The New Talent Economy: Why Retailers Must Pay to Play

💰 With competition for top talent heating up, major retailers like Costco and Walmart are raising wages to attract and retain skilled employees — proving that in today's labor market, compensation is key. Read more about how pay increases are reshaping the retail workforce.

March 07, 2025

📢 Hey, Retailist Roundup readers! With major retailers boosting wages to attract top talent, compensation is emerging as a key strategy in today's competitive job market.

News from Retailist

With a tight labor market and fierce competition for skilled employees, major retailers are making bold moves to attract and retain the best candidates. Case in point: Costco and Walmart recently made headlines by announcing pay raises for their leadership teams, reinforcing one simple truth—when it comes to hiring, compensation is king.

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In the news: Top headlines this week

Tariff deadline set off spike in cross-border trucking rates, data shows. Cross-border trucking rates to and from the U.S. surged as companies rushed to ship goods before President Trump's new tariffs on Canada and Mexico took effect. The temporary spike offered relief to the struggling U.S. trucking industry, which has faced weak demand and excess supply during its longest downturn since the global financial crisis. [Reuters]

Elon Musk Suggests USPS, Amtrak Should Be Privatized: ‘We Should Privatize Everything We Possibly Can. Tesla CEO Elon Musk stirred headlines during President Trump's second term with remarks at a March 5 Morgan Stanley conference. Appearing virtually, Musk expressed support for a broad-based privatization strategy for certain major operations, aligning with his preference for reducing government involvement, according to Reuters. [Retail Wire]

Costco reports mixed second-quarter earnings, comparable sales growth. Costco’s fiscal Q2 results beat revenue expectations with $62.53 billion in net sales, though earnings fell short. Comparable sales rose 6.8% year over year, highlighting steady consumer demand. [CNBC]

Trump’s erratic trade policies are baffling businesses, threatening investment and economic growth. President Donald Trump has temporarily suspended many of the newly imposed 25% tariffs on imports from Mexico and some from Canada for one month, just two days after implementing them. This marks the second delay this year, following a previous monthlong reprieve in February, adding to the ongoing uncertainty surrounding U.S. trade policy. [AP News]

Best Buy shares plunge as CEO warns price increases are ‘highly likely’ due to Trump tariffs. Best Buy exceeded Wall Street's earnings and revenue expectations for its fiscal 2025 fourth quarter, with a slight increase in comparable sales. CEO Corie Barry warned that price hikes are "highly likely" following President Trump's new tariffs on China, Mexico, and Canada. [CNBC]

Job Board: This week’s Top Openings in DTC, RetailTech, and more

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Retailist Magazine is an outlet focused on modern commerce as it relates to digital innovation. The publication examines our culture’s ever-evolving relationship with marketing, commerce and traditional retail. Our goal is to connect our audience to quality content and award programs for retail brands to tell their story of innovation.

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