Inflation, rent hikes and lower consumer spending are among the challenges that some indie stores say are making things worse than during the pandemic.
Dive Brief:
- Nearly half of small business owners, including 59% of retailers, say they’re at risk of shutting down by the fall, up 12% from the 35% that were in that predicament a year ago, according to research from Alignable, an online referral network for small businesses.
- Half of small retailers are cutting back on orders for the all-important holiday quarter, with 38% of those businesses saying they’re reducing orders by more than 20% compared to last year, per the report.
- Owners cite a host of reasons, including inflation, higher interest rates, gas prices, rent hikes, supply chain disruptions, lower consumer spending, fears of a recession and losses left over from 2020 and 2021.
