The Domino Effect of a Big Business Closing: How Small Businesses Feel the Pinch #retail #community #economy #bigbusiness #smallbusiness #foottraffic #grocerystores
📝 Highlights from the article
When the AMC 24 in Hamilton closed in 2020, neighboring businesses like UNO Pizzeria & Grill saw a 30-40% dip in sales.
This case highlights the crucial role big businesses play in supporting smaller ones. Their presence drives foot traffic, exposes smaller shops to new customers, and even acts as "inexpensive advertising."
But when they close, the consequences can be dire:
👉 Reduced demand and activity in the community
👉 Job losses and decreased tax revenue
👉 Consumers taking their business elsewhere
So, what can be done?
Invest in prime locations: High foot traffic areas are still hot property, making smaller businesses less reliant on one anchor tenant. ️
Revamp struggling centers: A fresh coat of paint and strategic reinvestment can attract new big businesses.
Cozy up to grocery stores: These retail staples are recession-proof and draw consistent crowds, making them ideal neighbors for smaller shops.
Remember, a thriving retail ecosystem needs all players - big and small - working together.
Construction Worker at Surface Engineering, Inc
3wI have family down there...