I read on the Jersey City Independent this morning a post in conjunction with NEW magazine that when we buy local we contribute to the local economy almost double than when we buy at a chain store. They make the analogy as we are navigating to the commuter station, do we buy our coffee at a local coffee shop or do we go to Starbucks or Dunkin Donuts. When we eat do we go to the local hang or do we go to TGIFridays. Thank god there isn't much of that in Jersey City.
When we spend $5 at a locally owned business (this is all on average mind you) $3.40 of that will go to the local economy. If you spend that same $5 at a chain store or a non-locally owned business it falls to $2.15 going to the local economy. That is pretty hefty. It also found that locally owned businesses pay higher wages, gave more to local charities and were more likely to purchase needed items from other locally owned businesses.
Someone asked me the other day, "do Urban Enterprise Zones really work?" Here is your answer. Urban Enterprise Zones encourage growth in the local economy and make us spend our dollars locally. The article makes it clear that these so-called UEZ zones are doing the trick. Read more of the article here.
So, when we go and see that Starbucks or even a Dunkin Donuts is close to everything, oh they are so convenient aren't they, know when you buy from them you are contributing to the destruction of your own local economy. But, when you buy locally you improve your neighbor's pocket book, local charities and that purchase helps other locally owned businesses as well. Think Locally, buy locally.