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THE ECONOMY’S loss is the small retailer’s gain as more and more consumers are shying away from big box stores and seeking bargains closer to home, pub- lished reports say. As such, the bigger stores are starting to fi ght back. A recent story in The New York Times says “Walmart, the world’s largest retailer, is adding thousands of items to its shelves, including inexpensive ones, and is asking dollar store suppliers to create small, under a dollar pack- ages for its stores. In areas with high unemployment, Walmart is grouping together its less than $1 items in a clear challenge to the
dollar stores.” Tightening budgets, continued unemployment and a general economic malaise are all blamed for the shift. And it looks like shoppers are getting used to the change, with analysts divided as to whether they’ll go back to their profl igate ways if and when the economy improves. Craig Johnson, president of New Ca- naan, CT based consulting fi rm Customer Growth Partners, told Businessweek that customers will become hooked once they see dollar stores have evolved. “They’ve become a new genera- tion of convenience stores, not just a place to buy something on the cheap,” he says. But Maggie Gil- liam, president of New York based retail consulting fi rm Gilliam & Co., disagrees. “Most people don’t aspire to shop at dollar stores,” she says. “As soon as they feel better economically, they’ll return to their old stores.” Still, tight money persists, and
consumers are more carefully watching their bottom line. “Peo- ple are literally running out of cash on hand as the month goes on and they’re looking for smaller pack- age sizes,” Johnson told the Times. “They may have $10, $20, $30 to spend getting toward the end of the month, and they have to be able to still feed the family and get diapers and so forth.” And it looks like retailers large and small will have to stay creative to keep the customers coming through
continued on page 26 20 November 2010 is Now INDEPENDENTRETAILER
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