COMMENTARY: The State
of Scrapbooking
Based on numerous conversations before and during MemoryTrends,
I think the key is this: The number of stores selling at least some
scrapbook supplies has grown faster than scrapbooking itself, so the
pie is being divided into more and smaller pieces. The latest
example is Menards. Yes, the country's third largest hardware chain
is now selling scrapbook supplies. "Some of my major customers
now are companies who've never sold craft or scrapbook supplies
before," one major vendor told CLN at the MemoryTrends
show.
The result is that many independent retailers who are
under-financed and not possessing strong merchant skills are going
out of business. It's terribly sad for those who are closing their
doors (see the article below), but may not necessarily be bad for
the industry. Five strong shops in, say, Denver, is better than 15
weak ones.
The ultimate question: Based on retail sales, is consumer
interest in scrapbooking waning or increasing? That's impossible to
say with any certainty because scrapbooking is the first industry
category that has spread into so many "non-craft" stores.
With every other hot trend, I could make about six phone calls to
the right people and feel reasonably confident that wearable art was
fading or cross stitch was increasing. But I don't have contacts at
Menards, for example. Who knew I'd ever need one?
NEW COLUMNS THIS ISSUE
"Benny Da Buyer". Mike
Dupey, one of the
industry's pioneering geniuses, offers a blunt, critical analysis of
the industry.
Kate's
Collage. A thought-provoking letter about
government aid to hurricane victims. Should it be public (tax money)
or private?
Business-Wise. A small manufacturer asks some tough
questions about the number of trade shows and receives some
interesting answers.
Note. If you surf to a column and it's an
"old" column, click the "Refresh" or
"Reload" button of your browser.
THE CLN POLL: PAYING
FOR THE HURRICANES
Apparently the government is going to pay for Katrina and Rita by
simply printing more money, but thus far that's not what CLN readers
suggest. More than half, 52.5%, want the U.S. to withdraw from Iraq
... 30% want Congress to cut spending ... 10% suggest rolling back
the tax cuts ... 5% think Congress should postpone the Medicare
prescription drug benefit ... 2.5% want to raise taxes. Not a single
reader suggests simply increasing the federal budget deficit.
What's your opinion? If you haven't voted, the polls are still
open. Click on Industry Polls in the right-hand column or click HERE. CLN will
report on the final tally in the next issue.
REPORT: MEMORYTRENDS
2005
Given all of the industry talk about the slow summer and tales of
retailers going out of business, MemoryTrends was a pleasant
surprise: more upbeat and positive than anticipated. It was a tough
summer, but CLN heard business picked up for some in
mid-September.
Numbers. Attendance was up slightly, although it may not
have "felt" larger because there were more booths, thus
spreading out the buyers. The number of exhibitors was about the
same, but they took more booths, and the number of new exhibitors
was down.
Trends. Clearly, the category is expanding beyond
scrapbooking to encompass a wide variety of paper-crafting products
and ideas, even bookbinding (which made the show successful for Halcraft)
... Digital photos are also having an impact with numerous
computer-driven software packages.
Research. Craftrends released the executive summary
of its new research project on independent scrapbook stores, Scrapbook
Retailing in America 2005. Average annual sales: $264,500 ...
Average store size:2,574 sq. ft. ... Average years in business: 4.93
... Number of SKU's in store: 5,817 ... Inventory investment
currently in store (retail value): $156,100 ... Average number of
turns/year: 4.34 ... Average mark-up: 88%. More details will be
released in the November issue of Craftrends and the complete
study can be purchased for $99.
Quotation. "This industry is still spending way to
much time and effort on technique and not nearly enough on
story-telling."
2006. MemoryTrends will be Oct. 10-12, at the Sands
Convention Center in Las Vegas.
PAPER ZONE ACQUIRES MEMORIES
& MORE
Paper Zone, a Seattle-based retail chain with a total of 15
stores in WA, OR, and CA, purchased 17 Memories & More Stores,
a Salt Lake City-based retailer with stores in CA, CO, CN, FL, GA,
IL, NC, TX, UT, and VA.
