Throughout 2017, we wrote several blog posts and monthly articles about the “new retail” schema and the challenges (e.g. consumers shifting purchases online) to the traditional retail stores. Since June 2017, we’ve essentially left the topic alone, figuring we said all we could constructively say on the matter. Now that some time has passed, we have to wonder – have things gotten better for brick-and-mortar retailers? In short, no. It’s still pretty rough out there.
Challenger Gray & Christmas Inc. – a global outplacement firm based in Chicago – conducted a study which shows the highest number of monthly job cuts in over three and a half years. These job losses were led by employment slashing in retail, which has jumped 91% year-over-year. A big chunk of this loss (16,000 jobs) was attributable to the shutdown of Payless Shoe Stores, but layoffs were marked by other stores including Charlotte Russe, LifeWay Books, and JCPenny.