This Week in Retail: Gearing Up for Thanksgiving
With Thanksgiving just two weeks away, some households are proactively stocking up on holiday staples amid ongoing interruptions in the production and transportation of many commodities.
Frozen turkeys make up 89.3 percent of turkey ads this week—up from 52.1 percent the previous week. Feature prices for frozen turkey are in a wide range from 55 cents to $1.19 per pound.
Typically, retailers will use whole turkeys as loss leaders during the holidays in order to increase customer traffic. That may be harder for grocers to do this year due to persistent snags in the supply chain. Amplifying the logistical issues affecting global trade such as a lack of labor and port bottlenecks is historically tight levels of whole turkeys in cold storage.
USDA reported total whole frozen turkeys in cold storage at the end of September at 258.4 million pounds, the lowest level for that month since 2006. At present, nearly all weight categories for whole turkeys, whether young hens or young toms, are quoted at all-time highs. Urner Barry’s benchmark quotation for young toms, East, frozen, 18 pounds is $1.43 per pound, a record high and up 27.7% from the prior five-year average...Full Story »Nov 11 8:06 AM, UB Newswires