Q&A: How economic uncertainty is affecting Tulsa's small businesses

Q: How is the economy affecting small businesses in Tulsa?

A: According to Onika Asamoa-Caesar, owner of Fulton Street Books and Coffee, small businesses in Tulsa are feeling the pinch from shifting consumer habits and rising costs.

"Small businesses often feel economic shifts faster and more deeply than big box stores," Asamoa-Caesar explains.

She emphasizes their focus is on staying connected to the community despite the challenges.

Q: How have consumer habits changed recently?

A: Asamoa-Caesar points out that there has been a noticeable slowdown in consumer spending.

"People are concerned about things like the price of eggs, groceries, and other essentials, which makes luxuries like books seem more out of reach," she says.

This shift in priorities has led to a 20 to 30 percent drop in book sales at Fulton Street Books compared to when they first opened in 2020.

Q: Are any industries outside of small businesses also being impacted?

A: Yes, national industries like travel are already feeling the slowdown. Airlines like Southwest, Delta, and American are seeing lower travel trends, with expectations of reduced earnings in the coming quarter. This national trend is being reflected locally as well.

Q: How is Fulton Street Books adapting to these changes?

A: Asamoa-Caesar says that community connection is key to their survival.

"Coffee always brings people together, and books, while a luxury, offer people a space to think and connect," she shares.

The bookstore has also focused on providing a space that supports marginalized voices, which she believes is more important now than ever.

"It's not just about the economy; it's about the social and political context," she adds, referencing the broader importance of diversity, equity, and inclusion (DEI) programs.

Q: What’s the bigger picture for small businesses?

A: Asamoa-Caesar explains that, while financial struggles are real, the social role of small businesses cannot be overlooked.

"We are businesses that explicitly center marginalized voices," she says.

In an era where many larger companies are pulling back from supporting diverse communities, small businesses like hers continue to provide essential platforms for these voices.

Q: How can Tulsa residents support small businesses during these tough times?

A: Asamoa-Caesar encourages people to shop locally and support businesses that contribute to the community in meaningful ways.

"More than ever, community support matters," she says.

Small businesses like Fulton Street Books and Coffee host monthly events to bring people together, helping foster a sense of connection even in challenging times.

Q: What’s the future outlook for small businesses in Tulsa?

A: Asamoa-Caesar remains hopeful, noting that businesses like hers are leaning on their unique offerings to stay resilient.

"Staying true to our mission, connecting with the community, and keeping our doors open—those are the ways we’ll survive," she says.