Last year, Kohl’s hired 52,700 seasonal workers and Target hired 88,000. Target said that it is hiring fewer seasonal workers because its permanent employees have said they would like to work extra hours during the holiday season.
An early estimate of holiday retail sales from research firm ShopperTrak forecasts a sales rise of 2.4% above 2012 holiday shopping totals. That is the lowest growth in four years. Growth in 2012 totaled 3%, on top of 4% growth in 2011 and 3.8% growth in 2010.
Other major retailers will announce their holiday hiring plans in the next few weeks. Last year both Wal-Mart Stores Inc. (NYSE: WMT) and Amazon.com Inc. (NASDAQ: AMZN) said they planned to hire about 50,000 seasonal workers each. Given what we have seen so far, those numbers are unlikely to rise much.
Along with the slower sales growth, ShopperTrak forecasts a decline in store traffic of 1.4% from last year’s levels. The research firm also expects promotional pricing to kick in as soon as early November.
Top Gaining Stocks
Top Losing Stocks