July 25, 2023

Local is Mighty! The Economic Impact of Small Retail

In the era of giant eCommerce monopolies, it’s easy to overlook the importance and charm of small retail businesses. The act of shopping locally is a powerhouse of economic impact that goes far beyond dollars and cents – and it makes a real difference in your community!

Small retail plays a vital role in local economies, community growth, and unique shopping experiences. When you choose to support the small retail gems in your community, you’re not only supporting a neighborhood entrepreneur, but you’re also boosting your local economy by:

Creating Job and Employment Opportunities:

Small retail businesses are the backbone of local employment. They create job opportunities at various skill levels, contributing to the community’s overall growth and well-being. They employ retail associates, delivery drivers, and other community members such as bookkeepers, plumbers, electricians, and more! These businesses prioritize hiring individuals from the local community in-house and for services needed, which puts money back into the community all around!

Supporting Local Suppliers and Artisans:

When you step into a small retail store, you’re not just buying a product; you’re supporting local suppliers, artisans, and manufacturers. Small retailers often collaborate with local producers and artists, showcasing their unique wares that contribute to the thriving local economy! Buying from small retailers helps support and sustain these valuable supply chains, keeping traditional and time-honored skills alive and well within your community that may otherwise be lost.

The Economic Multiplier Effect:

Small retail businesses have a ripple effect on the local economy – this, we know for sure. When customers spend their money at a local small retailer, that money tends to stay within the community in a number of different ways.

For example: you have a favorite soap that’s made by a local artisan in your community. The small retail store in your town has the best selection of these soaps, and so whenever you need more, you go pick up a few bars to keep on hand. By purchasing that soap from a small retailer, you’re not only supporting the artisan that made them and the store you bought them from, but you’re also contributing to:

  • The farm that supplied the goat’s milk and herbs that went into the soap
  • The salary of the retail associate who stocked the shelves
  • The store owner’s ability to put groceries on the table for their family
  • The community’s ability to fix, upgrade, and maintain areas serviced by taxes

This economic multiplier effect means that every dollar spent at a small retail business can generate more income and opportunities within the community – pretty mighty, indeed!

Neighborhood Revitalization and Vibrant Communities:

Small retail establishments act as anchors for neighborhood revitalization. They attract foot traffic, generate a sense of community pride, and contribute to the overall aesthetic of the area – with their quaint storefronts and quirky personalities, it’s hard not to fall in love! If we asked you to think of your favorite locally-owned place to shop right now, you most likely would be able to picture exactly what color the walls are painted, how it smells, and what music is playing when you walk in. Small retail has a lasting impact that can’t be denied and helps keep the community’s culture, tradition, and heartbeat alive and well.

Personalized Customer Experiences:

One unique and important aspect of small retail is the personalized customer experience it offers. Business owners make deep connections with their customers. They provide tailored recommendations, remember individual preferences, and build a loyal customer base through exceptional service. These interactions create trust and loyalty, encouraging customers to continue coming back to support their favorite business again and again.

Small retailers may not have the financial muscle of their eCommerce competition, but their impact on local economies and communities is invaluable. From job creation to supporting local suppliers, stimulating economic growth, and creating vibrant neighborhoods, small retailers are the lifeblood of many communities!

As shoppers, we have the power to contribute to this bright and vibrant retail landscape by choosing to shop locally whenever and however we can. We can help bolster the cultural and financial diversity of our communities by choosing to support local and shop small retail. Thanks to Myti, supporting small retailers in your community is a click away! Bringing the accessibility of eCommerce and the power of local directly to your fingertips, Myti is here to change the way you look at local!

 

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