Rising inflation hurting small business owners
HUNTSVILLE, Ala. (WAFF) - Rising inflation rates are making it hard for small and local businesses to keep up.
Owner of locally owned Kendry Collection Boutique, Morgan Stillman, says the product she puts in her store is getting more expensive.
Stillman says due to the rise in costs of everyday items, people’s budgets are tight and think people are spending less on clothes and accessories.
Although she says she does not want to, in order to combat the higher prices for her products, she had to make the tough decision to raise her prices.
”I am definitely seeing an increase in the prices now and it’s probably been 6 months that I’ve seen it increase and it kills me to raise our prices for our customers,” said Stillman.
Stillman hopes prices will come down soon. Along with the price increase, she said finding employees has also been difficult and it has taken a toll on her.
“It’s definitely a lot more difficult to get staff now,” Stillman said. “We had a small period where we didn’t have a lot of staff and I know I was in here 24/7 just working like crazy.”
The University of Alabama at Huntsville Associate Economic Professor Doctor Wafa Orman says it’s not the big box stores, like Walmart and Target, suffering it’s the small businesses.
Dr. Orman says this is because big box stores have bought in bulk with items from last year rolling in. As for small businesses, the owners are focused on what is trending now.
“They are looking at stuff that’s being made now rather than things that took a really long time to get here those prices might be a little higher,” Dr. Orman said.
According to Dr. Orman, local business owners are paying the price and it is only going to get worse as inflation continues to rise.
Copyright 2022 WAFF. All rights reserved.