A new survey has released early results showing the positive economic effects of Louisville’s locally-owned businesses, as opposed to big retail chains, which doesn’t surprise the local business community.
Analyst group Civic Economics and the American Booksellers Association have partnered to produce the survey which includes data from several cities, but is the first to see the survey’s preliminary results, said Louisville Independent Business Alliance President Jennifer Rubenstein.
“We are the first one because we were really the ones that were the most ready before it was even officially announced by the ABA, we were already prepared to get moving,” she said.
Preliminary results for Louisville show what the alliance has always assumed. Nearly $40 of every $100 spent at local businesses stays in the community. The survey compares the local businesses against three large chain stores, including Home Depot, Target and Barnes & Noble. At these chains the community only keeps $14 of every $100.
Rubenstein said local business doesn’t get the recognition they should.
“Because small businesses tend to not make quite as bug of a splash…it’s kind of a sexy thing when they can say oh there’s fifty new jobs coming into town with this one company as opposed to finding out that fifty small businesses are adding one employee,” she said.
Around 10 independent businesses have completed the survey, which Rubenstein said is around half of the businesses participating in the survey.
The final report is expected in May.