It’s an understatement to say the holiday shopping season is crucial for retailers. The holiday shopping season is very, very, very (I could go on, but you get the point) important for retailers.
“For some retailers, the holiday season can represent as much as 30 percent of annual sales,” the National Retail Federation says. “Overall last year, holiday sales represented nearly 20 percent of total retail industry sales.”
One key to a retailer’s success is an effective pool of workers and employees that stick around after they’ve been hired.
In an effort to get an edge in the retail holiday thunderdome, Target announced on Monday that it would raise its minimum hourly wage from $10 to $11 next month and then to $15 an hour by the end of 2020.
The company says the new rate would apply to all staff as well as the 100,000 temporary workers it plans to hire this holiday season.
Retailers are getting it from all sides. The New York Times reports:
“Target and its competitors are contending with a nationwide unemployment rate that dropped to 4.3 percent in May and July — the lowest level in 16 years — before ticking up slightly in August. With a shallow pool of job seekers, they must compete harder for workers to handle the holiday shopping crush.