It’s an annual tradition our high streets rely on and local retailers are hoping for a big turnout on Small Business Saturday.
After a busy Black Friday, corner shops are hoping people have more shopping on their systems to spend some money on Saturday.
“I’m always happy to do business,” said Betsey Jenney, owner of a boutique on her behalf. “I’m always excited about new people, new things, new products, new ideas and Small Business Saturday gives us a chance to maybe show more people what we have to offer and that’s really exciting.”
The Retailers Association of Massachusetts is made up of 4,000 retailers and restaurants.
RAM predicts a 10% increase in local Christmas shopping based on a survey of their members. This forecast is slightly above the National Retail Federation’s national forecast of 6-8%.
“A projected 10% year-over-year increase in revenue leaves little room for error or increased profitability given the 8% inflation rate,” said RAM President Jon Hurst. “With inflation eroding the spending power of our consumers and small business margins, it is more important than ever that we all work harder to protect, nurture and preserve our high streets and our key local shopping districts.”
RAM members said the four biggest challenges they face this holiday season are inflation, falling profits due to higher cost of goods versus sales, staff shortages and inventory levels, and delays.
Analysts report that stores can generate between 20% and 30% of their total annual sales during the holiday shopping season, so this time of year is extremely important to them.
This is an evolving story. Check for updates as more information becomes available.
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