In America, Small Business Saturday is an annual event which was established four years ago, garnering support from celebrities such as Serena Williams and Jessica Alba. Held on the 1st of December this year, the occasion allows small retailers to showcase the very best they have to offer in regional areas by lowering prices and implementing promotions with a view to boosting high street trading.
Matthew Hancock MP
This year, for the first time, the event crossed the pond with the backing of shadow business secretary Chuka Umunna. A third of all local authorities in the UK supported the day, held on the 7th of December, by offering free or discounted parking for shoppers or assisting in the establishment of temporary local markets.
The day proved to be hugely popular, with many flocking to their local town centres to view the festive shopping opportunities on offer. Recent research by credit card firm and Small Business Saturday backer American Express indicated that only £1 in every £20 spent this Christmas will be in an independent store, demonstrating the need for action of this type to support small retailers on a local level
Mr Umunna believes that the success of the day proves how central small businesses are in the high street rejuvenation attempts currently playing a major role in the retail industry.
He says; “Never in my wildest dreams did I think it would get this big.
“There is such a lot of talk about the American dream – small businesses succeeding against all odds. We do have a British dream, but we don’t talk about it, it’s not part of our imagination.
“But Small Business Saturday can give life to that British dream.”
Regional areas chose to mark the day in a number of different ways, with the City of York Council transforming the Merchant Adventurers’ Hall into a pop-up shopping mall containing 45 stalls. iZettle, an exhibiting technology firm, assisted stallholders by issuing payment devices allowing consumers to pay via tablet computers or smartphones.
Shopkeepers in central London, meanwhile, were visited by enterprise minister Matthew Hancock, who voiced his enthusiasm for the scheme. He believes that initiatives such as Small Business Saturday are an ideal way for small retailers to expand upon the “vibrancy around enterprise in the UK”.
He continued; “Small Business Saturday is part of the changing culture towards enterprise in the UK.
“A record number of new businesses started this year.
“We will do this every year – it’s a very simple call to action which is also fun and practical.”
Discounts website Groupon recently revealed the results of a study in which 71 per cent of consumers surveyed expressed a wish to see more independent retailers taking up vacant properties on British high streets. However, it also found that high rents, high business rates and competition from e-tailers prevent many entrepreneurs from investing in bricks and mortar.
Perhaps, as events such as Small Business Saturday gather momentum, the high street will once more become a profitable option for entrepreneurs keen to invest in their ideas.
Did you visit a local Small Business Saturday event and, if so, would you be keen to see the scheme rolled out broadly across the UK next year?
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