AMERICANS SPENDING SMARTLY THIS HOLIDAY SEASON
A recent survey highlights that consumers are taking debt management seriously while shopping for the holidays. Americans are strategic about planning their holiday spending and taking real steps to prevent long-term debt. Surprisingly, more than half of consumers are using cash, and/or debit cards for this seasons' shopping and an overwhelming 78 percent are prepared to pay off their holiday debt within three months, according to a survey commissioned by The Financial Services Roundtable. Consumers are also taking personal responsibility for their finances. Survey findings show that more than half followed a budget in 2007 and over one-third included holiday gift-giving and travel in their yearly budget. Source: The Financial Services Roundtable.
MAKE YOUR HOLIDAYS GREENER
The San Francisco Mart recently reported in their newsletter that each year, Americans generate 25 percent more trash than normal between Thanksgiving and New Year’s. Added food waste, shopping bags, packaging, wrapping paper, bows and ribbons all add up to 5 million extra tons of waste in the nation's garbage piles. In fact, 38,000 miles of ribbon alone are thrown out each year, enough to tie a bow around the Earth! This year, make “compassionate consumerism” your motto for the holidays! Think before you buy, before you wrap, before you drink and before you discard. For more information and to see the article geared to interior designers with helpful tips for us all visit: www.sfmart.com
GARAGE ORGANIZATION PRODUCT SALES ON THE RISE
Sales of home organization products are on the rise. Value gains will be driven by the ongoing introduction of products with a decorative look or specialty features. Demographic trends will also boost sales. Empty-nest families will seek to organize their accumulated possessions in smaller homes. Children of these baby boomers will move into small dorm rooms and first apartments that require organization for comfortable living. These and other trends are presented in Home Organization Products, a new study from The Freedonia Group, Inc., a Cleveland-based industry market research firm. Source: Centre Magazine, November/December 2007
NATIONAL HARDWARE SHOW HOSTS PREVIEW SHOW IN NYC
The National Hardware Show held its preview party November 29th in New York City. The event, which hosted about 22 vendors, was a chance for members of the media to get a small taste of what the 2008 show has in store. “It’s a really small little sampling of what you’ll see at the show,” said Beth Blake, public relations director for the NHS. According to Blake, green will be a major trend at the 2008 show. “I think green will be a big big emphasis” she said. “We’ll also see a lot of innovation in respect to existing tools,” said Blake. Manufacturers are looking forward to feature their new products. The 2008 National Hardware Show and Home and Garden World will be held in Las Vegas, May 6 to 8.
MANAGEMENT CHANGES AT NEWELL RUBBERMAID
Storage and housewares manufacturer Newell Rubbermaid has announced key senior management changes with the goal of “speeding the company’s transformation into a marketer of consumer-driven brands.” James Roberts has been appointed executive group president-office products and cleaning, organization and decor. William Burke III will succeed Roberts as group president-tools and hardware. He also will retain responsibility for the company's Lenox Industrial Products and Services business in North America until a successor is named at a later date. Steven Marton has been named president-special assignments, after heading up the company's office products segment since 2004. The management changes are in addition to the recently announced appointment of Jay Gould as group president-home and family. All four executives will report directly to Newell Rubbermaid president and CEO Mark Ketchum. Full Press Release.
PACE OF HOME CONSTRUCTION AT 16-YEAR LOW
Housing construction fell in November and single-family activity dropped to the lowest level in more than 16 years as a severe housing slump showed no signs of a turnaround. The Commerce Department reported that construction of new homes and apartments dropped by 3.7 percent last month to a seasonally adjusted annual rate of 1.187 million units. Construction of single-family homes fell by 5.5 percent to an annual rate of 829,000 units, the lowest level since April 1991, while multi-family construction was up 4.4 percent to an annual rate of 332,000 units. The overall construction decline left home building 24.2 percent below the level of activity a year ago. Housing has been in a serious downturn for the past two years following five boom years in which sales and home prices soared. The overall economy is expected to slow to growth of 1 percent or less in the current quarter. A similarly weak growth rate is forecast for the first three months of next year; the point of maximum danger, many economists believe, that the country could dip into recession. Full Story.
HOUSING AFFORDABILITY IMPROVES
Housing affordability in the country improved in October to an index of 118.8 from 115.8 in September, according to the National Association of Realtors Housing Affordability Index. The index stands at 100 when a family with the median income has 100 percent of the money needed to qualify for a mortgage on a median-priced home. The 118.8 reading means the typical family has 118.8 percent of the needed income to qualify. One year ago, the index stood at 108.0. In October, the median price of a single-family home fell to $205,700 from $208,600 in September. Mortgage rates fell to 6.56 nationally from 6.66. Income rose slightly to $59,698 from last month’s $59,563. Regionally, the index stands at 105.8 in the Northeast; 154.9 in the Midwest; 130.7 in the South and 78.4 in the West. Full Report.
