Increasing velocity of our dollars
Published 5:11 pm Sunday, April 9, 2017
We have on numerous occasions brought up the subject of shopping local and the benefits it brings to our merchants in the central business district.
The objectives of your WHDA vary from economic revitalization to our main goal of helping our merchants exceed their financial expectations quarterly.
So, today let us give you more reasons to “shop local.”
We know Washington to be a unique and historic town. Our river is a trademark, but our uniqueness is our downtown. It is our flavor. We have chain stores and restaurants, but our privately owned shops and restaurants are a one-of- a-kind.
Larger chains cannot replace our local breakfast eateries, where you have breakfast with friends. Supporting our local shops preserves our uniqueness and sustains our community.
At a recent state conference in Shelby, we learned that every downtown creates an image. That image is projected to the rest of the world. Knowing that downtown belongs to everyone in our city, county and region only broadens this picture. We have said many times that Main Street is the gateway to Beaufort County. We surely want Washington and our neighboring communities to enjoy the benefits visitors may bring.
A new buzzword that was learned is “velocity” of currency, or the speed of circulation. The idea is that money spent locally will pass through more hands faster than if spent at big box stores or online shopping. The benefits are so far reaching, and we do not realize their importance at times. Ordering online or shopping at big box stores leaves very little money in the city. Local businesses spend back in terms of supplies, upkeep, printing, advertising and paying employees, which puts money right back into circulation. Also, they give back to our schools, churches and civic organizations. This speeds up the velocity of our dollars within Washington.
“Buy local” is a term we commonly use, and with the help of First South Bank, the WHDA tries to reinforce this as much as possible. First South furnishes us with bags, decals, advertisements and finances to promote local retailers. Buy local simply means: let us all support our local merchants in the central business district. Your dollars will be well spent and will help in ways beyond your imaginations.
April will start the beginning of the second quarter of the fiscal year. For the above reasons and many more, your WHDA urges you to start spending more locally rather than traveling out of town or going online to get the same product you can purchase locally. It is the truest form of teamwork, and we are all a part of the team!
We will touch on this next week.
We do hope that your WHDA has in many ways been of help, and we truly represent you! At any time, if you have a concern or question, please do not hesitate to call. All of you are vital to our success.
Let me once again remind you to always shop, dine and play in beautiful Washington on the Pamlico, and if you have time, you can take a walk with the H-Rob!
Harold Robinson is the director of development at the Washington Harbor District Alliance.