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Florida independent stores put great hopes into ‘Small Business Saturday’ [1]

['Mitch Perry', 'More From Author', '- November']

Date: 2023-11-24  

This has been a rough year for Florida small businesses, which is why they have great hopes that the holiday shopping season that goes into full effect this weekend will bring a much-needed boost to their bottom lines.

“It’s been really challenging since the summer,” said Jennifer Schultz, co-owner of The Merchant, a St. Petersburg store that features apothecary items, art, and curated gifts. “We’ve really seen a decrease in the amount of people shopping and buying. I think a lot of that could be due to inflation and some of the economic situation. … We’ve seen rising commercial rents [and] our labor costs have gone up.”

Schultz spoke during a press conference held in downtown St. Petersburg earlier this week to highlight “Small Business Saturday,” an annual event dedicated to supporting small businesses that was launched by Federal Express in 2010.

“It was a tough year,” added Tampa Bay Democratic U.S. Rep. Kathy Castor. “Business across the Tampa Bay area had a very difficult summer season. Let’s face it: The prices of gas and property insurance are up, so people are taking great care with their dollars. That’s why it is so important this holiday season that folks support their small business owners.”

The American Independent Business Alliance says that when individuals spend their money at a locally owned and independent business, instead of a big-box store, those dollars recirculate through the local economy two to four times more.

“Small businesses are the backbone of our economy,” Greg Britton, state director of the Florida Small Business Development Center Network, a small-business consultancy network, said in a written statement. “We want to encourage consumers to consider shopping small this Small Business Saturday and throughout the holidays.”

Inflation in Florida

When it comes to inflation, two of the biggest regions of the state — Miami-Dade County and the Tampa Bay area — have suffered some of the worst rises in prices in the country. Miami’s annual inflation rate of 7.4% in October was the highest of the U.S. metro areas tracked by the Bureau of Labor Statistics, and more than double the national average of 3.2%. Tampa stood at 6.7% in September.

According to the National Federation of Independent Business Small Business Optimism Index, 23% of small business owners reported that inflation was their single most important problem.

Schultz said that while inflation obviously has hurt consumers, it’s also hurt small business owners. “All of our goods, everything that you’re paying at the grocery store that’s gone up, our [costs] go up, too.”

Tony Loeffler, co-owner of Atlas Body + Home, an apparel lifestyle boutique in St. Petersburg, said the extremely hot summer also hurt sales for a lot of companies.

“People were not going out and shopping, so a lot of us rely on this six weeks of holiday spending to reset us and make up efforts for the year and resets us for the next season,” Loeffler said.

Those celebrating the holiday season are expected to spend $875 on average on gifts, decorations, food, and other key seasonal items, according to the National Retail Federation’s latest consumer survey.

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