Small Business Saturday draws crowds
Chilly temps didn’t deter shoppers from visiting little stores, indie mom-and-pops
Just a day after Black Friday crowds packed malls and shopping centers across the Capital Region, local shoppers helped keep retail’s biggest weekend of the year going strong on “Small Business Saturday.”
Despite a chilly breeze, dozens of people walked throughout downtown Troy, perusing the areas varied shops and cafes, like 3rd Street Potters, AMC Jewelry and Decor, or one of the area’s many teahouses and coffee shops.
In downtown Albany, local shoppers were also encouraged to patronize locally owned businesses, and could even post Facebook selfies with their purchases for a chance to win gift certificates to downtown Albany businesses.
Small Business Saturday was started in 2010 by American Express in an effort to shift focus toward locally owned businesses during the five-day period from Thanks-
giving to Cyber Monday.
“We appreciate the fact that somebody is highlighting small businesses because they are the core of this country, much more so than your big-box stores or Amazon,” said Jack Yonally, a former owner of B. Lodge and Co., who sold the clothing store to his son.
“(Small Business Saturday) is more of a ‘yoo-hoo’ type of thing. Don’t forget us, we’re a small business and we’re family-owned,” Yonally said.
While large chain stores can offer customers a wide selection of products and provide private-sector employment for community members, the economic impact of shopping at locally owned establishments outweighs the impact of purchases made at largechain retailers.
According to the Small Business Economic Impact Study done by American Express, 67 cents of every dollar spent at locally owned businesses stays in that same community.
And another study found that for restaurant chains like Red Lobster, Olive Garden and P.F. Chang’s, just 30.4 percent of revenue stays in the local economy, compared to 77.7 percent of revenue from local restaurants, according to a study by Civic Economics, which analyzes the difference in economic impact between independent businesses and large chains.
The study predicted that if consumers make a 10 percent shift in purchasing from chains to locally owned establishments, the regional economy would retain an extra $475 million per year.
Spending at a local business can lead to an owner potentially investing in the community through expanding the business or hiring more employees.
Downtown Troy’s “revitalization” has in part been helped by small businesses opening, while older industrial buildings have been converted into apartments.
That combination has helped make Troy a destination again, said Lee Glasheen, a Troy native who works at 3rd Street Potters.
Small business “helps the composition of the community because people will move here if it’s a vibrant community,” Glasheen said.
“I’ve seen the many stages that the city has gone through,” she said. “When I was a child up until the early ’60s, (Troy) was so vibrant. It had so many stores, so many department stores ... It was a wonderful city.”
Glahseen said this latest era is different from the Troy she knew growing up — though she’s pleased by the progress thus far made.
“This is a different kind of revitalization. I hope it continues,” Glasheen said. “The people who are doing the decision making, I think, right now are doing a good job.”
Scott and Cherisse Ketchum, who moved to Troy from Manhattan this past spring, said the neighborhood’s walkability makes the area easily accessible, and has helped with the growth the area’s seen.
“It definitely felt like a great neighborhood vibe when we started looking here and that’s what attracted us to Troy,” Scott Ketchum said. “(Small business Saturday) really helps a lot ... We usually buy in our neighborhood before we look elsewhere.”
And, another benefit? Small businesses are a good place to find “unique” Christmas gifts, Ketchum said.
For Yonally, small businesses all work together. When a customer comes to B. Lodge and Co., that person may also have lunch at a neighboring restaurant or get a haircut at the nearby barbershop.