NY Mayor, AMEX chief endorse shopping day for small businesses

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As part of an effort to induce sales for independent merchants, the chief executive officer of American Express ( AXP ) said his corporation will stand behind and market the establishment of a day devoted to small businesses, the Associated Press reports .

As a follow up to Black Friday and Cyber Monday, "Small Business Saturday" will kick off the weekend immediately after Thanksgiving, the unofficial beginning of the holiday shopping season. Kenneth Chenault spoke at a Monday news conference at the New York city hall with Mayor Michael Bloomberg.

"And now, starting on Nov. 27 of this year, small business owners will have Small Business Saturday," Chenault said.

Large retailers have turned the Friday after Thanksgiving into a significant shopping day and online retailers during the past several years have been hocking bargains on the following Monday, so establishing a day for small businesses is important, both the chief executive and the mayor said.

Small businesses "are the backbone of our economy and the glue that holds communities together," Bloomberg said.




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This article appears in: Personal Finance , Small Business

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