HOME BUILDERS, REALTORS SUPPORT MORTGAGE PLAN
A plan put forth by President Bush to limit foreclosures by working with key mortgage lenders and investment firms to freeze interest rates for five years on certain subprime mortgages is supported by the National Association of Home Builders (NAHB).“The Administration’s plan to help struggling borrowers stay in their homes is one of several steps that can help stabilize the housing market and reassure consumers and investors in the mortgage market,” said NAHB President Brian Catalde, a home builder from El Segundo, Calif. “We applaud this action and urge Congress to follow up quickly on pending legislation that would provide additional help in easing the credit crunch and restoring confidence in the marketplace.” Full Press Release. The National Association of Realtors also came out in support of the President’s plan. Full Press Release.
MORGAN STANLEY IN REAL ESTATE VENTURE WITH LENNAR
Lennar, one of the country’s largest home builders, and Morgan Stanley Real Estate, a division of Morgan Stanley & Co., have formed a strategic land investment venture to “acquire, develop, manage and sell residential real estate,” according to a joint news release from the companies. The new investment venture includes a diversified portfolio of land from Lennar. Lennar acquired a 20 percent ownership interest and 50 percent voting rights; according to the companies, as of Sept. 30, the acquired properties had a net book value of approximately $1.3 billion, and the sales price was $525 million. Lennar will manage the land investment venture's operations and will receive fees for its services. Lennar, based in Miami, builds homes in 18 states and offers financial services to home buyers. Full Press Release.
GROUP OF ACE OWNERS WILL CHALLENGE BOARD
A group of Ace Hardware owner-members have vowed to challenge the co-op’s board of directors at its upcoming annual meeting. In a letter, the group outlines a list of four nominees it will promote at the co-op’s June 3, 2008, annual meeting of stockholders. The group cited an initial plan by Ace earlier this year to consider converting the co-op into a member-owned corporation, and the later discovery of a $150 million accounting discrepancy that halted those plans, as reasons for promoting new leadership.
SHERWIN-WILLIAMS SELLS NORTHERN OHIO FACILITY
Sherwin-Williams has sold an industrial facility in Twinsburg, Ohio, according to the commercial real estate tracking firm CoStar. The approximately 50,000-square-foot manufacturing facility included five loading docks. The building sold for $1.82 million. The buyer was Darko, a maker of point-of-purchase displays and custom fixtures for retailers.
HOME DEPOT ANNOUCED RECALL
Home Depot has announced a voluntary recall of about 64,000 holiday figurines because of a lead paint hazard, according to the United States Consumer Product Safety Commission. The products were manufactured by Creative Design of Hong Kong. The surface paint of the figurines contains lead, according to the commission. No incidents or injuries have been reported. The products were sold at Home Depot stores from October 2007 to November 2007 for between $10 and $20. They include a snowman candle holder, a holiday bear candleholder, a rendering of three snowmen with a “Joy” sign and a snowman with a “Let it Snow” sign.
HOME DEPOT TO CLOSE THREE CALL CENTERS
Home Depot will close call centers in Chicago, Dallas and Tampa, a move that will affect 950 employees. According to Stephen Holmes, a spokesman for Home Depot, the cuts are to the retailer’s Home Services installation business, which deals with building and closing job quotes, specifically for flooring, millwork and decor. The call centers will close on Jan. 28. The move affects 750 employees in Tampa, 100 in Chicago and 100 in Dallas. The positions will be phased out.
RESTORATION HARDWARE REPORTS THIRD QUARTER LOSS
Restoration Hardware today reported a net loss for the third fiscal quarter ended November 3, 2007 of $15.2 million, compared with a loss of $5.7 million in the year-ago period. The retailer, which is in merger negotiations with both Sears Holdings and Catterton Partners, reported an 11 percent revenue gain for the quarter to $173.7 million from last year’s $157.1 million. Full Press Release.
AMERICAN RED CROSS URGES PREPAREDNESS
WEATHER SAFETY TIPS
This time of year brings severe weather and the American Red Cross recommends everyone prepare for severe weather conditions in the following ways:
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Get a Disaster Supplies Kit for your home.
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Get a Disaster Supplies Kit for your Vehicle.
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Make a Winter Storm Plan.
For more information about how you can prepare for a variety of winter
weather-related disasters including winter and ice storms, power outages and floods contact your local Red Cross chapter or visit http://www.redcross.org.
Full Story.
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PROfiles: ALEX PLODUHHIN
Alex provides an in-depth knowledge of computing and support to PRO Group, Inc. Joining PRO Group in April 2007, this technical and administration support position maintains the organizations' IT equipment, provides support to fellow employees, and QA tests PRO's internal software. Alex earned his Bachelor's Degree in Information Technology with an emphasis in Telecommunications from Tallinn Technical University in Estonia. During that time he worked as a hardware technician / network administrator on campus. After graduating Alex relocated to United States in 2002 and moved to Colorado in 2005. |
SEASON’S GREETINGS
“Blessed is the season which engages the whole world in a conspiracy of love.”
-Hamilton Wright Mabie
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