Monday, August 31, 2009
Small retailers struggle more
Posted by Kimberly Lawson on Mon, Aug 31, 2009 at 2:49 PM
Shop local. Please? Our people are hurting ...
Although the recession has been a struggle for all U.S. retailers, there is evidence that it has been especially difficult for the nation’s smaller, independent retailers. With Americans cutting back drastically on their spending, some stores have lost business as shoppers have turned to cheaper discount chains, while others have found that their customers have simply gone without the kind of discretionary items some small retailers sell.Sales at privately held retailers fell 3.63 percent on average for the first seven months of this year, as compared to an average drop of 1.34 percent for publicly held companies in the same period, according to Sageworks Inc., which provides financial data on privately held companies. The data is based on financial records from thousands of accountants.
Read the full story at MSNBC.com.
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