Rising Costs Have StoreOwners Most Concerned
The rising costs of freight, goods, gas and groceries is the biggest concern among independent gift retailers at the moment, beating out worries about cash flow, employee retention, foot traffic and competition from local, national and online retailers.
“When vendors charge a 10 percent freight surcharge plus shipping costs . . . products are getting too expensive,” says a South Dakota store owner.
“I recently got an order totalling $2354. The freight charges were $279.77 and the
surcharge was $238.56.” “Shipping costs have gotten ridiculous,” says a store owner from Arizona while a retailer in Colorado says, “I’m very concerned that rising costs (both of wholesale goods and also of general expenses) are going to force us into retail price points that the consumer just won’t support.”
“We are not a needs-based store,” says another store owner from South Dakota. “People will forgo shopping with me in order to cover their basic needs.”
How have rising costs impacted you, as a business owner, or a consumer? We'd love to get your perspective.