Staff file photo / R. Michael Semple Greg Thumm, owner of Thumm & Co., an independent watchmaker in Warren, talks about his timepieces in October 2021 at his store on West Market Street.
WARREN — “Essential” is how Greg Thumm describes the local community’s support for the success of his small business — Thumm & Co., an independent watchmaker whose boutique pieces stand the test of time.
He also knows how critical word of mouth — good, bad or neutral — is to his still relatively new business that he and his son opened in 2019 in downtown Warren.
“The local community has been amazing in terms of their support for what we’re doing in the watch business,” Thumm said.
For businesses like his and hundreds of others in the region, the support of the local community throughout the year is vital to their survival and the Saturday offers another opportunity to do business with a small business – vital cogs in the local economy that do so much more more to promote the communities in which they operate.
Small Business Saturday – founded by American Express in 2010 and sponsored by the US Small Business Association since 2011 – is a way to celebrate small businesses and all that they do and are an essential part of their busy holiday shopping season.
BY THE NUMBERS
According to a survey by American Express, the estimated spending reported for 2023 in the US by people who shopped at small business retailers and restaurants on Small Business Saturday was about $17 billion.
Over its 13-year run so far, the total reported spending on small businesses during the annual event has reached about $201 billion, according to the financial services company.
The 2022 Small Business Economic Impact Study shows if every Gen Z and Millennial shopper spends $10 at a small business on Small Business Saturday, it would support $2 billion in local economic activity across the U.S. , according to the American Express website.
The website also says the study found that 68 cents of every $1 spent at a small business in the US stays in the local community and that every $1 spent at small businesses creates an additional 48 cents in local business activity. as a result of local employees and businesses. purchasing local goods and services.
The 2023 survey also noted that 59% of day-aware American consumers shopped or ate at a small, independently owned retailer or restaurant on that year’s Small Business Saturday. Among those small business buyers, the survey said:
* 61% strongly agree that they found an independently owned small business or restaurant they are likely to return to and become regular customers.
* 86% shopped in-store and more consumers (53%) reported shopping online at small businesses than online at large retailers (34%) during the day.
* 41% shopped with family, friends or neighbors.
In Ohio, there are more than 90,000 small business retailers out of about 990,000 small businesses in the state, according to data from the SBA.
“Small businesses are the backbone of our communities and play a major role in Ohio’s economic success,” Governor Mike DeWine said in a press release. “Every dollar spent at a local small business goes toward strengthening our economy, creating jobs and building community pride.”
LOCAL SELLER
Thumm, who sells the watches for what he would sell at one of the big box stores, said he relies on the buzz generated by satisfied customers spreading the word about his product.
That kind of conversation, he said, “creates a level of confidence” among consumers to give his watch brand a shot. He sells throughout the U.S. through the company’s website — thummco.com — but also has many customers in Trumbull and Mahoning counties.
“And we look forward to selling more watches here in this fourth quarter,” he said.
To help — and in keeping with Small Business Saturday — Thumm is having a sale through Tuesday on select men’s and women’s watches, including a new men’s chronograph watch that launched in the spring.
“For a company that’s close to the vest in terms of cost, we can’t go too deep, but we’re running it and that’s kind of how we’re celebrating that Saturday (Small Business Saturday),” he said. Thumm.
Orders are taken online and at the Thumm & Co. store inside Thumm’s Bike and Clock, 330 W. Market St., Warren.
In Middlefield at 16403 Nauvoo Road is Countryside Furnishings, a family-run all-wood custom furniture store.
“We actually do everything in terms of furniture,” said David Yoder, owner. “It’s high quality, it will last most people their lifetime and their children’s.”
Community support, Yoder said, “would be right up there” for the survival of the business, which he bought in 2020 from the original owner who retired. The store was established in 1999.
The wood used in the furniture is all sourced in the U.S., most of it from Ohio and surrounding areas, Yoder said.
Yoder said Saturday is usually the store’s busiest day, but there is a bump in business on Small Business Saturday, perhaps the best Saturday of the year for the village.
The store has a website — countrysidefurnishings.com — but shoppers can’t order from it. In fact, that’s the way Yoder wants it and likes it because it fosters a personal interaction with customers.
“They can actually see the quality when they look at the furniture versus the photograph of the furniture, and at the same time, I think you can create a better relationship with the customer if you’re talking to them in person,” Yoder. said.
Meanwhile, the Youngstown / Warren Regional Chamber plans to actively remind the public and its members about Small Business Saturday through its social media and email newsletter.
About 90% of the chamber’s membership are small businesses, which the chamber defines as having fewer than 100 employees. Businesses with less than 30 employees account for about 80%.
“By shopping local at your small business, you’re helping in a number of different ways,” said Joe Merlo, the chamber’s director of member engagement.
Doing so keeps dollars local, helping the local economy thrive. Also, it’s those same small businesses that help a community thrive by employing neighbors and friends, as well as supporting youth groups, sports teams, schools, churches and programs, Merlo said.
“These are the places that keep your neighborhoods alive and keep the local economy going,” Merlo said.