Biden meets with major retail CEOs to talk supply chains
The CEOs of Walmart, Kroger, Best Buy and others were part of the roundtable
President Biden held a roundtable with the leaders of some of the nation's largest retailers and manufacturers on Cyber Monday to discuss supply chains as part of the White House's effort to assure Americans that the products they seek will be available during the ongoing holiday season.
|BBY||BEST BUY CO. INC.||74.89||+1.58||+2.16%|
|KR||THE KROGER CO.||49.03||+0.12||+0.26%|
|SSNLF||SAMSUNG ELECTRONICS CO. LTD.||40.5999||-17.15||-29.70%|
|CVS||CVS HEALTH CORP.||74.11||+0.98||+1.34%|
The attendees at the White House included Best Buy CEO Corie Barry, Kroger CEO Rodney McMullen, Samsung CEO KS Choi and Mattel CEO Ynon Kreiz. Walmart CEO Doug McMillon and CVS Health CEO Karen Lynch both attended virtually.
Biden said early estimates show Black Friday shopping and Small Business Saturday sales appear to be way up from last year, and he asked his guests how the federal government could "continue partnering" with the major companies "to keep shelves stocked so American consumers can get what they need."
CYBER MONDAY SHOPPING: CONSUMERS PROJECTED TO SPEND UP TO $11.3B
Food Lion President Meg Ham was first to speak, reporting that the grocery chain's "supply chain is strong and robust, and we have ample product inside of our stores." Ham went on to praise the passage of the bipartisan infrastructure package Biden signed a few weeks ago.
Walmart's McMillon told the gathering, "We think we're going to have a really good holiday season," saying that the world's largest retailer's "inventory levels are up more than 10%." He explained, "So while we're all concerned about the supply chain, we have more inventory than we did a year ago and have the inventory that we need to support the business."
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McMillon went on to say that "the port and transit delays are improving" and he credited the Biden administration's actions for what he said was a 51% improvement in the flow of the retailer's products at southern California ports over the past four weeks.
The meeting was held as several industries have warned consumers that there will be shortages of some products during the holidays due to various factors such as delays in obtaining raw materials and transit issues.
Biden was also slated to deliver separate remarks on the topic of supply chains following the meeting, but the White House abruptly cancelled the event just minutes before he was expected to take the podium.