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Gap Stores CEO Talks About Impact of Raising Wages for Workers

4/01/15 8:00 AM EDT
Gap was ahead of other retailers in raising the minimum baseline wage for its employees. Gap raised entry level pay a full year before Wal-Mart, Target, and TJ Maxx said they would do so. CEO Glenn Murphy told a business group in Washington DC that the company immediately saw a double digit increase in job applications when the pay raise was announced. He believes that will lead to better workers as the talent pool has increased. But he was less clear about the impact on sales and employee retention. Murphy says it too early to tell if those areas of business have seen an impact. Gap shares have doubled in 3 years.
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