It has been a challenging time in recent years for the retail supply chain network.
Major events such as the COVID pandemic and wars in places like the Middle East and Eastern Europe have caused disruptions in the network.
On top of that have been challenges at ports, railways and airlines with strikes, threats of strikes and access issues.
Gary Newbury, a retail supply chain expert, discusses the state of the current retail chain supply network, how vulnerable retailers are these days and what retailers should do to mitigate their risks.
Newbury said the system broke down very quickly during COVID, leading to a massive disruption. There was a thought that with COVID over it would lead to better times and everything would be back to normal.
But the cost of goods have risen in recent years and for the most part wages have not kept up with the pace of inflation. Increased union activity over these conditions have disrupted the current network.
Today network needs to be flexible, resilient and have the ability to cope with disruptions.
There have always been threats to the supply chain network but those threats have accelerated in recent years. And things have taken place that no one expected. The smart companies have learned through those experiences.
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