The snarls are so severe that some retailers are telling companies they don't want products if they're shipped after mid-October.
Five ship to shore cranes and gangs of longshoremen work to load and unload the container ship CMA CGM Laperouse at the Georgia Ports Authority's Port of Savannah, Wednesday, Sept. 29, 2021, in Savannah, Ga. With three months until Christmas, toy companies are racing to get their toys onto store shelves as they face a severe supply network crunch. Toy makers are feverishly trying to find containers to ship their goods while searching for new alternative routes and ports.
Toy companies are racing to get their products to retailers as they grapple with a severe supply network crunch that could mean sparse shelves for the crucial holidays. They're trying to find containers to ship their goods while searching for alternative ports. Some are flying in some of the toys instead of shipping by boat to ensure delivery before Dec. 25. And in cases like Basic Fun, they are leaving certain toys behind in China and waiting for costs to come down.
The struggles are happening as the U.S. toy industry enjoyed a nearly 17% increase in sales last year and a 40% increase in the first half of this year as parents looked to entertain their kids at home, according to NPD Group, a market research firm. Costs of containers on ships have increased more than six-fold from last year with some brand executives saying they’ve gone up to $20,000 from roughly $3,000 a year ago. That has forced big retailers like Walmart and Target among others to charter their own ships.
Jim Silver, editor-in-chief of TTPM, a toy review site, says big discounters like Target and Walmart should have a healthier supply of toys compared with smaller ones because of their clout. Target says it has been teaming up closely with its vendors and transportation partners to keep stores well-stocked and ready for its customers.
That will force companies to make decisions about how much to make and reorder without having a full picture of the sales data, he says.
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