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Supply chain expert signals ‘very dismal’ 2023 for US retailers
US retailers to see ‘very dismal’ 2023, small businesses ‘crushed’: Salvatore Stile
Alba Wheels Up International founder Salvatore Stile says importers and retailers are predicting a supply chain ‘decline coming about.’
One supply chain logistics expert is warning that more importers and retailers are signaling a shipping "decline coming about" and carrying into the new year.
"I went into a major retailer recently just to get a feel of the products in there, and I'm seeing summer goods when it should be fall and winter goods for children," Alba Wheels Up International founder and president Salvatore Stile said on "Mornings with Maria" Monday. "So I really think that, especially 2023 is going to be very dismal."
The custom shipping brokerage company has reportedly seen a 20% decline in ocean freight orders in recent months, according to its founder, who claimed excess inventory and a possible resurgence of nationwide rail strikes are factors playing into retailers’ worries.
Last month, spending at retail stores fell flat as consumers continue to confront the hottest inflation in 40 years.
Retail sales, a measure of how much consumers spent on a number of everyday goods, including cars, food and gasoline, was unchanged at 0% in September, the Commerce Department reported. Economists surveyed by Refinitiv expected sales to increase 0.2%.
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That is a marked decline from the upwardly revised data in August, which showed that retail sales actually climbed 0.4%.