Retail is the final link in supply chains getting finished products to consumers. So how did the industry do for the crown jewel period of the holiday season (and last year overall), and what are the expectations for 2026? For those answers and more, we welcome Jonathan Gold, Vice President, Supply Chain and Customs Policy with the National Retail Federation (NRF) to The Intermodal Logistics Podcast.

Jonathan tells us how consumer spending stayed strong through the holidays, appearing to meet lofty expectations even if there were some adjustments in spending patterns related to pricing concerns. He also goes over how retailers were able to ensure item availability unlike some instances in the past when there were shortages.

Looking at 2025 as a whole, we discuss the effects of tariffs on retailers and how many were able to shift supply chains to keep products flowing while minimizing costs. And on the flip side, we talk about how fluctuations in trade policy caused the inventory pull-forward phenomenon, with smaller retailers having a tougher time adjusting over the course of the year.

In 2026, Jonathan explains that NRF membership is especially hoping for more certainty and stability policy-wise, and he expresses optimism that consumer spending will stay strong throughout the year. Beyond those questions, we touch on credit card swipe fees, retail theft, the NRF Big Show and more.

Learn more about the NRF at www.nrf.com.

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