Eight Retailers – Reliance Retail,
According to their latest annual report, their combined workforce saw a 57% increase from about 490,000 employees.
The increase in the workforce was in permanent and contract employees, as they aggressively expanded their store network and restored operations last year.
Retail is among the top six sectors of hiring intent in the current quarter, according to the latest Hiring Outlook Study by HR firm TeamLease. Rituparna Chakraborty, executive director, TeamLease, said, “There is significant investment in the retail sector. Companies are using this new capital to drive hiring across multiple verticals, with some startups looking to add more physical stores as well.”
was the biggest gain in
Retail that added 161,000 people to its workforce. In fact, the pace of job creation continued in the last quarter (April-June) as well, with Reliance Retail adding 17,000 new jobs driven by expansion of the store network and e-commerce business.
Shoppers Stop is the only exception because it has consistently cut its workforce over the past two years.
Top-listed retailers and quick-service restaurant chains opened an average of 3,000 doors or about nine new stores every day in fiscal 2012, doubling the expansion rate from a year earlier.
according to a report of
16.7 million square feet of retail space will be added by eight large, listed retail chains between FY2011 and FY24, more than double the 8 million added in the past four years.
The retail segment, especially apparel, was badly hit during the pandemic and was the slowest to recover in the consumer discretionary space. However, revenues for most retailers recovered to 90-100% of pre-Covid levels in FY22, led by strong revenue growth in the second half on account of pent-up demand and better vaccination coverage. Rental, employee costs and selling or promotional expenses are other major cost heads for a retailer, typically accounting for 29-30% of its total cost.
“Following the strict cost rationalization seen in FY2011, retailers substantially rolled back cuts in employee expenses and advertising expenses in FY12,” said a recent report.
, which stabilized the outlook for the retail sector from negative last week. “The sector is expected to generate 12-13% year-on-year revenue growth in FY13, with operating profit margin growing 150 bps to 8.2%.”