Navigating Challenges: Strategies for New York City’s Independent Retailers

Independent retailers are facing a multitude of challenges that threaten their survival in New York City, including a shortage of employees, rising costs of salaries and benefits, and the impact of federal interest rates. Ashley Ranslow, the New York state director of the National Federation of Independent Business, discussed these issues and provided strategies for small businesses to overcome them.

One key challenge for small businesses is the shortage of employees, which makes it difficult to recruit and retain staff. Ranslow suggested several strategies that businesses can use to address this issue, such as offering competitive wages and benefits packages, creating a positive company culture, and investing in training programs to help employees develop new skills.

Another major challenge facing small businesses is the rising costs of salaries and benefits. Ranslow highlighted the importance of keeping these costs under control in order to remain competitive in the marketplace. She also discussed the impact of federal interest rates on small businesses, particularly how they can affect borrowing costs and cash flow management.

As National Independent Retailer Month approaches in July, it is more important than ever to support and celebrate these essential businesses that are vital to our local communities. Ranslow emphasized the need for policies that will help small businesses thrive despite the numerous challenges they face. By coming together to support these businesses, we can help ensure their continued success and presence in our communities.

Small businesses are an integral part of New York City’s economy and provide everything from clothing for special occasions to everyday essentials. However, many of these businesses are facing challenges that threaten their survival.

According to Ashley Ranslow, independent retailers are particularly feeling the impact of these challenges.

One major issue facing small businesses is the shortage of employees, making it difficult for them to recruit and retain staff.

Ranslow discussed strategies that businesses can use to overcome this obstacle and ensure their continued success.

She also highlighted the rising costs of salaries and benefits as well as the impact of federal interest rates on small businesses.

As National Independent Retailer Month approaches in July, it is more important than ever to support these essential