Small Business Saturday has never been more important as Phoenix small businesses pull themselves out of the pandemic.
PHOENIX, AZ — Local businesses in Phoenix hope to make the most of Small Business Saturday and other promotions as the coronavirus pandemic continues to redefine the holiday shopping season.
Independently owned boutiques, gift shops, mom-and-pop hardware stores, restaurants and the like in Phoenix are facing unprecedented challenges as the ongoing coronavirus pandemic changes how Americans do their holiday shopping.
The list of local businesses participating in Small Business Saturday in Phoenix continues to grow. Here are a few of them:
Willie's Taco Joint, 333 East Jefferson St. Suite 102Penny Pincher Automotive Parts, 2401 West Van Buren St. Zen Thai Cafe, 110 North Central Ave. Arizona Hardwood Floor Supply, 910 S. 67th Ave.
American Express launched the "Shop Small" movement in 2010 to encourage people to support local businesses on the Saturday after Thanksgiving and Black Friday. Since then, it has evolved into a year-round effort to encourage people to support the mom-and-pop businesses and local shops in Phoenix and elsewhere around the country.
Last year, Americans spent about $20 billion on Small Business Saturday, up slightly from the year before.
Supporting local businesses is important, according to American Express, which estimates that 67 cents of every $1 spent remains in the local community. That amounts to about $67 billion that has stayed in local communities since Small Business Saturday began, according to the financial services company.
A Shop Small Consumer Impact survey from American Express before the pandemic found that 73 percent of people think empty storefronts are a national issue, and 84 percent agree the increase in empty storefronts and the closings of small, independently owned businesses negatively affect their local communities.
The survey showed that when consumers are aware of the impact of spending their dollars locally, 75 percent said they would be more likely to purchase a product or service from small, independently owned businesses.
Small businesses have been pummeled by the pandemic, according to a study by economist Susan Woodward. The study looked at the bank deposits of nearly 1 million small businesses with 10 or fewer employees, from every major sector and industry, during the first year of the pandemic.
The study, commissioned by Intuit QuickBooks, looked at bank deposits by the approximately 1 million small businesses using the company's software and anonymized, aggregated data from the users.
In Arizona, small business was down 16 percent in the first full year of the pandemic.
Retailers and personal care businesses, such as barbers and hair salons, were among the businesses hardest hit by the pandemic, but have enjoyed a stronger recovery than other sectors, according to the study.
In general, Woodward's study also showed: