Talking shop: the retail business

‘Chicken-and-egg effect’ adding pressure on already stressed US importers

The financial cost to major shippers of the twin supply chain challenges of container shortages and port congestion are becoming increasingly apparent as BCOs begin to report quarterly figures.
On Friday, US footwear and apparel giant Nike released its third-quarter results – covering its operating performance from December to the end of February – which revealed quarterly revenue in North America down 11% year on year.
This was a result of “container …

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Vaccines: a shot in the arm for economies – and retail forwarders

The UK is among those countries looking forward to an economic rebound when lockdown finally comes to an end – alongside expected newfound consumer confidence following a (literal) jab in the arm. With an extra £125bn holed up in bank accounts, as consumers have been unable to consume much, the Bank of England is expecting a nice fillip for the economy. And forwarders are gearing up for an influx of …

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Retailers sinking deeper as supply chain problems and cost challenges bite

Retailers are struggling to cope with the impact of the pandemic on their business – woes mirrored in their supply chains, which show serious deficiencies on multiple fronts.
But the overall pressure they are under affects their ability to overcome these challenges.
In a study published recently by LogiSource in partnership with Coresight Research, 88% of retail executives surveyed reported that the Covid-19 pandemic had at least a moderately negative impact on …

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Plea for help as Brexit supply chain red tape ‘strangles’ UK fashion industry

The UK fashion industry is warning of “decimation” if the government does not cut post-Brexit supply chain red tape “strangling” 52,000 fashion SMEs trading with the EU.
Despite annually contributing £35bn to the economy, employing almost a million people and recording 11% growth rates, Tamara Cincik, CEO of Fashion Roundtable, claims the industry was ignored in the planning for Brexit.  
“The sector was heavily slanted to voting Remain because of issues …

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NYSHEX raises new funds to progress harmony between shippers and carriers

The New York Shipping Exchange (NYSHEX) has set its sights on providing more technology to shippers, with an initial focus on retailers, after raising $13.5m in new capital.
Investment fund NewRoad Capital led the funding round and has joined the list of NYSHEX shareholders.
NYSHEX provides the liner industry with a “simplified and standardised over-the-counter exchange for entering enforceable freight contracts”, which shippers and NVOCCs can use free after receiving accreditation – …

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US trade plumbs new depths, with fears the misery may last until next year

Although the US went through a phase of re-opening in June, intermodal traffic volumes remained stubbornly depressed.
With mounting concerns of further downward pressure on the economy from Covid-19, this is causing worries that its recovery will remain elusive for the reminder of the year.
Statistics published by the Intermodal Association of North America (IANA) show further declines across the board in June, with total intermodal shipments for the month down 4.9% …

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Retail begins its long fight back, but the shift is away from bricks and mortar

Citing surging online sales and the migration of its product portfolio to digital offerings, Microsoft announced on Friday it would close its retail stores.
On the same day, H&M revealed it would end 2020 with 40 fewer stores in its chain, and throttle back on new branch openings as it steps up its efforts in e-commerce.
The retail sector is witnessing a massive shift to online selling, in many cases hand in …

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Transpacific spot rates hit highest level for 18 months, but US imports are drying up

In the past month, container spot rates from Asia to the US west coast have rocketed by over $1,000 per 40ft, bucking the fundamentals of mass unemployment and an economic recession now hitting the US economy.
Last week’s Shanghai Containerized Freight Index (SCFI) recorded a second massive spike, of over 25%, in three weeks to take the spot rate to $2,755 per 40ft – double the rate recorded by the index …

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US retailers ready to bury peak season hopes, with no sign of quick recovery

US retailers are losing hope of any recovery in the autumn, casting serious doubt on the summer peak season in the transpacific arena.
The latest instalment of Global Port Tracker (GPT), which is published on a monthly basis by the National Retail Federation (NRF) in collaboration with international trade consultancy Hackett Associates, predicts US imports to shrink in double digits from May through August, and for September it projects a 9.3% …

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Congestion looms at US ports as shops and factories close and imports pile up

The repercussions of Covid-19 have begun to hit US imports.
As retail outlets, as well as many manufacturing operations, in North America are shuttered, anticipation of a surge of imports to compensate for China’s extended lunar new year hiatus are quickly disappearing.
Instead, as more containers arrive, there are concerns about mounting storage costs.
US importers have not wasted time in shifting gear – having tried to speed-up deliveries from China a few …

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