Supply Chain Basics - A supply chain encompasses sourcing, manufacturing, and delivery, connecting a company to its suppliers and customers [1] - The supply chain process details how a product transitions from concept to consumer [1]

Sector Performance & Rebound Potential - Consumer discretionary sector is the worst performing sector this year, but may rebound in the second half [1] - Product newness and tariff implementation will dictate the sentiment in the second half of the year [3] Consumer Behavior & Retailer Strategy - Customers are trading down, with Walmart's biggest growth coming from higher-income consumers [4] - Companies are being more cautious with inventory for the holiday season due to tariffs [4] - Value, discounters, and brand leaders are key, with revivals also contributing to growth, such as Wolverine Worldwide's Sakin up 30% [7] Brand & Product Dynamics - Brand leaders with newness drive demand, like Birkenstock's closed-toe shoes and collaborations such as Levi's and Nike [5] - Unique items allow for better pricing, but overall price upticks have been limited [5][6] Trade & Tariffs - Vietnam tariffs include a 20% tariff on exports to the US and a 40% transshipment tariff on goods from third countries, potentially targeting China [8][9] - Supply chain dynamics are challenging, with freight expenses as a headwind and potential price increases in the mid to high single-digit range [9] - Retailers can navigate tariffs by diversifying sourcing, sharing costs with manufacturers, and raising prices to consumers [10] - Companies suspended earnings guidance due to uncertainty about tariff impacts on margins and costs [10] - Shifting sourcing away from North America due to high labor costs, with tariff levels dictating stock prices [11]