Washington Retail Association

What it reported doing in 2024

The Washington retail association supports an influential and dynamic industry which will look very different in the coming decade. The consumer is at the heart of this evolution and the industry transformation is at the forefront of all we do. Given the rapid pace of technological advances and social transformation, expectations for outstanding customer service and experience are now being set by forces outside the industry. Retail is no longer defined as on-line or brick-n-mortar but naturally moves across multiple channels to meet the expectations of convenience. Changes in consumer behavior are forcing retailers to offer unique experiences or service that cannot be replicated online. Increasing numbers are focusing on shopping as entertainment-integrating retail with social or media driven experience. Despite these increasing pressures, the industry is growing nationally and thriving in Washington state's healthy economy. Wra members operate more than 4,000 storefronts in each of the state's legislative districts. Nearly 400,000 of the nation's 30 million retail employees work in Washington state. Retail employment has grown nearly 25% statewide in the past decade while taxable retail sales are up 35% in the past five years. Sales tax revenues fund the bulk of governmental social services throughout the state. This growth is fueled by high consumer confidence and some of the lowest unemployment rates in the history of our nation.regardless, wra's mission is more important today than it ever has been since its establishment in 1987. Despite the steady growth of retail, development of new technologies continue to change the retail workforce. This change is opening up new industry jobs and creating new career paths. As retailers respond to the change and disruption some retailers are continuing to prosper and others are struggling to innovate and reinvent themselves in order to survive. Industry threats are broader than just technology, experiential service, last mile delivery and convenience. Governments are increasingly leaning on the industry with burdensome regulations and labor benefits that threaten the livelihoods of entire businesses. Retailers, from national chains to sole proprietorships and everyone in between, need a focused and compelling voice to engage in the public debate of how best to regulate the industry and grow the economies it supports.this is the essence of wra's role as Washington's exclusive advocacy group for retailers. At the same time, wra offers an array of cost-saving services to add value to members. We plan to remain a pivotal player in working to anticipate and shape retail's evolution through the remainder of the decade and beyond.

Financial Efficiency

• Mission deployment rate: Limited
• Program expense ratio: Limited
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: 2 of 6 controls in place; rating input score 33
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Limited
• Related-party transparency: Yes; rating input score 100

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 8 of 8 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: NotApplicable
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: -4.3%; rating input score 25; 25th percentile among comparable filings
• Total-asset coverage ratio: 3.28; rating input score 77; 77th percentile among comparable filings
• Liabilities to assets ratio: 0.5; rating input score 16; 16th percentile among comparable filings
• Officer compensation ratio: 29.5%; rating input score 7; 7th percentile among comparable filings

Growth

• Program expense growth: Limited
• Revenue growth: 5.7% per year; rating input score 100; 48th percentile among comparable filings
• Asset growth: 19% per year; rating input score 100; 80th percentile among comparable filings