The first half retail sales numbers were anemic and so were back-to-school numbers. It has been assumed that a weakening economy would harm 2010 holiday sales as well.
Don’t tell that to Toys “R” Us. It announced that it will added 45,000 workers for the holidays.
The firm said it plans “to hire approximately 45,000 seasonal employees to staff its Toys“R”Us and Toys“R”Us Express pop-up stores in the U.S. this holiday season, essentially doubling its domestic workforce. This number is greater than the total workforce the company hired during each of the last three holiday shopping seasons due to the addition of 600 new Toys“R”Us Express stores. In previous holiday seasons, the company has hired approximately 35,000 toy-trained employees to help gift-givers find the RIGHT toy for the children on their lists this Christmas.”
The news should be positive for the entire retail sector, but particularly those which has large sections of their stores devoted to toys. This would include Walmart (NYSE: WMT), Macy’s (NYSE: M), and Target (NYSE: TGT).
The move is a gamble, but if it pays off, it positions Toys “R” Us for a planned IPO.
Douglas A. McIntyre
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