“The American Middle Class is No Longer the World’s Richest.” This recent New York Times front-page headline played to both sides of the political spectrum as each blames the policy of the other for our nation’s economic ills. Unfortunately, the issue is even more significant than the politicos and pundits would have us believe. How should retailers and marketers adjust to the waning middle class in the U.S.?
While much of the publicity regarding Obamacare has centered around companies cutting back hours and reducing health care benefits for employees, there has been a wide range of responses among retailers as they scramble to meet the requirements of the Affordable Care Act. Are you more or less optimistic about the implications of the Affordable Care Act on retail today versus six months ago?
In the retail industry, a 100 percent plus annual employee turnover is not uncommon. However, The Container Store experiences just 10-to-15 percent annual turnover. How does the retailer achieve a number virtually unheard of in the industry? Do you know of other retailers with unique hiring processes?
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