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Is this a bad time to open a retail store?

I live in the chicago hyde park neighborhood and really want to open a children's retail space. There is a need for one! Is this a bad idea with the economy being so bad?

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Anonymous

Asked by Anonymous at 5:19 PM on Dec. 31, 2008 in Money & Work

Answers (8)
  • Its a bad idea to open a store right now because small businesses are supposed to get hit hard with taxes. I would wait.
    gemgem

    Answer by gemgem at 5:20 PM on Dec. 31, 2008

  • Thanks to OBAMA for the huge tax burden about to hit small businesses--the backbone of our country!!!!!!!! We just finished buying a business--a year long process--and we will have to lay guys off due to OBAMA's taxes. We were too far into the purchasing when we realized that Obama would be buying his way into the White House. NO--I wouldn't for several months. In the mean time, do a market search for the actual need for such a store.
    Anonymous

    Answer by Anonymous at 5:33 PM on Dec. 31, 2008

  • If you are going to need a business loan for capital and operating expenses, you may find it difficult to get one, because there simply isn't a lot of money available to loan!

    People are holding off on spending right now. Layoffs will be coming shortly for many Americans, and this is going to affect businesses big and small. There are already around 150+ well-known retail and department store chains that are in the process of closing down.

    You have to remember too, that if you're selling children's clothes you will be competing with well-established INTERNET sites that include Ebay, Walmart, Kohl's, Sears, JC Penney, etc., for rock-bottom deals., and the higher end children's boutiques need customers with disposable income...which, sadly, isn't as common as in years past!

    I would wait and see how our new President "handles" things, and see if consumer confidence rebounds a little! GOOD LUCK! :o)
    LoriKeet

    Answer by LoriKeet at 5:42 PM on Dec. 31, 2008

  • I would wait. Larger stores that have done well for years are having to close down and lay people off. If they are having a rough time, I cannot even imagine trying to open a new store right now.
    Magpie75

    Answer by Magpie75 at 5:43 PM on Dec. 31, 2008

  • "Thanks to OBAMA for the huge tax burden about to hit small businesses--the backbone of our country!!!!!!!! We just finished buying a business--a year long process--and we will have to lay guys off due to OBAMA's taxes. We were too far into the purchasing when we realized that Obama would be buying his way into the White House. NO--I wouldn't for several months. In the mean time, do a market search for the actual need for such a store. " QUOTED.


    Too funny- he's not even President yet and you are blaming him for your failures!
    Anonymous

    Answer by Anonymous at 8:25 PM on Dec. 31, 2008

  • I would try it,why not. Anyone can succeed. I started a business at age 18 and did well. If I can do it,anyone can. I don't think the president has anything to do with it. Things were harder a long time ago,and people still succeeded.Just advertise a ton, focus hard, be in a good area and never stop advertising.
    sweetest-sin7

    Answer by sweetest-sin7 at 11:24 PM on Dec. 31, 2008

  • VERY BAD TIME TO OPEN A RETAIL SHOP. MAJOR COMPANIES THAT HAVE BEEN AROUND FOR YEARS ARE CLOSING. YOUR START UP COSTS WILL ALL BE LOST. WAIT TIL THE ECONOMY REBOUNDS. THAT MAY TAKE A FEW YEARS BUT YOU WILL NOT HAVE LOST ANYTHING. IF NO OVERHEAD COSTS WERE INVOLVED, THEN YOU WOULD NOT HAVE MUCH TO LOSE EXCEPT YOUR INVENTORY AND TIME.
    nanaevelyn

    Answer by nanaevelyn at 2:21 AM on Jan. 1, 2009

  • It is up to you. Don't let people kill your dream. For some history Walt Disney and Hershy both went bankrupt. Now who wouldn't want to have their families billions. Also the game monopoly was turned down by another game company before parkers brothers bought its name and modified it (now the most sold game in US). Texas Instrustments the guy started in his basement. Bill Gates same thing. So anyone can succeed. Is it going to be rough in this market perhaps. But a salesman here just sold the most cars he ever sold in his 14 year career in 2008. So it is possible. You have to work harder and be creative but it is possible. Just keep your overhead low.

    Don't blame a president or government for your success or failure. Also don't put your life savings into this. Perhaps you can rent a cheap stop or work out of your home to start. Invest only what your willing to lose.

    Anonymous

    Answer by Anonymous at 1:41 PM on Jan. 1, 2009

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