In 2004, several groups interested in retail, including the National Retail Federation, published the report Challenges of the Future: The Rebirth of Small Independent Retail in America . The report explores trends that affect independent retailers and explains how they can grow in the future. Being almost five years old, it is dated, but the advice is still strong and encouraging. Some of the hopeful trends the author notes are:
- Personalization. “ small independents are still the best poised to get to know their customers individually as they are often a personal part of their lives.”
- Community activism. ” There is a growing national trend of community resistance to unrestrained retail development in order to protect local community personality, feel and values… This trend obviously speaks to the perceived benefits of small independent retail.”
- Changing consumer attitudes and behavior. ” Retailers need to make the shopping experience easy for the customer by eliminating confusing or inefficient elements that frustrate customers and complicate their choices. Consumers want a transparent buying process devoid of hassles. A retail experience that fulfills these dual emotional needs will be highly valued.”
- Urban sprawl and real estate development. A recent trend in new retail development is to create community spaces of mixed use that exhibit a strong sense of place … According to America’s Research Group, consumers are spending 20 percent less time in shopping centers since 2001 and 20 percent less time driving. People are shopping closer to home. “
The report also discusses many challenges, such as the need to be proficient in new technologies, transparent pricing that commodifies products, and the need for higher levels of service. See the full report for all of the details.
