Saturday, November 25, is Small Business Saturday. Today, our Jones Aur Commercial Real Estate team is exploring the significance of Small Business Saturday. Whether in Memphis, Little Rock, or the surrounding areas, it’s an annual event that champions local businesses and bolsters community economies. But how? Why is Small Business Saturday important?
The Origin of Small Business Saturday
Small Business Saturday is more than just a day; it’s a movement that has gained momentum since its inception in 2010. Created by American Express, the initiative was designed to shift the focus from big-box retailers and online giants to the local businesses that form the backbone of communities nationwide. The idea was simple yet impactful: dedicate the Saturday following Thanksgiving to support local businesses. This day serves as a counterpoint to the consumer frenzy often associated with Black Friday and Cyber Monday, offering a more community-centered alternative.
Over the years, Small Business Saturday has evolved into a nationwide event celebrated by millions of consumers and small businesses. It’s not just a day to snag a deal but to celebrate the entrepreneurial spirit that fuels local economies. For commercial real estate, this day holds particular significance. High foot traffic and increased sales on Small Business Saturday can make commercial properties more attractive to potential tenants, thereby increasing their value and desirability. Moreover, the event helps to spotlight the kinds of businesses that make commercial spaces vibrant and profitable.
Essentially, Small Business Saturday is a win-win for everyone involved:
- Consumers get quality products and personalized service.
- Local economies receive a much-needed boost.
- Commercial real estate properties have become more appealing and valuable.
Why Shop Small?
When you patronize a local business, you’re not just making a purchase; you’re making a statement. You’re saying you value the hard work and dedication of running a small business. You’re acknowledging the personalized customer service that often comes with a local establishment, where employees know your name, preferences, and even your day.
But the benefits continue beyond exceptional service. Small businesses often offer locally sourced or crafted products, providing a unique selection you won’t find at a national chain. These products often reflect the character and culture of the community, adding a layer of local flavor that can’t be replicated elsewhere.
From a commercial real estate perspective, the success of small businesses is a critical factor in the value of a property. Thriving businesses attract more foot traffic. The result? More businesses in the area. It’s a cycle of success that begins with your choice to shop small.
Economic Benefits to the Local Community
The economic ripple effect of shopping small is profound and far-reaching. When you spend your money at a local business, a significant portion of that expenditure stays within the community. Unlike giant corporations, which may funnel profits to out-of-state headquarters, local companies are more likely to reinvest in the local economy. This can take the form of wages for local employees, sourcing goods from local suppliers, or even contributing to local charities and community events.
The job creation aspect must be balanced. Small businesses are among the largest employers in many communities. By supporting them, you indirectly support job growth, leading to a healthier, more robust local economy. More jobs mean more income, translating into more local spending and creating virtuous economic growth and stability.
For those in the commercial real estate sector, the local community’s economic health is a key indicator of property investments’ viability and potential profitability. A thriving local economy makes commercial spaces more attractive to businesses, increasing demand and potentially increasing lease rates.
The Commercial Real Estate Perspective
Small Business Saturday is an opportunity for growth and long-term investment in commercial real estate. The surge in foot traffic on this day can be a powerful indicator of a property’s potential. High consumer turnout not only boosts sales for tenants but also elevates the property’s profile, making it more appealing to future tenants and investors.
A successful Small Business Saturday can also serve as a case study for businesses that can thrive in a particular commercial space. This invaluable data can guide property owners and brokers in curating the ideal mix of tenants, thereby maximizing the property’s earning potential. It’s a strategic approach beyond square footage and lease rates. It’s about creating a symbiotic relationship between businesses and their community.
Moreover, the event underscores the importance of location. Properties that consistently perform well on Small Business Saturday are likely well-situated and accessible and offer the kinds of amenities that both businesses and consumers value. In commercial real estate, such insights are beneficial and essential for making informed investment decisions.
How Memphis Celebrates Small Business Saturday
In Memphis, Small Business Saturday is a complete celebration of the community. The city comes alive with special promotions, live music, and local food, turning a shopping day into an experience that captures the essence of Memphis culture. From the historic streets of Downtown to the trendy shops in Midtown, local businesses roll out the red carpet for shoppers, offering deals and a taste of the community spirit that makes Memphis unique.
For commercial real estate investors and property owners, the day provides a snapshot of consumer behavior and community engagement. The types of businesses that see increased foot traffic, the demographics of the shoppers, and even the hours during which most shopping occurs can offer valuable insights. These data points can inform future leasing decisions and marketing strategies, making Small Business Saturday a day of sales and valuable market research.
Commercial Real Estate For Small Businesses
Small Business Saturday isn’t just another excuse to shop. It’s an investment in our community and a boon for commercial real estate. From the unique offerings of local shops to the economic vitality they bring, the benefits are manifold. If you’re interested in how commercial real estate plays a role in community growth, please contact Jones Aur. We’re here to guide you through the vibrant markets of Memphis and Little Rock.
