There’s no denying that local businesses do more for their local economies than their big box competitors. In our gut, it feels like an obvious statement. But, as it turns out, there are plenty of hard data points that show just how big of a deal independent retail is to a local community – and how much greater their impact is on the local economy compared to a major corporation’s operation.
The organizers behind Independent Retailer Month – annually recognized in our channel throughout the month of July – pulled together a whole host of statistics around the economic impact of independent retailers, and some of the figures truly warmed our hearts to read. And that’s why we wanted to share them with you. Because, as compelling as a big sale can be for a customer to come into your store, it’s equally impactful (if not more so) for them to understand how much further their dollar goes when spending local.
So, beyond just having your own mind blow when looking at these data points below, think of ways you can leverage them – and all the other interesting tidbits you can find here – in your own marketing and social media efforts throughout Independent Retailer Month.
- For every dollar spent at a small business, an average of $0.67 stays in that business’s local community. –American Express study
- Small businesses donate 250 percent more to causes in their local communities than large businesses. –Score.org study
- Across the country, small businesses employ 59.8 million people, which makes up almost 48 percent of the employee workforce. –Fundera research
- Since, 1990, big businesses have eliminated some 4 million jobs. Small businesses, on the other hand, have added 8 million jobs. –Small Business Administration data
- Local businesses generate 70 percent more local economic activity per square foot than big box retailers. –Andersonville Study of Retail Economics
For more information about Independent Retailer Month, check out their official website, www.indieretailermonth.com.
