Blog & Articles - Gibb Insurance

Shopping Local – More Important Now Than Ever

Shopping Local – More Important Now Than Ever
We all know that supporting, small and independent businesses is important to our local economy, and with so many businesses significantly impacted by COVID-19 related restrictions and closures, they need our dollars more than ever.  

With many of us financially impacted by the COVID-19 pandemic, we all are attempting to stretch our dollars further and perhaps looking for deals which are often available from “big box” stores. And while yes, these multi-national companies employ locals, but unlike local independent business, they are more likely to successfully winter this storm with the financial assistance available to larger enterprises.

Even with relief assistance, so many small businesses simply don’t have the financial resources to sustain themselves through this tough time. It might cost you a little more to support a small business, but consider the advantages:

  • These are people who live, work and play in our community. 
  • These businesses sponsor your child’s soccer team, participate in local events and support local charities, and are members of important local organizations – all which help to shape our town. 
  • They are often better equipped to offer personalized customer service. 
  • These businesses are able to offer before pre- and post purchase product advice and flexible return policies.
Now, the numbers… independent businesses:

  • Recirculate up to 63% of their revenue back into the local economy compared to 14% for multinational corporations
  • Produce up to 8.4 times more jobs per square foot & up to 8.1 times more revenue square foot than multinationals
  • With independent businesses recirculates up to $63 of every $100 in spending in the local economy, compared to $14 for multinational companies
  • Spend up to 31.4% of their revenue on provincial products & services 
  • Donate up to 24 times more per dollar of revenue to local charities than multinational companies* 
As restrictions lift, it’s more important than ever to “think local first”.

*Statistics from BC focused 2019 research: The Economic Impact of Local Businesses