Retailers are boosting their efforts to reduce turnover of store managers by cutting hours, increasing bonuses and providing extra compensation time.
According to a survey conducted by Career Management, an executive recruitment company, 80 percent of retailers said managers average less than 50 work hours a week. This compares with 55 to 60 hours a week in previous years.
The majority of store managers, 54 percent, put in 45 to 50 hours per week, 27 percent worked up to 44 hours, and 17 percent averaged 51 to 59 hours. Only 2 percent worked 60 hours or more.
The survey also found that store managers at 92 percent of the companies polled were eligible for performance bonuses. These bonuses were awarded on top of salaries, which for the most part averaged under $60,000.
"Although our experience has shown that base salaries for store managers have been on the rise, one could still argue that compensation is not commensurate with leadership positions at other businesses generating the level of annual revenues produced by stores," said Lloyd Lipman, chief executive officer of Career Management and an adjunct professor at the Fashion Institute of Technology, in a statement. "Retailers have sought to shake their long-standing reputation as 'mediocre players' by offering considerable bonuses tied to store sales, profits, shrinkage and other metrics, along with a variety of other benefits."
About 17 percent of the companies surveyed had a base pay of less than $40,000, while 31 percent pay between $40,000 to $49,000. Only 11 percent pay $50,000 to $59,000. Salaries averaged in the $60,000 to $69,000 range at 17 percent of the companies, while 10 percent were in the $70,000 to $79,000 range. Another 10 percent were in the $80,000 to 99,000 range, and just 4 percent awarded base salaries of more than $100,000.
A whopping 96 percent of the companies offer 401(k) plans for store managers and most offer liberal employee discount programs.
When it comes to compensatory time off and vacations, 38 percent offer comp time to store managers who exceed their allotted hours for the week. The typical vacation policy for store managers was two weeks after one year, three weeks after five years and four weeks after 10 years of service.The survey of human resource executives at retail companies covered a range of compensation and benefits issues for store managers across all retail channels. Participating companies collectively operate more than 12,000 stores in the United States.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast