The pressure is on for retailers to follow Wal-Mart, and now Framingham-based TJX Cos., in raising hourly workers' pay to $9 this year and $10 in 2016 to attract and retain staff.
"I think you'll see a handful of retailers follow suit — those with better balance sheets and stronger sales growth," said Retail Metrics analyst Ken Perkins. "It's long overdue for many of these retailers."
TJX, the owner of T.J. Maxx, Marshalls, HomeGoods and Sierra Trading Post stores, yesterday said its hourly U.S. workers will earn at least $9 per hour starting in June, and those employed for at least six months will move to $10 per hour in 2016.
"This pay initiative is an important part of our strategies to continue attracting and retaining the best talent in order to deliver a great shopping experience for our customers, remain competitive on wages in our U.S. markets, and stay focused on our value mission," CEO Carol Meyrowitz said.
The move matches the new wage levels announced by Wal-Mart last week.
John Challenger, CEO of Challenger, Gray & Christmas Inc., said the moves could create a domino effect.
"Other retailers may have no other choice but to follow," he said. "The pool of available labor is starting to shrink, and it will take more than a store discount to attract the best of available candidates."
The wage increases will result in a short-term hit to earnings, said TJX, which reported fourth-quarter sales jumped 6 percent to $8.3 billion, and net income rose 15 percent to $648 million.
Herald wires services contributed to this report.
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