Oklahoma’s Independent Shops: 2024 State of Retail Report 

The Independent Shopkeepers Association (ISA) released its annual report on the state of local retail in Oklahoma. This report draws from its 2024 Shop Census, which surveyed 80 independently owned brick-and-mortar shops across the state, from large cities like Oklahoma City and Tulsa to smaller towns like Altus and Woodward. The goal: to understand the challenges, trends and contributions of independent retailers and provide a resource for shopkeepers and policymakers. 
 
“Local retail shops are the heartbeat of our community. They create unique spaces that reflect our culture, foster meaningful connections, and provide opportunities for growth and collaboration. Supporting local businesses not only strengthens our economy but also ensures that our neighborhoods remain vibrant, diverse, and full of character.” 
— Tammy Fate, Director of Retail Development & Recruitment, Greater Oklahoma City Chamber 

Local Retail Performance

Independent shops increased their sales by 13.34% in the first half of 2024 compared to the same period in 2023. This growth outpaced the previous year’s 10% increase. Clothing stores saw the biggest boost, with sales up 22.4%. Home goods stores grew by 11%, and specialty shops saw an 8.9% increase.

Despite overall growth, results varied widely. While 60% of shops reported average sales increases of 27%, 29% experienced declines averaging 15%. Metro-area shops had slightly higher growth than rural ones, with core metro shops reporting 13.62% growth versus 11.65% outside the core.

Expenses are also rising. On average, shop owners reported a 16.3% increase in costs in 2024, driven largely by inflation. This outpaced revenue growth, leaving small businesses with increasingly narrow profit margins.

Challenges Facing Shopkeepers

Inflation and Costs
Inflation remains the top concern for shop owners, with 65.7% naming it among their biggest challenges. Rising costs make it difficult for small shops to stay competitive while covering expenses like rent, inventory, and wages.

Online Competition
The threat of online retailers has grown sharply. This year, 62.7% of respondents listed online competition as a primary concern, up 25% from 2022. Shops in metro areas ranked it as their top issue, even above inflation. Many cited struggles to meet the fast-shipping times and low costs offered by e-commerce giants.

Foot Traffic
A lack of foot traffic continues to challenge local shops. About 43.3% of respondents flagged it as a concern, a consistent issue over the past year. This is particularly tough for stores located outside metro cores.

Perceived Lack of Support
Many shopkeepers feel unsupported by state and local governments. This sentiment grew in 2024, with more businesses calling for stronger policies and incentives to sustain local retail.

Projections for YEar-End 2024

Shop owners remain cautious about year-end performance. While the percentage of businesses expecting decline is unchanged from last year, more owners predict no sales growth for 2024. On average, respondents expect 13% sales growth, matching the first half of the year.

Clothing stores remain the most optimistic, projecting nearly 19% growth. Newer businesses are also more hopeful, with long-term shops reporting lower expectations, especially after hitting the five-year mark.

Local Shops’ Economic Impact

Independent retailers continue to outperform big box stores in sales per square foot. Clothing stores in Oklahoma City grew sales by 14.2%, outpacing national chains like Zara and H&M. Shops also contribute significantly to community economic development, despite rising competition and costs.

Looking Ahead

Inflation, rising costs, and online competition will remain hurdles for local retailers. But independent shops are finding ways to adapt, build community support, and sustain growth.

ISA’s 2024 State of Retail report provides key insights for shopkeepers, policymakers and anyone invested in strengthening Oklahoma’s local retail sector.

To read the full report visit: STATE OF RETAIL — Independent Shopkeepers Association