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632 Main St., PO Box 249
Tofino

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Try Local Tofino

 

WHAT DOES IT MEAN TO BUY LOCAL?

Typically, businesses are considered locally owned if they have private, worker, community or cooperative local ownership; are at least 50% owned by a local resident; decision-making ability is vested in local owners; and the business has a limited number of outlets or limited geographical range.

Below is some information about the benefits of buying local.

 

WHAT ARE THE BENEFITS OF BUYING LOCAL?

Research differs slightly on this point, but the general accepted figure is $46 for every $100 is recirculated in the local economy when buying from independently owned local businesses (LOCO BC figure). In comparison an estimated $13 per $100 is kept in the local economy when purchasing from a chain or box store. 

Some of the many advantages to buying local include:

  • Job creation/circulating wages: Small businesses create more jobs, create more connections with local support and services, and keep wage spending in the area.

  • Community character: Tofino has much to offer in contrast to larger centres as its independent businesses are unique and reflect the town’s character.

  • Reduced environmental footprint: Transportation impacts are lessened, versus global supply chains, when businesses work with local producers, manufacturers and distributors.

  • Volunteerism/Charitable giving/Civic engagement: Research indicates that local businesses give five times more per dollar revenue to groups in their communities.

  • Infrastructure: Local small businesses contribute to taxes in Tofino, contributing to essential services.

  • Local purchasing: Small businesses will often make use of local services such as accounting/bookkeeping, marketing, construction, etc.

THE NOTION OF A 10% SHIFT

On the coast we know that not all purchasing is going to be done locally as we don’t have the variety of retailers necessary. However, Think Local Victoria estimates that for every 10% increase in dollars spent in the community, 25% more stays in the community.