As a small business or independent retailer, what do you do when a major chain, big-box store or national franchise becomes your neighbor and direct competitor? All along you’ve been specializing in items that aren’t in the mainstream but sell well, and then some big chain – like Walmart or Amazon, for example – decides they’re going to hone in on your action.
When this happens, what can you as a boutique or specialty retailer do to remain in business and retain your dominance in any niche market?
Your first reaction might be to lower prices in order to compete with the big stores. Read more…