"Retail is not dead," said Goldman Sachs analyst Matthew Fassler in a note to clients. "Eighty-five percent of retail sales", he continued, "are still made in physical stores today, though everyone is talking about the growing threat of e-commerce."
Many Maine small business owners can testify to robust, in-store sales.
For the first half of this year here in Maine, according to US Census data, retail sales grew 5.5% versus the same period last year. Sales of jewelry, books, toys, pet products and other specialty items are up 16.5 percent compared to last year, lodging sales are up almost 29 percent, and general merchandise sales are up 7 percent, according to a Maine Revenue Services report.
To successfully compete for an unfair share of the current retail boom, Maine small business owners need to create sustainable, store traffic. Creating a better mouse trap as Ralph Waldo Emerson believed, is not really the best way to get the world to beat a path to your door. Advertising is critical, says the Small Business Administration.
"Think you have a great product?" asks the SBA. "Unfortunately, no one's going to know about it unless you advertise." The SBA goes on to say, "Advertising, if done correctly, can do wonders for your product sales, and you know what that means: more revenue and more success for your business."
For Maine small business owners, advertising on Portland radio appears to be the key to building, sustainable in-store traffic.Read More