The Importance of Locally Owned Businesses

Coming from a town that lacks the motivation to support and revitalize their downtown, I'd say citizens of Cape Girardeau have it  pretty lucky to be able to go downtown and have a pleasant shopping/dining experience. Yet, talking with others who have lived in this area for a number of years, you wouldn't get the sense that they appreciate it as much as someone who is new to the area. These same people are the ones clamoring for more malls and more chain stores; being in the field of preservation and downtown revitalization it pains me to hear this as I don't believe these individuals understand the importance of small, locally owned businesses.

The Economic Impact of Locally Owned Businesses vs. Chains was a study of how small local businesses impacted the economy of a region compared to that of chain stores. (i.e. Wal-Mart, Target, Best Buy, etc.) The study concluded that residents in this region who spent at least $100 at a locally owned business generated roughly around $45 in local spending (44.6%) compared to just $14 (14.1) when the same amount was spent at a box store. [1]

You might be asking yourself how does a study in Maine have anything to do with Cape Girardeau, Missouri. The demographics of both regions are different; however, one  cannot dispute the results of the Maine study would not be roughly the same as if it was done in Cape Girardeau. Locally owned businesses in this region of Maine could add almost $23 million to the local economy; if Cape Girardeau could expand on their downtown, what makes you think it couldn't do the same? Putting money spent directly back into the economy would allow for the creation of more small businesses which in turn would allow for more employment opportunities thus assuring the economic stability of the region.

So in short, next time you hear someone clamoring for more chain stores, remind them that the revitalization of downtowns helps spur the local economy and help Cape Girardeau as a whole rather than going straight into the pocket of a corporation whose main goal is to make money regardless of the expense it has on the local community. Besides, who wants to go all the way across town to shop at some chain store? Go downtown, eat, drink, shop, and enjoy the sights, smells, and sounds. As I mentioned when I started this blog, I came from a place that lacked all of these features; downtown Cape Girardeau offers a place where you can generally find all amenities that one would want plus more.

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[1] Mitchell, Stacey . "The Economic Impact of Locally Owned Businesses vs. Chains: A Case Study in Midcoast Maine." Institute for Local Self-Reliance. http://www.ilsr.org/economic-impact-locally-owned-businesses-vs-chains-case-study-midcoast-maine/ (accessed May 5, 2014).