The National Retail Federation estimates that a record 166 million people will shop from Thanksgiving to Cyber Monday.
Don Queen, who owns a Classic Toys store in Los Angeles, California, is stocking her shelves with toys from the past to prepare for the holiday rush.
“It seems to be more prosperous than last year,” Queen said.
According to technology company Capterra, a recent survey found that 63% of small retailers expect more profits this holiday season. Bankrate estimates that Black He has more gift buyers shopping on Small Business Saturdays than Fridays this year.
The annual event for small businesses started in 2010. This is a welcome relief for independent shops that cannot match the sales of big box stores.
“Black Friday doesn’t do much for me because everyone expects 50% to 80% discounts, which I can’t offer,” Queen said.
This is because small stores have little room to make a profit. Diana Callahan, who runs Diana’s Boutique in Los Angeles, says people are drawn to stores like hers because they want unique items and her one-on-one customer service.
“It’s a personal touch,” she said. “When people come in, we know them. We know their dogs.”
Bankrate Senior Industry Analyst Ted Rossman told CBS News:
“And a lot of people have tried to do something about them,” he added.
Still, he warns that inflation will ultimately dictate the performance of small businesses during the holidays.
“If prices are higher, it doesn’t necessarily mean that profits are higher because you’re probably paying more for rent or utilities,” says Rossman. “They don’t want to shock customers too much, but they also need to cover the increased costs.”
Still, Some Analysts WarnUltimately, it will determine how well your small business will fare during the holidays.
“If prices go up, it doesn’t necessarily mean that profits will go up because rents and utilities will probably go up,” said Ted Rothman, chief industry analyst at Bankrate. “They don’t want to shock customers too much, but they also need to cover the increased costs.”
Whether you’re planning your holiday shopping at a small store or a large retailer, experts say to find the best deals by doing research and using online price trackers. This includes checking to see if the store has a price matching policy. Retailers have already cut prices so heavily that they may not want to hold out too long, they say.