Isabel Casillas Guzman, head of the Small Business Administration, urged the public in a recent statement to buy from small businesses this Thanksgiving.
If the retail market is a pie, then small businesses are fighting harder than ever for a slice this Thanksgiving. It won’t be easy. After all, they are up against industry giants that are so big they can afford to slash prices for price-conscious shoppers and still make a profit.
But retail sales data from last holiday season shows that it’s not a losing fight. Small Business Saturday, an annual event started by American Express in 2010 and later co-sponsored by the government, likely generated $17.9 billion in sales in 2022, according to estimates based on U.S. consumer spending.
“Small Business Saturday is often our busiest day of the year,” Lexi Beach, owner of New York’s Astoria Bookshop, told Inc. in an email interview.
“My favorite tradition is to write out the sales total from last year on a Post-it, and put it on the monitor at the register,” she said. “More often than not, in the 10 years my store has been open, we surpass that number before the end of the day.”
“The SBA encourages everyone to be a part of the nationwide movement that spotlights our small-businesses, drives holiday shopping locally, and celebrates the spirit of entrepreneurship.”
Small businesses are especially under pressure to find any way they can to bring in revenue this year, since customers have pulled back on their spending with inflation. Walmart chief executive Doug McMillon acknowledged on a quarterly conference call on Thursday that his company may be navigating a period of deflation in the coming months.
Isabel Casillas Guzman, head of the Small Business Administration, urged the public in a recent statement to buy from small businesses this Thanksgiving, calling them “the heart and soul of our neighborhoods.”
She continued, “The SBA encourages everyone to be a part of the nationwide movement that spotlights our small-business owners, drives holiday shopping locally, and celebrates the spirit of entrepreneurship. Together, we can make a difference for the vital small businesses that make our neighborhoods thrive.”
Local patronage goes a long way for small businesses, especially during the holidays. One way to look for small businesses to support in your local area is through American Express’s Shop Small website.
If there’s holiday sales advice Beach wishes she’d had when she was just starting her business, it’s two things: Don’t turn down help from family, especially when you have a small staff; and visit other local small businesses. “We are all rooting for each other,” she said.
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