A key barometer for freight and logistics is retail, as it connects customers with finished products. On this edition of The Intermodal Logistics Podcast, Jonathan Gold, Vice President, Supply Chain and Customs Policy with the National Retail Federation (NRF) joins us to take the temperature of the industry - recapping the holiday season and 2025 overall, while also looking ahead to 2026.
Jonathan breaks down how consumer spending held up through the holidays, largely meeting high expectations even as shoppers shifted their behavior in response to pricing concerns. He also explains how retailers were better positioned on inventory this time around, avoiding the stockouts that plagued some prior peak seasons.
From there, we zoom out to 2025 as a whole, digging into the impact of tariffs on retailers and how many adjusted their supply chains to keep product moving while controlling costs. We also look at the flip side: how shifting trade policies led to inventory pull-forward, and why smaller retailers in particular struggled to adapt over the course of the year.
Looking ahead to 2026, Jonathan shares that NRF members are especially eager for more policy stability and predictability, and he remains optimistic that consumer spending will stay resilient. We also touch on a range of other key issues for retailers, including credit card swipe fees, retail theft (and cargo theft), the vibes at last month's NRF Big Show and more.
For more from NRF, visit nrf.com, and hear Jonathan's earlier visit to our earlier-named podcast from 2023.
Get this episode on YouTube, where you can also check out our playlist for our 84 previous episodes on The Intermodal Logistics Channel. You can also listen right here using the player below, or find it on Apple, Spotify, or whatever your favorite podcasting platform may be.
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