American Express partnered with retail experts GlobalData to identify the top high streets for independent shops through factors including the number of independent outlets, variety of business types and vibrancy of the high street.
The list also took into consideration the number of Gen Z and Millennial independent business owners (those aged between 18-43) in each location, factoring in how these younger generations are investing in the future success of UK high streets.
Across the top 10 hotspots, on average over a third (36%) of all business owners are in these age cohorts.
The research identified St Mary’s Street in Stamford, Lincolnshire as Britain’s top hotspot for independent shops as it scored highly across all the factors and delivering a unique experience for shoppers.
Oldham Street in Manchester featured in the list and ranked in 7th place.
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.
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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.”
