Apr 21, 2009

Main Street merchants encourage you to shop locallyBy CapeCodToday.com

Following last year’s successful inaugural event, Hyannis Main Street Business Improvement District is organizing Shop Local Day as a way to highlight the importance of spending dollars locally. More than fifty businesses on Main Street will be offering sales, discounts and deals on Saturday, May 9, for Hyannis Main Street’s third bi-annual Shop Local Day.

In a slower economy, where consumers spend their money is extremely important. Studies have shown that when people spend their money in a locally owned store, as opposed to a nationally owned store, it generates between two and four times more money for the local economy. That is because local businesses tend to use other locally owned businesses for capital investment and professional services, such as accounting and bookkeeping, printing and web design, advertising, as well as building maintenance, renovation and repair, thus recycling money back into the community.

Because they are run by residents of the immediate communities, local businesses have a natural interest in Cape Cod’s long term health, and therefore they make significant investments in the community. They are the greatest supporters of local charities, schools, teams, and community events and fundraisers. On average, local businesses give three times the amount to a local community than national businesses. “I give generously to local non-profits, particularly when it is related to children,” says Steven Doherty, owner of the Main Street Toy Shoppe, who has for example given a generous amount in gift certificates and sponsorships recently to the Barnstable Education Foundation.

Main Street has a huge number of family-run businesses as well. Each one tells a story about their unique vision and passion for hard work and community. Without these local businesses the Cape would not only lose part of what makes it so unique and attractive to visitors, but it would also lose the economic backbone of the community. By supporting local businesses, not only can the Hyannis and Cape Cod community survive, but it can thrive.

Shopping locally also lures people to a community. A growing body of economic research shows that in an increasingly homogenized world, entrepreneurs and skilled workers are more likely to invest and settle in communities that preserve their one-of-a-kind businesses and distinctive character.

Read complete article.