At Jeff Cassels' jewelry store, falling real estate values and rising gold prices are more than headlines -- they are contributors to an uncertain holiday season. At Joanie McDonald's clothing store, however, a weakening dollar is turning into a boon.

This season finds independent retailers dealing with a new set of economic challenges even as they contend with growing competition from such big-box retailers as Wal-Mart and Borders. That means merchants are being pressed to capitalize on what sets them apart from the rest of the retail universe -- service and merchandise that's unique and well-suited to a store's clientele.

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