Target Raises Minimum Wage Nationwide

Pauline Gross
September 26, 2017

Target's move comes at a politically opportune moment as 19 states raised their mandatory minimum wage in January. Some retail employees say they struggle to make ends meet and many have joined the "Fight for 15" protests, which call for a minimum wage of $15 per hour and have gained traction in many major cities.

The company had previously announced it would hire more than 100,000 hourly workers for the holiday season, including hundreds in Northern Virginia.

The company announced that starting in October, it will be paying at least $11 an hour, up a dollar from its current $10 an hour minimum wage, CNBC reported.

Target spokeswoman Jenna Reck said the wage increase demonstrates a "much bolder and more vocal investment in our team". Target said the raises would affect "thousands" of workers but remained vague on specifics. In a report past year, Cowen & Co. retail analysts said they expect that a $15-per-hour minimum could stimulate spending among lower income and millennial consumers.

Like all other big brick-and-mortar retailers, Target is looking for ways to adapt to the era of internet shopping.

TGT stock was down slightly as of Monday morning and is down 18% year-to-date.

The move represents Target's third wage increase in three years.

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But how many will follow in Target's $15-an-hour footsteps?

This is a tough year for the retailers.

The $11 minimum is equal to the highest state rates from MA and Washington. At the same time, competition for workers is becoming increasingly stiff.

"Target has always offered market competitive wages to our team members", said Brian Cornell, CEO and chairman of Target.

Opportunities are posted now on Target's seasonal hiring page.

Cornell went on to say that Target will address any potential impacts to company profits from the $15 wage at the retailer's next analyst day for Wall Street this upcoming winter.

Other reports by GizPress

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