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Business

'Small Business Saturday' holiday sales event set

Hoping to drum up support for independent merchants, American Express' chief executive said Monday that his company will promote "Small Business Saturday" on the weekend after Thanksgiving.

"This is the start of a movement," said Kenneth Chenault, who joined New York City Mayor Michael Bloomberg at a City Hall news conference to announce the effort.

Chenault said large retailers have Black Friday and online retailers have Cyber Monday, "and now, starting on Nov. 27 of this year, small-business owners will have Small Business Saturday."

Chenault said the first 10,000 small-business owners who sign up to participate will get $100 worth of Facebook advertising.

American Express will give a $25 credit to 100,000 of its cardholders who pledge to use their cards at independent businesses on Nov. 27.

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

American Express will spread the word about Small Business Saturday on Facebook and Twitter, Chenault said.

Chenault said Cyber Monday did not catch on immediately and Small Business Friday may not succeed overnight.

"This is not a flash in the pan," he said. "We are committed to this effort for years to come."

- AP

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