Facing huge inventory, Target cuts vendor orders, prices

By ANNE D'INNOCENZIO Associated Press

NEW YORK (AP) — Target is canceling orders from suppliers, particularly for home goods and clothing, and it's slashing prices further to clear out amassed inventory ahead of the critical fall and holiday shopping seasons.

The actions come after a pronounced spending shift by Americans, from investments in their homes to money spent on experience like travel, and nights out for dinner and other pre-pandemic routines.

Shoppers are also focusing more on non-discretionary items like groceries as inflation makes them more selective. That's a change that arrived much faster than major retailers had anticipated.

The speed at which Americans pivoted away from pandemic spending was laid bare in the most recent quarterly financial filings from a number of major retailers.

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