You can't have missed the headlines leading the news this week. About our looming retail recession, and how our biggest retailers are struggling to remain competitive — or even alive — in the economic climate. Australia's retailers must think they're trapped in a bad dream they can't wake up from.
And yes, the surface-level numbers are grim, with economists pointing to our retail sales falling to levels last seen during the 1990 recession, and growing fears the many interest rate cuts just haven't had enough of a flow-on effect to make a difference.
The question is, who stands to gain from all this apparent belt-tightening across the nation? Is it the online retailers? I don't think so. Online shopping is growing in popularity, yes, but still made up less than 10 per cent of our total retail spend in 2018.
In fact, should you scratch below the surface of the headlines, you'll find it's actually Australia's small businesses, our mum-and-dad stores, that are in the box seat to capitalise on the climate.
I know that sounds utterly bizarre, given its widely accepted that people just aren't spending. But if you ask me, it's more complicated than that. I think people just aren't spending with the bigger retailers.