Dive Brief:
- The retail industry saw 3,290 job cuts in November, up more than 35% from October when there were 2,431 cuts, according to a new report from Challenger, Gray & Christmas.
- For the year so far, the industry has announced 91,954 job cuts, up nearly 140% from the same period in 2024. The cuts are primarily attributable to softening demand, tariff uncertainty and changing consumer preferences, per the report.
- Across all industries, U.S.-based employers slashed 71,321 jobs in November, up 24% year over year, marking only the third time since 2008 that the month’s numbers were over 70,000.
Dive Insight:
While announced job cuts in the retail industry grew from October, across all industries job cuts were down more than 50% from last month.
“Layoff plans fell last month, certainly a positive sign,” Andy Challenger, workplace expert and chief revenue officer for Challenger, Gray & Christmas, said in a statement. “That said, job cuts in November have risen above 70,000 only twice since 2008: in 2022 and in 2008.”
Some of retail’s biggest companies have announced significant layoffs in recent months.
Target announced in October it would lay off 1,000 corporate staff and close 800 open roles, representing about 8% of the retailer’s global headquarters workforce. That same month, Amazon announced plans to cut 14,000 roles in an effort to stay “nimble.”
Yankee Candle this month said it would lay off 900 people, about 10% of its global professional and clerical staff.
The sector’s early holiday performance, however, may make way for additional hires before the year is over, Challenger said.
“The increased spending over the Black Friday and the Thanksgiving weekend may give rise to hires in December right before the holiday,” Challenger said. “It’s unclear, however, if those positions will last into the New Year.”
