From blooms to bloomers: businesses offer a £10 deal
By Simon Hacker | 10th October 2023
Could a tenner spent near you be worth £50 to the local economy?
More than 40 local businesses and shopkeepers across the Stroud district are so confident that it really can that they are launching a "magic tenner" campaign.
And according to Stroud and District Chamber of Trade and Commerce, the economic formula sounds like a rabbit out of a hat but is grounded in financial logic... spend a tenner with a local, small business and that expenditure, when further transacted in the same way, keeps returning a local benefit.
Tony Davey, the group's chair, said: "The 'Plugging The Leaks' study from the New Economics Foundation explains how money spent in local, independent businesses often keeps circulating in the local economy, showing that spending just £10 in one of those businesses can be worth as much as £50 to our local economy."
Studies confirm that local, independent businesses spend with other local, independent businesses, he said, rather than elsewhere or the money being sent abroad or to a remote head office.
Mr Davey added: "To help get that journey started, many participating businesses have published special £10 Magic Tenner promotions, with offers that range from eating out to gifts, feed for wildlife to essentials and fashion."
The campaign, which began last Saturday, will run until October 21st, its key aim being to try and encourage consumers to appreciate how spending locally translates into local invesment.
In all, 42 businesses are taking part in Stroud, Nailsworth, Wotton-under-Edge and Dursley. As an explainer to shoppers, participating businesses will display a poster to indicate how many local, independent businesses they and their business use.
Mr Davey added: "When I sat town to count them it was quite an eye-opener, as it has been for many of the participants. From local accountants and window cleaners to where we purchase our stationery or buy our lunchtime snack, it quickly adds up.
"Feeding our local economy supports local jobs, supports local opportunities, supports our local communities and a thriving town makes it a better place to live, work and visit. Spending money with national retailers or online marketplaces elsewhere simply doesn't have the same impact, by a long way.
"Our local businesses are more than just a shop, a pub, a restaurant or an office - they are places to gather, interact and offer a vital part of life for those who are vulnerable or isolated. This is magnified where someone has little options to travel afar and rely heavily on excellent service and value for money."
As well as many Stoud offers, promotions range from £10 hardback new edition books at the Cotswold Book Room in Wotton-under-Edge, to Christmas fabrics at Inches in Dursley, while bloomers for £10 a pair, from Dot and Doug are among offers in Nailsworth.
● To find out more about local £10 promotions and discounts go to www.visitstroud.uk/Magic .
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