Home
Business-Wise
Kate's Collage
"Vinny Da Vendor"
"Benny Da Buyer"
Kizer & Bender
Newsbriefs
Memory, Paper & Stamps
Category Reports
Designing Perspectives
Subscribe to CLN
Legal Q & A
Scene & Heard
Jobs
Tech Topics
Industry Research
Store Layout/Design Tips


Creative Leisure News
2677 Ashley Ct.
Tremont, IL 61568
Phone: 309-925-5593
Fax: 309-925-9068
Email: mike@clnonline.com

 

 


Date: May 5, 2003
Vol. VII, No. 9

Printer Version

TABLE OF CONTENTS

bulletCommentary: A New Service For Subscribers
bulletJo-Ann's Letter Causes Stir
bulletA Vendor Comments on the Jo-Ann's Letter
bulletHow's the Year So Far?
bulletIndependents vs. Village Crafts, Pt. I
bulletIndependents vs. Village Crafts, Pt. II
bulletIndependents Joining Forces
bulletWal-Mart Goes to Court...
bulletBusiness Guru Headlines ACCI Show
bulletSo, What Does Constitute a "Bargain"?
bulletHow To Boost Sales
bulletCLN's Online Product Preview
bulletRandom Notes, Random Thoughts
bulletMiscellaneous News
bulletBusiness Profiles
bulletThe Creative Network: Job Openings
bulletThe CLN Retail Index
bulletIndustry Gossip
bulletReminders

 

COMMENTARY: A NEW SERVICE FOR SUBSCRIBERS

Creative Leisure News is offering a new service to subscribers. If your website has a place for press releases, whenever you send out a press release, in the next issue of CLN I'll link to it so interested readers can read it in full.

If your site doesn't have a place for press releases, it should. It costs you nothing and would take your webmaster less than an hour to add a "Press Releases" button to your site. It would provide your current and potential customers the chance to read what you write, rather than merely the compressed version that CLN and the trade magazines will publish.

By all means, keep sending me press releases. When you do, if you have a section on your site where the complete press release is posted, send me the URL, too, so I can direct readers to it.

[ top ]

JO-ANN'S LETTER CAUSES STIR

 Jo-Ann's sent a letter to vendors detailing how well the company is doing (record profits, the turnaround plans are a year ahead of schedule, etc.). The letter also announced a big celebration meeting/party in Cleveland June 12th. Finally, the letter asked vendors to kick in 1% of last year's sales.

CLN asked Jo-Ann execs for comments, but they had not responded by our deadline.

Vendors are not happy. One wrote, "The Jo-Ann's situation is frustrating. Many manufacturers put a huge investment in Jo-Ann's recovery plan a few years ago. They have done well. But, like in our case, once JAS got on their feet, they went out to our competitors to bid for lower prices on our goods. Not a great way to show appreciation.

"We're taking our time before we respond," the vendor added, "but I think there will plenty of vendors squawking about this, particularly after JAS made their huge earnings announcements, and many manufacturers can only dream about those kinds of bottom line increases."

It was not known if all vendors received the letter. If they did, the cumulative result of the request could top $6 million, according to another vendor who studied Jo-Ann's sales figures. One manufacturer said he was told the money would be used to increase the number of ad flyers and households to whom they were sent.

When contacted by CLN, most vendors were angry or shocked (see below), but had not yet made up their minds about sending the money (or were hesitant to tell CLN). "Ultimately it will come down to the face-to-face meeting with the buyers," one vendor said.

[ top ]

A VENDOR COMMENTS ON THE JO-ANN'S LETTER

(Note: CLN has received numerous phone calls and emails from vendors regarding Jo-Ann's letter [see above]. This email seems to represent the feelings of the vendor community.)

It seems in really poor taste and cheap for a $1.5 billion company to celebrate their turnaround, but ask the vendor community to pay for it. Many think it is just retailer arrogance.

If they are having a "Gala" meeting and dinner at the Rock and Roll Hall of Fame, on top of everything else the vendors will have to pay the travel expenses.

