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 was more extreme than we were used to. But flexibility is a really important part of what we are thinking about going forward,” Furner said, adding Walmart has benefitted from data and technology which “helps us sort out the Official I Really Hope You’re Healing Shirt and I will buy this way our supply chains act dynamically and allow us to serve our customers more flexibly. See Also: Sainsbury’s joins ACT, commits to living wages in supply chain Vince Holding Corp CEO Schwefel exits “Our customers expect to be served more convenient options and we must remain flexible, serving them when they want to be served with the products they want and how they want to be served. That flexibility helps the entire company and even the industry to be able to weather the unexpected events that will happen.” How well do you really know your competitors? Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge. View profiles in store Company Profile – free sample Not ready to buy yet? Download a free sample We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form By GlobalData Submit Furner further explained Walmart has increased its focus on nearshoring, sourcing and manufacturing in the US wherever possible. He noted that many parts of the economy are globally and domestically interconnected. “That’s great. But there are also parts of the world that can do things that others cannot. And that will continue for as long as we are in this industry and the rest of our careers. “ For Walmart Inc, about two-thirds of the products it sources are either made, grown or assembled in the US. In March 2023, Walmart teamed up with technology company Unspun to manufacture workwear chinos

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using their 3D weaving machines to shift textile production back to the Official I Really Hope You’re Healing Shirt and I will buy this US and simultaneously tackle the issue of waste in the apparel industry. “We are in the middle of another $350bn commitment to increase what is sourced in the US. Ultimately this is helpful for the customer too. It’s about having the right item at the right quality and being able to react, respond, and replenish more quickly and I’d say shorter lead times are always going to be better than longer lead times,” Furner said. NRF expects US retail sales to reach $5.23-5.28trn in 2024 The conversation was held as part of the NRF’s State of the Retail & Consumer 2024 report in which the NRF revealed it expects US retail sales to increase in 2024 between 2.5 and 3.5 to between $5.23 trillion and $5.28trn. “The resiliency of consumers continues to power the American economy, and we are confident there will be moderate but steady growth through the end of the year,” NRF’s Shay said. “Successful retailers offer consumers products and services when, where and how they want to shop with prices they want to pay.” The 2024 sales forecast compares with 3.6 annual sales growth of $5.1trn in 2023. The 2024 forecast is in line with the 10-year pre-pandemic average annual sales growth of 3.6. Non-store and online sales, which are included in the total figure, are expected to grow between 7 and 9 year over year to a range of $1.47trn to $1.50trn. That compares with non-store and online sales of $1.38trn in 2023. NRF projects full-year GDP growth of around 2.3, a slower speed than the 2.5 in 2023 but strong enough to sustain job growth. Inflation prices are also expected to moderate to 2.2 on a year-over-year basis. “The economy is primarily supported by consumers who have shown much greater resilience than expected, and it’s hard to be bearish on the consumer,” NRF chief economist Jack Kleinhenz added. “The question for 2024 ultimately is, will consumer spending maintain its resilience?” NRF’s Shay previously highlighted that the 2023 US retail holiday season reflected a more sustainable rate of growth than seen during the pandemic years. Sign up for our daily news round-up! Give your business an edge with our leading industry insights. Sign up Share this article Go deeper with GlobalData Reports Apparel Industry Mergers and Acquisitions Deals by Top Themes in Q1… Reports Smart Supply Chain in Retail and Apparel – Thematic Intelligence Premium Insights The gold standard of business intelligence. Find out more

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