Saskatoon retailers adapting to a changing local economy

Change appears to be the only constant in Saskatoon's retail market these days.

As part of Saskatoon Morning's series focusing on the local economy, host Leisha Grebinski spoke with entrepreneurs Vaughn Wyant, Derek Johnson and Anthony Graham-Cutts about the city's retail climate.

If there is an economic downturn, it just creates a priority to be better at what you do.- Anthony Graham-Cutts, owner of Anthonys Fashion.

Wyant, President and CEO of the Vaughn Wyant Automotive Group, said in his business, more people are looking towards luxury brands such as Audi and Porsche.

"For the most part, the people buying these vehicles are either owning their own business or they're in the professional side. For example, doctors and lawyers." 

"The demographic has shifted to a younger subset. We're seeing a lot of 30 to 40 year old men and women coming in and spending more money, wanting to be seen in a more premium vehicle than we saw five or 10 years ago," said Wyant.

Stepping up 

Graham-Cutts has owned Anthonys Fashion in downtown Saskatoon for the past 25 years. He admits the challenges that come with slower economic growth and a recession puts pressure on retail owners.

"If there is this an economic downturn, it just creates a priority to be better at what you do. As a business owner, as a worker and as a member of our community. For us, the offering that we have, what we do, we try and make sure we elevate our game."

Graham-Cutts is doing that by expanding his business into women's fashion this fall. He feels the local retail market can support such a move because Saskatoon's population continues to grow.

"It's growing at a pace that's comfortable. It's not over-reaching. And I think we're seeing the positive influx of population is definitely helping and seeing us grow."

Changing neighbourhood 

One business that is thriving is Village Green Furniture and Appliances in Riversdale. Derek Johnson manages the store which sells used and refurbished furniture. He says improvements to the neighbourhood have definitely helped with sales.

"The area is much more attractive to new businesses and new customers. We're seeing a wider range of customers with different income levels. So we've responded by having a wider range of products that appeal to everyone."

Johnson said lower-income families still provide the majority of sales, but he's finding the store fits a niche in Saskatoon's retail market.

"We try and have a price point where we're a bit lower than everyone else, but still the quality is very good. There's a lot of stores around us that are selling very high-priced, new items. So we try and offer amazing quality items at a lower price."

All three told Grebinski one of the biggest challenges facing them is finding employees who understand the complexity of retail sales. 

"People think that retail is just punch a clock and go, and there are those out there. Unfortunately, that's not what we do. So it's a little more difficult to find someone who has the drive and the wherewithal to do what we do," said Graham-Cutts.