Retailers are feeling uncertain about the economy in 2023, as seen in responses below, based on the 15th annual CStore Decisions/Humetrics HR Benchmarking Survey. Retailers were asked, “How was business overall in 2022 and how do you think 2023 will compare in each of the three categories listed below?” Some 47% felt the economy stayed the same in 2022, with 49% saying the same for the c-store industry, while the majority of retailers (42%) felt their company fared better in 2022.
In 2023, only 33% of retailers expect the economy will stay the same, with 29% expecting it to be worse. But they’re bullish on their own company’s expectations, with 41% expecting business to stay the same and 39% expecting business to be better.
Takeaways
The Positive Top 3 Trends for 2023 include:
- 59% of business was better than expected in 2022.
- 67% of respondents are offering flexible work schedules to recruit great employees.
- Almost half of respondents predicted a better year for business in 2023.
The Negative Top 3 Trends for 2023 include:
- 82% predicted significant staff challenges in 2023.
- 44% said they feel competitive pressures in general and in losing candidates to incentives offered by other c-stores.
- 29% said they believe the U.S. economy is worse and inflation will impact sales.
To view the full survey click here.