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Big Day awaits Metro New York Small Business Owners this Small Business Saturday®

Release Date: 
Tuesday, November 26, 2019
Release Number: 
20-17
Contact: 
Matthew.Coleman@sba.gov

NEW YORK, NY---Metropolitan New York merchants are readying themselves for the 10th Anniversary of Small Business Saturday® on November 30, a day that could translate to big holiday sales for small retailers.

 

Leading the charge for small business owners in New York City, Long Island and the Lower Hudson Valley is U.S. Small Business Administration (SBA) New York District Director Beth Goldberg, whose agency has been a co-sponsor of the program for the last nine years. “Small Business Saturday® is an opportunity for all of us to get behind mom-and-pop stores, local entrepreneurs and neighborhood businesses by supporting them.  For every $100 spent by a shopper at a local small business, $67 is recirculated in our local economy,” said Goldberg.

 

Started by American Express in 2010, Small Business Saturday®, which is sandwiched between Black Friday and Cyber Monday, continues to provide small business owners across the country with a big economic boost during the holiday shopping season.  Last year, 104 million consumers went out to shop small and spent a total of $17.8 billion in local shops and restaurants across America.

 

And according to Goldberg, this year promises to be even better.  “A recent survey from the National Federation of Retailers anticipates that shoppers will spend 3.8 to 4.2 percent more than last year during the holidays. That’s huge news, especially given the projection of total 2019 holiday spending will reach $730 billion,” she said. “Deloitte’s annual holiday economic forecast also estimates an increase in total retail sales of +4.5/5.0 percent during this year’s holiday season, with the average household planning to spend nearly $1,500.  That is very timely news for the 1.6 million metro New York small businesses who employ 5 million workers,” Goldberg said.

 

Of the 385,540 retailers in the state, there are 58,667 retailers with 1 to 499 employees. Of those, 54,745 retailers employ between 1-19 employees. There’s another 118,328 retailers who are sole proprietors with no employees according to the most recent SBA data.

 

In addition to retailers, Goldberg also noted that there are almost 36,000 eating and drinking establishments in metro New York employing over 481,000 people and accounting for close to $30 billion in sales.  “Restaurants are equally important to New York’s economy and we want to emphasize that small restaurants also depend on local holiday shoppers to plan their holiday parties, events or to stop by for a meal after a full-day of shopping,” Goldberg said.    

 

SBA Regional Administrator Steve Bulger, who oversees the federal agency’s operations in New York, New Jersey, Puerto Rico and the U.S. Virgin Islands, also spoke about the Customer Experience (CX) that many small businesses are looking to develop, noting that “those who can provide speed, convenience, consistency and friendliness usually win over their customers.   Exceptional service and quality products and services make for a great shopping or dining experience that keeps them coming back.”

 

“It’s the data driven merchants who combine technology with the human touch that will have the most success,” Bulger continued. “For many small retailers there has to be a balance of the old mixed in with the new.

 

“A big allure for many customers is walking down Main Street and seeing an inviting window display.  However, for some shoppers it’s just not enough,” said Bulger.  “The big trend for retailers is omnichannel retailing, a combination of brick and mortar, online sales and digital apps that provide customers with reward points, email marketing and social media.   Today’s retailer has to have the ability to reach its customers through multiple integrated touchpoints in order to succeed.   Small businesses that don’t take the necessary steps to compete by meeting the needs and demands of their customers simply get left behind.”

 

“A great example of omnichannel retailing is a small business that takes advantage of its brick and mortar structure and on Small Business Saturday® and then has the ability to pivot and take advantage of online sales on Cyber Monday,” added Bulger.  “With Deloitte’s annual holiday economic forecast predicting a 14 to 18 percent increase in e-commerce sales, why wouldn’t a small business owner look to get a piece of that market too?”

    

To help small business owners prepare for Small Business Saturday® and the holiday season, the SBA also has a dedicated web page www.sba.gov/saturday that offers tips on how to increase business during the holiday shopping season.   Remember to tell the SBA about your Small Business Saturday experience on Facebook at https://www.facebook.com/SBAgov, on Twitter @SBAgov or Instagram at https://www.instagram.com/SBAGov,  by using the hashtag #ShopSmall.