For many traditional retailers, 2017 was not a good year. Along with the more than 20 chains that filed for bankruptcy, established brands like Sears and J.C. Penney also announced that they’d be closing hundreds of locations. Unfortunately, the outlook doesn’t look much better for 2018. As Amazon continues to disrupt the industry by dominating e-commerce, experts predict that more bankruptcies and store closings could be on the way. “I think the early part of next year will be Continue reading
In April 2013, more than one thousand Bangladeshi garment workers died when the Rana Plaza building collapsed. Considered to be the deadliest garment factory accident in history, the tragic event led to worldwide condemnation of many Western clothing companies. After all, brands like H&M, Walmart and Zara had long pushed producers in Bangladesh’s growing garment industry to make clothes faster and cheaper. While this allowed retailers to set low prices at their stores, the focus on efficiency forced Bangladesh’s factories Continue reading
On the surface, mobile check deposits are about as convenient as banking can get. After all, one only needs to endorse the check, snap a few smartphone photos of it, and send it off to the bank through an app. No interactions with tellers or pneumatic tube machines are required— simply forward the photos and wait for the check to clear.
In some cases, however, that last step isn’t so easy. Depending on the financial institution, mobile check deposits can Continue reading
For years, Walmart has been criticized for not adequately sharing its success with its employees. After all, the retailer is not only the largest private employer in the U.S. but also the largest retail chain in the world. With so much capital at its disposal, critics have long argued that Walmart has enough resources to spend on its staff. And now at long last it appears the retailer agrees. Last month Walmart announced a plan that will raise the wages Continue reading
Although the American economy is slowly recovering, the job market is not. Low and minimum wage work has driven much of the recovery while mid-level jobs that disappeared during the recession have failed to rematerialize. Confronted with this bleak “new normal,” many people in both the private and public sectors have called for an increase to the federal minimum wage. Advocates for change point to cases like that of Anthony Goytia, who must supplement his salary as a Wal-Mart clerk Continue reading
Wal-Mart became the world’s largest retailer by keeping margins low on everything, including employee compensation. For the Florida-based grocer Publix, however, keeping staff motivated through strong financial incentives is a recipe for success rather than instability. Publix’s net margins of 5.6 percent trounce Wal-Mart’s 3.8 percent, making it the most profitable grocery chain in the nation. With $27.5 billion in sales, it’s also the largest employee-owned company in America. Staffers control 80 percent of the company thanks to a policy Continue reading
For emerging economies, investment from foreign powers has long been a contentious topic. In fact, as recently as last year protestors lined the streets of India’s major cities against a series of reforms designed to open the country’s retail sector to foreign direct investment (FDI). The laws would allow companies like Wal-Mart and Tesco to buy up to 51% stakes in local businesses. The proposed reforms inflamed the fears of many Indians who felt that the economy would become Continue reading