More than 98 percent of all retail companies are small businesses.
News about large retail companies might dominate the conversation about industry, but most retailers are small businesses: More than 98 percent of all retail companies employ fewer than 50 people, and 95 percent of retailers operate only one location.
In cities and towns across the country, small business retailers are creating jobs, spurring economic growth and serving their communities and customers in new and innovative ways. In recognition of Small Business Week here in Washington, we’re spotlighting some remarkable small business owners that illustrate the leadership, ingenuity and entrepreneurial spirit that make retail such a dynamic industry.
Creating jobs and building communities
The Small Business Administration reports that small businesses employ 47 percent of the nation’s private workforce, and retail is the third-largest small business sector. From creating jobs to supporting economic development through business organizations and “shop local” campaigns, small retailers bring a vibrancy and sense of community to neighborhoods across the United States. See how the Hip and Humble boutique has helped transform its community in Utah.
Born online, growing up on Main Street
Forget that old mindset of ecommerce killing retail — it’s all retail. NRF’s Small Business Survey data revealed that more than half of small business owners have an online presence, and a new crop of retail entrepreneurs are finding success first online, then opening their storefronts. Moorea Seal, a Seattle boutique featuring handmade and U.S.-made goods, started with a group of talented partners building an online community and then opened a physical storefront.
Retail is female
Women are making their mark on the retail industry in all aspects of the business, from rethinking business models to driving innovation. NRF’s Small Business Survey reported that more 61 percent of all new small retail businesses were owned by women. Overall, almost half of all small business are owned by women.
Small business owners can make an impact on Capitol Hill with their stories. Learn how to be an effective advocate at NRF’s Advocacy Bootcamp, July 9-10, in Washington, D.C. Learn more.
Advocating for the industry
In an increasingly competitive environment where consumer expectations are set by tech giants, small business owners have a tough task, but their outlook is positive. NRF’s Small Business Survey found that two-thirds (67%) of small business owners believe their businesses will be better off in a year, though the threat of tariffs and other policy concerns could derail this optimism. Standing up for small business retail is an increasingly important role for retailers across the country.
Small business owners like Jones can learn more about how to be an effective retail advocate and make a difference in Washington by attending the NRF Advocacy Bootcamp, to be held in Washington, D.C., July 9-10.
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