In celebration of National Small Business Week, the RetailNext blog is focusing on mom-and-pop shops today. Historically, mom-and-pop shops have been known as family-owned businesses, especially those who operate drug stores and pharmacies. Today, they include various kinds of businesses, including bookstores, restaurants, insurance agencies and more.
There might be a common assumption that mom-and-pop shops are obsolete in today’s retail world or economy, especially with the rise in e-commerce. However, many statistics point to how some commonly held beliefs may not be completely true. For example, according to the U.S. Bureau of the Census, about 90 percent of American businesses are family-owned or controlled. While this also includes larger companies, these businesses account for half of the nation’s employment and half of the Gross National Product.
In addition, it may seem mom-and-pop shops are not relevant to millennials and Gen-Z shoppers as well. However, this perception isn’t completely true, as 98 percent of Gen-Z would rather shop in-store, and 40 percent of millennials would shop in-store to support local businesses. It’s not that every mom-and-pop concept will succeed, but that their connections with local communities and personalized shopping experience are what today’s shoppers crave. As such, mom-and-pops need to focus on providing such an experience while reducing friction in other parts of their shopping experience.
To learn more about tips for mom-and-pop shops and how to thrive in today’s retail climate, check out the infographic below from Fundera, “7 Tips to Help Your Mom-and-Pop Shop Succeed against Big Retailers.”
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