The real crux to me is that Jo-Ann's asked their vendors for the lowest net costs and said they would not be back for other allowances. I assume that is why the letter said this was a one-time thing. One vendor said to me, "Yeah, until the next one-time thing."

The market is changing. Go look at the scrapbooking departments in Staples and Office Depot. Things like this just get vendors interested in selling to other chains. -- Name Withheld

[ top ]

HOW'S THE YEAR SO FAR?

CLN often reports on the sales of the industry's chains because most are publicly held and have to announce their sales and earnings. Independents do not. So to provide readers with an overall summary of the first third of 2003, CLN conducted an informal survey of independents.

The year has been, well, flat, and retailers gave CLN mixed predictions for the remainder of the year. One retailer said, "Things have been tight all year so far. The first quarter was essentially a dead wash in sales. We were up about 6% in January but gave it back in February, and March and April were breakeven."

Strong categories: Yarn continues to post big increases over last year, despite big increases then, too. Beading/jewelry continues to grow; and increased interest in cardmaking is pushing stamping to new heights. Altered books is small but growing. Scrapbooking remains very strong, but one retailer said, "Unfortunately, the only thing that produces sales is new, new, new, and so we are having to be very quick about pulling the plug on any slowing lines."

Weaker categories mentioned by one or more independents included stencils, rub-ons, paint, painting surfaces, plastic canvas, and home dec fabric. Consumers are making smaller floral arrangements, so floral sales are suffering.

Retailers listed needlework as down, too, but Jim Hedgepath (Pegasus Originals) reports that the needlework shops who are his clients in his Needlework Showcase web portal are doing very well. He just put three new e-commerce sites online last month. So many needlework consumers may be shopping in needlework specialty stores or shopping online.

The chains are no greater or worse competition than ever, independents say. One said, "If the chains knew what impact they could have with some ideas and models/madeups in their stores, as well as a person with a brain working in them who provided even minimal levels of service, they would be dangerous as hell and could put us all out of business in a heartbeat. Thankfully they have not figured that out yet."

[ top ]

INDEPENDENTS VS. VILLAGE CRAFTS, PT. I

Independent craft retailers have been wondering about Michaels' new test stores, Village Crafts. There are a handful now in population areas smaller than regular Michaels stores and obviously, if the stores are a success, many more VC's will pop up across the country. So CLN talked to independents who are now competing against a Michaels-type store for the first time.

So far so good. Independents see an initial drop in store traffic as consumers check out the new store, but they have been surprised that VC's prices are not a problem. "We're getting comments from customers and sales reps that VC's prices are high -- and we've seen the same thing in some comparisons we've done," said one independent.

Another independent agrees, and thinks he knows why: "I understand they are paying about twice the rent I do, so apparently they need to make up for it with higher prices."

An independent whose store is larger than the local VC said, "Almost everyone I talk to has shopped Village Crafts once, but returned to our store for lower prices, more complete product, and because in a small town there really is loyalty.

"VC operates strictly like a big corporate chain," he added. "They might do OK in an area where people move in and out of the community, but in a small demographic like ours, entire families -- their parents and their aunts and uncles, etc. -- live here and everyone knows everyone. The staff in the VC are kids, and top management is from out of town."

Retailers do have trouble isolating the specific effect of the VC store. "Our sales have been down, but the VC is not the only factor," a retailer said. "We've had some terrible economic news locally, plus the general economic uncertainty and the war.

"We're doing everything we can to be different from VC. Although we carry much of the same merchandise, we also carry very fine quilting fabrics and accessories, candles, and Italian charm bracelets -- products that make us very different.

"They're a factor, but we're holding our own and proud of the quality of products that we offer our consumers. Time will tell."

[ top ]

INDEPENDENTS VS. VILLAGE CRAFTS, PT. II

Here's one independent's analysis:

"I have visited two of the Village Craft stores and they are BORING!!! Both were very well stocked and full of good basics, but with nothing to draw consumers in to the stores except the usual 40% coupons. They seem to be fairly strong with scrapping supplies and basic hard crafts products, but little else had strength in merchandise dominance.

