DOVER — Delaware business leaders are studying their next moves with the help of groups like the Delaware State Chamber of Commerce (DSCC).
The statewide business organization looked at a variety of growing threats and opportunities alike that face businesses in the First State during its annual Developing Delaware held at the Modern Maturity Center in Dover on Oct. 2.
Inflation and the prices of goods, services and wages dominated the conversations during the conference as DSCC President Michael Quaranta opened the conference with notes about how Delaware’s retail industry is critical to the First State’s economy.
Mark Matthews of the National Retail Federation said while retail has returned to pre-pandemic levels nationally, consumers are still relatively nervous about spending which puts retailers, especially smaller businesses, in a pinch.
“Right now, we should feel a lot better about the economy. But. . . the consumer feels tight. The consumer feels challenged,” he said. “About $2.5 trillion was pumped into the economy during the COVID-19 pandemic. . . But consumers don’t have the spending power because their savings [built up during the pandemic] are gone.”
Otherwise, he said he noticed a normalization in many aspects of retail businesses, including inflation and wages, a trend that was recently noticed by business owners at Delaware beaches and in more industries than just retail.
If anything, Matthews explained, retailers have started diversifying their offerings inside the brick and mortar locations.
“They are understanding that they can use their store for many things,” he said, adding that the diversification helps bring customers back into the building to purchase their goods.
“As an example, I can go to Dick’s Sporting Goods now and test out bats in stores in the batting cages,” Matthews said. “The bottom line, though, is that the number of employees is not changing at a national level, even as we explore things like self-checkout lanes. Those jobs are simply evolving. And we have more stores in America than we’ve ever had before. It would seem that we are back to normal.”
Locally, Delaware has also seen a normalization of business. In August, the Delaware Business Times reported that occupancy rates for this year’s fourth of July weekend at hotels which were members of the Rehoboth Beach-Dewey Beach Chamber of Commerce was similar to the rates from the same holiday weekend in 2021 – 3,408 this year versus 3,534 in 2021 – with strong mid-week bookings.
While businesses like hotels and retail establishments focus on returning to pre-pandemic levels, improvement continues to be necessary as entrepreneurs and business leaders move forward into the digital age. A panel of professionals took to the stage during the conference to highlight innovative infrastructure updates as they relate to businesses, such as broadband, transportation and permitting issues, helping leaders understand newer movements underway to keep their business afloat throughout the year.
Roddy Flynn, the state’s first executive director of the Broadband Office, touted efforts in play which will allow Delaware to become the first fully connected state, impacting residents and business owners alike and helping Delaware continue to strive to meet its catch phrase of being the First State through some of those innovative efforts.
The Broadband Office, under Flynn’s leadership, is also working to ensure Delawareans have better access to digital products, increasing their access to technology and communication. He previously told DBT that these efforts would benefit the business community, as well, from both the consumer standpoint and that of the business owners.
Panel moderator and Delaware Prosperity Partnership President Kurt Foremen said, “If we can keep up with the Jones’, so to speak, or even innovate in various ways, we can achieve, I think, the kinds of success that I think we all want to see for our communities and the state.”
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Some panelists during the Discovering Delaware Conference included Kirsten Higgins from Tidewater Utilities, Roddy Flynn from Delaware's Broadband Office, Randy Baynes of Pepco Holdings, Chris Baker of George & Lynch and Tom Cooke of the Delaware River & Bay Authority. l DBT PHOTO BY JENNIFER ANTONIK[/caption]
