While big-name retail brands such as Wal-Mart, Macy's and Target are known throughout the world, smaller merchants shouldn't worry about how they can compete with their larger counterparts. Lesser-known retailers contribute their fair share to their local economies, and now thanks to a push to shop local, more developing brands are bringing in new business.

There are a few strategies that small merchants can keep in mind when promoting their products and services, and these methods can go a long way in remaining competitive not only with regional companies but more established brands well. The Financial Post recommended that retailers take a look at their rival businesses and then determine how they can do things differently. Keeping an eye out for details that can make smaller merchants stand out is one way to attract new patrons.

When it comes to selling products, the source suggested that retailers keep in mind that training employees and giving them knowledge about products and services is the best way to close a sale. In addition, letting customers know about a brand's return policy is effective at boosting customer satisfaction and can even lead to repeat sales, the source stated.