"It looks to me as if they have reduced the space from an average of about 20,000 sq. ft. in a Michaels to 12,000 sq. ft. in VCs, but have not eliminated much in merchandise. The aisles are narrow and dark, and counters are very high.

"Service?, Fuhgetaboutit! They do not know the meaning of the word. I spotted only three employees in one store, one at the check out, one in the frame work room, and a guy I assume was the manager roaming the floor.

"I think the stores will make their sales plan, if the plan is about $150/sq. ft. My guess is that Michaels can turn a profit on that with no help in the stores. I also think any decently run craft independent can make them look bad in their community -- if they don't panic and give away the business."

[ top ]

INDEPENDENTS JOINING FORCES

 The current issue of CNA includes a profile of a group of independent art materials retailers who formed a co-op group, iAMart. It's yet another example of how independents of all types of stores can gain by joining forces. Member Kathy Brennan of Preston Arts Center wrote to CLN, "We do some joint purchasing and marketing, but more importantly, we support each other, share ideas, and network.

"Joining iAMart has been the most important act that we have done to grow our business," Kathy added. "iAMart is not a panacea, but a smart independent retailer who works with the group will notice a difference. Independents need an edge to succeed in business today; iAMart has given us that edge. We certainly have saved on deals, but we have saved more on lines we did not buy because of good advice from our fellow retailers."

For more on iAMart, call Dave Thompson at 206-660-1711 or email dlthompson@aol.com.

Craft retailers should look into Sierra Pacific Crafts. Call Heather Corvey at 503-981-6007 or email hcorvey@sierrapacificcrafts.org. Independent scrapbook stores should consider joining Crafter's Home. Call Norm Carlson at 480-391-3901 or email norm@craftershome.biz.

[ top ]

WAL-MART GOES TO COURT...

 Here are recent developments on two major legal cases affecting Wal-Mart. The outcomes could result in billions of dollars flowing into -- or out of -- Wal-Mart's coffers, how the discounter treats women employees, and how consumers use debit cards.

1. Last Monday lawyers for women suing Wal-Mart for sex discrimination filed their motion to make the case a class action lawsuit on behalf of all women who worked for Wal-Mart in the U.S. since Dec. 26, 1998. The proposed class would be 1.6 million women. If the judge grants the request, it would be the largest employment discrimination case in history.

The plaintiffs claim Wal-Mart systematically discriminates against female employees, citing the fact that while women comprise two-thirds of the hourly Wal-Mart employees, only 14% of all store managers and 7% of district managers are women, according to NBC News.

Wal-Mart denies the charges, claiming any inadvertent discrimination was due to individual supervisors and not a company policy.

According to the plaintiff's lawyer, the motion is supported by 110 sworn statements from women who worked in 184 Wal-Mart stores in 30 states. It also includes testimony and exhibits gleaned from 100+ Wal-Mart managers and execs who were deposed, Wal-Mart's electronic payroll data, and 1,200,000+ pages of documents from Wal-Mart's corporate files.

The suit asks the court to order Wal-Mart to reform its employment policies, and to award the women lost wages and punitive damages in an amount to be determined at trial. The motion for class-action status is scheduled to be heard in July, at which time the court may issue a ruling. To read materials about the case, visit www.walmartclass.com.

2. Wal-Mart vs. MasterCard/Visa. The credit card giants settled their debit-card lawsuit brought by Wal-Mart, Sears, and various other retailers. Just as the trial was about to start, MasterCard agreed to pay the retailers $1 billion and lower its transaction fees. Two days later Visa settled, agreeing to pay $2 billion and lower its fees.

"The world of debit is about to change for the better, for merchants and for consumers," the retailers' lead attorney, Lloyd Constantine, said to Retail Merchandiser.

The debit cards require a customer's signature to verify a transaction. Soon retailers will have the option of using less expensive, independent networks that clear debit-card transactions using a personal identification number.

