{"id":532123,"date":"2022-12-28T22:22:00","date_gmt":"2022-12-28T19:22:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/retailers-arent-planning-for-the-one-thing-everyones-talking-about\/"},"modified":"2022-12-28T22:22:00","modified_gmt":"2022-12-28T19:22:00","slug":"retailers-arent-planning-for-the-one-thing-everyones-talking-about","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/retailers-arent-planning-for-the-one-thing-everyones-talking-about\/","title":{"rendered":"#: Retailers aren\u2019t planning for the one thing everyone\u2019s talking about"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3521b52b48e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3521b52b48e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/retailers-arent-planning-for-the-one-thing-everyones-talking-about\/#%E2%80%9C_Retailers_arent_planning_for_the_one_thing_everyones_talking_about%E2%80%9D\" >&#8220;: Retailers aren\u2019t planning for the one thing everyone\u2019s talking about&#8221;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/retailers-arent-planning-for-the-one-thing-everyones-talking-about\/#%E2%80%98Theyre_definitely_not_planning_for_a_recession_analysts_contend_as_strong_consumer_demand_in_2022_despite_inflation_emboldens_executives\" >\u2018They\u2019re definitely not planning for a recession,\u2019 analysts contend, as strong consumer demand in 2022 despite inflation emboldens executives<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/retailers-arent-planning-for-the-one-thing-everyones-talking-about\/#Bill_Peters\" >Bill Peters<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9C_Retailers_arent_planning_for_the_one_thing_everyones_talking_about%E2%80%9D\"><\/span>&#8220;: Retailers aren\u2019t planning for the one thing everyone\u2019s talking about&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"%E2%80%98Theyre_definitely_not_planning_for_a_recession_analysts_contend_as_strong_consumer_demand_in_2022_despite_inflation_emboldens_executives\"><\/span>\n  \u2018They\u2019re definitely not planning for a recession,\u2019 analysts contend, as strong consumer demand in 2022 despite inflation emboldens executives<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\" data-nosnippet>\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap crawler\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0001493846\" role=\"document\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0001493846\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       In 2020, retailers were caught off-guard by the COVID-19 pandemic. In 2021, the industry was caught off-guard by tangles in the supply chain. In 2022, inflation led consumers to prioritize what they had to buy instead of what they wanted to buy, leading to fattened inventories of clothes and electronics. <\/p>\n<p> As 2023 dawns, one would think retailers would be preparing for yet another worst-case scenario. But as cautiously optimistic sentiment prevails despite consumer struggles, analysts say many retailers aren\u2019t seeing the one thing everyone else is worried about: An economic downturn.  <\/p>\n<div class=\"paywall\">\n       \u201cThey\u2019re definitely not planning for a recession,\u201d said Quo Vadis Capital analyst John Zolidis, who follows retailers ranging from Walmart Inc.<br \/>\n        WMT,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/207374728\/composite\" class=\"negative\">-1.61%<\/bg-quote><br \/>\n      to Lululemon Athletica Inc.<br \/>\n        LULU,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/204011506\/composite\" class=\"negative\">-2.31%<\/bg-quote><br \/>\n      to Starbucks Corp.<br \/>\n        SBUX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/207508890\/composite\" class=\"negative\">-0.66%<\/bg-quote><br \/>\n      \u201cI haven\u2019t heard a single retailer tell me that that\u2019s how they\u2019re planning their business.\u201d<\/p>\n<p>Mari Shor, an analyst at Columbia Threadneedle, said her own conversations with retailers went largely the same way. <\/p>\n<p>\u201cEveryone\u2019s trying to plan quote-unquote conservatively, but when you push the companies and you look at what other investors are expecting, no one is expecting a modest recession in their base case,\u201d she said, or a downturn that at worst leads to a slight dip in same-store sales. <\/p>\n<p>The main reason? Consumer demand, while strained, could be worse, and retailers <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly plan ahead based on present trends. <\/p>\n<p>Any benefits from consumer spending will land unevenly across different retailers and different income levels, analysts told MarketWatch. Despite the rabid inventory decluttering that retailers underwent this year, it\u2019s unclear whether prices will actually end up lower than before the pandemic next year. And prices for some products \u2014 like handbags, beauty products and outdoor gear \u2014 might stay higher than more \u201ccommoditized\u201d items like shirts and pants.  <\/p>\n<p>Economists say there\u2019s a 70% chance of a recession in the U.S. next year, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-20\/economists-place-70-chance-for-us-recession-in-2023?sref=FwsjHXQj\" class=\"icon none\">according to a Bloomberg survey<\/a>. But as the Federal Reserve raises interest rates in an effort to push borrowing costs higher and lower prices by tamping down economic growth, consumer data has been mixed. U.S. retail sales in November fell 0.6%, marking the biggest decrease in nearly a year, as weaker automobile demand offset holiday spending. Inflation, however, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be cooling. And other analysts say consumers, at the moment, aren\u2019t faring that badly.<\/p>\n<p><strong>For more: Leading indicators fall for ninth month in a row and point to recession in 2023<\/strong><\/p>\n<p>\u201cConsumers have proven resilient in 2022,\u201d Bank of America analysts <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/business.bofa.com\/en-us\/content\/bank-of-america-institute\/economic-insights\/consumer-checkpoint-december-2022.html\" class=\"icon none\">said in a report this month<\/a>. \u201cWhile they are likely to have a tougher time next year, especially if the labor market deteriorates, they are starting 2023 in decent financial shape.\u201d<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>\u201cDeposit balances are coming down, but slowly, and credit card usage does not currently look out of line with prepandemic levels,\u201d they continued.<\/p>\n<p>Retailers, Zolidis said, weren\u2019t positioned for any further drop in consumer spending. While he said some expressed caution, particularly around the continuing discount wars, he said that caution was far different than actually planning for a recession. He said he hadn\u2019t heard anything from any retailer that indicated they were bracing for lower demand.    <\/p>\n<p>\u201cThe retail management teams with whom we speak do not consider themselves\u00a0to be economists,\u201d Zolidis said.\u00a0\u201cThey have little ability to forecast inflation beyond what is im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely apparent.\u00a0They\u2019re no better at predicting interest rates than anyone else.\u201d<\/p>\n<p><strong>A positive read: Consumer confidence hits 8-month high as worries about inflation and recession fade<\/strong><\/p>\n<p>Shor said that retailers often plan ahead based on trends over the past six months when determining how to approach selling for some categories that aren\u2019t considered basic necessities, like home goods. But as the pandemic\u2019s fallout still ripples through the economy, she said that a volatile backdrop complicated forecasting.  <\/p>\n<p>\u201cThe disconnect between the macro and the micro, I think, is also wider than ever,\u201d Shor said. \u201cSo it\u2019s harder and harder to look at the macro data and try to decipher what that\u2019s going to mean for your business in particular.\u201d <\/p>\n<p>Retailers, writ large, haven\u2019t offered specific forecasts for 2023 yet. Analysts generally expect sales increases. But how much of those gains will be driven by keeping prices higher \u2014 a tactic store chains embraced in 2022 \u2014 or actually selling more goods remains to be seen. Commentary about the year ahead from executives has been similarly muddy. <\/p>\n<p><strong>See also: Financial markets are flashing a warning that a recession is imminent: here\u2019s what it means for stocks<\/strong><\/p>\n<p>Walmart Chief Financial Officer John Rainey, during the retailer\u2019s earnings conference call in November, said: \u201cLooking beyond Q4, we know some of the unanticipated cost experienced this\u00a0year\u00a0shouldn\u2019t repeat\u00a0next\u00a0year. That said, we\u2019re planning our business with the assumption that inflation remains somewhat elevated.\u201d <\/p>\n<p>Elsewhere, Target Corp.<br \/>\n        TGT,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/207799045\/composite\" class=\"negative\">-0.23%<\/bg-quote><br \/>\n       has described \u201crapidly softening demand and elevated uncertainty.\u201d Williams-Sonoma Inc.<br \/>\n        WSM,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/202067350\/composite\" class=\"negative\">-2.47%<\/bg-quote><br \/>\n       has said \u201ctrends have been increasingly inconsistent and less predictable.\u201d discounter Ross Stores Inc.<br \/>\n        ROST,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/202639496\/composite\" class=\"negative\">-0.37%<\/bg-quote><br \/>\n       said it expected rising prices to hurt its low and middle-income customers, but that it faced easier comparisons for the fourth quarter. <\/p>\n<p>Analysts say that supply-chain congestion, which has pushed up transportation costs, could ease next year. Retailers are still raising wages, which will add to their costs and make fatter profits harder to come by. Wall Street will also be watching for any \u201ctrade-down\u201d effects \u2014 whether customers who generally bought more expensive items at stores might switch to, say, store brands from national brands, smaller pack sizes from larger ones, or to essential purchases from discretionary ones altogether. Low-income consumers, unsurprisingly, are under the most pressure. <\/p>\n<p>Goldman Sachs<br \/>\n        GS,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209237603\/composite\" class=\"negative\">-0.19%<\/bg-quote><br \/>\n       analysts, in a recent research note, suggested that clothing shoppers were getting pickier as prices rose, and that the wardrobe overhauls brought on by a return to pre-pandemic life were becoming less vigorous. They said that customers were less likely to seek out cheaper alternatives for things like handbags \u2014 potentially to the benefit of Tapestry Inc.