At The Alliance for Economic Development, we share information about how developers, business owners and employers in Oklahoma City are having a significant impact on the local economy. But what about the rest of us?
Collectively, we make an important impact with our personal spending habits. One of the best ways to support our local economy is to shop at the merchants, restaurants and entertainment venues that are locally owned.
According to the economic research firm Civic Economics, for every $100 spent at a locally owned business, roughly $68 will stay in the community, compared to $43 when you shop at a national chain. Local businesses are owned by people who are part of the community – their families live, work and play here. They also provide more than half of the jobs that employ Oklahomans. And while we are seeing increasing sales tax revenue from online sales, not all online merchants are required to remit taxes back to Oklahoma City. Shopping local means those dollars stay in our community.
Small Business Saturday is Nov. 24. This day represents more than just another chance to shop holiday deals; it highlights the importance of local businesses and encourages all of us to find and support small businesses in our community. The event may help you discover new stores and services you’ll enjoy all year long.
Read the full article at The Journal Record