Kicking off a three-part series of features looking at how we can all help boost the local economy, this week we focus on the benefits of supporting independent retailers
The last few years have been tough for many businesses and as the UK emerges from recession communities all over the country are still feeling the impact of austerity, with companies struggling to stay afloat, cuts to public services and many people struggling to find work.
But what many of us don't realise is that the choices we all make about where we spend our hard-earned cash can have a big effect on our local economy.
We all know about carbon footprints and Fairtrade products. Many of us choose to spend our money in ways that help reduce our carbon footprint, or make remote farming communities on the other side of the world better off. But do we ever stop to think about what effect where we spend our money has on our own local economy right here in Exeter?
A thriving local economy is a good thing for all of us – it makes our area a nicer place to live, means more businesses succeed, people are better off, they have more money to spend in the local economy, and so the virtuous circle continues.
Together we've got the power to make little decisions that help our local economy to thrive. Shopping helps fuel local economies, so where you spend your money counts.
Businesses that are independently owned, that create local employment and use local suppliers play a powerful part in helping our local economy.
When you shop at a local, independently owned business, as much as 70p in every pound you spend stays within the local economy, according to research by the Centre for Local Economic Strategies. This compares with only 5p for the same £1 spent out of town or online.
That's because independent businesses tend to be owned by people who live locally, and so most of the profit gets spent or saved right here in Devon.
In an effort to keep more money circulating in the local economy, earlier this year independent retailers in Exeter teamed up to launch a series of maps showcasing some of the city's hidden gems.
The Exeter Trails initiative aims to encourage visitors and locals alike to explore some of the city's lesser-known shops, cafés and other businesses. It follows the success of the Christmas Shopping Crawl map that independent retailers produced last year.
Traders were quick to embrace the idea and as a result the first batch of maps was soon oversubscribed, with 101 businesses represented across five themed trails: Food Glorious Food; Café Culture; Arts & Crafts; Vintage & Boutiques; and Activities & Hobbies.
The initiative won the backing of Exeter City Council, which provided funding for the cost of producing 10,000 copies of each of the five maps. It is hoped more themes and possibly a smartphone app will be added in future.
The scheme has been co-ordinated by a group of independent traders, including Sue and John Taylor, from Cafe@36 in Cowick Street.
"After the Christmas shopping map was so popular, we felt 'this is not just for Christmas' and we need to make it sustainable," said Sue. "So five of us put together a proposal to the council and they awarded us a grant of £10,000. The businesses taking part contributed as well to help pay for the launch event.
"While we were going through this process we found lots of shops and cafés that we didn't know existed, and we had the same feedback from shoppers at Christmas. We definitely saw increased footfall."
Also involved in the project have been Mattie Richardson, of Bunyip Buttons and Beads, Nathan Blaker and Hayley Marchant, from No Guts No Glory, Les Bright, from the Real Food Store, and Penny Nicholson, from Penny's Recipes.
The trails, supported by an accompanying website and social media activity, were launched to coincide with Independents' Day in the UK.
Each map was hand-drawn and coloured by Dawlish-based illustrator Philip Harris and features landmarks and places of interest as well as the featured shops.
Nathan said: "These are beautifully-crafted maps. We think that everyone will benefit from them – and the local economy will be given a major boost."
Research published this summer highlighted Exeter as one of the most interesting places to shop in Britain, eight years after it was branded the country's worst "clone town". The city was ranked 14th in the Retail Diversity Index compiled by the Oxford Institute of Retail Management and the Local Data Company. The index measures the variety of comparison goods outlets in towns and cities, and is seen as a guide to the more interesting places to shop.
One of the latest additions to Exeter's varied range of independent shops is Otton's Haberdashery, the brainchild of 22-year-old Lily Otton, which has opened alongside Bunyip Beads and Buttons in the former Cody shop in Fore Street.
Lily said her first six weeks of trading have already given her a strong sense of the support for independent traders that exists among Exeter shoppers.
"It's been good and people have been very positive," she said. "I think there's definitely more keenness to visit independent shops in Exeter. It's something that is growing, especially down the Fore Street end of town where there are so many independent retailers.
"We are all local people so everything you spend in an independent store goes straight back to the community and into making Exeter a more attractive place to shop."
So when you're out and about doing your Christmas shopping, you have the power to choose where to spend your money so that more of the benefit stays right here helping our local economy to grow. Because that helps make all of us better off, and makes our local area a better one to live in for all of us.Do you care about where you spend your money? Which are your favourite independent shops and businesses that other readers should know about? Tell us what you think by tweeting @ExpressandEcho using the hashtag #localeconomy