<br \/>\n        TPR,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/207417762\/composite\" class=\"negative\">-3.44%<\/bg-quote><br \/>\n       \u2014 but more likely to seek more affordable items like jeans, possibly at the expense of companies like Levi Strauss &amp; Co.<br \/>\n        LEVI,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/204763189\/composite\" class=\"negative\">-1.26%<\/bg-quote><span>.<\/span>\n       <\/p>\n<p>\u201cConsumers are increasingly discerning with their apparel spend, driving choppy results dependent on events, newness and promotions,\u201d the analysts said. <\/p>\n<p><strong>Don\u2019t miss: The retail slump could end soon, and there are four \u2018turnaround\u2019 stocks JPMorgan says you will want as it does<\/strong><\/p>\n<p>Zolidis said that other companies, like Yeti Holdings Inc.<br \/>\n        YETI,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/206430919\/composite\" class=\"negative\">-2.38%<\/bg-quote><span>,<\/span><br \/>\n       have convinced customers to pay far more for things like coolers than they have in the past. Running-shoe maker On Holding<br \/>\n        ONON,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/229331620\/composite\" class=\"positive\">+0.64%<\/bg-quote><br \/>\n       had also managed to innovate enough through shoe design, to stay relevant \u2014 and thus higher-priced, he said. And he said the beauty category, which to some degree was on hiatus during the height of the pandemic, was benefiting from digitally-focused brands and new colorways in makeup, and other newer trends in fragrances and hair care \u2014 all of which helps maintain interest in a company like salon chain Ulta Beauty Inc.<br \/>\n        ULTA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210513442\/composite\" class=\"negative\">-0.38%<\/bg-quote><span>.<\/span>\n        <\/p>\n<p>Shor, meanwhile, said that discount retailers were also best-equipped for the current retail landscape, as the post-lockdown world remains tough to navigate. <\/p>\n<p>\u201cI actually feel like coming out of COVID, it\u2019s actually been harder,\u201d Shor said. \u201cAnd unfortunately, it\u2019s not getting easier for the companies to try to manage their businesses on the other side of all of it.\u201d <\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>    <span>By<\/span><\/p>\n<div class=\"author mobile-scrim hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Bill Peters\",\"subhead\":\"The Wall Street Journal\",\"list\":[{\"type\":\"link\",\"icon\":\"bio\",\"url\":\"https:\/\/www.marketwatch.com\/topics\/journalists\/bill-peters\",\"text\":\"Biography\"},{\"type\":\"link\",\"icon\":\"twitter\",\"url\":\"https:\/\/twitter.com\/billwpeters\",\"text\":\"@billwpeters\"},{\"type\":\"link\",\"icon\":\"email\",\"url\":\"http:\/\/www.marketwatch.com\/news\/mailto:bpeters@marketwatch.com\",\"text\":\"bpeters@marketwatch.com\"}]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Bill_Peters\"><\/span>Bill Peters<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><ufc-follow-author-widget product=\"marketwatch\" author-id=\"278_MW\" author-name=\"Bill Peters\" signin-url=\"https:\/\/accounts.marketwatch.com\/login?target=https%3A%2F%2Fwww.marketwatch.com%2Fstory%2Fretailers-arent-planning-for-the-one-thing-everyones-talking-about-11672255349%3Frss%3D1%26siteid%3Drss\" panda-api=\"https:\/\/follow-api.marketwatch.com\"><\/ufc-follow-author-widget><\/div>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B20C06575-04D4-B545-716C-B56B97989909%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;: Retailers aren\u2019t planning for the one thing everyone\u2019s talking about&#8221; \u2018They\u2019re definitely not planning for a recession,\u2019 analysts contend, as strong consumer demand in 2022 despite inflation emboldens executives In 2020, retailers were caught off-guard by the COVID-19 pandemic. In 2021, the industry was caught off-guard by tangles in the supply chain. In 2022,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":532124,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.mktw.net\/im-688866\/social","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-532123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/532123","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=532123"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/532123\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/532124"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=532123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=532123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=532123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}