With Independence Day right around the corner, we want to express our loyalty to independent retailers and celebrate them nationwide. Back in 2011, two entrepreneurs, Tom Shay and Kerry Bannigan came together to highlight the importance of local shops and wanted them to be supported instead of taken under by big box companies. So, National Independent Retailer Month came into effect and has created much buzz for Mom and Pop stores which are so vital to the development of communities.
Building a “shop local” mindset is the main focus in supporting independent retailers. Awareness of the small business community is growing with help from campaigns such as the Buy Local Movement, Small Business Saturday and Independent Retailer Month which all promote the advancement of entrepreneurial ventures. Supporting your local independent retailer is crucial to their success and community enrichment. Here are a few reasons why:
They Live Their Passion
The passion and knowledge from store owners are what creates loyal shoppers. It’s their personal business story that often inspires. Small business owners are proud of the businesses they have established and want to share it with as many customers as possible. Consumers get a personalized experience when shopping local shelves compared to those at corporate stores. With unique product selections and unique creativity, the community develops a personality of its own.
They Contribute to a Strong Local Economy
Shopping local contributes to a healthy economy in a variety of ways. According to the Andersonville Study of Retail Economics, local businesses generate 3.5 times more wealth for the local economy compared to money spent at a chain- owned business. The money spent at the coffee shop down the street will go towards renovating that eyesore in the community park rather than promoting the opening of another Starbucks. Not only do they fund local needs, but they have also helped decrease the unemployment rate since the last recession. Big box retailers are laying people off left and right to move towards advanced technology systems that replace employees. A source at Wall Street Journal said the U.S. economy had lost about 71,000 retail jobs since the beginning of the year in 2017, as routine tasks are becoming automated. The only way to help maintain the progression of small businesses is to spend money within the community.
They Invest in Their Communities
If more consumers would take the time and shop their local stores for groceries, home good items and clothes, they would be helping their community. The money spent at small shops in the area stays within the community a lot longer than the money going into chain stores. Another reason to support local retailers is that they reinvest into their communities more than chain stores do, according to the American Independent Business Alliance, 48 percent of each purchase at local independent businesses was recirculated locally, compared to less than 14 percent of purchases at chain stores. The average person doesn’t consider where their money goes once the purchase is complete, that is the concept behind National Independent Retailer Month; to spread knowledge and facts about how local stores are contributing to their local environments and the overall economy.
Reliant Funding is a preferred partner for independent retailers and we are honored to serve them. We salute their hard work and encourage you to take the time to acknowledge and support the local entrepreneurs in your community.