Small Store Closures Affect Local Communities

(IDEX Online) - As the U.S. gears up for the biggest shopping weekend of the year, American Express has released data from its Shop Small Consumer Impact survey.  

According to the survey, 73 percent of people feel that empty storefronts are a national issue and 84 percent agree that the increase in empty storefronts and closing of small, independently owned businesses negatively affects their local community

American Express conducted the survey in the run up to the 10th annual Small Business Saturday, which takes place on November 30. 

It found that an average of $0.67 of every dollar spent at a small business in the U.S. ends up staying in that local community.

The survey also found that when consumers are aware of their impact, 75 percent say they would be more likely to purchase a product or service from a small independently owned business. 

Over the past nine years, consumers reported spending more than $100 billion at small businesses on Small Business Saturday. Based on that reported spend, and taking into account that an average of two-thirds of every dollar spent at a small business stays in that community, American Express estimates that $67 billion has stayed local on Small Business Saturday.

"We recognize the hardships faced by small business owners today and want to inspire people to take notice and Shop Small to support their communities on Small Business Saturday and beyond," said Elizabeth Rutledge, Chief Marketing Officer at American Express. 

"Retail is changing, but local shops are the fabric of our communities..."