Long time readers of this newsletter will be familiar with the rallying call to Spend A Tenner Locally on locally and sustainably produced food, independently retailed.
Well, now it’s official! Our research for How Can Bridport Feed Itself? has revealed that the 9,180 households in Bridport spend half a million pounds of week on food and drink (not including takeaway and ‘going out’ figures).
£23.5 million or 71% of this annual food and drink spend is spent in large supermarket chains and leaves the area immediately. However, every £10 we spend locally is actually worth £17.60 to the local economy because money is re-spent locally and retained much longer.
If all 9000+ households in town shifted just 10% of the weekly food shop to independent retail outlets we could inject a huge £2.6 million a year boost to our local economy.
Put another way: based on our data, if 10% (£2.6m) of the spend that currently goes to the supermarkets (£25.9m) was spent at local independent food retailers, using the local multiplier of 2.5, it also means that £6.25 million would be re-spent into the local economy. And this could translate into 54 jobs…
Pound for pound, local shops support nearly three times the number of jobs as supermarkets. That is one job for every £46,000 of annual turnover compared to one job for every £144,000 at supermarkets.
So if you are a fan of apples and pears, put your money where your mouth is this week and get down to Bridgets Market who have told us: “We now have an excellent array of Elwell Farm apples and pears in stock, 11 different varieties with more to follow, all priced the same so customers can mix and match as they wish.”
A great way to spend a tenner locally!