The retail business has become very competitive and small retailers are finding it very difficult to survive in presence of large supermarkets. This main impacts of this on the local communities including job losses and monopolised market. This can be changes by applying some changes, including a partnership based business model and improved government regulation.
To begin with, closure of local retail shops will result in a severe job crisis as they are the primary source of income for a lot of local communities. In addition, presence of only large supermarkets in retail business will result in higher inflation. For example, a recent study conducted tells that if the current situation continues, the unemployment and inflation rates will be at their peak since last decade. This will not only impact lives of local communities but also have a widespread impact on the economy.
Small size retail shops should think of some partnership based model that can help them increase their profession size and scope to be able to compete with large retailers. Furthermore, government should create an atmosphere where retailers can approach investment firms to raise capital in order to grow their business. For instance, there are various investment summits conducted by governments where various companies and investment firms come together. Government should make such platforms available for local retail business as well. This will not only help small retailers survive but in fact will give them opportunity to grow, create more jobs and provide a larger contribution towards the growth of the economy.
In conclusion, in today’s competitive business environment small local shops are finding it very difficult to sustain and compete with large brands. This essay discussed how closure of local retail shops will result in job loss and increase inflation. This essay also suggested solutions to this problem are two fold: local retailers should come together and have partnerships and the platforms government should provide that will enable local retailers to not just survive but also grow.
The
retail
business
has become
very
competitive and
small
retailers
are finding it
very
difficult to survive in presence of
large
supermarkets. This main impacts of this on the
local
communities including
job
losses and
monopolised
market. This can be
changes
by applying
some
changes
, including a partnership based
business
model and
improved
government
regulation.
To
begin
with, closure of
local
retail
shops
will result in a severe
job
crisis as they are the primary source of income for
a lot of
local
communities.
In addition
, presence of
only
large
supermarkets in
retail
business
will result in higher inflation.
For example
, a recent study conducted
tells
that if the
current
situation continues, the unemployment and inflation rates will be at their peak since last decade. This will not
only
impact
lives
of
local
communities
but
also
have a widespread impact on the economy.
Small
size
retail
shops
should
think
of
some
partnership based model that can
help
them increase their profession size and scope to be able to compete with
large
retailers
.
Furthermore
,
government
should create an atmosphere where
retailers
can approach investment firms to raise capital in order to grow their
business
.
For instance
, there are various investment summits conducted by
governments
where various
companies
and investment firms
come
together.
Government
should
make
such platforms available for
local
retail
business
as well
. This will not
only
help
small
retailers
survive
but
in fact will give them opportunity to grow, create more
jobs
and provide a larger contribution towards the growth of the economy.
In conclusion
, in
today
’s competitive
business
environment
small
local
shops
are finding it
very
difficult to sustain and compete with
large
brands. This essay discussed how closure of
local
retail
shops
will result in
job
loss and increase inflation. This essay
also
suggested solutions to this problem are
two fold
:
local
retailers
should
come
together and have partnerships and the
platforms
government
should provide that will enable
local
retailers
to not
just
survive
but
also
grow.