Retailers take expensive measures to clear inventory ahead of peak season

With consumer demand cooling, retailers have shifted from scrambling to secure supply to aggressively clearing excess inventory. Rising inflation has tempered spending and pushed many businesses to deploy steep markdowns and other measures to move unsold products. The Census Bureau reported that July retail sales remained flat compared to June, with the National Retail Federation noting clothing and clothing accessory store sales were down 0.6% month-over-month.