BRIST L COUNTY BUSINESS NEWS The Official Publication of the Bristol County Chamber of Commerce, Inc.
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Corner Office: Please Shop Locally During the Holidays money is then reintroduced into the local economy repeatedly. Help preserve family run businesses by shopping locally. This is why the Chamber asks you to shop in 2017 like someone’s job depends upon it.
The Bristol County Chamber of Commerce promotes shopping locally all year, but the start of the Holiday Shopping Season is an appropriate time to explain why purchasing gifts from local retailers really makes a difference. The holiday sales season in Massachusetts starts in earnest at stores on the day after Thanksgiving, referred to as “Black Friday.” Black Friday is followed by the American Express-promoted Small Business Saturday on November 25th. From there it is a race for retailers until the end of December. The forecast for 2017 is a modest 3.1 percent increase in holiday purchases over last year. Last year it was anticipated that there would be a 3.9 percent gain in holiday sales for area retailers. To the surprise of many there was actually a 1 percent decline in retail sales even as national sales rose by 4 percent. A significant factor for the decline was the continued trend toward consumers initiating purchases with national retailers through mobile devices. Brick and mortar retail is clearly taking hits they cannot afford. It cannot be stressed enough that area retailers need your help. As the holidays approach, local retailers and service providers need your business to pay their employees, taxes, utility costs, rent and hopefully pay themselves. This
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Here are some other basics about why shopping locally during the holidays matters. The money you spent at local retailers and service providers is proven to be reinvested locally to a much greater extent because local businesses are vested in their community. It is a fact that these companies and employees take their paychecks and reintroduce that same dollar at local restaurants, retail shops, service providers and wherever else money is spent. They also make local purchases that support the daily operation of their businesses. The multiplier effect cannot be overstated. Generally speaking, $0.45 to $0.65 cents of every dollar spent locally stays in the Fall River area. For every $1.00 spent the value to the overall economy ranges from $5.00 to $14.00. That rate of return on investment can provide a tremendous shot in the arm. Please also recognize that you are really assisting the Bristol County economy when you shop locally. Supporting local merchants also means job retention for our neighbors, family and friends. As the economy continues to improve it also results in job creation. That is because small business owners take pride in what they have built over the years and are more likely to reinvest profits in order to grow their company. (continued on page 3)
Welcome New Chamber Members 110 Grill Fall River Smokiez, Inc. South Winds Apartments
Happy Holidays! I’m Buck in a Business! Learn more about me on page 7