Buy your home improvement materials in Calgary and Edmonton areas, can improve your Local communities – New Research Shows the Impact of Keeping Home Improvement Purchases Local
As we head into the busiest seasons for home improvement in Calgary and Edmonton areas, it is important to know that where consumers choose to shop for their home improvement needs in Calgary and Edmonton can have a dramatic impact on the communities where they live.
A new study shows that for every a dollar a consumer spends at a locally owned home improvement store, nearly twice as much of that money stays in the local community than if the purchases were made at a big-box chain store. That means, when consumers buy products at their local home improvement store, such as TimberTown, rather than from a major chain, local communities clearly reap the benefits.
The data comes from a study sponsored by the North American Retail Hardware Association (NRHA) and Independent We Stand, which are organizations dedicated to helping independently owned businesses succeed. Civic Economics, an economic analysis and strategic planning firm, conducted the study on behalf of the two organizations.
The new research shows that shopping at a local home improvement business like TimberTown provides a 97-percent local economic advantage, but what does that mean for Alberta? That means twice as much money goes to what matters close to home, such as schools and Little League teams.
In addition, buying power equipment from an independent dealer results in a 71 percent increase in local economic activity compared to purchasing comparable outdoor power equipment from the major chains, according to the study.
When consumers buy from chain stores, most of the money they spend leaves the area and funds corporations. If consumers shift their home improvement spending to independent stores instead of chains for one year, for every $1,000 you spend at your local home improvement store, $230 of that stays in your community. Spend the same amount at a big box? Your community loses nearly half of this.
The potential national impact of shopping at local home improvement stores is much bigger. Together, the two largest national home center chains—Lowe’s and Home Depot—sold $148 billion in goods in 2015. If just 10 percent of that business had gone to independent stores throughout the country, hometowns across the U.S. would have collectively seen an increase of $1.7 billion in economic activity. For more information about the study, visit www.hardwareretailing.com.
About the North American Retail Hardware Association (NRHA):
The North American Retail Hardware Association (NRHA) is a nonprofit trade association with a mission to help independent hardware stores, home centers and lumberyards in the U.S. and Canada become better and more profitable retailers. NRHA fulfills its mission by providing information, training programs, educational resources and networking opportunities to thousands of retailers. Visit www.nrha.org for more information.
About Independent We Stand:
Independent We Stand is an organization that helps business owners across the country inform their communities about the importance of buying local products and how these efforts bolster their local economies. Independent We Stand supports all local and national causes committed to boosting local economic development projects. Visit www.IndependentWeStand.org for more information.
About Civic Economics:
Civic Economics is a research firm that studies the economics of local retail and service. The company provides a data-driven approach to business and community initiatives for clients across North America.