Retail

Retail Jobs May Not Be In Jeopardy Yet

Year after year, the retail industry typically welcomes a new influx of workers across all of its verticals.

In the past few years, some in the industry have likely had a growing concern due to the continual brick-and-mortar closings around the country. As it turns out, retail industry jobs are actually seeing growth and better pay in the e-commerce arena.

Progressive Policy Institute of Washington economist Michael Mandel highlights how this new retail sector will benefit workers. He said "If this new pattern continues, it will raise real wages across the economy and rejuvenate the middle class."

Since 2007, e-commerce has added nearly 400K jobs across the country which is double all other retail category hires. Although research shows 8,000 brick-and-mortar stores will likely close this year, e-commerce fulfillment centers from the likes of Amazon and Wal-Mart are popping up which is likely helping to offset any employment concerns.

Although Cornerstone Capital Group is estimating 7.5 million retail jobs are at stake, e-commerce fulfillment centers are showing a $12K pay increase from $31,000 to $43,000 annually. While brick-and-mortar locations may be closing, these warehouse positions are likely going to result in a revitalization of manufacturing positions that were once the bedrock of American workers.

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NEW PYMNTS STUDY: LEVERAGING THE DIGITAL BANKING SHIFT – SEPTEMBER 2020  

The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.

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