Labour have called for the creation of a Small Business Saturday to give a boost to local firms.
The party says the idea has already been successful in the US and claims it could help struggling retailers by focusing shoppers' attention.
Figures suggest customers spent around £5 billion on the day in the US last year .
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Labour has asked American Express, who first proposed the idea in the US, to extend the initiative to the UK.
Labour's Shadow Business Secretary, Chuka Umunna, said: "We must do more to celebrate the contribution local, small independent businesses make to our economy and encourage people to buy from them."