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Smaller retailers must offer specialist products if they are to compete with larger stores, an expert has advised.
Richard Dodd, spokesman for the British Retail Consortium, said: "Those that are doing well are those that recognise that they cant compete with the larger retailers in terms of price; but they can compete in terms of the kind of goods they sell."
By "identifying niche markets that arent being met by big retailers", Mr Dodd explained, a retail business start-up can "make a lot of money where big retailers cant".
He also emphasised that web services such as online retailing are "an opportunity, not a threat" to small businesses, allowing them to expand their range of services and become more specialist and competitive.
Mr Dodd continued: "Retailers that ignore online retailing, pretend it isnt happening, potentially could be harmed."
According to statistics from the Entertainment Retailers Association, between 2005 and 2006 consumer spending on music, video and games fell by six per cent from £5.4 billion to £5.1 billion.
However, the retail market for online music in the same period grew from £39 million to £89 million.
The average price of CD albums fell by 8.4 per cent from £9.74 to £8.92.
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