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Las Vegas Retailers Prepare For $235 Million Back-To-School Season

Jul 23, 2020 11:13:38 AM / by Larry Julius

Based on projections from the National Retail Federation, Clark County parents are expected to spend $235 million to equip K-12 kids for the upcoming school year. If so, then this shopping spree will be 29% bigger than last year's and the biggest take since 2012.

“By any measure, this is an unprecedented year with great uncertainty, including how students will get their education this fall whether they are in kindergarten or college,” NRF President and CEO Matthew Shay says.

“Most parents don’t know whether their children will be sitting in a classroom or in front of a computer in the dining room, or a combination of the two. But they do know the value of an education and are navigating uncertainty and unknowns so that students are prepared."

Along with pencils, paper, pens, and knapsacks, the NRF survey says 63 percent of K-12 families expect to buy computers and other electronics this year, up from 54% last year, and they expect to spend more at an average $274.44, up from $203.44 last year. The $71 difference accounts for the largest share of the overall increase in average spending of almost $93.

Also, because many parents are unsure if learning will take place at school or at home, back-to-school spending this year is expected to include home furnishings such as desks, chairs, and lamps.

To claim a meaningful share of this year's booming back-to-school economy, local retailers will need to advertise to let parents know that their stores are open, it is safe to shop, and the needed supplies are in stock.

By any metric, the best way to reach these parents is on Las Vegas radio.

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Topics small business advertising, small business owner, radio advertising, millennials, las vegas small business owner, effective radio advertising, back to school shopping, retail, store traffic, small business, millennial parents, retail sales, retail stores, retailer, advertise on radio, small business marketing

Advertising In Las Vegas: Consumers Pay More For Sustainable

Jul 14, 2020 2:39:50 PM / by Larry Julius

This year, according to Nielsen, one million Las Vegas area consumers will spend $974 million on eco-friendly goods and services. Sales for sustainable products have grown 20% since 2014, a trend expected to continue into 2021.

Tensie Whelan and Randi Kronthal-Sacco of the New York University Stern Center for Sustainable Business write in the Harvard Business Review, "Consumers are voting with their dollars against unsustainable brands. The legacy companies that will thrive are those that accept this shift and are willing to pivot.” 

For Clark County small business owners who are skeptical that sustainability affects purchase decisions, retail analyst Stacey Widlitz provided this advice, recently, in Forbes.

"Retailers only need to look to IBM's recent study, in association with the National Retail Federation, to understand just how fast consumer priorities are changing," says Ms. Widlitz. "Findings from the study revealed nearly 60% of consumers surveyed are willing to change their shopping habits to reduce environmental impact. For the nearly 80% of respondents who said sustainability is important to them over 70% would pay a premium of 35% on average."

To compete for a share of consumers' spending on green goods and services requires local small business owners to advertise.

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Topics small business advertising, small business owner, radio advertising, retail, store traffic, small business, retail sales, retail stores, advertise on radio, small business marketing, eco-friendly, sustainability, green products

Traffic In Las Vegas Is Picking-Up. Is Your Small Business Ready?

Jun 3, 2020 1:42:04 PM / by Larry Julius

More than 92% of Las Vegas area households own at least one vehicle. 

Pre-pandemic, 83% of workers spent, on average, 52 minutes every weekday in these cars commuting to-and-from their jobs.  

On their way to work, many of these drivers would contribute to the Las Vegas area's $39.7 billion retail economy by visiting the convenience stores, coffeehouses, auto repair centers, gas stations, daycares, grocery stores, or hundreds of other businesses they passed.

At lunchtime, these same cars would take their owners to restaurants, dentist appointments, nail appointments, barbershops, and on an infinite number of other errands.

On the weekends, these vehicles filled the parking lots of hardware stores, furniture stores, car dealers, appliance stores, bowling alleys, movie theatres, and nightclubs, 

Then on April 1, when the Governor of Nevada shut down the state to slow the spread of COVID-19, traffic came to a standstill and so did the spending.

There are strong indications, though, that in Clark County, roads are filling up again.

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Topics return on investment, roi, small business owner, radio advertising, retail, store traffic, best way to advertise, consumer spending, small business, retail sales, retail stores, retailer, in-car audio, vehicle traffic

Who'll Be Buying When Las Vegas Small Businesses Reopen?

May 19, 2020 10:16:00 AM / by Larry Julius

To slow the spread of COVID-19, the Governor of Nevada shut down all but the most essential businesses in the state on April 1. This public safety measure inflicted a severe disruption to the Las Vegas area's $39.7 billion retail economy.

As local small business owners prepare to reopen, each must concentrate on supercharging their cash flows to compensate for nearly 50 days of consumer abstinence. Turning the lights back on and hanging out a welcome sign might not be enough, though, to bring even the most loyal customers back.

Some customers may not return because of personal safety concerns. Other customers may have discovered alternative sources to purchase goods and services.

But, there is one thing every Las Vegas small business owner can be assured of. Consumers will not return if they aren't aware that a business has reopened.

Advertising is a potent tactic for any Clark County small business that needs to reintroduce itself to local consumers.

“Think you have a great product?” asks the U.S. Small Business Administration. “Unfortunately, no one’s going to know about it unless you advertise.”

