Thinking Outside the Big Box: Why Buying Local is Better
Giant businesses and big box retailers across the U.S. are closing their doors because consumers are shouting “local, local, local.” While you may end up spending a few extra dollars at the neighborhood boutique down the street, what you don’t know is that those few extra dollars will actually stay local, circulate faster within the community, and help create more local jobs. Thinking outside the big box strengthens the economy and supports and sustains the local community.
The “Shop Local” movement has gained momentum over the past several years, and for good reason. Here’s what shopping native does for the economy*:
- Local businesses generate 70% more local economic activity than big box retailers
- Local businesses produce an annual return of $326 per sq. ft. while big box generates a net annual deficit of $468 per sq. ft.
- Money spent at local businesses generates three and a half times more wealth for the local economy compared to money spent at chained-owned businesses
- If every family in the U.S. spent an extra $10 a month at a locally-owned, independent businesses instead of a national chain, over $9.3 billion would be directly returned to our economy
- Local businesses are more likely to give back to your community
If you shop local, why not bank local? Your local credit unions operate in the best interest of their members and offer the same services as big banks. Credit unions pledge to:
- Offer the same service at a lower cost
- Put your money to work growing your local economy
- Keep their decision-making local
- Back institutions that share a commitment to your community
- Support productive investment
One of the biggest differentiators to banking local is that these credit unions actually give back and get involved in the community. Many credit unions are active partners in an effort to enhance both the economic and social well-being of members and the communities in which they live. They are dedicated to contributing to local events and supporting organizations that benefit local causes.
What’s even better is that many credit unions offer services that are tailored to individual lifestyles and can save you money while shopping local. Telhio Credit Union has checking options that offer discounts on shopping, dining, and travel, as well as cell phone protection and free roadside assistance.
Bottom line: Shop local, bank local, and keep your neighborhood economy thriving.
For more information on how Telhio Credit Union can help you support local, visit telhio.org.
This is a mutli-part sponsored series presented with paid support by Telhio Credit Union.
Telhio Credit Union is open to anyone who lives, works, worships or goes to school in Franklin, Fairfield, Delaware, Licking, Madison, Pickaway, Union, Hamilton, Warren, Butler and Preble counties. Founded in 1934, originally as the credit union for the Columbus Telephone Co., Telhio is a not-for-profit financial cooperative where its members are also its owners. Driven by its philosophy that members come first, Telhio is committed to the highest standards of responsibility and conduct. Telhio offers a variety of innovative programs, services and products to support its members’ financial needs. Telhio offers 9 branching offices throughout Central and Southwestern Ohio and nearly 4,000 shared branching locations nationwide. Federally insured by NCUA. Equal Housing Lender. All loans subject to underwriting approval and guidelines. NMLS #251831