BED-STUY, BROOKLYN — Saturday is an important day for independently owned small businesses across Bed-Stuy: it’s Small Business Saturdaysthe first in a series of “shop small” events that emphasize the power of dollars spent in local communities.
Small Business Saturday is sandwiched between the major Black Friday retail shopping holiday that tends to favor national brands and Cyber Monday, an online shopping event that this year takes place on Nov. 28.
This year, the Bed-Stuy Gateway Business Improvement District is celebrating the day by launching its month-long Winter Wonderland at Marcy Plaza.
Plus many more. Find other participating shops by searching for a business name, ZIP code or neighborhood on the officialmapwebsite.
For many without the scale of established national chains to cruise through the COVID-19 pandemic disruptions, fourth-quarter sales could make the difference between hanging on or shuttering their shops.
Last year, Small Business Saturday sales topped $23 billion. Since the first Small Business Saturday in 2010consumers have spent an estimated $163 billion, according to American Express, the longtime sponsor of the event.
Two-thirds of every dollar spent at a local business remains in the community, according to most estimates. There’s a little more to the so-called “local multiplier effect,” according to the American Independent Business Alliance.
A study from that group found that, on average, 48 percent of every purchase at a local independent business is recirculated locally, compared to less than 14 percent of purchases at chain stores.