It’s true. The cost of products at many Black-owned businesses are higher than those at chain stores. Sure. You walk in, pick up an item and think, “Daaang, if I go to (insert chain store name here) it would be much cheaper!”
Folks, we must consider that most Black-owned businesses don’t have the size to command low prices from suppliers. Basically, supplier charges them more, we have to pay a little more. I’m all about saving a dollar. Trust me, I’m an avid couponer (crazy coupon lady here), but more than saving a couple bucks I want to empower my community! Raise your hand if you own a designer anything…
Mmm hmmm yeah, you can pay an extra dollar for some conditioner.
Another thing, many Black-owned businesses are privately owned and much of their resources are reinvested into the business. The income generated from sales is used to pay the rent, payroll, and to purchase additional goods. Quite honestly, sometimes, they don’t even bring home enough revenue to pay themselves!
Speaking of the rent: some of these business owners jump into leases and/or take out big loans that require a HUGE return on investment. They may even have large personal debt. All of these things, unfortunately, causes them to increase prices.
None of this is fair to the consumer, but it is what it is. And don’t get it twisted, this doesn’t only happen to Black-owned businesses but to businesses in general. In particular to small, privately owned businesses. Revenue dips, prices increase.
This is why The B.A.M.Market strongly supports and encourages consumers to patronize Black-owned businesses. Just as the lack of revenue is passed on to the consumer by higher prices, conversely, a significant increase in revenue can also be passed off to the consumer with lower prices (Who’s ‘bout that discount life? Holla!)
I believe that the businesses within our community can get to the point where they can demand lower prices from the suppliers! Where there are multiple locations of their stores with fully stocked shelves! I have a dream that one day, Black owned businesses and White owned businesses will stand side by side…I have a dream today! 🙂
It will happen. With your help!
So, next time you shop at your local B.O.B, just remember to bring a couple extra bucks and pay with a smile. You’re investing in your community. Yay!
Until next time,