Editorial: Save local shopping destinations by spending money in those stores this holiday season

Many business owners are feeling stress during the holiday season as they face make-or-break revenue goals. As more people buy online, it takes money away from brick-and-mortar stores that create unique community shopping destinations.

As profiled by Tulsa World business writer Michael Dekker, a growing number of merchants are uncertain about The Farm’s future. Located at the southeast corner of 51st Street and Sheridan Road, it was started in the 1970s after retail shops and restaurants were built around a refurbished barn. It had a Utica Square vibe with affordable prices.

About 40 business spaces are available at the location, but it has dwindled to between 18 and 20.

Reasons for the decline are the financial devastation of the pandemic followed by the 2021 purchase of the property by Dallas-based Shop Cos. The owners pledged capital improvements and have significantly raised maintenance fees.

Shop Cos. officials say the change is to bring the fee structure more in alignment with industry standards that will allow infrastructure enhancements. Some merchants say their businesses may not survive those increases.

To revive areas like The Farm or keep other centers flourishing, residents must shop in their communities.

About 50% of all U.S. small businesses get more than 25% of their annual sales during the holiday season, according to a report out last month by the digital marketing platform Constant Contact.

Among retail merchants, 75% percent of small businesses rely heavily on holiday customers, and 73% attribute more than one quarter of their annual sales to the holiday season. About 58% say that holiday customers are “extremely important” to the overall success of their business.

Many local retailers also offer online purchasing options for consumers who like the ease of virtual shopping.

Benefits aren’t just that storefronts stay occupied and shopping corridors.

For every $1 spent locally, about two-thirds (68 cents) stays in the community, according to an American Express Small Business Economic Impact Study. When spent at a national retailer, it drops to between 30 cents and 40 cents per $1.

Also, for each $1 spent locally, it creates an additional 48 cents in other business activity as employees and merchants turn around to purchase other local goods and services.

As local merchants succeed, it affects other areas. Think of the sponsors for high school athletic teams and clubs or fundraisers to benefit the many nonprofits. If businesses are prosperous, so will other areas in the community.

Simply, if residents stop shopping in brick-and-mortar stores and from local online options, those retailers go away.

This holiday season, go into local stores and explore new shopping choices. Consumers will find unique items or services perfect for holiday gifts and will be growing the local economy.