Now more than ever we need strong local economies. The choices we make – both as individuals and businesses – have a direct impact on the economic health of the places we live, work, and play.  

At Shorefast, we have developed the practice of “Economic Nutrition” and pioneered a label to show where the money goes. Strengthening local economies goes beyond checking “Buy Canada” lists. Here are five ways we can act today.  

1. Practice Place-Based Purchasing 

Economic strength  at the community level goes beyond the good feeling of shopping local, it’s about long-term thinking. Before ordering from a large online retailer, consider checking if the product is available closer to home.  

The long-term impact of losing a vibrant network of local businesses should be factored into decision-making. In your personal purchasing and your purchases for your workplace, favour local suppliers and start with your community, your province, and your region.

2. Ownership Matters 

Just because a store has a physical footprint in your neighbourhood does not always mean it’s locally owned. Before purchasing a product or visiting a store, take a few minutes to research who owns the business. Locally owned companies help ensure that money stays within the community and that business decisions reflect local needs.  

3. Support Responsible Employment  

Look for businesses that hire locally and practice ethical labour practices. If you own a business, find ways to invest in your employees. This ensures that a higher percentage of your dollar re-circulates in the local economy.  

4. Pay attention to price 

If a price seems shockingly low, ask yourself: How was this product made so cheaply? Often, low prices reflect hidden costs – such as environmental damage – that aren’t accounted for. On the other hand, excessively high prices may indicate price gouging. 

At Shorefast, We provide pricing transparency through Economic Nutrition. For example, if staying at the Fogo Island Inn, over half of your money will remain on Fogo Island, 96% stays in Canada, the majority goes directly to labour, and there is no private gain as any operating surpluses are returned to Shorefast for community reinvestment. Being mindful of pricing helps ensure that our purchasing decisions support a fair and balanced economy. 

5. Set Realistic Goals 

Changing habits takes time, so start small. Set achievable goals within your household budget. Consider setting a specific target of your purchases from local businesses or identifying a few specific companies to intentionally support. Small steps add up to meaningful change over time. 

At Shorefast, our community businesses use the Economic Nutrition Certification Mark. By making it clear where the money goes, it’s possible to make purchasing decisions  that are  economically healthy choices for our local communities.  You can learn more about the Economic Nutrition Certification Mark here.