Richmond businesses are taking part in the Magic Tenner initiative next month.
Shops and businesses across Richmond will be collaborating to offer £10 deals to encourage people to use independent shops and to give a boost to the local economy.
The initiative will run from October 7 to 21.
“That boost is much bigger than just the £10 you spend,” said Paul Harrison, chair of the Original Richmond Business and Tourism Association (ORBTA).
“This is because most independent businesses buy from many other local businesses too. When you spend £10 with one, it enables them to keep buying from those suppliers.
“The money goes round and round Richmond’s local economy. This is really important as it strengthens our town and helps hundreds of small businesses to thrive, making Richmond a better place to live, work and visit.
“Buying online, or at the big national chains and supermarkets has a much smaller effect, as most (or all) of the money leaves the local economy. All independent shops and businesses in Richmond are invited to be part of The Magic Tenner – you don’t have to be an ORBTA member to get involved.
“Alongside the superb £10 offers, shops will be displaying posters showing how many local suppliers they have, to demonstrate how supporting one local business supports many. These businesses can include makers, growers, accountants, electricians, in fact any local suppliers at all – even where the shop owner buys lunch! The ‘money-go-round’ is what makes Richmond thrive.”
This circular effect is backed up by the New Economics Foundation, whose study found that £10 spent in a local independent business means up to £50 goes back into the local economy due to it being re-spent over and over.
Totally Locally founder, Chris Sands, said “We are always blown away by the response from indie businesses to our campaigns, and the reports of increased footfall and sales at a time when the cost-of-living crisis is hitting many people.
“The Magic Tenner event is a good way for shops to support their communities by offering great deals, and for the community to support those shops that make our towns better places. It really is a win-win situation.”
This Magic Tenner campaign is sponsored by BIRA (The British Independent Retailers’ Association) who work as the voice of independent retail and other high street businesses, fighting for a level playing field for the independent sector.
For more information and to get your posters and promotional kit contact: email@example.com