how it is around here.....

[greenoak]

like everyone i have no idea whats going to happen....but its getting pretty bad in our area....just casually i have heard of several pretty major layoffs....and lots of stock market talk in the store about losses in relation to retirement...and lots of worry from the customers, and less traffic this month for sure....it feels bad ,..we have stayed even or up in retail this year...but im sure not expecting any miriacles this coming year....
mainly trying not to overreact,but i want to be careful and tighten up....and hopefully not lay off anyone..ps...this is the last weekend before christmas and we are in an ice storm with wind and -20 windchill...
we are so local and need to be so regional or worldly...

[KristineS]

I think a lot of areas are feeling the pinch. I know my area of the country is losing some jobs and, of course, being in Michigan, my state has been hit hard.

I don't know that 2009 will be a banner year for anyone.

[cbscreative]

It will be a banner year for someone, but as of right now, I'm still trying to figure out who. However, I think it is more under the control of the individual business than a particular type of business. There are some businesses that will be more susceptible to consumers freaking out than others, but as a general rule, the success or failure for anyone are both optional. Small businesses have an advantage that they can be more agile and adapt to changes. Since we are all small, I think that is a good thing to remember.

[greenoak]

thats sure what im trying to do. and still have to go with the fact that there is bad financial pressure all around our store..many in our current base have less to spend...
...the theme im going for is save money with style, playing up to the truthy idea that our furniture is reasonable and lots better than most new......as in real wood versus particle board etc...
we have always survived, but dang!!!
ann

[cbscreative]

That's an excellent selling point, Ann. The older stuff keeps on going. You buy the new junk they sell and it is landfill material in a very short period of time. This is especially true of furniture.

In one sense, a bad economy is good because it forces people to evaluate their priorities. In a good economy, the disposable junk sells. When things are tight, maybe more people will seek value over price. If it works out that way, better quality may once again be demanded. I would welcome that because I prefer quality and it's getting increasingly harder to find.

[Aaron Hats]

Ann, We're in a similar situation as we both sell unique things to a niche market.

Our internet business is a very big part of our business. We could not survive with just a storefront. So when our internet business was declining each month for the first eight months this year I thought we were doomed. Luckily, I found the problem and got to work fixing it and recovered fairly quickly. At the time I was going through it though, I kept asking myself why it was happening. Now, I think it was happening to prepare us for 2009. We're still recovering financially but are in a much better position now than we were six to nine months ago and in a much better position to handle whatever the coming year throws at us.

Aaron

[Evan]

Rhode Island is right behind Michigan for job loss, so we're right up there with you, Kristine. Generally Rhode Island feels everything before the United States, and I see unemployment continuing to rise well above 10%.

It has definitely been felt by everybody in this area. There were many local restaurants and shops that I frequented that closed down as a result of this economic mess. These were family owned businesses who have been around forever. They certainly will be missed, and all I can hope for is that things do not get much worse.

[greenoak]

right evan...its so widespread..our resturants are really hurting here too......even people with plenty of money and safe jobs seem to be cutting back...
good for you aaron....its bad enough working on solving your own problems and worse to have to deal with stuff so dramatically affecting you but that you werent really in control of ....
im trying to go for more internet exposure, a sales page actuallly.......but my unique/ good stuff is so big,as in 4 ft wide and 7 ft tall, its not like shipping a hat or an ebook....and im sure my little stuff isnt that special....anyone could buy it from ebay to the big boxes or online from specialists... its hard to work on something when it doesnt seem very likely to work...but i hate to have all my eggs in one basket like we have now...and going internet seems logical..... ...
we really have to make our store work, it has to be first ...thats where almost all our income comes from....did i mention our second home on the lake!!! and all of my families health insurance and house payments.....nothing like a bunch of pressure...

[cbscreative]

I hear you, Evan, on business closings. Many long standing, local busineses here (Grand Rapids, MI) have closed too. What's worse is it wasn't all because they were slow or seriously struggling. The banking mess was the real cause. Many of them had their lines of credit pulled, and it had nothing to do with their credit. Without that buffer to get them through normal business cycles, they just closed their doors.

[pete]

My business is online, so local / regional conditions have little influence on it. But, being part of the community and having friends and neighbors who are dependent on the local economy, I will say we are in better shape then most areas of the coutnry.

There is a local plant that makes automotive fuel injectors that is owned by Continental Tire. They were going to close either the local plant or one in South Carolina. The local plant stays and will have somewhere around 350 new jobs as they close down in SC.

The Newport News Shipyard just recently announced a giant deal with a French nuclear power plant construction company to add their US headquarters to the shipyard's property and partner on what seems to be a resurgence in interest in nuclear power plants.

Canon has several local plants that are expanding / adding product lines.

So, while all of these involve foreign investment, it's good to have them.

One question mark at this time is the local Budweiser brewery / Busch Gardens / Water Country operations, since the takeover of Bud by InBev. Jury still out on that.

And port activity is down, with thousands of independent truckers and others dependent on those containers coming in, it's a bad time for them.

Had a Ford plant close down completely. That had to hurt family income, even if they find new jobs, few will be at the same wages. And home prices are still spiraling, but as I go for my walks I notice turnover seems to be picking up some, with them not being for sale as long as a few months ago.

I guess we've got it lucky, compared to many regions. Plus, we were spared any hurricanes or major nor'easters, so the weather has been good, as well. There have been some real disasters elsewhere this year, so it seems Hampton Roads VA is a good place to be this year.