"This is one more example of the investments retailers are making to compete successfully in an era of rapid transformation and disruption."NRF President and CEO Matthew Shay
WASHINGTON – The National Retail Federation released the following statement from President and CEO Matthew Shay in response to the announcement by Target that the company will increase its minimum hourly wage to $11 next month and to $15 by the end of 2020:
"With a tightening labor market, competition for talent and the need to retain a skilled workforce, this is one more example of the investments retailers are making to compete successfully in an era of rapid transformation and disruption.
"These decisions are being driven by a robust marketplace, not government mandates. It is encouraging for both current and future retail employees, and will benefit the consumers they serve every day across America."
NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and Internet retailers from the United States and more than 45 countries. Retail is the nation’s largest private sector employer, supporting one in four U.S. jobs – 42 million working Americans. Contributing $2.6 trillion to annual GDP, retail is a daily barometer for the nation’s economy. NRF.com