Just remember that competition can be healthy and even make you a better entrepreneur than you already are. Allow the prospect of competition to inspire you rather than derail you by taking a deep breath . Are you curious to find out how, as any wise businessperson would be? Take a look at your Profit and Loss statement or itemize all of your expenses.
Then ask yourself how each line can be eliminated or reduced. Honesty is the key here. Find out where you can cut back. A little here and a little there will soon add up. However, the one expense you do NOT want to reduce is advertising. In fact, many retailers will increase their marketing efforts during slower sales periods because there is more competition and fewer consumer dollars. You will sorely regret this move in the future. Retailers in the same industry generally use similar marketing methods to reach customers.
Now is the time to get creative and use unconventional marketing methods to distinguish your business from the competition. By going the extra mile to provide good service, retailers can outlast the competition. Try to read your customers to meet their needs. If they look like they need help, offer assistance.