July is Independent Retailer Month so SCORE researched the role of small retail businesses on the U.S. economy for our latest infographic.
Did you know that small retailers, with 50 or fewer employees, make up 98.6% of all retail firms?
SCORE’s latest infographic, sponsored by Kimco Realty, examines the power of small retailers who not only compete against the big stores, but win.
Average monthly revenue of small retailers by industry:
- $18.6K: Cosmetics & Beauty
- $20.2K: Specialty Foods
- $25K: Fashion
- $26.4K: Electronics
- $27.7K: Beverages
- $28K: Furnishings
- $30K: Jewelry
- $30.4K: Sporting Goods
- $39K: Beer, Wine & Spirits
- $40K: Furniture
Small and medium-sized retailers:
- Hire 39.8% of all retail employees
- Have an average monthly revenue of $22,341
- Have an average gross margin of 51%
Consumers shop in physical stores for the experience
- They spend 69% of their discretionary income each month in-store.
- Trying items in a store is 3x more influential than other purchase factors.
“Retailtainment” events attract, engage and retain customers.
Retailer events consumers are interested in attending:
- 87%: Exclusive access to items or sale
- 81%: Party
- 80%: Product demonstration or tutorial
- 71%: Game or competition
- 69%: Pop-up shops
82% of shoppers attended a retail event last year, and 58% are interested in going to one in the future.
Brick-and-mortar is not dead.
- Ecommerce only comprises 9.46% of retail sales.
- 55% of online shoppers would prefer to buy from retailers that have a physical store presence vs. online only.
Work with a SCORE mentor to keep your retail business competitive.
Infographic designed by Easel.ly.
Copyright © 2023 SCORE Association, SCORE.org
Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.