Kaycee McCoy, the owner of two Norfolk-based small businesses, wants to keep a pulse on what’s happening in the retail industry.
She was one of roughly 200 attendees of the third Virginia Retail Matters, an event presented by the Retail Alliance at The Westin hotel in Virginia Beach Town Center on Wednesday. The focus was on small brick-and-mortar businesses in Virginia.
The first year for the event had focused a lot on businesses pivoting — as they were still recovering from the pandemic — and last year was more about workforce and the operational side of business, said Matthew Wagner, chief innovation officer for Main Street America. But this year, he said, seems to be the year of uncertainty.
“That word seems to come up more and more,” Wagner said in relation to how businesses and consumers are reacting to tariffs and evolving economic pressures, including higher interest rates and inflation.
In the past year, McCoy, co-owner with Shizuka Benton of the holistic pet supply boutique Pawsnickety Pets, said she has noticed a shift in the way consumers are shopping due to inflation.
“Instead of buying a 25-pound bag of dog food once a month, they’re coming in every couple of weeks and buying a smaller bag,” she said. “So we’re stocking smaller products with lesser price points.”
And while most of her products are sourced in the U.S., McCoy said she has started to experience some issues with the supply chain. Business has slowed from last year, but McCoy said she is hopeful as the pet supply shop turns the corner into peak retail season.
Wagner shared the results of this year’s “Virginia Retail Matters” report, which emphasized how retailers accounted for 8% of the state’s gross domestic product and generated $95 billion in taxable sales revenue in 2024. Retail represents nearly a fifth of all jobs in the commonwealth.
The event also featured two panel discussions that gave insight into creative ways to minimize waste and practice sustainability and examined the complexity of today’s retail environment. One explored “circularity” in retail and the other addressed retail crime such as shoplifting, smash-and-grabs and organized thefts.
D. Nachnani, owner of the Coastal Edge Surf Shop he founded 35 years ago in Virginia Beach, said the business has experienced shoplifting, digital crime and counterfeiting throughout the years. He credits the Retail Alliance for its training to help combat issues and the coordinated effort with local law enforcement as they work to bring down retail crime numbers.
Danielle Dawley, owner of The Redefinery in Norfolk, shared her passion for the furniture and home decor consignment business she founded in 2023 for the panel on retail circulatory, otherwise known as reduce, reuse, repurpose and recycle.
“When you come into The Redefinery, you’re going to find something that is not as expensive as an antique or retail store, but it is going to be more expensive than a thrift store,” Dawley said.
McCoy said her brain started to spin with ideas when she heard the discussion about sustainability.
“We do a bit of this mindfulness around the environment, but this circulatory conversation has me thinking, ‘How can we do something with gently used items?’” she said.
McCoy, also the owner of Create/Captivate, a digital marketing company, diligently took notes and praised the value of the event.
“I get to take this information back to my marketing clients to help them figure out where to put their dollars and, on the retail side, I get validation of what we’re experiencing,” she said.
Retail isn’t just commerce; it’s connection, Retail Alliance President and CEO Jenny Crittenden said. And independent retailers are the heartbeat of that connection.
“They’re not only where relationships are built, but they’re where local economies find their strength,” she said.
Sandra J. Pennecke, 757-652-5836, sandra.pennecke@pilotonline.com