Could you imagine the sadness you’ll feel if your favorite, locally owned restaurant closed? What about that little gift store around the corner? And what about the hardware store that saved you from pulling your hair out when you bought your home? That’s what The 3/50 Project asks shoppers everywhere to think about.
The concept is simple: pick three businesses a month, spend $50 among the three and save your local economy.
After seeing several media interviews talking about consumer spending and the economy in March 2009, 3/50 founder Cinda Baxter (accidentally) created the movement. The 3/50 project notes on its homepage that for every $100 spent in locally owned, independent stores, $68 returns to the community. That’s awesome in comparison to only $43 going back to communities from national chains.
Whether it’s a shop local initiative that was a broad recognition or an initiative that’s more grassroots like our own Shop Local Day – the benefits are the same for local economies.
A lot of our local businesses have already signed on (Chesapeake Bank is in the process of adding branches) in support of Baxter’s project. Are you one of them?