Memories & More Stores, operating under the trade name Memories,
opened its first store in 1995. The company also operates www.memories.com,
and launched a wholesale business, Making Memories, which was
spun off as a separate company in 2002. Paper Zone was founded in
1992 and plans to grow to 100+ stores via new stores and
acquisitions. It is one of a growing number of companies under the
corporate umbrella of Intracorp Capital, a Seattle-based investment
company.
Paper Zone CEO/President Curt Gray said "Memories has
established itself as a leader in scrapbook retailing. Paper Zone
has a heritage of innovation in fine paper and paper crafts. We plan
to utilize both the Paper Zone and Memories brands as they have
unique value in the marketplace. We have a significant merchandising
opportunity in integrating the best of both concepts. The combined
strengths of the companies will create the most dynamic and
authoritative paper craft company in the U.S."
FALL BEADING TRENDS
(Note: Reprinted with permission from Katie Hacker's Fall,
2005 newsletter. Katie appears on the PBS series, Beads, Baubles
& Jewels (www.beadsbaublesandjewels.com),
and her book, Katies Basics of Beading, has sold 90,000+
copies for Hot Off The Press.)
1. Big beads: After a year of popularity, oversized
strands of beads are still going strong.
2. Long layers: Wear one waist-length, one just below the
collar and one super short strand for a very fashion-forward look.
3. Tassels: Combine short lengths of chain or beads to
make your own simple tassel. Wear it as a pendant or make two
smaller ones and attach them to earrings.
4. Fibers: Tiny pearls knotted on mohair, large gemstones
secured on satin cord with macrame techniques, and small glass beads
worked into crochet patterns are just a few examples.
5. Simple Stringing: Extravagant pieces will always be in
style, but falls trendsetters are sporting simple pieces that are
easy to make yourself. Play with color and experiment with combining
different textures.
Visit Katie's site at www.katiehacker.com.
SEPTEMBER SALES: POOR, AS
PREDICTED
Tough sales last month? Join the club. Rising gas prices,
weather, Katrina, and Rita it's no surprise. "We're getting
a very mixed picture from our reading," Michael Niemira, chief
economist at the Int. Council of Shopping Centers, told CBS
MarketWatch. "On the surface, the results look a little better
than expected. But there's a lot of noise, with the hurricanes,
store closures, and gas prices. Beneath the surface, it was as
worrisome as we thought."
Our industry's stores were seriously affected. CLN previously
reported on Jo-Ann's (see below), and A.C. Moore also
reported a tough third-quarter. Sales rose 6.9% to $115.1 million
but same-store sales fell 4.3%. (The company opened seven stores in
the quarter, raising the store count to 105.) Same store sales in
the third quarter of 2005 decreased by 4.3% versus 2004.
For the nine months ended September 30, sales are up 9.7% to
$351.5 million, but same-store sales are down 1.8%.
CEO Jack Parker blamed the decline on a 6.2% drop in customer
traffic due to rising gasoline prices and hot, dry weather. The
average sale increased by 1.9%."We believe our fourth quarter
merchandising plans are strong and will be effectively
executed," Parker said, "but there is significant
uncertainty in the current economic environment and how the consumer
will react during the critical fourth quarter."
Parker estimated that third quarter results, to be released
Wednesday, to be a loss of $0.10- to $0.12/share. Analysts had been
expecting a profit of $0.05/share, Reuters reported. Execs will
provide a new earnings guidance for the year on Wednesday.
Hancock's same-store sales fell 6.3% for the month and
have fallen 6.3% for the fist two months of the quarter. CEO Jane
Aggers said, "After September's disappointing first week in
which Hurricane Katrina hit and gas prices spiked, we did see some
improvement in our trend. Year-to-date, through August, comparable
store sales had been down 7.3%, and they were down almost 20% during
the first week of September. However, over the last four weeks of
September, our business improved somewhat, as comparable store sales
were down 3.2%. During that four-week period, the impact of the
month's second hurricane was largely offset by hurricane activity
during the same period of last year.
"We are cautiously optimistic that the initiatives
implemented in mid-September have started to take hold," Aggers
added. "While we acknowledge that there is still market risk,
we remain committed to taking the steps that we can control to
improve the fall and holiday season."
