Competition is rapidly changing in response to consumer demand. The intensified competition is affecting both the big retailer and the small town business owner trying to maintain a share of a shallow market. The conference featured some of the most respected professionals in retail, shopping center, and economic development. The following are industry insights and lessons shared at the conference, many of which are transferable to retail in smaller communities. According to Quentin Davis 2 of Marketing Development, Inc., people are spending less time in retail stores today.
Shopping is considered by many to be one of their least favorite activities.
When they are shopping, they are spending less. One factor influencing consumer buying behavior is the aging of the population. Younger adults aged 18 to 34 are the most active consumers. However, this group will shrink by 11 percent over the 90 s. Further, older Americans tend to spend less of their income on retail goods and services.