15 Sep Resilient Albuquerque Businesses Adapt and Thrive
Congratulations to Albuquerque small businesses! According to a recent study conducted by e-commerce company Square, Albuquerque’s Main Street businesses ranked Number 1 in increased rate of e-commerce adoption following the COVID-19 outbreak. The ranking signals Albuquerque businesses’ agility and grit.
“We’re inspired every day by the ingenuity of small businesses in the face of a rapidly evolving environment,” writes Square. “They’re pivoting business models, building online operations in days, and even selling completely new products to stay ahead.”
Albuquerque businesses saw an 800% increase in online sales. The study’s methodology states, “Increase in adoption is defined by the percent increase in sellers who took their first payment using Square Online Store during the given time period (January/February vs. March/April).”
“It represents resilience,” says David Rusenko, Square’s general manager of e-commerce in the Albuquerque Journal. “It shows that the Albuquerque business community exhibits significant nimbleness and resourcefulness when forced to adapt to new situations. When faced with the challenge (of the economic crisis), Albuquerque was the city where businesses stepped up to the challenge and did so at the highest rate, more so than any other city. People just didn’t roll over.”
“Upgrading to an online presence doesn’t mean eliminating brick-and-mortar operations; it supplements a brick-and-mortar and gives customers more options and more flexibility at a time of uncertainty,” he adds.
In the same article, City of Albuquerque Economic Development Department Director Synthia Jaramillo writes,
Mayor Tim Keller and the city of Albuquerque Economic Development Department leapt to action to support small businesses in March as COVID-19 began to majorly impact the operations of small businesses. EDD immediately developed and deployed the Micro-Business Relief Program, providing a diverse array of 150 qualifying micro-businesses with working capital grants of $5,000 each. Also, utilizing $200,000 in funding provided by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the city has been making grants available to restaurants, breweries and food trucks to support the set-up and operation of outdoor dining options, and it waived permitting and inspection fees for building out patios.
We’ve written before about Albuquerque’s tremendous entrepreneurship scene. If you would like to join this inspiring community of business owners, we can help! Check out these businesses for sale and contact us for more information how to buy a business in thriving Albuquerque.