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Study: Small retailers less hopeful about economy

October 12, 2009

New York--Although retail sales rose in September for the first time in 13 months--fueling hope among some observers that the worst is behind big retailers as they head into the holiday season--small retailers are much less hopeful, according to a new study of small businesses released by American Express OPEN.

Retail owner respondents were the least optimistic about the current business environment among all small-business owner respondents, as well as other industry sectors, according to the American Express OPEN Small Business Monitor.

Indeed, given their bleaker outlook, small-retail-business owners said they are taking severe measures to deal with the current downturn, such as:
  • 50 percent instituted a hiring freeze, though more than 25 percent have hiring plans.
  • 40 percent asked family members to work for no pay.
  • 37 percent mandated a salary freeze.
  • 36 percent stopped taking salaries altogether.
  • 34 percent tapped into their personal assets.
  • 33 percent reduced employee hours.
  • 21 percent took a second job.
The semi-annual Amex OPEN survey covers a broad range of topics and offers segmentation by business owner's age, industry sector and geographic region.

--Nielsen Business Media
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