Axios PM: 📦 Stores' new problem

Plus: Spying at World Cup | Friday, November 18, 2022

Open in app View in browser   Presented By Constellation   Axios PM By Mike Allen · Nov 18, 2022 Happy Friday. Today's newsletter — edited by Sam Baker — is 415 words, a 2-minute read.     1 big thing: Stores have plenty of stuff now Illustration: Sarah Grillo/Axios   Stores are facing a very different kind of problem this holiday season: They have too much to sell. Why it matters: The supply-chain woes that thwarted holiday shoppers last year are mostly resolved, Axios' Hope King writes. Now Walmart, Target, Kohl's and other major chains report surging inventory levels. People have stopped shopping for stay-at-home items like pajamas and electronics. The glut has led to huge markdowns and sales, including rare discounts at Target and "aggressive" markdowns at Kohl's. "Supply chains are essentially back to normal," Jefferies analyst Corey Tarlowe told The Wall Street Journal (subscription). The bottom line: Consumers were flush with cash last year. That turned into higher demand, putting more pressure on companies to buy. But rising inflation, plus the post-pandemic rebound in spending on travel and entertainment, have left stores with fewer eager customers — and with overstocked shelves.     2. World Cup may be a magnet for espionage Illustration: Maura Losch/Axios   The World Cup, which begins Sunday in Qatar, will likely be a hotbed of government espionage, Axios cybersecurity reporter Sam Sabin reports. Cybersecurity firm Recorded Future warned this week that state-sponsored hacking groups are likely to see the World Cup as a "target-rich environment" for spying on foreign dignitaries and businesspeople. European regulators have been advising their constituents against downloading Qatar's World Cup apps, due to surveillance and national security concerns. Recorded Future's researchers said digital spies tied to China and Iran are the most likely to carry out espionage campaigns targeting the tournament. Go deeper. Sign up for Axios Codebook, our twice-weekly cybersecurity newsletter.     A message from Constellation Constellation is the #1 producer of clean energy     While others just talk about clean energy, Constellation is the #1 producer. The proof: We generate enough clean energy to power 15 million homes, producing 50% more carbon-free power than any other company in America. Learn how we're working to create a clean energy future for every American.     3. Catch up quick Zaria Black, 24, clears off her car as snow falls in Buffalo. Photo: Joshua Bessex/AP Roads are closed, flights are canceled and Sunday's NFL game has been moved to Detroit, as a historic winter storm buries Buffalo, N.Y., under more than 3 feet of snow. Go deeper. Attorney General Merrick Garland named a special counsel to oversee the Justice Department's investigation of former President Trump. The move is designed to shield the investigation from political influence now that Trump is a candidate. Go deeper. Elon Musk says Twitter will make it harder to see "negative" tweets Go deeper.     4. Christmas pulls into D.C. Photo: Kevin Dietsch/Getty Images This year's Capitol Christmas tree, delivered today, is a 78-foot red spruce from the Pisgah National Forest in North Carolina. Flashback: It's a little bit too early to be putting up the tree, according to an unscientific poll Axios Local conducted last year. But if yours is 78 feet tall, it's probably wise to get a head start.     A message from Constellation Constellation is the #1 producer of clean energy     While others just talk about clean energy, Constellation is the #1 producer. The proof: We generate enough clean energy to power 15 million homes, producing 50% more carbon-free power than any other company in America. Learn how we're working to create a clean energy future for every American.   Thanks to Sheryl Miller for copy editing today's PM. Are you a fan of this email format? Your essential communications — to staff, clients and other stakeholders — can have the same style. Axios HQ, a powerful platform, will help you do it.   Axios thanks our partners for supporting our newsletters. If you're interested in advertising, learn more here. Sponsorship has no influence on editorial content. Axios, 3100 Clarendon B‌lvd, Arlington VA 22201   You received this email because you signed up for newsletters from Axios. Change your preferences or unsubscribe here.   Was this email forwarded to you? Sign up now to get Axios in your inbox.   Follow Axios on social media: