Legal Blog
Small Retailers Support Millions of Jobs in the U.S.
Small Retailers Support Millions of Jobs in the U.S.
Originally conceived by American Express in 2010 and officially cosponsored by the Small Business Administration since 2011, Small Business Saturday has become a staple of the holiday shopping season in the United States. Founded to support local and independent businesses who have a hard time competing with large corporations on Black Friday or Cyber Monday, Small Business Saturday spending at independent retailers and restaurants amounted to $23.3 billion last year, according to estimates from American Express.
“This year, we know that small businesses need our support now more than ever as they navigate, retool and pivot from the effects of the coronavirus pandemic,” the Small Business Administration wrote to underline the importance of the initiative this year.
As the following chart shows, small businesses, especially in retail, support millions of jobs in the United States. According to U.S. Census data, more than 10 million people in retail trade worked at establishments with less than 100 employees in 2020. Almost five million worked at places with less than 20 employees, indicating that buying locally and independent doesn’t just support a small business but also the people who depend on that business for their livelihood.
Source: Statista
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ABOUT MIKE MERCURIO
Mike Mercurio | mmercurio@offitkurman.com | 301-575-0332
Michael N. Mercurio is a leading attorney in the field of mergers and acquisitions (M&A). He serves as outside general counsel in buy-side and sell-side M&A, as well as in all business law and real estate law matters. As a strategic partner to firm clients, Mr. Mercurio regularly counsels entrepreneurial individuals and assorted entities on the many challenges, issues, and opportunities companies face throughout the business lifecycle—from start-up to eventual exit.
ABOUT OFFIT KURMAN
Offit Kurman, one of the fastest-growing, full-service law firms in the United States, serves dynamic businesses, individuals and families. With 18 offices and more than 250 lawyers who counsel clients across more than 30 areas of practice, Offit Kurman helps maximize and protect business value and personal wealth by providing innovative and entrepreneurial counsel that focuses on clients’ business objectives, interests and goals. The firm is distinguished by the quality, breadth and global reach of its legal services and a unique operational structure that encourages a culture of collaboration. For more information, visit www.offitkurman.com.
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