At Retail, Pink Slips Start to Surface

 

With layoffs spilling over into the technology, finance and telecommunications sectors, will retail be next? There have been corporate layoffs.

It sheds light on what has raised concerns that this is just the tip of the industry iceberg. Saks.com laid off about 100 employees. TheBay.com is his 250 and Kohl’s is about 60.

This is a far cry from thousands of job cuts in the tech sector, but it is clear that retailers will need to recalibrate and manage costs to better cope with lower revenues.

Consumers are spending less on goods, holiday sales are below expectations and a recession is looming. Margins are under pressure as retailers now face pricing resistance from buyers due to overstocking and discounting to curb inflation.

Originally published at https://businessdor.com on January 27, 2023.

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