Stacy Mitchell of the Institute for Local Self-Reliance offers 50 ideas to strengthen independent businesses in your community. Detailed discussion of these reasons is available from this publication.
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As large retail chains have grown in number, consolidated, and expanded their market share, many locally owned independent businesses have closed their doors. This has resulted in the displacement of tens of thousands of locally owned and independent businesses. Although independent retail has declined in recent years, locally owned businesses still command a substantial share of economic activity and resources. There are reasons why they should not be forgotten. According to Stacy Mitchell of the Institute for Local Self-Reliance, the ten reasons summarized in this issue explain why locally owned businesses are important.
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Downtown is one of the largest mixed use developments in a metropolitan area (and perhaps the largest in many small cities). However, there is rarely a strategic plan for downtown, nor any formal management of it. By contrast,
the typical regional mall, a much smaller and far simpler development, has a comprehensive strategy for the positioning of the mall and 24/7 oversight. Leinberger offers a comprehensive approach to strategic planning that creates “walkable urbanity,” the appeal of traditional downtowns that sets them apart from their suburban competitors. These strategies fall into ten categories.
The majority of downtown visitors arrive by automobile making it essential to balance a pedestrian-friendly setting
with the continuously increasing public demand for convenient parking. SDP fully comprehends the valuable role parking plays in a strong downtown economy, but advocates that parking be planned, designed, and located intelligently, keeping the pedestrian in mind. After all, every driver becomes a pedestrian once the car is parked. Seven core principles contribute to the essence of Smart Downtown Parking.
This article summarizes a new method for identifying market opportunities in specific retail categories. A detailed study of market demand and supply (in square feet) is necessary for each store category to determine market potential. Market opportunities can be identified where demand exceeds supply. After considering other more qualitative market factors including how and where local residents shop, conclusions can be drawn regarding potential business expansion or recruitment efforts.
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Recent trends in the movie exhibition industry emphasize new facilities with 16 or more screens, multiple story stadium seating and digital sound and picture. While these theatre concepts may work well in large metropolitan areas, they fail in smaller cities. Regardless of the trends, smaller cities and towns still feature viable downtown theatres that provide gathering places and centers of affordable entertainment for all ages. These theatres range from long-running single-screen theatres and newer multiplexes, to non-profit or cooperative theatres and even city-run movie houses. In this article are examples of successful theatres in small city downtowns employing a variety of strategies to keep the movie house lights on.
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Ken Stone (1995) author of Competing with the Retail Giants, identified big box retailers as the single largest threat to the survival of small-town independent retailers. In order for small stores to be successful, Stone recommended specific strategies concerning marketing, merchandising, business operations, and customer service. Since Stone did not test his recommended strategies, a team of University of Minnesota researchers decided to determine whether successful independent rural retailers in Minnesota were implementing any of Stone’s recommendations. The marketing, merchandising, and customer service strategies were shared by our participants. They believed these strategies made a difference in their business.
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Dealing with the after-effects of road construction frequently requires careful planning and implementation to help restore a community’s vitality and perhaps help it expand beyond previous levels. A good dose of creativity and perseverance are also useful elements. Several strategies that can be considered, based on the experiences of several Wisconsin communities that have successfully dealt with the after-effects of road construction, are summarized in this issue.
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A small but growing number of community corporations are operating stores and restaurants around the country. In Swanville, Minnesota, for example, some sixty families share ownership of the town’s only restaurant, Granny’s Café, which opened three years ago financed by more than $300,000 in community capital. When the general store and lunchtime gathering spot in Hebron, New Hampshire, closed a few years back, more than half of the
village’s four hundred residents chipped in to buy and reopen the store as a collective enterprise.
Many of the sectors Wal-Mart has targeted for expansion are now dominated by big box specialty stores like Best Buy, Home Depot, and Bed Bath & Beyond. Analysts point to the announcement by Toys “R” Us that stiff competition from mass merchant Wal-Mart was causing Toys “R” Us management to consider exiting the toy business. This suggests that even the successful “category killer” stores of recent years may face intense competition from Wal-Mart. This issue discusses some of the sectors that may face future competition.
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