Wednesday, 25 August 2010

Is our future in retail?

 A report by Skillsmart Retail reveals that while 16 to 24-year-olds still dominate the retail profile, there is a decline in employees of this age.
Conversely, the number of older members of staff - from 55 to 74 - has grown over the last eight years.

Last year workers aged over 55 accounted for one in seven of the workforce, with 50,000 more people from that group working in retail than in 2001.

And the potential market for retailers to employ from within the 50-plus age group is nearly three times greater than the 16 to 24 age group, says Skillsmart Retail.

As people live longer, and with the compulsory retirement age of 65 soon to be phased out, Skillsmart Retail now predicts a 22% increase in the number of over-50s working in retail in the next 10 years.

The report also predicts that the next decade could see a 9% drop in the number of 16 to 24-year-olds working in retail.

Typically, a younger worker will remain with a retailer for one to two years, while the over-50s stay for between five to 10.

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