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Small business, big city

Image: Nikola Strbac

It’s no surprise that New Yorkers love their bodegas and independent coffee shops but a new study from JP Morgan Chase Institute, which analysed spending habits in more than a dozen cities across the US, shows just how much. A colossal 74.7 per cent of money spent by New Yorkers goes to small and medium-sized shops. (Small businesses in Los Angeles are almost as popular, taking in 71.4 per cent of the spend share in the city.) Contrast this to smaller cities such as Dallas or Columbus where small and medium shops only get 56.5 and 54.4 per cent of the spending share. Thriving small businesses play a vital role in creating jobs and economic growth, which New York and LA have certainly enjoyed. Local governments in smaller cities should take heed and do what they can to encourage and support their small and medium businesses.

 

(extraído da newsletter The Monocle Minute

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