Seasonal hiring hits 15-year low

Hit pause on hiring? That seems to be the trend among small business owners, as large companies are laying off thousands and job data looks dismal. We'll hear what operators say about the hesitation to hire. We also look at why BNPL, or Buy Now, Pay Later, is risky for retailers and how modernized layaway could be a better alternative.

But first, check out this  Detroit store turning automobile leather upholstery scraps into handcrafted goods.

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Banding together. Check out this Ohio space for female entrepreneurs.

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Small business owners explain why they're hesitant to hire

Small companies, which employ nearly half the nation’s workers, are more vulnerable to economic shocks than larger companies, so it’s not surprising that today’s financial uncertainty is impacting their hiring practices. The latest jobs report from Challenger, Gray & Christmas tracked 153K job cuts in October, and 1.1M cuts this year, which ultimately leads to consumers pulling back spending. One small business owner offers to pick up his employees' shifts, while another doesn’t expect to have the budget to make holiday hires.

Why this matters: While retailers may be hesitant to let workers go, they’re not rushing to hire, either. While the government shutdown seems set to end, inflation, falling consumer sentiment, recession fears and tariffs are keeping them cautious. (The Washington Post)

How retailers can reinvent layaway this holiday season

Buy Now, Pay Later (BNPL) has emerged as a popular credit option for physical and online retail, but the delinquency rates are rising along with its growth, and retailers may end up paying for defaults through merchant fees or fee structures. Traditional layaway, where the customer pays for an item over time before picking it up, could be a better alternative this holiday season, and it could be better implemented with modern tools like automation, personalization of payment timing, forecasting and aligning demand.  

Why this matters: The model would also allow retailers to collect high-value behavioral data from customers as the foundation for loyalty programs. It also allows retailers to own the customer and credit relationship. (Forbes)

Seasonal retail hiring is at a 15-year low

Retirement planning divided along generational, gender lines

How AI has changed the way small biz owners work

Why retailers are bringing back the holiday catalog

Holiday retail sales projected to surpass $1T

Legacy jeweler’s new stores shine for younger customers

Century-old jeweler Helzberg has found that Gen Z couples are increasingly engaged in shopping for engagement rings together. To that end, it’s opening two test stores, in New York’s Roosevelt Field Mall and Dallas’ Galleria, designed to enhance the joint shopping experience. Mitch Maggart, Helzberg’s executive vice president and chief retail officer, says they’ll also be looking at what they buy (stocked, sourced from other stores, or custom), average sale price, ratio of fashion vs. bridal sales, conversions and customer profiles.

“For these stores the concept was that, as opposed to carrying massive amounts of inventory in showcases, they would have a very strong focus on customization, education and a seamless blend of in-store and digital experiences...Our survey revealed that 47% of shoppers rate the ability to customize their ring as very important and 76% said they would invest more to have a one-of-a-kind ring created for them. That’s a massive change from decades past." -Mitch Maggart, EVP & Chief Retail Officer, Helzberg

Why this matters: While not everyone is in the business of selling engagement rings, they should be engineering their stores to capture the same KPIs and to cater to the demographic of their core customers. (Retail Touchpoints)

How to use AI to help you win Small Business Saturday

Shoppers increasingly trust AI, with 87% saying they rely on its recommendations, and more than half of those using AI assistants plan to tap them for holiday shopping. Make sure your business is ready by understanding what questions customers are asking AI. Provide answers through content optimized for search engines and in-store resources like curated gift lists and well-informed employees. Free platforms can also help generate marketing ideas, enhance email campaigns and identify trends in customer reviews.

Why this matters: Marketing and messaging platforms also have AI features to help you create and schedule messages for sale events like Small Business Saturday, and if you need ideas and inspo, ask ChatGPT. (CO)

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The SKUpe is curated and written by Marcy Medina and edited by Bianca Prieto.