In 2021, the call to shop local is greater than ever. Because of Resquared’s focus on local businesses, we took some time to explore the #ShopLocal trend – where it started, where it’s going, and what it means for the commercial real estate industry.
So when exactly did the #ShopLocal trend begin?
The modern shop local trend can be pinpointed to the start of Small Business Saturday back in November of 2010. Interestingly enough, the day began as a campaign launched by American Express to help small businesses gain exposure and to inspire consumers to shop within their own communities during the holiday season. The following year, the day became official in 2011 when Washington State mayors, governors, senators and President Obama shared their support for Small Business Saturday. Given 2010 was during the midst of a recession, the Small Business Saturday campaign really captured the hearts (and wallets!) of communities across America and it now goes hand-in-hand with the holiday shopping season.
The past decade has seen a significant growth in appreciation for the mom-and-pop shops that power and inspire their local communities. And as of the date of writing this blog, there are nearly 60 million posts with the #ShopLocal tag on Instagram (check some of them out here!).
What can we expect to see for the #ShopLocal trend for the rest of 2021 & beyond?
One of the positives of the past year has been a resurgence of local shopping areas. This resurgence has been driven by a few factors, with a major one being the kindness and empathy of the local community members who wanted to support the small businesses in their communities. Another big factor here was that people were unwilling to travel to larger shopping centers during the height of the pandemic. And finally, it is understood now more than ever that a stronger local economy is beneficial for virtually everyone who lives there.
These factors combined have led to an even greater importance on the #ShopLocal value for many people and we predict this will persist for years to come. Be on the lookout for a second holiday season with a big emphasis on shopping local!
What does the #ShopLocal trend mean for CRE?
The #ShopLocal trend is a positive thing for the Commercial Real Estate industry as local businesses bring existing customer loyalty into new shopping centers and are integral in having the new center become part of the community.
Resquared is the only retail prospecting platform focused on local businesses, which was an intentional choice by our founders who understand that when local businesses do well, local economies do well too. Our platform simplifies the process for brokers and leasing agents to find potential local business leads to work with, which accelerates the growth of not only brokers, but small businesses alike. It’s in our DNA to make sure all local businesses have visibility on the platform.
If you’re interested to see how Resquared can help you find local businesses near you, sign-up for a demo today!