How Retailers Survive Recession

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Retailers can survive and do well in an economic downturn if they retool their operations in advance of a recession. One way to survive is to plan for growth. Focus on expanding your business, not just on cutting back. As a recession approaches, strengthen your market position by developing initiatives to gain new customers. Another tip is to trim inventory. Excess inventory hinders profits even during times of prosperity. In a recession, it can lead to failure. If you’re not careful, inventory can sit around for months until it has no value. Never buy more than you need just to get a lower price. For example, vendors may offer free shipping if you buy a certain amount. Turn the offer down if it will result in bloated inventory, and buy only what you need and are comfortable selling. Read more about protecting your business before and during a recession.

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