The Impact of BC's Independent Retailers & Consumer Support for Local. LOCO worked with the Canadian Federation of Independent Business (CFIB) to assess the economic impact of BC’s independent retailers. The full report contains data for all of Canada; our summary focuses on the results for BC. The research found that BC independent retailers recirculate 66% of their revenue within the province, equal to the Canadian average, and the second highest in the country. In comparison, Multinational Corporations (MNCs) with physical stores in Canada have a recirculation of 11% and large online platforms with no retail stores have a recirculation of 8%. Independent retailers in BC have 6 times the economic benefit of multinationals with stores in the province and 8 times the economic benefit of big online platforms with no stores. The study also found that 83% of BC consumers feel it’s important that the money they spend is redistributed in their communities, but they underestimate the amount that local businesses recirculate by almost 1/2, while also overestimating the amount that MNCs and online platforms do by up to 3.4 times. Download the BC Summary and the Canada-wide report.
The Impact of Shopping Local: An Economic and Carbon Analysis of 5 Common Purchases. LOCO and Vancity teamed up to measure the impact of 5 common purchases - a loaf of bread, a caffe latte, blueberries, a dress, and a bicycle - from local businesses compared to imported products from non-local businesses. We worked with Offsetters and Civic Economics for the carbon and economic analysis. We found that locally grown or made product results in a greenhouse gas reduction benefit of between 5% and 66% compared to imported products, that local products produce a local economic benefit between 2.0 and 7.1 TIMES that of imported products (an average of 4.1 times), and that a local retailer compared to a non-local retailer that is purely online has a benefit of 107 TIMES. Download the report now. Check out the infographics.
The Economic Impact of Local Businesses. This 2019 research found that independent businesses recirculate 4.6 times more revenue than multinationals, produce 8.4 times more jobs/ft², and 8.1 times more revenue/ft². We found that local businesses spend 31.4% of their revenue on B.C. products and services from B.C.-based businesses and they donate 24 times more per dollar of revenue to local charities. Download the report.
The Power of Purchasing: The Economic Impacts of Local Procurement. In 2013 LOCO partnered with the Columbia Institute and UBC Sauder Centre for Social Innovation and Impact Investing to produce Canada’s first research into the multiplier effect when businesses and institutions buy from local supplier. This research compares the economic recirculation that occurs when purchasing happens with local businesses compared to multinational chains and online stores. Download the report.
Buying Local: Tools for Forward-Thinking Institutions. In 2013 LOCO partnered with the Columbia Institute and UBC Sauder Centre for Social Innovation and Impact Investing to produce a companion report to The Power of Purchasing for institutions looking for strategies to source local within the framework of Canadian and Provincial free trade agreements. Download the report.