Wal-Mart Exec VP/CFO Tom Schoewe said the company's
efforts to help hurricane victims, including Wal-Mart employees,
would decrease quarterly earnings by a penny, but remained confident
that the previously announced earnings guidance of $0.55-$0.59 was
valid.
Meanwhile, analysts at Stephens Inc upgraded Michaels from
equal weight to overweight, but reduced their estimates for the
company, Newratings.com reported. The target price is set to $45. In
an accompanying research note, the company said a survey indicated
Michaels same-store sales rose 1%-3%. (Michaels now releases
official sales figures quarterly, not monthly.) The note said
Michaels' sales should improve in October, Michaels should meet the
low end of its third-quarter guidance range, and the current
valuation is "attractive."
Big Lots' same-store sales rose 2.9%, but announced it was
closing about 85 of its close-out merchandise stores and 41
furniture stores, and would take a write-off of about $28 million to
mark down merchandise in an attempt to reduce inventory. The
closings are in addition to the 40 stores to close this year. The
company also announced it was suspending earnings guidance for the
time being, just as Jo-Ann's has done.
Others. Costco, +11.0% ... Sam's Club, +9.8% ... Neiman
Marcus, +9.6% ... Walgreen, + 7.7% ... CVS, +5.7% ... Target, +5.6%
... Nordstrom, +4.1% ... Wal-Mart (U.S.), +3.8% ... Saks, +3.2% ...
Big Lots, +2.9% ... Dollar General, +2.5% ... Family Dollar, +2.6%
... Duckwall-Alco, +1.8 % ... J. C. Penney, +1.4% ... Federated
Department Stores, +1.3% ... Rite Aid, +1.1% ... Kohl's, -0.2% ...
Factory Card & Party Outlet, -0.4% ... Bombay, -1.6% ... Pamida
Division (ShopKo), -3.9% ... Pier 1, -10.6%.
SHAKEUP AT JO-ANN'S AFTER A
DISAPPOINTING MONTH
Jo-Ann's said that its September net sales increased 5.3% to
$176.1 million and same-store sales rose 0.2%. For the first nine
weeks of the third quarter, net sales increased 4.1% to $299.6
million, but same-store sales fell 0.9%. Year-to-date net sales have
risen 3.8% to $1.104 billion, but same-store sales have decreased
0.2%.
CEO/President Alan Rosskamm said, "Relative to our earlier
stated sales expectations, our sales performance for the first nine
weeks of the second half has been a major disappointment. Despite
merchandising changes in key areas of our business that we expected
to drive favorable sales trends in the second half of the year, weak
customer traffic has continued to impact our top-line
performance."
The company also announced that David Bolen, Exec VP of
Merchandising/Marketing, will be leaving but remains through the
holiday season. A nationwide search for his replacement has been
launched.
Rosskamm added, "Encouraged by a record fourth quarter last
year, we approached this fiscal year with an ambitious merchandise
plan, incremental marketing tests, construction of a third
distribution center, and an accelerated superstore expansion
program. Unfortunately, this aggressive plan collided with
significant softness in customer traffic. As a result, key expenses
such as distribution, advertising, store opening, and occupancy
costs are up as a percentage of sales. More significantly, gross
margins have been unfavorably affected by increases in customer
coupon usage and additional merchandise clearance activity.
"Our current performance is unacceptable," Rosskamm
added. "We are taking decisive action immediately in order to
reverse recent trends and respond to a weakening retail environment.
Our main objectives are to protect our balance sheet and to make
changes necessary in order to improve sales and sell through
inventory. An evaluation of all of our merchandise categories is
underway and we will assess each business's performance
aggressively. Similarly, we are reviewing the effectiveness of this
years incremental marketing expenditures."
As a result, Jo-Ann's will slow its expansion plans, opening
25-30 stores next fiscal year compared to 44 new stores this year.
The company also plans to focus on improving its gross margin rate
and reducing expenses.
