Small business optimism dropped in April, but retail is dragging down the average. Other sectors are holding up, though tariffs may not stay contained for long.

Even at the holidays shoppers prioritized essentials, and inflation-adjusted discretionary sales at smaller stores fell 1.8% year on year, per Fiserv.

Forbes contributors publish independent expert analyses and insights. Catherine Erdly is a UK-based small business retail expert. From changing the way customers search for products to sparking ...