The AmEx study, with retail experts GlobalData, showcases small businesses and the valuable role they play in their community.
Bustling St Mary’s Street scored highly across all the factors and delivering a unique experience for shoppers.
Britain’s top high street hotspots for independent shops:
- St Mary’s Street, Stamford, Lincolnshire
- Devonshire Street / Division Street, Sheffield, Yorkshire
- Gloucester Road, Bristol
- Market Street / Bridge Gate, Hebden Bridge, Yorkshire
- Stoke Newington Church Street, Hackney, London
- High Street, Narberth, Pembrokeshire
- Oldham Street, Manchester, Greater Manchester
- Bailgate, Lincoln, Lincolnshire
- Byres Road, Glasgow
- The Lanes, Norwich, Norfolk
Beyond their contribution to local communities, the research also revealed how living near a vibrant independent high street can benefit home valuations. GlobalData polled UK homebuyers asking about a range of factors they would consider paying extra for; the analysis showed that proximity to a high street full of vibrant independent businesses could potentially command an additional £12,000 on average.
Dan Edelman, General Manager, Merchant Services at American Express, said: “Small businesses play a crucial role in supporting local economies up and down the country, and it’s pleasing to now see their impact beyond the high street. Through our Shop Small campaign and support of Small Business Saturday we’re proud to be championing and shining a spotlight on the diverse and vibrant independent businesses who help our local communities thrive.”
The research is released ahead of this year’s Small Business Saturday (7 December 2024), of which American Express is founder and principal supporter. Small Business Saturday is the UK's most successful small business campaign. Over the years it has been running, it has engaged millions of people and seen billions of pounds spent with small businesses across the UK on the day, with an impact that lasts all year round.
Michelle Ovens, Director of Small Business Saturday, said: “The nation’s 5.5 million small businesses bring incredible value to the UK’s economy, society and communities, and this research underlines the material impact they have in boosting local areas. On Small Business Saturday, and beyond, we are asking the nation to throw their arms around their favourite local small businesses and show them how much they mean to us all and the wider community. Public support is so vital for small businesses, particularly for the next generation of owners.”
Matt Piner, Research Director at GlobalData, commented on the findings: “Independent shops bring something different to high streets, offering uniqueness and propositions that are finely tuned to the needs of their local communities. As younger generations of shoppers are attracted to their local high streets, so too are shop owners, with a new breed of Gen Z and Millennial entrepreneurs helping to keep them thriving.”
As part of this year’s Shop Small campaign, American Express has pledged £100,000 worth of grants to small businesses. The Champion Small initiative encourages Cardmembers to nominate their favourite independent small business, with 10 set to receive a £10,000 grant. Those who nominate a business will be entered into a prize draw too, with a chance to win one of 50 x £1,000 statement credits.