays, port traffic jams, and blockages"I've been doing this for 43 years and never seen it this bad," Isaac Larian, CEO of MGA, told Bloomberg. "Everything that can go wrong is going wrong at the same time."
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Barclays upgrades Union Pacific, says railroad industry to rebound as supply chain issues are fixedNew for subscribers: Barclays upgrades Union Pacific, says railroad industry to rebound as supply chain issues are fixed. Check out CNBCPro today.
Read more »
From Windrush to fuel shortages: A short history of migrants in BritainWith a shortage of truck drivers playing a major role in the ongoing fuel supply chain crisis, we look at the recent history of economic migration to Britain
Read more »
How I Finished All My Holiday Shopping Before DecemberHow to use the Klarna app for browsing, finding the best discounts, and paying in four.
Read more »
UK's Johnson: 127 drivers applied for fuel trucker visasBritish Prime Minister Boris Johnson said on Tuesday that 127 drivers had applied for fuel trucker visas amid an acute shortage of drivers that has strained supply chains to breaking point.
Read more »