Across the pond, the initiative is backed by president Barack Obama and celebrity names including Serena Williams, Jessica Alba and NLF champion quarterback Drew Brees.
In the US, this special day for small businesses was celebrated on the first Saturday after Thanksgiving, offering local retailers the chance to cash in on the pre-Christmas splurge.
Mr Umunna has proposed that British businesses enjoy the same gains on December 7th 2013 as shoppers flock to the high streets with their purses wide open for the festive spend.
He said: "We must do more to celebrate the contribution local, small independent businesses make to our economy and encourage people to buy from them.
"Small businesses are the lifeblood of our economy, play a hugely important role in our communities and add to the unique character of each locality."
At the end of 2012, labour launched a national Local Councillors Business Network in the UK to encourage local councils to work to support small businesses in their area, with administrations operating in Manchester, Birmingham and London.
Recent research from the Association of Convenience Stores (ACS) has suggested optimism among small retailers is at its lowest in 12 months.
With the ACS study revealing high street retailers have been hit by the rise of online shopping and aggressive supermarket campaigns, it is paramount the country bands together to support SME businesses for an improved economy.
As they are the "lifeblood" of the British economy, it appears there is no time like the present to ensure small businesses are frequented and called upon throughout the year for both local and national gains.
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