Is it a doomsday for small businesses? While Silicon Valley’s tech sector is thriving, cranking out IPO’s and giving more high paying jobs, the retail industry is struggling in many parts of the Bay Area to keep both boutiques and mom and pop businesses. For example, in Oakland, the average rent per square foot for retail space rose 9% in Oakland from 2015-2017. Online shopping has had an affect on brick-and-mortar retail stores nationwide. It is estimated that by 2026, it is predicted that as many as 75,000 stores will close around the country. The e-commerce is becoming a bigger share of the retail industry.
East Bay Sunday Times
Volume 108, issue 9
“Doomsday for Small Business”
P.1,5
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