NJ Business Beat: How small businesses stay successful against growing competition

As big-box stores continue to expand, it's becoming harder for small businesses to compete

NJ Business Beat is a new digital exclusive from NJ Spotlight News that takes a deeper look at the stories, trends and influencers shaping New Jersey’s business landscape. New shows premiere every Saturday at 10 AM on the NJ Spotlight News YouTube channel.

Emerging trends in retail

Retail faced an uncertain future in 2020 and then the pandemic hit, throwing the industry into a tailspin. Rhonda Schaffler sits down with Moody’s Senior Retail Analyst Charles O’Shea to discuss the retail trends that have emerged as a result of the pandemic, how brick-and-mortar stores can rebound,  and future challenges for the industry.

 

David vs. Goliath: How small businesses thrive

As major companies like Amazon and Walmart continue to expand, it’s becoming harder for small businesses to compete. Rhonda Schaffler talks with Jeff Beck, owner of East Side Mags in Montclair about staying successful as competition grows, what small business can offer that big-box retailers cannot, and how the pandemic has made this battle even more difficult for small business owners.

 

Woman-owned AR company receives investment

A “golden” gift for a New Jersey-based augmented reality company owned by a woman. ROAR, founded by Oksana Sokolovsky, is the first business to receive funding through the New Jersey chapter of Golden Seeds, an initiative run by first lady Tammy Murphy. Sokolovsky joins Rhonda Schaffler to talk about how she earned the funding for ROAR, how it will help propel her business to the next level, and her advice for women running businesses.

 

Pandemic keeps state revenues down

New Jersey’s revenue collections continue to trend downward. Last week, the state released its report on October’s numbers, showing total revenue collections are down 7.7% compared to the same period last year. State Treasurer Elizabeth Maher Muoio discusses the state’s revenue forecast going into the winter months, and what, if any, positive signs there are in the most recent report.

 

Newark struggles during second wave of COVID-19

Newark is facing an overwhelming battle when it comes to economic recovery, according to a new report by United Way of Greater Newark. CEO Catherine Wilson sits down with Rhonda Schaffler to discuss the path forward for Newark’s residents and businesses, the latest pandemic restrictions put in place and where the city can make progress toward recovery.

 

WATCH the full episode of NJ Business Beat here.