Whether cutbacks in the sector reach the magnitude of those in technology and banking remains to be seen.
“Many do have to reshape and rebalance to manage for what is coming, and for growth in the future. Those are not easy decisions,” said David Bassuk, global leader of the retail practice at AlixPartners, a leading retail consulting firm.
This year “will be a year of efficiency, focusing on performance and squeezing more out of what you have, much more so than on expansion,” said Gerry Szatvanyi, cofounder, president and CEO of OSF Digital, which has worked with L’Oréal, Giorgio Armani, Crocs and Diane von Furstenberg on implementing e-commerce operations. “We haven’t seen any drastic cuts in the retail space or in brands.
“There are pink slips going out,” said Craig Johnson, president of Customer Growth Partners. “Along with what we just saw at Kohl’s, I expect more of the same from other department stores and in apparel specialty. We anticipate labor force optimization. We are at the beginnings of it.” “I don’t think there’s a strong correlation between what you have been seeing in the tech sector, with layoffs among highly skilled, high-paying roles, to the,” said Aaron Sorensen, chief behavioral scientist at Lotis Blue, a management consulting firm, when asked if the wave of layoffs seen in tech and banking would also be seen in retailing. “There will be some spillover because of [slowing] consumer spending, with corporate executives and maybe some store workers affected.
“The popular myth is that pay is the number-one factor for staying on or leaving a job,” said Sorensen. “Actually, enjoyability is the number-one factor.” Sorensen doesn’t see a major labor movement among frontline retail workers taking hold anytime soon. According to Lotis Blue’s research, 73 percent of the retail population is not unionized, and 14 percent of retail workers don’t know if they are unionized. “When we asked non-unionized employees if they would support a vote to unionize, 29 percent said ‘no,’ 32 percent said ‘yes,’ and 39 percent were undecided,” said Sorensen, who authored the “Future of Retail Employees” study.
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