Just over a week after Stitch Fix's CEO stepped down, Bill Gurley, a board member and famed investor, made, in his own words, an"unconventional" move. Gurley tweetedIt's the surest sign yet of a crisis facing the retail industry. Gap Inc.; Bed Bath & Beyond; Under Armour; Adidas; Foot Locker; Dollar General; Kohl's; VF Corporation, the owner of Vans; Designer Brands Inc.
Experts told Insider the burst of turnover traces back to the pandemic. Supply chains got snarled, shoppers stopped visiting stores, and stimulus payments spiked demand, each making it difficult to measure how business was doing. As pandemic restrictions have eased and a possible recession nears, boards of directors are getting a better look at the underlying numbers and doing some"housecleaning," but struggling to find good candidates.
"Everyone was forgiving during the pandemic, but now we're anticipating we might get into rougher waters," Felipe Caro, a professor of operations at the UCLA Anderson School of Management, told Insider."Many boards are saying, 'Do we have the right person? We better make these changes given that things are not going to get any easier.'" Marvin Ellison, the CEO of Lowe's, got his start in retail making $4.35 an hour as a security guard at Target.
Retail jobs were once considered stepping stones to launch employees into a long career in the industry. Marvin Ellison, the CEO of Lowe's, got his start
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