Small business gears up for holiday shopping

American Express President Ed Gilligan on gearing up for the company's fifth-straight small business Saturday.

Small Business Saturday on Track for Best Year Yet?

By Small Business FOXBusiness

Small Business Saturday may not be as popular as Black Friday or Cyber Monday, but according to its founders, it’s growing steadily.

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In an interview with FBN’s Maria Bartiromo, American Express President Ed Gilligan talked about the relatively new shopping holiday, which American Express began in 2010.

“We did it back then because it was clear that small businesses all across the country had one thing in common: They were looking to grow coming out of the recession [and] trying to find more customers,” Gilligan said.

Today, there are over 3,000 communities celebrating Small Business Saturday, which will occur this year on Nov. 29, the day after Black Friday. Gilligan said he expects it will be the most successful day yet for small businesses.

“Our latest research suggests that almost 80% of Americans plan to shop small on this coming Saturday, so it’s really been established as a shopping tradition in the U.S.,” Gilligan added.

In 2013, shoppers spent $5.7 billion at independent merchants on Small Business Saturday, up from $5.5 billion in 2012.

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For more on Small Business Saturday, check out the full interview above.

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