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Tag Archives: Retail

NYC to Track Vacancies, Support Small Businesses

New York City is building a database of vacant storefronts to help small business owners find appropriate spaces.

New NYC database will ensure more storefronts are open for business.

The city’s rising rents and recent trends favoring online shopping have resulted in a vacancy crisis. The five bills passed in July 2019 as part of this effort require yearly reporting on storefront vacancies, updates on the business environment, and focused tracking of family-owned businesses. The information will be gathered by the Department of Finance and will include size as well as occupancy status and monthly rents if the property is being leased. Two related bills task the city’s Department of Small Business Services the responsibility of training small businesses on regulation compliance and marketing.

Small storefront businesses are an important part of the city’s economic growth. 50,000 small and mid-size retail and restaurant businesses employ more than 600,000 people across the five boroughs. Chris Doeblin, owner of Book Culture, an independent book store chain, believes the legislation is an important step in helping NYC’s small businesses. “We need to have a lot of information and this bill gives us the most basic information about what is open.”

Extreme Weather Conditions May Impact Spring Business

Cities across the United States have been struggling with frigid temperatures, snow and ice, and the unusually harsh weather has had an impact on numerous industries and markets across the continent. According to Morningstar‘s Jamie Katz, the weather may also have a negative effect on retail this spring if retailers are forced to offer discounts… Continue Reading

ShopKeep POS, an iPad Point of Sales

ShopKeep, an iPad POS point of sale system, was developed by business owner Jason Richelson to suit the needs of those standing “behind the counter.” The ShopKeep system helps retailers simplify sales by allowing users to add items, select a payment method, add a gratuity and complete the transaction by tapping on an iPad. Reuters… Continue Reading

Holiday Spending Reaches New High

Black Friday, Small Business Saturday and Cyber Monday all boosted consumer spending, thrilling business owners and retails throughout the United States. Now comes the real challenge: keeping up the trend. Many experts predict even better sales over the next few weeks. Black Friday weekend saw 247 million shoppers, according to the National Retail Federation. Last… Continue Reading

Retail Spending Picks Up Over the Summer

For the first time in five months, retail spending in the U.S. has seen major improvement. Throughout July, retail spending increased in all sectors, including electronics, building supplies, garden equipment, furniture, sporting goods, apparel and more. According to the commerce department, retail sales increased 0.8% in total last month; the most significant rise since February.… Continue Reading

Chinese Consumers Boost Global Luxury Sales

Despite global retail struggles and general confusion, the high-end luxury market in China appears to be peaking. In 2010, luxury goods sales raked in 212 billion yuan, growing an additional 25-30% in 2011. More than 60% of the retail burst was a result of designer brands like Cartier, Jaeger-LeCoultre, Christian Dior, Burberry, Prada and Gucci,… Continue Reading

Wal-Mart Offers Insight on New “Consumer Normal”

Americans will spend money despite the hesitant economic recovery as long as they believe they are buying at the lowest prices, according to Wal-Mart Stores Inc., the U.S.-based multinational retailer. The department store chain discovered the nation-wide habit by guaranteeing the lowest prices in the market throughout this year’s holiday season. Last year’s fourth quarter… Continue Reading