With the recession in full swing, a number of retail chains have been slashing worker wages.
Macy’s, for example, has been shedding thousands of full-time workers and laying off more than 1,500 full- and part-time positions since 2012.
At the same time, Macy’s is expanding its department store in an attempt to compete with Amazon.com, which is growing at the fastest pace in the country.
But a new study suggests the trend isn’t helping.
In a new paper from the Economic Policy Institute, researchers looked at Macy’s performance in the past year and found that it has actually been worse than other large department stores.
The paper, which has been peer reviewed, finds that Macy’s has been reducing workers’ hours and even cutting their pay, even as its revenue has grown.
It’s the kind of pay cutting that would be considered a labor problem, and it’s also the kind that might not be good for Macy’s bottom line, said Mark Hulbert, the author of the paper.
But the researchers said they weren’t concerned by the trends.
“These are not the kind in which we should be worried,” said Hulburt, who is a professor of economics at Harvard University.
The researchers focused on Macy’s store in the Midtown section of Manhattan.
For the past four years, Macy has cut employees’ hours to cut costs.
But that’s not helping the struggling department store.
“We’re not really seeing this as a labor issue,” Hulbet said.
Macy has also cut workers’ wages to try to compete against Amazon.
Macy CEO Stephen Barber, speaking at a company-sponsored event last month, said his company is focused on creating a more “profitable” Macy’s.
But it’s clear that Macy is not meeting its own financial goals.
“In our retail stores, we have to compete on price and on quality, and that’s why we’re reducing our staffing levels, but not on quality,” he said.
“It’s not just that we’re cutting hours.
It also is about how we’re operating the store.
That’s a real challenge.”
The paper says that the shift toward less flexible work schedules is likely contributing to the slow growth in Macy’s revenue, which fell 12% last year.
But Macy’s isn’t the only big department store to be cutting workers.
Walmart has been cutting workers’ pay and hours for years.
In recent years, it has slashed more than 30% of its full-timers and laid off 1,000 full- or part-timing employees.
The company said in a statement that it’s committed to “creating a more sustainable retail environment.”
In a statement, Walmart CEO Doug McMillon said that the company will continue to invest in research and development to improve workers’ work, and the company is making the necessary changes to meet the challenges of the economic recovery.
But Hulber said that Walmart’s actions could make it difficult for Macy to keep its stores open and attract shoppers.
“When you look at the number of stores that Macy owns, there are probably a lot of stores where it doesn’t have a good relationship with workers,” he told The Hill.
“That’s not a great situation.”
Macy’s could have a tougher time getting shoppers if its store isn’t in a prime location.
In addition to losing its prime location, Macy stores that are in malls and shopping centers have lower foot traffic than other major department stores, according to the Economic Research Group, a business research firm.
Macy is also competing against Amazon, which dominates the online shopping market.
Walmart is expanding at a rapid pace in recent years.
The retail giant has more than 400 stores in 26 countries and has opened more than 10,000 stores since 2012, according, to The Associated Press.
Macy said it plans to open a third of its stores by 2021.
Macy stores typically attract shoppers who live in urban areas or live in suburbs, as well as people who have college degrees or higher.
But many of its locations are located in suburban areas, which have a high poverty rate.
Macy also has struggled to attract more millennial shoppers, who are entering the workforce at higher rates than previous generations.
It hasn’t always been a problem.
In the past decade, the number for Macy has steadily grown, according the Economic Analysis & Research Association.
But in 2016, the retailer reported sales growth of 6% for the year, compared to a growth of 2.9% for Macy in 2015.
Macy did see growth in its full year 2016, however.
In 2017, Macy reported $7.8 billion in revenue, compared with $7 billion in 2016.
The recession is hurting the department store industry as well.
Macy reported that it lost nearly $3 billion in 2017, the largest loss in history, due to the financial impact of the Great Recession.
But even with the recession, Macy continues to make strides.
It is the fourth-largest department store operator in