Innovative Strategies for Small Retail Companies' Sustainability-Reference-Cited by-同舟云学术

Innovative Strategies for Small Retail Companies' Sustainability

Published:2021-09-10 Issue:3 Volume:9 Page:330-338
ISSN:2347-4696
Container-title:International Journal of Business and Management Research
language:en
Short-container-title:IJBMR

Author:

Luamba Dr. Desire S.¹,Blye Dr. Marvin L. J.²,Williams Dr. Irene A.³,Chagadama Joel⁴

Affiliation:

1. Adjunct Faculty, Trevecca Nazarene University, Nashville, TN, USA

2. Deputy Chief Financial Officer, City of Baltimore-Department of Housing and Community Development, USA

3. Senior Contributing Faculty, College of Management and Technology, Minneapolis, Walden University, USA

4. Chief Financial Officer, Suburban Kitchen Company, Virginia, USA

Abstract

Forty-one percent of small American retail companies fail to succeed beyond 5 years. The purpose of this multiple case study is to explore strategies small retail business owners need for sustainability beyond 5 years. This study's data were collected through face-to-face interviews with 4 small successful retail business owners located in the United States southeastern region. Based on the conceptual framework of Schumpeter’s innovation theory, the paper provides 3 strategies that may prevent failure and lead to small business sustainability: passion and determination, market development and customer satisfaction, and business model innovation.

Publisher

FOREX Publication

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