The company is also lowering its expectations for the quarter; it
now predicts same-store sales will fall between a 2% drop and a 2%
increase, and gross margins will decline from a year ago. Therefore
Jo-Ann's will not reach its earlier annual earnings guidance of
$1.65-$1.75/share.
Because of the uncertain factors in play during the next four
months, Jo-Ann's has suspended its earnings/share guidance for the
near-term.
Rosskamm concluded, "We are making the appropriate
adjustments to respond to a softer retail environment and ensure we
have the right merchandising strategies in place...."
EMAIL: A SCRAPBOOK STORE
CLOSES
I read a recent article in your newsletter, "What's
Happening to Scrapbooking," with interest. I closed my
scrapbook store this past spring after three years of being in
business. I still owe a significant amount of debt from it, too. I
miss it without a doubt, but I know that closing it was the right
thing to do as my debt was on the rise.
My first and second years showed promise, but in the beginning of
my third year a Jo-Ann's that was two miles away tripled
their scrapbook section and began carrying everything I was
carrying. I changed over to new product lines, but their 40-50%
coupons and paper 5 for $1.00 lured my customers away.
My high ticket items began to gather dust. I had to sell them at
cost just to unload them. I began to offer my own discounts and
tried accepting competitor coupons, but they did not produce
additional sales, just smaller margins.
Then Big Lots added scrapbook supplies, and a couple
months later Target added a scrapbook aisle, then Office
Depot. My customers would comment on how much they spent on QVC.
I began to feel like a little fish in a pond full of sharks. I was.
That's why I failed. I did not have the capital to expand my
product offering. I wanted to diversify and add several other
crafts, but I was strapped for cash and didn't have the income
statement needed to warrant a loan.
My going-out-of-business sale was fabulous. One e-mail and my
store was flooded with customers to scoop up the initial 10%
savings. Go figure. The term "Going out of Business" gave
new meaning to a 10% savings, I guess. I graduated the discounts
like most going-out-of-business sales do and closed my doors after 8
weeks of discounting. I sold every last item with the exception of a
handful of stickers and some die cuts. But I'm still saddled with
lots of personal debt.
I have thought long and hard how the Hallmark card stores
do it. I mean, who doesn't sell greeting cards? And with so many
people making their own, I just don't understand how Hallmark stays
in business. I guess it's the unique gifts and collectibles they
also carry. Those products are higher-ticket items. When my
high-ticket items stopped moving, my sales went down substantially.
Independents needs high-ticket items to boost their profits.
Stickers, paper, and standard embellishments are simply not enough.
I'd love it if some successful scrapbook storeowners would share
their reasons for success so other independents can learn from them
and keep their dream alive. Name Withheld
(Note: Obviously we don't know everything about this
situation her rent, for example but what could this
ex-retailer have done? Perhaps existing retailers can learn from her
experience and your suggestions. Email your thoughts to CLN
at mike@clnonline.com.)
HOW TO IRRITATE CUSTOMERS
The research firm, MORH Access, surveyed 230 shopping mall
customers to learn what were the most irritating responses by store
sales clerks, the Associated Press reported. The winners are....
1. "That's not my department."
2. "If it's not on the rack, we don't have it."
3. "That's the policy."
4. "I'm on a break."
5. "Ask the person over there."
6. "I'm new here."
7. "You'll have to wait your turn."
8. "The computer is down."
RANDOM NOTES, RANDOM THOUGHTS
1. A word of caution about the new Craftrends'
research study on independent scrapbook stores: Every study I've
ever seen has its own unique flaws in it, including studies I worked
on as chair of the old HIA market research committee. No doubt the Creating
Keepsake study has flaws, and I'm sure the upcoming studies from
CHA and CNA will have them, too. It can't be helped;
we don't live in a perfect world.
So should you pay attention to the research commissioned by trade
magazines and associations? Yes, but take the specific numbers with
a grain of salt. For example, consider the Craftrends figures
merely as a baseline. But, if Craftrends commissions the
study again, you can believe the trends (not the numbers) are real
IF the research is conducted exactly the same way. If the two
studies have the same flaws, the flaws cancel each other. So if two
years from now the new study shows the average store sales are up,
say, 5%, I still wouldn't trust the actual dollar number, but I
would definitely believe the 5%.
