Major Trends in the Retailing Sector Which Independents Must Know

Abstract

Aretailer must be aware of national as well as local trends and must be able to cope; better yet, if possible, to keep ahead of these developments. The smaller the retail establishment, however, the less important national trends are. It is quite likely that national trends may not quite reach to small neighborhoods. However, they do generate a trickle effect. Retail establishments, particularly small retailers, must be more aware of local conditions such as a major change in the local highway system that would redirect local vehicular traffic and change the traffic on which local retailers rely. Similarly, the announcement of a major discount retailer locating outside of town or the change in the town’s development plans, say, from east side to west side, may be more critical to local small retailers than the stock market crash or a recession in the national economy. This does not mean that local small retailers should not know or, worse yet, not understand national trends. It simply means that retailers must be aware of local conditions that may have an immediate impact on their performance.