It looks like Target officials got a little too overzealous when trying to make up for pandemic-caused shortages. In a statement to investors, the retail giant admits it was "caught off guard" by shifting trends caused by the pandemic, leaving it with a number of overstocked items. Officials have assured investors they'll get back on track by marking down the surplus to help clear it out. The overstocked merchandise includes home decor items, TVs and clothing, the retailer reveals. "There is a need to clear down inventory -- even if that means discounting -- to rebalance stock levels and make more room," says Neil Saunders, an analyst at GlobalData Retail.
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