Category: Retail Industry

It’s time to rethink wages

Posted by MIT Sloan Executive Education - 2 months and 15 days ago

For the last year or so, there’s been a significant amount of news coverage around the wages paid to low-income earners, such as those working at fast food outlets and in retail stores. There have been public protests, calls for boycotts, and legislation to raise the minimum wage in some states.

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Cutting staff is not a good operations strategy for retail

Posted by MIT Sloan Executive Education - 1 year and 4 months and 1 day ago

Retailers often resort to making HR changes in order to lower costs. They simply cut staff, which is only a temporary fix. As Zeynep Ton, Adjunct Associate Professor of Operations Management at MIT’s Sloan School of Management, commented to ABC’s “Good Morning America,” “retailers who cut staff to cut costs are succumbing to a vicious cycle, where the staff reductions result in lower customer satisfaction,” which then negates the financial gains from the initial staff cuts. 

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Revenue management lessons learned from J.C. Penney

Posted by MIT Sloan Executive Education - 1 year and 4 months and 1 day ago

The science behind revenue management is vital to many industries, not just retail. How to set the price of a product or service and extract as much profit as possible applies to many industries, including hospitality, airline, transportation, oil and gas, and advertising. It’s the pricing strategy of the retail industry, however, that has made news recently.

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