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Independents day on everybody's high street

Shoppers will this weekend be encouraged to partake in the annual Small Business Saturday event, with hundreds of retailers planning to promote the day. Last year, customers spent £504m with small and independent retailers on the day, which was an 8% increase on 2013. Campaign director Michelle Ovens expects the figure to jump again this year after experiencing a surge in interest, with more than three quarters of local authorities now on board, compared to 55% last year. The Federation of Small Businesses believes Small Business Saturday can have a lasting impact on the economy because small shops tend to push cash into the local community. The trade body's research shows that every £1 spent by a local council with an SME, 63p is then spent elsewhere in the area. This compares with just 40p in every £1 spent with a larger business. A separate poll of more than 2,000 people by the Post Office also found that around a quarter of respondents are more likely to shop with local small businesses than five years ago. The survey showed that 42% of consumers shop with local small businesses at least once a week. Of these, almost half said they do so because they feel they are giving something back to their community. This apparent popularity of smaller retailers is supported by a study from insurer Simply Business which revealed that the number of independent retailers across Britain has risen by 110% in the past five years.

 

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