By now, you’ve heard the news that Target is launching new smaller stores under the CityTargets name. Likewise, Walmart continues to introduce smaller-scale stores as it seeks to expand into urban locales. Big-box retailer Best Buy is focused on its “community-oriented retail” concept with a smaller-is-better philosophy. But the downsizing efforts of these big boxes is not the big story that I am talking about. You can make a Target, Walmart or Best Buy store smaller in size, but you can’t make them smaller at heart.
The next big story for retail will be “small,” as in small, independent, local retail businesses. [Read more…]