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Monadnock initiative seeks to boost local businesses

| Written by Nick Stumo-Langer | No Comments | Updated on May 16, 2017 The content that follows was originally published on the Institute for Local Self-Reliance website at https://ilsr.org/monadnock-initiative-seeks-to-boost-local-businesses/

New Hampshire Business Review – May 16, 2017

By Nicole Colson

A Monadnock Region initiative aimed at adopting policies designed to level the playing field for locally owned businesses is being developed in hopes it will serve as a statewide model.

The Complete Economy Project, spearheaded by Monadnock Buy Local, is an effort by citizens to create a regional economy by implementing policies and practices that balances diverse types of business by putting them on equal footing. The effort was launched last fall. …

Effective strategies

Stacy Mitchell, economy researcher and author from the Portland, Maine, office of the Institute for Local Self-Reliance – a national nonprofit that researches, analyzes and partners with communities and policymakers to design and implement policies to strengthen local economies – gave a presentation earlier this month for potential stakeholders at Antioch University New England. The purpose of her appearance was to share effective strategies focused on national local economy policies and to gain community support for the Monadnock project.

Mitchell gave an overall picture of local economies across the country and how they are affected by monopolies. Her institute’s research found that $1 of every $2 spent online today goes to Amazon; at the same time, for every job gained at Amazon, two jobs are lost at a brick-and-mortar store.

But at a time when online retail giants are forcing brick-and-mortar businesses to shutter, the buy local movement continues to gain traction. One example is the re-emergence of independent booksellers – 660 new stores opened in the country over the past seven years.

And a recent impact study of the Monadnock Region found locally owned businesses return four times more money to the local economy compared to chain retailers.

Independent businesses saw a 5.1 percent increase in sales in 2014 (vs. a 2.3 percent increase in 2013) according to the latest national survey conducted by the Institute for Local Self-Reliance in partnership with the Advocates for Independent Business, which gathered data from 3,000 locally-owned business.

The same Monadnock Region impact study notes if every area resident shifted just 10 percent of their purchases from national chains to locally owned retailers, it would keep $27 million annually recirculating in the local economy, generating more jobs, charitable donations and community health.

Among the strategies Mitchell said help strengthen local economies are growing local banks, creating a local investment fund, adopting business diversity policies and supporting buy local first initiatives.

Monadnock Buy Local serves as an example of these kinds of initiatives in that the organization has created partnerships with other local business alliances to instill a Plaid Friday and Shift Your Shopping Campaign every holiday season to encourage spending at locally owned and independent businesses. …

Read the full story here.