Saks Global Sets New Incentives for Top Sellers

Core Insights - Saks Global is launching a new program aimed at enhancing incentives for stylists and selling associates, which is expected to improve sales performance and customer service [1][2] Program Overview - The Saks Fifth Avenue and Neiman Marcus Seller Success Track program will begin in November and aims for full implementation by 2026, focusing on motivating associates to increase sales and providing tools for skill improvement [2] - The program is designed to create clearer career paths for associates as they meet specific sales goals, enhancing customer service and personal attention [2] Sales Performance Context - Saks Global has experienced a decline in revenue, with a reported 11.1% drop in the second quarter, falling from $1.8 billion to $1.6 billion, attributed to ongoing inventory challenges [3] Workforce Dynamics - The retail sector faces high turnover rates among selling associates, often around 20%, necessitating better compensation, flexible hours, and attractive career development opportunities [4] Targeted Associate Types - The program specifically targets two categories of selling associates: stylists who provide comprehensive wardrobe services and sellers who specialize in particular merchandise areas [5] - Associates who achieve $1 million in annual sales are classified as "emerging stylists" or "emerging sellers," with the program offering increasing support as they progress to "master stylist" or "master seller" levels, which require at least $7 million in annual sales [5] Support and Incentives - The program includes incentives such as dedicated roles for new customer acquisition, connecting high-potential customers with master stylists [6] - Additional support for associates includes the provision of an assistant to help manage appointments, client communications, and social media activities [6]