[ top ]

BUSINESS GURU HEADLINES ACCI SHOW

 Best selling author, speaker, and renowned business pro Doug Hall will be the main speaker at the ACCI show in Chicago in July. He's been named one of the top business invention experts by INC, CIO magazine, The Wall Street Journal, CNN, CNBC, and Dateline NBC. Hall also is the founder and CEO of the Eureka! Ranch, a business invention think tank. His lengthy client list includes powerhouses like ABC TV, AMEX, Nike, etc.

His "MEANINGFUL Marketing" presentation will be part of the Retail Summit Seminar on Thurs., July 17. On Friday attendees can participate in a live broadcast of Hall's Brain Brew Business Theater, a popular Public Radio Int. program. Saturday he will conduct a Mega-Seminar, "Jump Start Your Business Brain."

Buyer registration and the class schedule will be available this Friday at www.accicrafts.org, or fax your request to 740-452-2552, or email acci.info@offinger.com. Learn more about Hall at www.EurekaRanch.com and his Brain Brew radio program at www.brainbrewradio.com.

Other ACCI show news: Exhibitors can advertise their show specials on the ACCI site. They can enter and edit the material directly and buyers will be directed to site via emails and faxes. Free to all exhibitors. Visit www.e-offinger.net/acci/acciedspec.cfm ... The deadline for exhibitors to secure a product-demo time slot in the Interactive Zone is May 23. This year's Zone should have increased traffic due to the adjacent House That Crafts Built and additional seating. Visit www.accicrafts.org/kit_pdf/craftzone_product.pdf to sign up. 

[ top ]

SO, WHAT DOES CONSTITUTE A "BARGAIN"?

 Here's a sign of how spoiled consumers have become: They now consider a product to be a "bargain" only if it is at least 37% off the regular price, according to a new study conducted by Opinion Research Corp. for the Big Lots chain of discount stores. One fourth off, or even one third just doesn't cut it any more, the study claims.

The study also revealed that 73% of consumers comparison shop when they intend to buy name-brand products. However, the study did not determine if there was a price floor below which consumers do not comparison shop. In other words, most consumers may shop around when they need to buy a Maytag washer and dryer, but do they comparison shop as much when they need a bottle of paint or a skein of floss? And if a retailer offers the "perfect" papers for a particular scrapbook, does the scrapper first check other stores to save a nickel?

A final note: the study revealed that 69% of consumers said they buy products they hadn't planned to buy because they saw them on sale in a store.

[ top ]

HOW TO BOOST SALES

(Note: The year has been relatively flat for many retailers and manufacturers, so we asked marketing/product development pro John Lowenthal of Next Level Marketing for advice.)

It's a fact that a buyer's first question during a sales call or at a trade show is "What's New?" Retailers are constantly looking for the newest products to provide market differentiation and entice the consumer; meanwhile, consumers are drawn by new ideas.

It's also true that the easiest way for a company to increase its business is to sell more to its current customers. Acquiring new customers is always more expensive than expanding sales to existing ones. This is true for manufacturers and retailers alike.

So to maintain that current customer base, the industry needs positive answers to the "What's New" question.

Manufacturers can answer it in a variety of ways: with truly new products that fill a unique consumer need, line extensions of proven winners, enhancements to existing items, a new look for an existing product, etc. Factors that can impact how a company responds to the "What's New?" quandary include market position and components of current product line, speed to market, risk/reward ratio, resource allocation, and budget.

The unique new product has the highest risk and the greatest potential reward. Developing line extensions is a more conservative route that may be best for a tight budget. A "facelift" for a current line can reopen closed doors and provide a substantial sales lift. Value-added features, exciting promotions, and simple product enhancements can help get a leg up on competition, especially for commodity products. Unique products may need and will benefit from consumer education and outreach.

Whether it's new products or packaging or the myriad other marketing disciplines that support them such as advertising, publicity and promotion, it is during difficult economic times when answering the "What's New" question is most important. While your competition is sitting back waiting for things to improve, you can take action to insure they improve!

