Be Different or be dead

July 18, 2019

Practical ways mom and pop shops can succeed

Business competition is fierce, but even in the face of competition from big box retailers and the rising popularity of eCommerce, there’s still a place for the classic mom-and-pop shop.

Mom-and-pop shops, like the name implies, are typically small, family-owned businesses. They can take any number of forms, such as bookstores, specialty clothing boutiques, restaurants, or other types of physical storefronts.
Even though shopping options have expanded and consumer preferences have changed, in-store purchases still account for the majority of sales, and customers still value in-store experiences.

Mom-and-pop shops stand apart from large, mainstream retailers because they can offer a unique, personalized in-store experience that big retailers can’t quite replicate.
Knowing customers on a personal level and hosting in-store events can level up a mom-and-pop shop’s position in a local community and add character to what makes a city or town special.

Mom-and-pop shop owners, however, must employ strategies to help their businesses continue to stand out as retail continues to change.

Make the most of Independent Retailer’s Month this July by checking out this infographic courtesy of Fundera for actionable tips to help your mom-and-pop shop succeed against competitors.

— Meredith Wood is Editor-in-Chief at Fundera. Specializing in financial advice for small business owners, Meredith is a current and past contributor to Yahoo!, Amex OPEN Forum, Fox Business, SCORE, AllBusiness and more.

• Posted 7.18.19 at 04:04 am by Roy Osing
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