Shopping
Glasgow street named one of UK’s ‘top ten hotspots’ – here’s why
The research, conducted by American Express Shop Small in partnership with retail experts GlobalData, highlights the street as a hub for small businesses.
The study considered factors such as the number of independent outlets, the variety of business types, and the ‘vibrancy’ of the high street.
It also took into account the number of Gen Z and Millennial independent business owners, aged between 18 and 43, in each location.
Across the top ten hotspots, over a third (36 per cent) of all business owners are in these age groups.
The research was released ahead of this year’s Small Business Saturday on December 7, 2024, which American Express founded and continues to support.
Dan Edelman, general manager of 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 also revealed that ‘living near a vibrant independent high street can benefit home valuations.’
GlobalData’s analysis showed that proximity to a high street full of vibrant independent businesses could ‘potentially command an additional £12,000 on average.’
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.”
As part of this year’s Shop Small campaign, American Express has pledged £100,000 worth of grants to small businesses.