Local Into Retail: Reinventing the Farmer

Here are his top 10 tips:

1. Don’t cut your prices – research shows that by discounting your brand
during a recession it will take you 7 years to recover to your original
price level.

2. Focus on your brand strengths (real not imagined!), and emphasise
heritage and classic / traditional values – while the crisis is on people
tend to hark back to the memories of the good old days.

3. Do exploit the fact that your competitors may have shrunk their
advertising spending – you can rapidly win back mind share as well if

“Buy Local” Message Has Global Appeal, Needs More Local Support

CHICAGO–(BUSINESS WIRE)–The concept of purchasing goods and services from the vendor around the block has a quaint, nostalgic appeal, but new research from Mintel shows that “buying local” still has many fans to earn in America.

According to Mintel’s exclusive consumer survey on local shopping, just one in six adults (17%) buy local products and services as often as possible. These “True Locals” are willing to pay a higher price and they’ll even buy local if competitive products are better.

The economic crisis has claimed plenty of victims, but the most recent is especially bad for quick-serves. Millennials, young people ages 12 to 29 and the heartbeat of the quick-service consumer base, are beginning to feel the pinch and cut back their spending.

A recent survey by youth-research firm TRU found two-thirds of Millennials are “somewhat” or “very concerned” about their personal finances.

Unlocking gen y consumers – watch this video clip:

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