INC NEWS - Shop local independent businesses

[Laura Drey]

Hi folks, 

I want to encourage Triangle residents to support local community-owned,
independent businesses. My wish is that independents will have with more
business and that people might start having new shopping patterns.
 
Shopping independents helps boost our local economy. Department, chain and
discount stores are really hurting independent shops and local
community-owned businesses. The Durham Visitor and Convention Bureau
measures that for all 3000+ visitor-related organizations as an aggregate in
2007, on the average Durham reaps 70% of the spending and 30% ricochets
outside the community in what is termed ³import leakage.² Tom Campbell,
co-owner of the Regulator Bookshop, told me that as of 2004 ³for every $100
you spend at the Regulator Bookshop [and other independent bookstores] $45
stays local. For every $100 you spend at a chain bookstore $13 stays local.
For every $100 you spend through a catalogue nothing stays local.² The study
Campbell cited was completed by Civic Economics. Campbell continued, ³while
the numbers may be slightly different, the patterns remain true for all
locally owned businesses.²

Reyn Bowman, President of the Durham Convention and Visitor¹s Bureau, says
³local in an economic sense would need to be by county vs. Triangle.  Each
of the counties that together make what we call the Triangle have difference
input-output factors.  These factors are what we use to determine economic
impact and leakage.  We can help you with that. But I¹m not sure an average
of all the counties in whatever configuration you¹re using to define
Triangle would give you what you want.
 
Just as an example, here is a diagram of Durham visitor commerce.  What
makes buying locally in Durham so powerful is that you cut down on leakage.
Same reason it makes more economic impact to hire locally and use local
vendors.² 
 
http://www.dcvb-nc.com/cr/impact_w-leakage.pdf



Feel free to spread the word. Thank you!

Laura
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