Retailers Forum Magazine May 2019

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Labor Department Set To Boost OT Threshold THIS is a gigantic news story that will effect many retailers and businesses across the United States. Workers who make less than about $35,000 a year will be eligible for overtime pay undre a long-awaited proposal the Labor Department is rumored to unveil soon. THE department is proposing a new regilation to update time-and-a-half pay requirements for all hours worked beyond a 40-hour work week. The ruling would raise the salary threshold under which workers are automatically entitled to overtime wages from about $24,000, but wouldn’t go to the $47,000 mark that was pushed by the Obama administration in the past. That proposal was immediately blocked by a federal judge in a Texas court. THE new rule would significantly expand the number of workers eligible for overtime pay. Of course it may be challenged in court, however worker advocates complain that the proposal doesn’t go far enough. Business groups around the country are worried about the new payroll costs that would be associated with this ruling. THE current administration’s approach to the overtime question has been watches closely by businesses in all industries. There have already been many lawsuits filed in class action suits for overtime pay from workers at some very large companies and corporations. THE DOL has sent their proposals to the white house office of Management and Budget and regulators want to get it finalized before the 2020 election so it will be harder to undo if a Democrat wins the white house. The proposed rule’s roll out has been frequently delayed since it was first released over two years ago and it will most likely have more delays and lawsuits along the way. A new rule like this would be the first update to federal overtime pay requirements in 15 years. Meanwhile, small businesses and employers in areas where the cost of living is already lower have complained that boosting overtime requirements will force them to cut jobs and hours to help meet payroll costs. Some lawyers are claiming that the DOL does not have the authority to enact such a ruling and claim it is a job killer. NYC Flagship Stores Closing FOR big brand retailers having their flagship store on Fifth Avenue or Madison Avenue in New York City was almost a requirement for them. Lately however so many things in retailing have been changing that several iconic retailers have been closing down their flagship stores. This certainly is not a promising sign for our industry when Lord and Taylor announces closing their New York location or most recently Tommy Hilfiger announcing the closing of theirs on Fifth Avenue. HILFIGER’S 22,000 square foot store is yet another loss to the famed Manhattan shopping street. And to make matters worse the brand also annunced that they will be closing its Collins Avenue Store in Miami as well. This is happening at a time when retailing is becoming more of an online experience than a physical shopping one. So maybe you want to believe from some of the other industry magazines that you need to “create instore experiences” to stay alive. Honestly we have more of a challenge coming than having a clown blowing up balloons at your store lobby is going to fix. When the deep-pocketed retailers like Hilfiger, Toys R Us, Ralph Lauren, Henri Bendel and others are having troubles it becomes increasingly obvious that many of us need to pivot more, and quickly into online marketing to our shoppers. NOW is the time to spruce up, promote and prepare your website, social media marketing! For Late-Breaking Industry News Visit: www.RetailersForum.com If It Affects Retailing We Report On It! Page 16 MAY 2019 | RETAILERS FORUM MAGAZINE
Dakota Steel Art Lifetime Rustproof Warranty “Enjoy The Wind” Exclusive Solar Light Designs Solar Light included MAKE MORE MONEY Wind Spinners are selling Hang some in your booth Easy Money & Pays for booth+ BE THE FIRST AT YOUR SHOW TO SELL OUR RUSTPROOF WIND SPINNERS! Drop Shipping Available! - Low inventory needed - No extra cost NEXT DAY SHIPPING STAINLESS STEEL WIND SPINNERS START SELLING TODAY! www.dakotasteelart.com Ph: 701-242-7747 * Fax 701-242-0177 Email: info@dakotasteelart.com 405 County Road 25 Mantador, ND 58058 *You pick your spinners from stock items (limited to in-stock items) Join the Vendors Switching to DSA - America’s Best Selling Wind Spinners - Proudly Made in the U.S.A. 60 Dog Breeds! Try them, you will LOVE them! Want More Info? Circle #23 on page 11 • www.Vendor411.com RETAILERS FORUM MAGAZINE | MAY 2019 Page 17
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Retailers Forum Magazine May 2019

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