Retail proving it’s not dead yet
It was a bad year for national retail stores as hundreds closed due to stiff online competition, but it looks as if 2018 will not bring the apocalypse finance experts expected.
Although Reporter Kara Driscoll reported late last week that Rainbow Shops, a women’s clothing and accessories store that has 1,000 locations in the U.S., had a closing sign on its Dayton Mall location, forecasters don’t expect a lot of other retailers to follow.
The new tax bill signed by Republicans is expected to help boost national retailers as the tax cuts will stimulate their balance sheets.
There are other upbeat signs, too, including that the industry appeared to be cruising to its best holiday season since before the Great Recession more than 10 years ago.
Grape flavor for Ohioans
Walmart.com released its most sold items by state last week and Ohioans showed there’s a lot of sports drinkers in the Buckeye State.
Grape-flavored drink mix was the top seller in Ohio.
Our neighbors to the west in Indiana buy a lot of instant coffee. Plastic hangars in Pennsylvania and My Life As A Doll in West Virginia are the top sellers on Walmart.com.
In California, they like to get pumped up. Protein powder is the top item sold in the Golden State. Alaska sells a lot of RV and marine antifreeze.
The State Up North’s top pick is lavender-scented cleaning products.
Spend your gift card
Did you receive a gift card as a holiday gift? Use it, or donate it, or convert it into cash, but don’t — like many Americans — let it sit around and end up not using it.
More than 25 percent of shoppers say they usually only use up to half of the value of gift cards or gift certificates when shopping. Research organization CEB TowerGroup estimates that $1 billion of the $130 billion spent on gift cards last year went unused.
That’s free money for retailers that sell the gift cards, but it certainly makes no sense for consumers.
Gift cards can be converted into cash at websites such as CardCash. com and CardPool.com — but typically for about 70 to 80 cents on the dollar, not the full face value.
So the best way to use gift cards is to use them — and as quickly as possible, so they won’t be tossed in a drawer and forgotten.
At the same time I stress you use your gift card soon, waiters and waitresses in the Miami Valley are yelling, “Take your time and learn how to use them!”
A number of waiters told me that this week is “hell week” at many area restaurants. It’s a popular time for people to use the gift cards they received over the holidays. The wait time is long and waiters and waitresses are overworked to fill the need.
They tell me a majority of people who receive gift cards have not been to a restaurant in awhile and most don’t leave enough for a tip when using the gift cards.
Be kind this week. Leave a little for your server. They have to live like the rest of us.
Kept your resolution?
By tomorrow afternoon, many people have already broken the New Year resolution they set for themselves as the clock struck midnight.
One of my goals for 2018 is to involve our readers in what we write or report about in this section. I expect to keep my resolution, but can only do this if I hear from you. What do you want in your business section? Drop me a line this year and give me your opinion.
Call me at 937-225-0623 or email me at rich.gillette@coxinc.com. TOP: LEFT:
1. Amazon expands in Ohio, draws HQ2 big bidding frenzy
Amazon confirmed it plans to open a 1-million-square-foot fulfillment center in Monroe, which will hire about 1,000 fulltime workers when open. The Seattle giant also plans to open two more fulfillment centers in northwest Ohio, joining its two new centers already operating near Columbus. The projects are all aided by big state incentives.
Amazon also started a bidding frenzy among cities vying to be the location of the company’s next headquarters.
Beyond the construction, the e-commerce giant’s presence could be felt in the region as it squeezed grocery stores, upended clothing chains and poised itself to reshape even more industries in 2018.
2. Fuyao draws national spotlight
Fuyao Glass America drew an international spotlight last month when employees at the auto glass factory voted by a resounding 886 to 441 vote against joining the United Auto Workers. This defeated the union’s more than 18-month attempt to organize Ohio’s largest Chinese-owned factory, which started production in 2015.
Fuyao has been repeatedly cited for safety violations. OSHA fined Fuyao for four new safety problems in June, which follows a November 2016 citation that was later reduced from the $226,937 penalty to $100,000.
3. Wright State University fights financial woes
Wright State, one of the largest local universities and employers, faced budget issues and tense bargaining with faculty over a new contract this year. The university trimmed more than $30.8 million from its fiscal year 2018 budget to begin correcting years of overspending that drained the school’s reserve fund. Wright State’s legal bills also continued to climb to more than $2 million as the federal H-1B visa investigation that started more than two years ago continues on.
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