Though we're only about halfway through 2024, it's never too early to start thinking about the holiday push.
Especially if you're in the retail space, where that ever so important Q4, which typically falls between October and December, is coveted among companies for holiday traffic and a zeal for shopping.
Related: Popular discount retailer may sell off one of its key brands
Of course, a zeal for shopping goes hand in hand with higher than average spending, as more customers are out searching for gifts and festive wares.
But while recent years may have produced bumper profits for some retailers, it's not as easy as it once was.
A consolidation across the industry means customers have fewer places to shop at; and with the decline in interest in indoor shopping malls, many retailers reliant on that once coveted mall foot traffic have folded.
The retail space has also been marked in recent years by a growing retail crime trend. Petty theft and shoplifting, even organized crimes like smash and grab and some assaults are on the rise, particularly in cities hit hard by a population flight following the pandemic across the United States.
In 2023, Target (TGT) said it saw a 120% increase in violence in its stores, from violent thefts, threats, or other incidents.
Related: TJ Maxx takes drastic action to stop retail theft
Retailers get creative
Working in retail can feel like a grim existence for some, so retailers have to get creative when it comes to attracting talent.
Some large corporations, like Walmart (WMT) , have upped the ante, tempting store managers with higher salaries and rewards tied to their stores' performance.
More Walmart:
- Walmart raises the price of a key service
- Walmart launches cheap brand customers will love
- Some Walmarts make surprising self-checkout change
Earlier in 2024, Walmart announced it would "invest" further into its talent pool, giving store managers the chance to earn more. Here's what that looks like:
- Up to $20,000 annual stock grant
- Upping base pay from an average of $117,000 to $128,000 annually
- Redesigned bonuses, which allow managers to earn up to 200% by hitting targets
All told, that means some store managers at particularly successful Walmarts can make upwards of $500,000 per year, all in, now. The large corporation also promised some qualitative improvements to the employee experience, like tele-health benefits and access to more personal care.
Popular retailer goes on hiring binge
Walmart isn't alone in its new hiring initiatives, though. Popular seasonal store Spirit Halloween is also looking ahead to the future, announcing it will hire tens of thousands of employees for the busy season ahead. Typically, a Spirit Halloween is open for eight to ten weeks per year.
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The seasonal store, which typically only operates during the busy months around Halloween, is seeking 50,000 employees to work at an anticipated 1,500 retail locations around the United States.
And in order to attract that talent, Spirit is offering several compelling benefits, including:
- Competitive salaries
- Flexible scheduling
- Premium pay incentive program
- Seasonal retention bonuses for returning store managers
- 30% discount on Spirit Halloween purchases