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Topics small business owner, radio advertising, retail, store traffic, best way to advertise, small business, retail sales, retail stores, retailer, corona, coronavirus, covid 19, crisis marketing, reopen

Small Business Advertising In Las Vegas: Target The Spenders

Mar 3, 2020 8:09:10 PM / by Larry Julius

Clark County consumers spent more than $45.6 billion with retailers last year. The National Retail Federation forecasts 4.1% more will be spent this year.

Who are the shoppers that will be spending all this money?

According to Nielsen, 43.4% of retail dollars are spent by Las Vegas area consumers over the age of 50. This may surprise many small business owners because older consumers comprise only 35% of the area's adult population.

These older consumers account for a substantial share of spending in almost every retail category. This includes furniture, cars, pet supplies, fast food, and electronics.

To earn a share of these massive dollars spent by these older consumers requires Las Vegas small business owners to advertise.

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Topics small business advertising, television advertising, radio advertising, social media advertising, newspaper advertising, retail, store traffic, best way to advertise, consumer spending, small business, retail sales, retail stores, baby boomers, retailer

Las Vegas Retail Boom: How Your Small Business Can Benefit

Feb 28, 2020 5:32:50 PM / by Larry Julius

Retailers in Clark County rang-up $45,669,580,000 in retail sales last year, according to Nielsen. But wait. It's about to get better.

The National Retail Federation forecasts that in 2020, sales will increase by as much as 4.1%. This will create another $1.9 billion for local small business owners.  

“The economy is growing at a more modest pace, but the underlying economic fundamentals remain in place and are positive,” stated NRF chief economist Jack Kleinhenz. “Consumers remain upbeat and have the confidence to spend, and the steady wage growth that has come with the strong job market is fueling their spending. The state of the consumer is very healthy.

To claim a fair share of this enlarged pool of spending will require Las Vegas small business owners to advertise.

“Think you have a great product?” asks the U.S. Small Business Administration. “Unfortunately, no one’s going to know about it unless you advertise.”  

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Topics reach, small business owner, television advertising, radio advertising, millennials, pandora, spotify, online advertising, digital advertising, newspaper advertising, retail, store traffic, best way to advertise, consumer spending, small business, retail sales

Advertising In Las Vegas: Reach Mother's Day Shoppers

Feb 5, 2020 5:43:15 PM / by Larry Julius

As Valentine's Day sales begin to dwindle, that's when Clark County small business owners start thinking about Mom.

Mother's Day, which happens on the second Sunday of May, is second only to Christmas in terms of holiday spending. Last year, Las Vegas consumers spent more than $173-million celebrating the women in their lives. That number is expected to grow again in 2020.

To claim a significant share of this Mother's Day cash, local retailers and restaurants will need to advertise.  By almost every key metric, advertising on Las Vegas radio is the best choice.

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Topics small business owner, radio advertising, online advertising, digital advertising, social media advertising, facebook, instagram, newspaper advertising, restaurant marketing, restaurant advertising, retail, store traffic, best way to advertise, small business, mother's day

Does Advertising On Las Vegas Radio Work For Small Business Owners?

Oct 31, 2019 3:24:00 PM / by Larry Julius

Advertising is critical to the growth and ultimate success of a Las Vegas small business. The U.S. Small Business Administration recommends that mature businesses should budget 7-8% of its annual income for advertising the company's goods and services. 

Businesses that are in an early growth phase, however, should plan on investing 10-12%.  Start-up companies that may not yet be familiar to their target consumers should consider investing even a larger percentage.

Deloitte, the world's largest business consulting firm, recommends that "radio advertising should be a big part of the mix for those buying advertising."

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Topics return on investment, small business advertising, small business owner, radio advertising, advertise in las vegas, retail, store traffic, best way to advertise

Where Will Las Vegas Consumers Do Their Holiday Shopping This Year?

Oct 28, 2019 4:18:00 PM / by Larry Julius

Las Vegas shoppers are expected to spend $5 billion this holiday season.  This will be approximately 4% higher than last year. These estimates are based on forecasts by the National Retail Federation and Deloitte.

To claim a fair share of the Christmas cash, local small business owners will need to battle some giant competitors. Advertising on Las Vegas radio stations may be the perfect weapon to ensure success.

According to information published in the retail trade magazine Chain Store Age, as of right now, here is where consumers are planning to shop...

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Topics reach, small business owner, advertise in las vegas, best way to advertise in las vegas, retail, store traffic, holiday shopping, best way to advertise, consumer spending

Las Vegas Retailers Can Increase Sales During Holiday Shopping Season

Oct 11, 2019 12:06:00 PM / by Larry Julius

Las Vegas consumers are expected to spend $5 billion on this year's holiday shopping, based on predictions by the National Retail Federation.  This would be a 4% increase over last year.

Deloitte, one of the world's top four accounting firms, forecasts similar growth.

"The projected holiday season growth is, in part, due to the current health of the labor market,” said Daniel Bachman, Deloitte's U.S. economic forecaster. “Near record-low unemployment rates, coupled with continued monthly job creation, may encourage people to spend more during the holiday season. The economy is still growing, albeit at a slower rate. Additionally, we continue to see consumer confidence elevated, which also helps boost holiday spending."

For most Clark County retailers, holiday spending brings in about 20% of annual sales But, long gone are the days when the bulk of this shopping occurred between Black Friday and Christmas.

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Topics small business owner, radio advertising, advertising in las vegas, best way to advertise in las vegas, advice, retail, store traffic, christmas shopping, holiday shopping

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