PPB October 2017

Re t a i l I ndus t r y F ew industries feel the immediate effects of consumer spending patterns as strongly as the retail sector. Brick-and-mortar operations have been steadily losing ground to digital retail platforms, with department stores bearing much of the brunt. But much of today’s ecommerce is still retail at its core, and job creation on the digital retail front since 2007 has added 355,000 new jobs, according to Michael Mandel, chief economic strategist at the Progressive Policy Institute. Mandel points to higher average salaries for employees who support ecommerce as another factor in the employment boom. Last year, retail employees earned an annual average salary of $22,900 working in a variety of subsectors including furniture, clothing, equipment and automobiles. Employees working in fulfillment centers and production related to ecommerce enjoy a slightly higher annual wage, at roughly $36,000. Retail Reverie Targeted promotions help retailers keep customers coming back. GROW 46 | OCTOBER 2017 | by Jen Alexander