Plus: Who qualifies for tariff refunds | Retail legend Mickey Drexler’s next act
What happens when Boomers retire? A "Great American Ownership Transfer" of small businesses is afoot and we look at what it means for the economy. Also, who is getting tariff refunds and how are they doing it? We have some answers.
But first, watch how this small business makes $2.7M a year selling ice in New York City.
Stake your claim: where to find unclaimed money and what to do
Football is life: How Kansas City SMBs are preparing for the World Cup
Main Street: SF unveils $6.3M grant to revive vacant storefronts
Store sleuths: Facebook group helps businesses recover stolen goods
Supermarket wars: Watch out, Kroger, Publix is coming to Kentucky
Your tariff refund questions, answered
The U.S. Chamber of Commerce has published a guide to understanding the state of tariffs after the Supreme Court struck down certain Trump tariffs that were enacted under the International Emergency Economic Powers Act (IEEPA). It includes who’s eligible, how to identify an IEEPA-based tariff, and how to navigate the evolving refund process. That includes how to account for tariff refunds for federal income tax purposes.
Why this matters: Small businesses have been through the wringer with tariffs this year, and the Supreme Court’s ruling could offer some much-needed relief, but not without a maze of red tape to untangle first. This guide is a step in the right direction. ( U.S. Chamber of Commerce)
What a Boomer retirement wave means for small biz transfers
In what’s being dubbed as “The Great Ownership Transfer,” six million small U.S. businesses will face ownership transition by 2035, with a total value of $5 trillion at stake. Most of these businesses will close instead of changing hands, affecting jobs and local economies. Taking steps to extend ownership to women and minorities, however, could have a positive effect and unlock trillions more for the economy. All this comes from a recent McKinsey Institute for Economic Mobility report.
Why this matters: Effective business ownership transitions could preserve up to 12 million jobs and $250 billion per year in local spending power, according to the report, which calls for coordination among banks, corporations, public agencies and educational institutions to build infrastructure for transitions at scale. (Housing Wire)
Only one month left to use those Eddie Bauer gift cards
Global brands close Middle East stores amid U.S.-Israel-Iran conflict
Sedona housewares boutique takes experiential retail up a notch
Goodwill e-commerce business breaks sales records as thrifting takes off
Are some retail bankruptcies self-inflicted? Analysts weigh in
Retail legend Mickey Drexler on his quest to build the anti-brand
Mickey Drexler, the legendary retail leader known for his tenures at Gap, Inc., J. Crew and Ann Taylor, is having one heck of a third (or maybe fourth or fifth) act. Drexler joined Alex Mill—the New York clothing brand founded in 2012 by his son Alex—as chairman in 2019. His goal was to create the “antidote” to the big American retail. By focusing on product, craft, quality and brand identity, the company has found a loyal following, albeit a cult one rather than mass followers. Drexler, who reports to his son, agreed to come on board only if he wouldn’t have oversight from investors. A smart move to keep the brand authentic.
“We put in the time and the work. Now, I feel very good about where we are. But you can never relax in this business. Because there’s always the next season, the next year." –Mickey Drexler
Why this matters: Drexler knows big American retail like the back of his hand–he helped define it. It’s that insight that makes it possible to think outside the box and drive change in any industry. (Vogue Business)
What SAASpocalypse? Intuit is betting on small business data to survive
Many major software as a service (SAAS) companies, such as Adobe and IBM, have seen their stock prices fall dramatically since AI has started taking over some of those critical business functions. Intuit, beloved by small businesses for its back-office software, was among the hardest hit, but it’s determined not to be part of the so-called "SAASpocalypse." Using 40 years of small-business data, Intuit aims to stay ahead of the curve and appeal to SMBs with new offerings, having just signed a multi-year partnership with AI giant Anthropic to bring AI agents optimized with this data to mid-market businesses.
Why this matters: Intuit is betting on what AI agents can’t replicate, which is human-earned business intelligence combined with technological building power, to become the destination for SMBs to build and manage their own AI agents. (Venture Beat)
Thanks for reading this week's edition!
You can reach the newsletter team at theskupe@mynewsletter.co. We enjoy hearing from you.
Interested in advertising? Email us at newslettersales@mvfglobal.com
The SKUpe is curated and written by Marcy Medina and edited by Bianca Prieto.
Comments ()