In a recent analysis of businesses in mid-coast Maine, researchers found that three times as much money stayed in the local economy when residents turned away from big box retailers and bought their goods and services from locally owned businesses.
For every $100 spent at a big box store like Target, Wal-Mart or Home Depot, researchers discovered, that retailer put about $14 back into the local economy. On the flip side, spending $100 at a locally owned store pumped $45 back into the local economy.
The conclusion? If you want to help the local economy, you've got to be loyal - shop local, buy local, eat local.
Unfortunately, that's not happening in Sherwood.
According to a local economic survey, undertaken as part of a partnership between the city and the Oregon Downtown Development Association, only 12 percent of respondents said they do most of their non-grocery shopping in downtown Sherwood. More than half said they do most of their shopping at Washington Square, where the majority of the stores are national retailers. More people in Sherwood did their shopping online or through a catalog than in their own downtown.
When asked what motivated their shopping choices, the majority of Sherwood residents said "selection and convenience." Less than 30 percent of respondents cared about quality and just a handful said "loyalty" had anything to do with their choices.
Of course, there's not a huge selection of stores in Sherwood's Old Town. But with a constant supply of shoppers, you can bet that more entrepreneurs would be willing to open boutique clothing shops, a bookstore maybe or even, as the owner of the Chamber's "small business of the year" recommended recently, a jewelry store.
The survey, which city councilors perused last month, concluded that "in order for community and commercial revitalization to be truly successful in downtown Sherwood, it is critical that partnerships and collaborations be strengthened."
In other words, stick together folks. The study suggests Sherwood's downtown could be a thriving hub of economic activity if only the city's various components, including business groups, community leaders, schools and others "take on appropriate pieces of marketing and development efforts."
Full Story: http://www.sherwoodgazette.com/opinion/story.php?story_id=121693167579607800
