6A – Identifying Opportunities in Economic & Regulatory Trends

First Economic Trend: Retail

1.     https://www.vistage.com/research-center/business-financials/economic-trends/20191209-economic-trends-impacting-business-in-2020-and-beyond/

2.     I believe an opportunity exists here because as mentioned in the article, while traditional malls are on the decline, they are not completely dead and can still happen in today’s online shopping culture. The American Dream Meadowlands Mall opened in New Jersey featuring a Nickelodeon theme park, ski slope, ice rink, kids’ attraction, and variety of upscale restaurants and shops.

3.     The prototypical customer in this would be any regular shopper, more specifically those who prefer to go to a physical store to try out clothes before deciding to purchase them or not.

4.     I believe the opportunity would be difficult without any major marketing and advertising campaigns because of the convenience of online shopping and Amazon. You would have to really have to be able to convince and sell to people the added benefits of going to a Mall with added attractions and luxuries they can’t get from online shopping.

5.     I believe I formed this belief because I noticed the trend of many acclaimed retail stores and malls closing due to the popularity of online shopping. My hometown’s local mall is essentially a ghost town and the local Sears is closing soon. However, this hasn’t completely ended the mall and retail experience because of our close proximity to Tampa. We can still go to Tampa malls regularly as they have the added luxuries of upscale restaurants, special retail events, movies, ice rinks etc.

Second Economic Trend: Baby Boomers Aren't Retiring

1.     https://www.thebalance.com/top-usa-future-economic-trends-3305666

2.     I believe an opportunity exists here because the old tradition of retiring early is long gone. The effects of The Great Recession still linger onto the Baby Boomers which is making them delay their retirement.

3.     The prototypical customer would be any Baby Boomer that wants to continue to make money but do so in a way that isn’t going to take a toll on their physical and mental health. Mentioned in the article, they could adopt a lifestyle similar to Millennials where they can earn a living that is both meaningful to them and benefit from the use of technological innovation.

4.     I believe the opportunity here would be difficult because a lot of Baby Boomers don’t know how to utilize technology such as smartphones and the Internet. They also don’t know to use social media in order to communicate with others.

5.     I believe I formed this belief because of conversations I’ve had with my parents about their retirements. They are both in their 50s and have said they will delay their retirements and continue to work well into their 70s even though I have seen how bad their physical health can get sometimes from working.

First Regulatory Change: Regulate Marijuana Like Alcohol Act

1.     https://www.govtrack.us/congress/bills/116/hr420/text

2.     This opportunity exists because while some are concerned if marijuana were to be regulated like alcohol by the Bureau of Alcohol, Tobacco, Firearms and Explosives, a large growing number of Americans are in favor of decriminalizing marijuana.

3.     The prototypical customer would be anyone who is in favor of the legalization and regulation of marijuana.

4.     This opportunity would be difficult because this regulation would have to pass through Congress and the President. Opponents of this issue have always said that the legalization of marijuana should be a state issue which further makes it difficult for a federal law to be put in place.

5.     I believe I saw this opportunity because of how much of a hot-button issue marijuana has been the last several years.

Second Regulatory Change: H.R.1865 - Further Consolidated Appropriations Act, 2020

1.     https://www.congress.gov/bill/116th-congress/house-bill/1865/text

2.     An opportunity exists here because the US raised the minimum age to purchase tobacco and e-cigarette products from 18-21 years of age.

3.     The prototypical customer in this case would be any 18-20 year old that used to be able to buy these products but not anymore.

4.     I believe the opportunity here is difficult because it’s forbidden to sell any tobacco products to people under 21 years of age. It would be difficult to fight this new regulation change and any attempts at a black market to 18-20 year olds are not only illegal but extremely dangerous.

5.     I formed this belief because I know people who were once regular users of tobacco products but can’t buy them anymore because of this change. As a result, they are struggling to get over their addictions. The differing laws regarding age of legality in the US have always frustrated me. I’ve mentioned in another blog post before that it’s ridiculous that any 18-20 year old is allowed to fight in a war but not old enough to drink or smoke.