American Express OPEN Forum: Powering Small Business Success

Follow:

Highlights:

The World
Entrepreneurs
Technology
See More
- Topics
  - The World
  - Technology
  - Money
  - Marketing
  - Managing
  - Lifestyle
  - Innovation
- Features
Search

Search OPEN Forum

Search OPEN Forum

Be Cheap or Be Unique (or Go Home)

Marc Tracy bizbox.slate.com

1 Comment

Tumblr
Email

June 12, 2009

OPEN Forum Message

Affordably Build Your Brand

FedEx Global Brand Management Director Monica Skipper shares a cost-effective way to build a bigger brand for your small business.

Learn more

Featured Response

“I think this applies not just to retailers, ...”

DANIEL ZUKOWSKI

View all comments

Two different articles today illustrate which types of businesses--retailers especially--are managing to do alright for themselves even in one of the worst consumer spending climates of modern times. Essentially, the two main types of thriving companies are the known discounters and the known purveyors of unique, quality items.

The Washington Post reports that Walmart, T.J. Maxx, and a few other prominent big discount retailers all reported solid growth this past April. This should really come as no surprise, of course; and nor should the disappointing data reported by Nordstrom's and other more high-end stores. "Industry experts said any improvements in retailers' performance was largely driven by better management of prices and inventory rather than an increase in consumer demand," the article reports. "Shoppers remain cautious and are looking out for deals." The lesson? It's not what you sell as much as it is how you sell it. Market to the recession, and you should do okay.

Meanwhile, in what's really more of a service-type article, the New York Times highlights Brooklyn's flourishing new design scene. "Even though the economy is down, the scene is still booming," says one furniture maker. The lesson? No matter the economy, neer underestimate the determination of creative people to be heard; and never underestimate the market for their creative, unique product. And relatedly: if you are one of those creative people, try not to let the economy stop you.

American Express OPEN brings you the latest insights from noted business authors and experts in our special promotion with Slate BizBox.