How research can get retail through a recession

If your business is anything like 76% of the small businesses in this National Association for the Self-Employed study, the stumbling economy has already negatively impacted your bottom line. Retail is often one of the first industry sectors to feel the pinch from tighter consumer purse strings, but must a sinking economy drag your retail business down with it? No. Emphatically, no. You’ll just need to continue to be smart about your business and make thoughtful, well-researched, and knowledgeable decisions.

One of those smart decisions might be to use the following free online sources to keep close tabs on the retail industry, to follow and predict economic and consumer trends, and to benchmark your business against industry standards. An efficiently-run and well-prepared business is best situated to get through this recession (relatively) unscathed. 

Use these sites to find current retail industry statistics

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Advanced Monthly Sales for the Retail Trade provides very current (last month) sales statistics in numerous retail industries along with past year data to reveal trends over time.
The Annual Retail Trade Survey brings numerous Census statistics together into detailed reports on sales, inventories, margins, expenses, and more. This data is current to 2006.
The Quarterly Retail E-Commerce Sales site shows total online sales figures over time and is updated quarterly.
The E-Stats site shows total 2006 sales for specific retail industries along with online sales segmentation. (Tip: Click the “Tables” link along the left-hand column.)


Use these sites to stay abreast of economic trends

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The 2008 Global Powers of Retailing, from business services firm Deloitte, looks at the economic outlook for the retail industry (starting on page 40 of this pdf).
Metric 2.0 aggregates Retail Economic Indicator postings from across the Web.
The Conference Board maintains the Consumer Confidence Index, which is updated monthly. 


Use these sites to predict consumer trends

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The National Retail Federation provides numerous reports on consumer trends, covering topics from “Gas Prices” to “Gen Y” and “Tax Returns” to “Gift Card Spending.”
The 2008 Powers of Retailing lists the top ten trends affecting the global retail industry (starting on page 44).
Trendwatching’s monthly briefings offer very valuable insight into bleeding-edge consumer thought-processes.

 
Use these sites to benchmark your retail business

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The Fintel Industry Scorecard gives benchmark reports for numerous SIC codes, including retail SIC codes which start with 52-59. Registration is required, but is free. Once you’ve entered your SIC code you’ll also be asked for some basic financial data, which will be used to compare your business to the industry average.
Deloitte’s 2007 Retail Industry Benchmarking Report profiles actual businesses in over a dozen retail industries, and provides financial statements to compare operations.
The Census report Estimates of Retail Inventories and Inventory/Sales Ratios shows how much different types of retailers have tied up in stock.



Some additional retail research sources

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Deloitte has numerous reports and white papers on the retail industry.

The Pew Internet & American Life project creates reports covering online consumer behavior, such as Internet and Consumer Choice and Online Shopping.

Search the Hill Library’s Special Issues Index by “retail” for top companies in specific retail industries, trend reports, industry statistics, and lots more.

The Special Issues List of Lists can help you find the top companies in numerous retail industries.

The BLS Consumer Expenditure Current Expenditure Tables provide statistics on how much people spend on various goods and services, using 2005 data.


Business research may not solve all of the problems facing the retail industry, but engaging with and applying some of the information available here can ensure that your retail business moves forward knowledgeably, strategically, and – with a touch of luck and entrepreneurial skill – successfully.