Governor Kathy Hochul today encouraged New Yorkers to support local businesses during the holiday shopping season by highlighting the critical role New York's small businesses play in building vibrant communities across the state. On November 30, New York will mark Small Business Saturday to celebrate the significant impact small businesses have on local economies across the state. In honor of the day. Governor Hochul is taking the opportunity to emphasize how choosing local retailers, restaurants and service providers creates a ripple effect of economic growth throughout New York's communities.
“Every purchase at a local shop or family-owned business ripples through our neighborhoods, creating jobs and opportunities that strengthen the fabric of our communities,” Governor Hochul said. “As the daughter of a small business owner, I witnessed firsthand how these enterprises serve as anchors of community life. This holiday season and on Small Business Saturday, I encourage New Yorkers to invest in their communities by shopping local – because when our small businesses thrive, all of New York thrives.”
Empire State Development President, CEO and Commissioner Hope Knight said, “Every thriving Main Street tells a story of small business success. By choosing to shop local, we empower these businesses to flourish, ensuring our neighborhoods remain vibrant and resilient. These enterprises do more than drive our economy – they create first jobs for young people, spark innovation in every sector, and preserve the distinctive character of our communities. Through targeted investments and strategic support, Empire State Development is working to ensure New York remains the premier destination for entrepreneurs to launch, grow, and realize their dreams.”
Small Business Saturday celebrates the innovation and dedication of small business owners, encouraging New Yorkers to support local shops and services throughout the bustling holiday season. Small businesses – defined as those with fewer than 100 employees – represent 98 percent of all businesses in the state, employing nearly 40 percent of the private-sector workforce. In the retail sector alone, New York is home to more than 71,000 stores, with nearly 79 percent – approximately 55,000 – being independent local retailers. These enterprises are vital economic engines, with retail establishments contributing $40.1 billion in wages in 2023 and projected to generate $507 billion in sales in 2024, providing over $20.3 billion in State sales tax revenue. Of New York's small businesses, about 8.1 percent are retailers, forming an essential part of our local economies as they drive community growth, foster neighborhood identity, and keep billions of dollars circulating within our communities.