Retailers need new reasons to keep drawing consumers into their stores -- only the products that truly serve a need and jump off the shelf into the consumer's hands will succeed in tough times. -- John Lowenthal, Next Level Marketing (Note: Next Level Marketing has provided product development and marketing services to a variety of clients in the craft industry. To learn more about NLM, click HERE.)

[ top ]

CLN'S ONLINE PRODUCT PREVIEW

The latest additions to our Product Preview:

CPE. Glimmer is a new line of colorful felt with a dusting of sparkling glitter for crafts, scrapbooks, and decorative projects.

Ott-Lite. The Lexington Floor Lamp is the newest addition to the line of natural-light TrueColor lighting systems.

To read descriptions and see photos of these new lines, click HERE.

Products listed in the Online Product Preview will remain online for six months. To learn how new products can be included on this site, call Mike Hartnett at 309-925-5593 or email mike@clnonline.com.

[ top ]

RANDOM NOTES, RANDOM THOUGHTS

1. The Jo-Ann's letter to vendors (see above) is a good example of how the industry has changed. Years ago, when MJDesigns was at the top of its game, Founder/President Mike Dupey had a huge party to celebrate the chain's recent successes and to thank vendors who had helped MJD when Mike had cash-flow problems. So in many ways it was very similar to the event Jo-Ann's has planned for next month.

The difference is, Mike Dupey paid for his party.

Yes, a decade later MJD went bankrupt, but it wasn't because of the party.

2. The FAO/Zany Brainy fiasco (see item, below) is a classic example of the danger of not having sufficient capital, but buying a company anyway. Zany Brainy was a chain of great kids stores. Then it bought a similar chain, Noodle Kidoodle. Pretty soon it was bankrupt and was sold to Right Start, another kids chain. Then Right Start bought the legendary toy chain, FAO Schwarz. Then the entire conglomeration went bankrupt and just recently emerged from it.

[ top ]

MISCELLANEOUS NEWS

SALES. Preliminary returns on the April retail sales are disappointing. A quick end to the war and a late Easter did not spur sales as much as many had hoped.

SCRAPPING. Last Saturday QVC had a special scrapbooking show in front of a live audience of hundreds of scrappers. A sign of the power of the TV/memory combo: More than 400 mini-bead embellishment kits were sold -- BEFORE it had even been presented on the show.

KIDS. FAO emerged from bankruptcy, a week after snags in the reorganization plan made liquidation a strong possibility. But the potential investors were appeased and FAO's three types of stores -- FAO Schwarz, Zany Brainy, and The Right Start -- remain open.

SARS. The World Health Organization said the worst of the SARS outbreak appears to be over in Singapore, Hong Kong and Canada, while Vietnam has become the first country to contain the highly infectious disease, the Associated Press reported.

HIA. The Hobby Industry Assn. is accepting proposals for educational programs for the Dallas show Feb. 5-8. There are two new formats for workshops: QuickShops are 30-minute mini sessions for a focused, technique-driven message. Midnight Madness Workshops will run 10-11:30 pm. The deadline for SuperShop proposals is July 7, and July 25 for workshop reservation forms. Info and guidelines will be in the workshop program guide included in the Exhibitor Prospectus, which will be distributed this month.

PR. The National Craft Month (March) public relations campaign sponsored by HIA created 46.1 million media impressions and 275+ million website hits. In a post-NCM survey, 72% of retail members said they had participated, up from 58% a year ago; 65% of the participants said they had a significant increase in traffic and 80% said NCM was a success.

CROCHET. The Crochet Guild of America will launch a year-long 10th anniversary celebration at the Chain Link Crochet Conference July 24 in Chicago. Martingale has published Today's Crochet, with fashion garment projects by Guild members. Next March will be National Crochet Month, too. Visit www.crochet.org. The group has also published Thirty Ways To Promote Crochet for retailers, accessible at www.crochet.org/tac/tnna.html.

