If You Work in Retail, It Might Be Time to Polish Your Resume. Here’s Why
It’s 2018, and if you work in retail, you’re probably already mulling career options for the new year.
If not, you should probably check out The Penny Hoarder Jobs page on Facebook.
You see, despite a small boost in jobs in November, the retail industry remains in peril thanks to overbuilding during its heyday and the rise of e-commerce sites like Amazon. The Retail Apocalypse is marching on.
The analysis includes an annual listing of the companies at most risk of default this year, which might mean more shuttered storefronts at malls and strip centers for each firm on the list.
5 Retailers Most at Risk of Closings in 2018
S&P Global uses a model to predict the probability of default in one or two years. We’ll just look at 2018 and the largest household names in retail to bring you the five retailers at risk of major closures in 2018.
1. Sears Holdings Corp.
Stores: Sears and Kmart
Probability of default: 25.4%
2. Bebe Stores Inc.
Probability of default: 10.2%
3. Stein Mart Inc.
Stores: Stein Mart
Probability of default: 8.2%
4. Burlington Stores Inc.
Stores: Burlington Coat Factory
Probability of default: 6%
5. Tailored Brands Inc.
Stores: Men’s Wearhouse, Jos. A. Bank and Moores Clothing for Men
Probability of default: 5.7%
Here’s What to Do If You’re Working in Retail Right Now
Don’t fret if you see the store you work for on that list.
First of all, it’s all a prediction based on a model, and, after the last election, we all know how those can go.
And second, we have plenty of resources for you to kick off a job search or find a side gig.
Right now might be a good time to get that resume in order with our step-by-step guide. And when you are ready to start applying for new jobs far away from the realm of retail, here’s how to nail your cover letter.
It may sound ironic, but you could also diversify your income stream by making money on Amazon.
Speaking of diversification, here are 32 ways to make money at home — which sounds especially appealing in this cold weather.
And if you’re more into the long game, there are several ways to beef up your professional skills to pivot to the changing workforce.
So again, don’t worry if you’re currently working in retail. There are more than 6 million jobs open right now, so there’s got to be one out there for that’s perfect for you.
Alex Mahadevan is a data journalist at The Penny Hoarder.