Supply chain expert signals ‘very dismal’ 2023 for US retailers – By Kristen Altus (FOX Business) / Oct 31, 2022
Alba Wheels Up sees 20% decline in ocean freight orders; second rail union rejects tentative deal
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.
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