Small Business Saturday this weekend is expected to help top up small retailers’ tills to the tune of £500 million, according to analysts at accountancy group KPMG.

Now in its second year in the UK, Small Business Saturday aims to promote small high street retailers and convince more people to do their shopping locally in independent stores.

The event is in part a response to the growth of online retail and the dominance of that market by huge international businesses such as Amazon, eBay and the like.

It comes hot on the heels of other 'days' borrowed from the US including Black Friday, a modern tradition for retail discounts, and Cyber Monday, which is one of the calendar’s busiest shopping days online.

David McCorquodale, head of retail at KPMG, said Small Business Saturday was also a chance for small shops to win the “hearts and minds” of their local community.

“Independent retailers are the life blood of the British high street, and if supported by shoppers and local government, have the potential to become the big brands of tomorrow,” he said.

“However, entrepreneurs setting up shop must overcome multiple obstacles, including the burden of red tape and high property costs. They also can’t compete with the bigger players’ advertising budgets, which makes initiatives like this absolutely crucial.