The U.S. warehousing sector is seeing a new market bloom just as the major growth driver of the past few years is fading. Renewable-energy companies are taking up a growing share of industrial real estate as manufacturers of solar panels, electric vehicles and EV batteries establish new supply chains. The WSJ Logistics Report’s Liz Young writes that companies that make and distribute electric vehicles and EV parts more than doubled their leasing in the first quarter. Real-estate developers say the companies are rushing to secure space as they look to meet demand from consumers and businesses and to compete for federal subsidies targeting the renewable sector. The growth comes as the consumer economy is pivoting away from rapid e-commerce expansion. Real-estate firm CBRE says e-commerce companies signed leases totaling 4.7 million square feet in the first quarter, down from 13.7 million square feet a year earlier.

American consumers are shifting gears and retailers are scrambling to adjust. New sales figures from Target, Home Depot and other merchants show shoppers pulling back on discretionary items like electronics and home projects and instead focusing on home essentials. The WSJ’s Sarah Nassauer reports that Target’s same-store sales, including stores and digital channels, came in flat in the past quarter as consumers grew more cautious and took up more detergent and fewer toys. Sales at Home Depot fell last quarter and the home-improvement retailer says its annual sales may decline for the first time since 2009. The turn toward household staples is already cascading across distribution channels, with signs that imports of big-ticket items like appliances are softening. Target got some relief in its supply chain, however, from lower freight costs, and it benefited from higher product prices and fewer digital sales, which tend to have lower margins.

Online fashion retailer Shein is building a big financial cushion against competitive and regulatory threats. The fast-growing e-commerce insurgent raised $2 billion in a new fundraising round that values the company at $66 billion. The WSJ’s Jing Yang reports the valuation is about a third less than a year earlier, when Shein’s net worth soared beyond the combined market capitalization of European rivals H&M and Zara owner Inditex. Shein won over millions of American shoppers during the pandemic and generated $23 billion in revenue last year with its low-cost, lean inventory strategy. But storm clouds have gathered as businesses with Chinese ownership face scrutiny amid escalating tensions between Washington and Beijing. Shein, along with its latest rival Temu, has faced a drumbeat of criticism from U.S. lawmakers. That’s not slowing Shein’s international expansion efforts, including diversifying its supply chain to countries including Brazil and Turkey.

Japan’s economy expanded 0.4% in the first quarter but exports fell 4.2% from the previous quarter. (WSJ)

Singapore’s non-oil exports fell in April for the seventh straight month. (WSJ)

A measure of confidence among U.S. homebuilders rose in May to its highest level since last July. (MarketWatch)

Dutch medical supply company Royal Philips will pay $62 million to settle charges it violated U.S. antibribery laws by improperly manipulating Chinese procurement processes. (WSJ)

A former Apple engineer was charged with trying to steal the company’s self-driving-car technology while also working for a Chinese company. (WSJ)

An agreement allowing Ukrainian grain exports through the Black Sea was extended for two months. (NPR)

South Korea is expanding its shipping connections with Russia. (The Loadstar)

Tesla is proposing to set up a factory in India to build electric cars for domestic sale and export. (Nikkei Asia)

FedEx Express pilots voted to authorize a strike as contract talks continue under federal mediation. (Memphis Commercial Appeal)

C.H. Robinson Worldwide laid off 300 workers in another round of staffing reductions at the freight brokerage. (Transport Dive)

Alphaliner says Mediterranean Shipping’s fleet this month will be the first to surpass capacity of 5 million 20-foot equivalent units. (Seatrade Maritime)

Cosco Shipping Heavy Industry is working on a second small electric container ship for short coastal services. (Port Technology)

Container volume at Germany’s Port of Hamburg fell 17% year-over-year in the first quarter. (Journal of Commerce)

Logistics provider XB Fulfillment raised $100 million to back expansion of its network of warehouses in Mexico. (DC Velocity)

Delivery startup Veho is reining in an ambitious expansion plan after it raised $300 million from investors including SoftBank to back the effort. (The Information)

Olive oil prices reached a record high, driven by dry conditions in Southern Europe. (Dow Jones Newswires)

Paul Page is editor of WSJ Logistics Report. Reach him at paul.page@wsj.com.

Follow the WSJ Logistics Report team: @PaulPage, @bylizyoung and @pdberger. Follow the WSJ Logistics Report on Twitter at @WSJLogistics.