2. And a word of caution to vendors selling to Menards,
Target, and all of the other "non-craft" chains:
Those chains are not committed to our industry the way Michaels,
Jo-Ann's, A.C. Moore, and Hancock are. When
your line or the category begins to slip, they'll drop you in a
heartbeat. Consider your sales to those chains as frosting on the
cake, not the cake itself.
MISCELLANEOUS NEWS: RETAIL
QUOTATION. Reacting to chain stores' claims that margins
are hurt by consumers using their coupons: "Several
manufacturers have said that independent scrapbook stores need to
take A.C. Moore's, JoAnn's, and Michaels' coupons to keep the
customers out of the chains but if the coupons are part of the
reasons cited for poor profitability for the 'big boys,' why in
heaven's name should a boutique store take them?" Lisa
Kanak, The Cropper's Corner
ACQUISITION. ShopKo is up for sale. The Green Bay,
WI-based retailer was about to accept an offer of $25.50 when Sun
Capital Partners entered the bidding at $26.50. Sun Capital
purchased Rag Shops in the past year. ShopKo operates 137
discount retail stores in 14 states and 219 Pamida stores in 16
states. The board of directors is to decide today.
PEOPLE. Michael Rouleau, CEO of Michaels, was
re-elected to the board of directors of the Retail Industry Leaders
Assn.
RESEARCH. According to a new study by the research firm
Yankelovich, consumers see early holiday displays as "season
treason," reported Promo Xtra magazine. The study said
36% of consumers say they don't enjoy shopping as much because of
the pressure to buy.
SERVICE. Roby's Photo Shop and Scrapbook Store in
Damascus, MD formed an association with a company that can transfer
VHS, Super 8, or 8mm films to DVDs.
CLEVER PROMOTION. During Saturday night home games of the
Portland (ME) Pirates minor league hockey team, the local A.C.
Moore store will provide craft tables for fans to make Pirates
signs and posters.
MISCELLANEOUS NEWS: MEDIA
TV. Donna Dewberry made her debut on the Home Shopping
Network on Friday. She sold DVDs, books, organizer, brush
preserver/cleaner, paper paint/brush set, paint tool set,
paint/brush sets, and a lettering kit ... What do you do after
running a needlework shop? Jeanne Bice closed her shop and started
Quacker Factory, which sells women's clothes on QVC. The New
York Times estimates she sells 15,000 - 20,000 items a show and
has annual profits of $43 million, reports All You magazine.
(Jeanne is the cheery lady always wearing a headband.)
QUOTATION. "Knitting engages the mind and requires
you to focus in such a way that you transcend the normal pressures
of life." Knitting instructor Elanor Lynn (November issue of Country
Living magazine.)
MAGAZINES. SoHo Publishing is introducing Knit Simple,
a new quarterly magazine that will premier at the January TNNA
show. Cover price, $5.99. For advertising info, call Doreen Connor (doreen@sohopublishing.com)
at 212-937-2554 or Rose Ann Pollani (roseann@sohopublishingco.com)
at 212-937-2557 ... Interweave Press ' new magazine, Knitscene,
hits the newsstands and yarn shops tomorrow. Cover price is $7.99. Knitscene
is primarily aimed at the newest knitting demographic, the 18-to-35
age group. This fall the magazine is also holding trunk shows at
yarn shops in WI, CO, MI, PA, Washington, DC, OR, CT, CA, and VA.
(According to the Craft Yarn Council of America's recent
study, the 25-34 age group showed the highest percentage increase in
participation 150% from 2002 to 2004.) A sneak preview of
the issue, including free patterns, is available at www.knitscene.com.
MISCELLANEOUS NEWS
PAPER. To see an absolutely amazing use of scrapbook paper
yes, as a floorcovering visit www.scrapjazz.com/gallery/showphoto.php?photo=118987.
CHA. Tony Lee, the new Meetings/Expositions VP, has 27+
years experience in the trade show industry. On his staff are
Shelley Fulghum, exhibit sales manager; Bella Volsky, trade show
coordinator; Ann Kallman, operations manager; Carol Adair,
operations coordinator; and Donna Cennimo, exhibits coordinator.