PAINTING. A limited number of exhibitor spaces are still available for the Society of Decorative Painters convention/show in Indianapolis in June. Call Marlene Marcotte at 316-269-9300, ext. 114, or email marlene@decorativepainters.org. To pre-register and buy tickets for classes/events, call Janelle Johnson at 316-269-9300, ext. 104 or email janelle@decorativepainters.org. SDP has also launched the SDP Foundation Inc., a publicly supported foundation which permits the Society to compete for federal grants and other funding. Visit www.decorativepainters.org.

PAINTING. Priscillasclub.com, the new decorative painting teaching site led by Priscilla Hauser, does have corporate sponsors -- Crafts Americana/Artist's Club, Walnut Hollow, and All American Crafts Publications. Additional sponsorships are available. For more info, call Terry Phipps at 918-663-0025 or email sales@priscillasclub.com.

QUILTS. The first Int. Quilt Festival/Chicago drew 17,632 consumers who visited 400+ booths and saw 800+ quilts in special exhibits. Next year's event will be Mar. 26-28.

MEMORY. Cardinal Brands launched a Retailer Center for scrapbook retailers. The site, www.generationsnow.com/retailer, provides small and medium sized independents with easy access to pre-formatted sales, advertising, and merchandising tools. It's in support of the Generations brand of albums and storage pieces that organize, store and transport tools and supplies. The site includes sales flyers, pre-formatted in Microsoft Word that can be customized with the retail store name, address, phone number, and prices. The wording on the store signs (in Microsoft PowerPoint) can be changed as needed. The site also includes Merchandising Solutions, an electronic flyer with mini-articles aimed to help retailers direct consumer attention to bags and organizers sold in their stores. For product info, visit www.generationsnow.com.

DESIGNERS. The Society of Craft Designers Education Seminar will be Oct. 8-11 in St. Louis. Titled "Dare to Dream," it will include the popular features of previous Seminars and include speakers such as Talane Miedaner, a "life coaching" speaker; panel discussions by Bill Gardner (Craftrends), Karen Ancona (CNA), and Mike Hartnett (CLN) on "Working in TV" and "The Impact of a Good Design in the Creative Industries"; and noted business speaker Robert Ash speaking on "Take a Step Forward: Present Yourself with Confidence." For a detailed schedule, visit www.craftdesigners.org or call 740-452-4541. For background info, click HERE.

TRENDS. A committee from the Society of Craft Designers will prepare a quarterly "Emerging Trends" report which will be posted on the ACCI website at www.accicrafts.org. The committee members are Tracia Williams, Kim Ballor, Carin Heiden-Atkins, Marie Browning, Phyllis Dobbs, Katie Hacker, Debba Haupert, Chris Malone, Kirsten McGrath, Jill McKay, Elaine Schmidt, Ed Smith, Nancy Tribolet, and Billie Worrell. For more information on the SCD, visit www.craftdesigners.org or call 740-452-4541. For background on SCD, click HERE.

STOCKS. Merrill Lynch said it expects retail to improve now that the war is over and recommended Michaels ... Not many "good things" are happening to Martha Stewart. Her company lost $4.5 million in last quarter, then Morgan Stanley cut its outlook on the stock to underweight from equal-weight, saying the near-term outlook is "brutal," Reuters reported.

MOM. A survey by the National Retail Federation showed consumers will spend an average of $97.37 for Mother's Day, about the same as last year; 34.3% will buy flowers.

BANKRUPTCY. Kmart is expected to emerge from bankruptcy tomorrow.

CONGRATS. To Neil and Allicia Ferguson who are the proud parents of triplet girls. Proud grampa Bob Ferguson wanted to name them Bead Queen, Quilt Girl, and Crafty Kid, but cooler heads prevailed. Bob and Neil run one of the industry's best independent stores, a Ben Franklin Crafts, in Redmond, WA.

WEARABLES. Creative Crystal consolidated its websites into www.creative-crystal.com to provide its products at the wholesale level. No registration or minimums required. The company manufactures the BeJeweler electric rhinestone setter and is a distributor of Swarovski Austrian iron-on crystal rhinestones and transfers.

PEOPLE. Tom Coughlin was promoted to EVP/Vice Chair of the U.S. Wal-Mart store division. Mike Duke was promoted to EVP/President/CEO of the Wal-Mart stores division.

