Shop Local: ‘We need to Shop Local and bootstrap our own economy’
- Credit: Charlotte Bond
Independent businesses across the region will go bust without a bumper Christmas, new research has shown.
A survey of more than 200 firms found that coronavirus restrictions and consumer confidence have hit coffers hard.
The poll was commissioned by this newspaper to launch the Shop Local campaign.
Shop Local is a use-it-or-lose-it plea to shoppers to consider independent traders and businesses this Christmas and beyond in a bid to bolster our beloved high streets and spark a wave of online spending with local retailers.
Keeping money in Ipswich is vital as the economy splutters in the wake of the pandemic. The Centre for Local Economic Strategies found that for every £1 spent at a local business 63p ends up back in the local economy compared to only 5p spent at a larger retailer.
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The results of the survey are stark:
• 77% of regional businesses are relying on a strong festive trading period this year
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• Just 33% of businesses are confident they will not make any redundancies between now and March 2021. Even then, the vast majority have either already made redundancies, or are run by a single person
• 40% of businesses in East Anglia do not have an online presence.
Outlining the scale of the problem, Professor Joshua Bamfield of the Centre for Retail Research, said: “Shopping local means money is kept in the regional economy - supporting jobs and the entire supply chain. It is even more important to do so in areas like East Anglia because although we have well-established brands, they don’t see the same government spend that areas like the south east do.
“It also doesn’t have the cheaper rates and suppliers you get up north. It rather supports the feeling that if no one else is going to support us, we need to do it ourselves and bootstrap our own economy.”
Research from the Centre for Cities further underlines the position our high streets are in.
The charity, which researches economic growth in Britain’s large towns and cities, has classified Ipswich’s high street as “moderately weak” with people spending 20% in the town compared to before lockdown.
This is why the Ipswich Star is launching the Shop Local campaign encouraging our readers to spend their hard-earned cash in the local economy and with the retailers who need it the most.
Our Shop Local campaign will offer much-needed coverage for independents and the campaign has been welcomed by the Federation for Small Businesses (FSB).
Andrew Mower, development manager for East Anglia, said: “This campaign comes at a vital time for our region’s fantastic small firms, who have faced unprecedented challenges but have continued to demonstrate their importance to our communities.
“If we want to continue to enjoy the unique products and services that local businesses provide then now is the time for the public and decision-makers to support them in any way possible.
“Shopping local, ensuring that our high streets and historic town centres are thriving, will play a key role in the economic recovery in the months ahead.”
Richard Porritt, business and politics editor of the Ipswich Star said: “The pound in our pocket has never been more valuable. The independent businesses we talk to day in, day out, have made us well aware of how tightly they were squeezed in the pandemic and they have never needed our support more.
“Our SMEs do not have deep pockets to fall back on – many of them don’t know what will happen next month let alone next year. And yet so many of them are our favourite restaurants, shops and suppliers.
“We want to throw our support behind this engine of our regional economy – and hope our readers will join us in this endeavour.”
David Ellesmere, leader of Ipswich Borough Council, is backing our campaign. He said: “The Star’s Shop Local campaign has got my full support.
“Our local shops are the lifeblood of the high street but they will only survive this difficult time if we support them through our trade. This is especially true in the run-up to Christmas when stores do most of their business.
“Local shops were a lifeline for many of us when the online stores failed to deliver during lockdown. They kept us going and now we need to keep them going.”