Gap (GPS) Gears Up For Holiday Season, Reveals Hiring Plan
Zacks Investment Research | Sep 26, 2019 09:19PM ET
Retailers are gearing up for the busiest season of the year. After Target Corporation (NYSE:TGT) and The Michaels Companies, Inc. (NASDAQ:MIK) , The Gap, Inc. (NYSE:GPS) has laid out its plans to hire seasonal workers to provide a great shopping experience to customers during the holiday season. The company expects to hire 5,000 associates during a one-day hiring event to be held on Oct 5, 2019 across the United States and Canada. In this single day hiring event, it will pick eligible candidates for its Gap, Banana Republic, Athleta and Old Navy stores, as well as call centers and distribution centers, for the holiday period.
Seasonal employees will get perquisites like 50% discount on regular-priced merchandise at Gap, Banana Republic and Old Navy stores, 30% rebate at Outlet and Factory stores, while 25% off at Athleta stores.
However, analysts note that the company’s hiring plan is way below last year’s hiring of 65,000 seasonal employees. Per sources, the lower seasonal hiring this year is to give Gap’s current employees an opportunity to add more work hours and benefit from the perks provided.
Holiday season is a crucial time for retailers as it accounts for a sizeable chunk of yearly revenues and profits. Retailers try to attract customers with early-hour store openings, huge discounts and promotional strategies. However, concerns related to trade war, rising crude prices, sluggish business spending and other geopolitical issues are fueling apprehensions about an economic slowdown. In fact, imposition of tariffs has left some of the retailers with no other choice but to go for selective price increases, while trying not to hurt sales during the holiday season.
Nonetheless, keeping the concerns aside for a while and going by Deloitte’s recent Zacks Investment Research
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