As we head into the busiest seasons for holiday shopping and home improvement for the holidays, it is important to know that where you choose to shop for home improvement needs can have a dramatic impact on the communities where they live.
A new study shows that for every a dollar a consumer spends at a locally owned home improvement store, nearly twice as much of that money stays in the local community than if the purchases were made at a big-box chain store.
That means, when consumers buy products at their local hardware store, such as Yeager’s Hardware, rather than from a major chain, local communities clearly reap the benefits.
A study sponsored by the North American Retail Hardware Association (NRHA) and Independent We Stand, which are organizations dedicated to helping independently owned businesses succeed. Civic Economics, an economic analysis and strategic planning firm, conducted the study on behalf of the two organizations.
The new research shows that shopping at a local home improvement store provides a 97-percent local economic advantage, but what does that mean for the River Valley? That means twice as much money goes to what matters close to home, such as schools and charity organizations.
In addition, buying power equipment from an independent dealer results in a 71 percent increase in local economic activity compared to purchasing comparable outdoor power equipment from the major chains, according to the study.
When consumers buy from chain stores, most of the money they spend leaves the area and funds corporations. But if consumers shift their home improvement spending to independent stores instead of chain stores for one year $7,744,870*
*Calculation from www.hardwareretailing.com independent study.