Assessing Challenges and Opportunities for Minority Business Retail Growth
September 2024
This report from AEO highlights the specific obstacles and needs of Black-owned small retail businesses and offers insights into how a more connected ecosystem can benefit all retailers.
Introduction
Retail is a cornerstone of the U.S. economy, employing millions of people and generating trillions of dollars annually. The U.S. retail sector includes some of the world’s largest and leading stores alongside a diverse array of small businesses that have long played a vital role in shaping local communities. Recent years have seen monumental shifts in this sector, driven by the advancement of digital tools and the expansion of physical markets into virtual ones—a transition accelerated by the coronavirus crisis. Despite these shifts, the sector has demonstrated remarkable resilience. However, to continue thriving, support for this sector must evolve alongside the economy. Today, small retail businesses face both old and new challenges that hinder their growth and long-term sustainability.
As the leading voice for small and micro-businesses in the United States, the Association for Enterprise Opportunity (AEO) produces data-driven insights and strategies to support underserved small businesses. This report from AEO highlights the specific obstacles and needs of Black-owned small retail businesses and offers insights into how a more connected ecosystem can benefit all retailers. The insights in this report are informed by the 2023 Entrepreneurship in the Population (EPOP) Survey and an AEO-original survey of 212 small Black retail businesses. This research is crucial for understanding the challenges faced by small businesses and the support they need to fully thrive.
