‘Small is the new big’: Economists say big businesses have to start thinking outside the box

Shopping and outdoor dining are back throughout New Jersey, and the goal is to keep it that way, but there are fears that the malls reopened too late.

News 12 Staff

Jul 1, 2020, 10:06 AM

Updated 1,569 days ago

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Shopping and outdoor dining are back throughout New Jersey, and the goal is to keep it that way, but there are fears that the malls reopened too late.
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Karl Gibbons of Third Eye Management, a consulting firm for entrepreneurs, says retailers must have clearly defined and accessible health and safety policies in place.
Gibbons also believes we are living in a new economy, and says big businesses have to start thinking outside the box.
"We've moved away from standardized economy -- the shopping mall, big box and now into a customized economy,” says Gibbons. “Small is the new big. The key words for future is micro, niche, customized, curated and concierge.”
Gibbons says big retail business must learn to be more flexible, and give customers more options, and off-peak services, at home trials, and appointment-only experiences.