SOLDIERS. TNNA's Something 2 Do campaign has sent 4,000+ games, needlework kits, etc. to our military in the Middle East. The war has ended, but the troops remain, so the program continues. To donate, call 805-527-0616 or email gtreglown@earthlink.com.

[ top ]

BUSINESS PROFILES

Each issue of Creative Leisure News contains one profile of an industry-related company. The purpose is not to advertise a product, but to give readers a history of the company, its leaders, and the types of products/services the company provides. The profile remains online in the Business Profile Archives for a year and each time the company is mentioned in subsequent issues, a link to the profile is included. The companies profiled thus far:

Service Suppliers: Corporate Finance Associates (mergers/acquistions), TradeWinds (importing), Images (pr/marketing), and Next Level Marketing (product development/pr/marketing).

Retailers: Wal-Mart.

Manufacturers: Jack Dempsey Needle Art, Walnut Hollow, Krylon, MagEyes, Armada Art, Plaid, FloraCraft, Ellison Craft & Design, PSX, Prym-Dritz, BagWorks, and Yaley.

Trade groups: ACCI, Society of Craft Designers, and Art Glass Assn.

To read these these profiles, click HERE. To learn more about how your company can be profiled in CLN, call Mike Hartnett at 309-925-5593 or email mike@clnonline.com.

[ top ]

THE CREATIVE NETWORK: JOB OPENINGS

To see a sampling of the current job openings and to contact The Creative Network, click on the "Jobs" button in the left hand column.

[ top ]

THE CLN RETAIL INDEX

A. C. Moore (ACMR). Last*: 17.43 ... Change**: +1.18
Hancock Fabrics (HKF). Last*: 15.87 ... Change**: +1.34
Jo-Ann Stores (JAS.A) [a]. Last*: 26.19 ... Change**: +1.90
Michaels (MIK). Last*: 32.45 ... Change**: +6.08
Rag Shops (RAGS). Last*: 3.01 ... Change**: +0.03
Wal-Mart (WMT). Last*: 56.25 ... Change**: +0.74
CLN Retail Index. Last*: 153.43 ... Change**: +7.9%
Dow Jones Index. Last*: 8,582.68 ... Change**: +2.9%

*May 2 ** from April 18 [a] voting share Prices are exclusive of dividends

[ top ]

INDUSTRY GOSSIP

(Note: Our industry seems to thrive on gossip. Here's a parable to consider.)

One day an acquaintance met Socrates and said, "Do you know what I just heard about your friend?"

"Wait," Socrates replied. "Before telling me anything, take a moment and consider what you're going to say. Have you made absolutely sure that it's true?"

"No," the man said, "actually I just heard it and..."

"So you don't really know if it's true or not," Socrates said. "Is what you are about to tell me about my friend something good?"

"No, on the contrary..."

"So," Socrates continued, "you want to tell me something bad about him, but you're not certain it's true. One last question: Is what you want to tell me going to be useful to me?"

"No, not really."

"Well," concluded Socrates, "if what you want to tell me is neither true nor good nor even useful, why tell it to me at all?"

[ top ]

REMINDERS

1. For more information on how your business can be the subject of a "Business Profile" or have products/photos included in the "CLN's Online Product Preview, call Mike Hartnett at 309-925-5593 or email mike@clnonline.com.

2. Paid subscribers are invited to have their website evaluated by Lynn Carlisle of Carlisle Communications. She'll check the site and provide a confidential assessment and suggestions for improvement. Just email mike@clnonline.com or ljc@carlislecommunications.com.

3. If you want a hard-copy of this issue, click on "Printer Friendly version".

4. If your company is a paid subscriber, everyone in the main office is welcome to register, free. Just click on "Current Subscribers Click Here To Register."

5. If you want to recommend CLN to a friend, use the "Tell Your Friends" box on the home page.

6. Creative Leisure News is published on the first and third Mondays of each month. Your next issue will be Monday, May 19.

[ top ]

xxx