What’s a local business to do when a big box competitor is coming to town? Stay calm, there are plenty of ways to keep your customer base intact while continuing to thrive. Vend, a company that makes point of sale software for retailers, offers a blog post with five things you should do ASAP upon learning you have to share your turf, including leaning in to your strengths and identifying the weaknesses of your competitor.
One thing to remember is that your smaller size can be one of your biggest strengths. You have the ability to add a personal touch and get to know your customers. In addition, you’re local. You understand the community, and many of your customers prioritize keeping their dollars local.
While it might be easy to let your fear take over, keep in mind that there’s room in the market for both of you. Our favorite takeaway from a recent Forbes article on the topic? “You have countless advantages over big box stores. Then again, you have countless obstacles you can’t always beat. Rather than dwell on that, however, focus on what you can do.”