The State of Minnesota continues to have labor shortages and retail continues to struggle so much that some retail stores are shortening their hours. From MPRNews:
The labor challenges prompted Billy and Melissa Hagberg, the store’s third-generation operators, to go in a different direction: They’re open for shorter hours and no longer serve customers seven days a week, remaining closed on Mondays.
“The pandemic was a reset moment. There’s no doubt about that,” said Bruce Nustad, president of the Minnesota Retailers Association.
“I think this grand reset has some advantages and some disadvantages,” he said. “In some cases it has worked out great for customers and in other cases customers are feeling like some of those shorter hours are a little tougher from a convenience perspective.”
Source: MPRNews.org
In our post, The Future Is Slow, we outlined what is in store for the United States and other countries around the world with decaying demographics and what is happening in Minnesota will become pervasive throughout many smaller towns and rural areas over the next decade as millions of boomers retire and depart the labor force.
To add further injury, hospitals in Minnesota are in a financial crisis as labor costs balloon out of control due to lack of workers. From the Start Tribune:
With higher labor costs and inflated expenses for services and supplies, more than 70 hospitals across the state collectively tallied an operating loss of $419 million during the first half of 2023, according to a report Monday from the Minnesota Hospital Association.
Source: StarTribune.com
Keep in mind that millions more will retire and the oldest millenials are now hitting their 40’s which means in 10 years, they will be hitting their 50’s and some will start retiring too!
We’ll keep an eye on this so stay tuned, stay profitable and stay solvent…