Member Article

Why shop locally in the North West?

The North West has everything you could possibly want, excellent entertainment, great independent shops and even its own whiskey distillery.

Which is why I think, when it comes to shopping, we should keep it local.

There are 6.9 million people in the North West, which is a very large buying power.

According to the Guardian every £1 spent with a small to medium sized business results in 63p staying in the local economy compared to just 40p with larger companies.

As well as the clear economic benefits, local spending benefits communities in other ways. Increased local trade results in the continued use of local buildings limiting the likelihood of disused buildings in a town.

The Guardian also presented information showing that high streets which hosted independent businesses boosted the prices of nearby homes by an average of £40,000.

Additionally shopping locally results in more money going into creating jobs and providing entrepreneurs with the opportunity to expand.

However it is not just local concerns, consumers increasingly care about their carbon footprint and how their shopping trends impact globally.

Shopping locally ensures that the carbon footprint of goods is kept to a minimum.

From food to locally produced art, it all works towards minimising the distance between the creator and consumer.

According toofficial labour market statistics, there are already more than 161,113 self-employed people in Great Manchester , representing 8.6% of the working age population.

Statistics from national enterprise campaign, StartUp Britain, showed there were 11,765 new businesses registered in Manchester in 2013, making it by far the most entrepreneurial region in the North.

A study carried out by the PwCsuggests Liverpool has seen the fourth largest rise in income per head. In addition, Liverpool has seen the largest improvement in income equality, ONS suggests the income gap between Liverpool’s residents and workers narrowing substantially over recent years.

It now stands at £1,426 compared to £3,711 in Manchester.

As a result of the government’s so-called ‘Northern Powerhouse’ plan, more investment is being made into the North West in a bid to ensure that the region increases its output and, with it, small to medium sized businesses are able to thrive.

The North West is set to become a hub of employment and business opportunities to rival London, thus decreasing the potential brain drain of young graduates moving down south.

All this can be boosted by shopping locally, keeping money within the local economy and giving a boosts for startups and pre-existing SMEs.

Local businesses are set up by local people who have families and connections to the area, they are therefore more likely to reinvest money into local projects, charities and causes.

In short to keep our local economy thriving, with more jobs, and greater opportunities switching some of your shopping habits can have a great impact.

Next time you’re out and about, buying a gift or just a sandwich and a coffee think about buying from a local business and make that money go a little further into reinvesting within our local economy.

This was posted in Bdaily's Members' News section by Sophia Taha .