Buoyed by Consumer Support, Independent Businesses Report Strong Sales Growth in 2014
Local businesses beat the holiday performance of many national chains, but continue to experience difficulties with policies tilted in favor of large companies
FOR IMMEDIATE RELEASE
CONTACT: Stacy Mitchell, senior researcher, Institute for Local Self-Reliance,
207-774-6792,
smitchell@ilsr.org
MINNEAPOLIS, MN (Feb. 11, 2015) – Independent businesses saw strong sales growth in 2014 as more consumers embraced the "buy local" movement and ditched big companies in favor of supporting local retailers and small-scale producers, according to a large national survey released today.
The survey, which is now in its 8th year and was conducted by the
Institute for Local Self-Reliance in partnership with the
Advocates for Independent Business,
gathered data from over 3,000 locally owned businesses. The respondents reported
brisk sales in 2014, with revenue growing 8.1% on average in 2014, up from 5.3% the previous year. Among independent retailers, which comprised about half the sample, revenue increased 5.1% in 2014, versus 2.3% in 2013.
Holiday sales at local stores grew too, by an average of 4.8%, beating the performance of many national chains and coming in well ahead of the 0.9% decline in December retail sales reported by the U.S. Department of Commerce.
The survey results suggest that the strength of the independent sector is owed partly to an improving economy and partly to
the spread of the "buy local" movement. Businesses located in cities with active Local First campaigns reported sales growth of 9.3%, compared to 4.9% for those elsewhere. They cited a wide range of direct benefits from these campaigns, with half saying the initiatives had generated new customers and 45% saying they had resulted in more awareness and support among city officials.
