Retail giants are in trouble. Earlier this year, The Limited gave a grim announcement that it is closing all its retail stores in the U.S. The ubiquitous Macy’s is poised to close 68 stores this year. Kohl’s reported that the company stock is decreasing. All in all, this is a bleak time for retail giants in America. Many small retail businesses fear that their fate might actually be worse. If an internationally recognized brand like Macy’s is having trouble keeping stores open, what hope does a small, local retail business have? Especially given the fact that small businesses overall are facing hard times? Actually, the situation may not be bad as some small business owners initially thought.
One of the biggest reasons the big name brand retail outlets are closing is because these companies have little local identity. Consumers tend to skip them over in favor of either online shopping or for niche businesses with strong local roots. Big retailers are also facing crushing inventory expenses because of the sheer size of inventory. Most small businesses don’t have inventories big enough to face the same expenses.
What was once seen as advantageous when it came to giant retail—such as uniformity, national brand, massive size—is now working against these companies. For small businesses, this is good news. If big retail is leaving town, that means there will be more customers seeking alternative buying options. More importantly, the strength of small retail businesses lies in a strong local identity. A small business of any kind can thrive by developing strong bonds with the local community. After all, no other company will get to know the needs of the local consumer base better than a local small business.
Our experts who provide Global Resources Reviews routinely advise clients to market locally to develop a loyal customer base. Marketing locally is also cheap. Once a sense of loyalty or keenness with a brand has been developed, that customer will become a lifelong buyer.
It isn’t difficult for small retailers to invest in local audiences. Cheap advertising on local social media channels can be enormously lucrative. Twitter and Facebook are excellent channels to reach out to local buyers. Posters at the town post office or a gathering point can help too. There are plenty of other innovative yet affordable ways to attract local customers to keep a small business open.
Global Resources LLC can provide small retail businesses with specific advice on how to succeed in a seemingly failing market.