Department stores rebrand with smaller footprint - June 3, 2022

The U.S. economy added 390,000 jobs in May, beating expectations amid fear of an economic slowdown. The report suggests employers had success filling open positions in the month, but economists warned overall job growth is expected to slow. While the labor force participation rate inches higher, small businesses are bearing the brunt of hiring difficulties – more than half of U.S. small-business owners said they had open positions they could not fill in May. California’s first-in-the-nation reparations task force is calling for reparations for centuries of mistreatment of Black residents and urged the creation of a special office charged with providing a pathway for financial restitution. The task force interim report – which extensively chronicles centuries of racial oppression – comes as more social justice organizations press the White House to form a federal commission to study and develop reparations proposals. Apple agreed to make work schedules at its retail stores more flexible as part of a push to improve conditions in the face of unionization efforts. Apple has made several changes in recent months to placate workers, including doubling paid sick days and upping minimum pay. While union membership remains at a multi-decade low, the majority of workers across the U.S. say they support increased unionization in their own workplaces. Kohl’s Corp. received takeover bids from a private-equity firm and retail holding company following its announcement the store was exploring strategic options. Kohl’s also said it is planning for smaller stores as dozens of existing store leases are set to expire. The move mirrors that of other large franchises – Macy’s said at the beginning of the month it is expanding standalone stores in a way that would change how customers think of the retail chain. Analysts largely attribute department stores’ struggles to the cultural shift favoring online shopping and smaller-format stores. Square is working with Apple to enable Tap to Pay on iPhones using technology that will g