TRADE. The latest round of U.S.-China trade talks broke
off without an agreement
to regulate China's booming textile shipments, Reuters reported.
Sales of Chinese-made clothes to the U.S. have increased 75% since
the end of global textile quotas on Jan. 1. "We have not come
to an agreement that meets the needs of our domestic manufacturers
and retailers," David Spooner, the special textile negotiator
in the U.S. Trade Representative's Office, told Reuters.
HURRICANES. The Interweave Press auction of 15
pieces of handmade jewelry, art, clothing, and accessories featured
in its magazines and books raised $4,000 to benefit relief and
rehabilitation efforts for the victims of Hurricane Katrina. The
online auction, which ran Sept. 16-26, was in affiliation with eBay's
Giving Works charitable auction ... Lion Brand Yarn listed
27 charity poncho auctions on eBay last week. Each featured a
handmade poncho worn by a member of the studio audience at the Sept.
13th taping of the new Martha! TV show.
BEADS. The new Bead & Art Glass Fest held
recently in Orlando attracted almost 2,000 attendees. The Fest
featured some trade-only hours, 50+ classes and a variety of social
events. The Fest will return to Orlando in 2006 with dates
and location TBA. Visit www.BeadandArtGlassFest.com
for updates. For 2006 sponsorship opportunities and exhibit
info, call Event Manager Michele Prang at 740-452-4541, ext. 3121,
or email mprang@offinger.com.
ACQUISITION. Doug Kreinik bought out his brother, Andrew,
and his sister-in-law, Jacqueline, and is now the sole owner of Kreinik
Mgr. Co. Doug will close the Baltimore office in November and
all customer service operations will be headquartered at the
Parkersburg, WY manufacturing site. The new address is P.O. Box
1966, Parkersburg, WV 26102. Stores can call 800-624-1928 or
304-422-8900 to place orders. The fax is 304-428-4326 and the
website is www.kreinik.com.
KNIT/CROCHET. The 2006 schedule for the Knit &
Crochet shows sponsored by The Knitting Guild Assn. and
the Crochet Guild of America: Apr. 20-23 in Oakland and July
13-16 in King of Prussia, PA. The shows are open to the public and
feature classes, events, and shopping for supplies. Visit www.knitandcrochetshow.com
for info.
SCD. The Society of Creative Designers annual Conference
attracted 136 designers and 72 corporate members. Current
President Elect Lisa Galvin will take over as President Jan.1.
Elected were Vicki Schreiner, President Elect; Debra Quartermain,
Secretary/Treasurer; and Directors Debba Haupert, Katie Hacker, and
Delores Ruzicka, The 2006 Conference will be Sept. 27-29 in
Portland. Visit www.creativedesigners.org
or call 740-452-4541 for info.
KIDS. The current issue of TD Monthly, a trade
publication for toys, has a report on the rousing success of kids
craft kits. Visit www.toydirectory.com/monthly/article.asp?id=1480.
PAINTING. To celebrate Decorative Painting Month this
month, the Society of Decorative Painters has new "Learn
to Paint" projects, designed by Prudy Vannier, at www.decorativepainters.org.
There will also be displays in local libraries, open houses at local
shops, and stories in local media as part of the month-long
celebration.
PAINT. Watch for a new acrylic paint, Interactive,
to be released in January under Chromas Atelier
label. It claims to be an advanced acrylic that does not form a skin
as it dries. The patent-pending formula has allows it to dry
differently than conventional acrylics, thereby allowing painters a
longer "open" time. More is available at www.chromaonline.com/interactive
or contact Dana Rollins at 800-257-8278 or drollins@chromaonline.com.
QUILTS. The Creative Iron, a division of StenSource
Int., has teamed with quilt designers including Dilys Fronks,
author of Enchanted Views (C&T publishing), and
June Jaeger, pattern designer from Log Cabin Quiltworks, to
create laser-cut, fusible appliquι
silhouettes. The patterns/kits will be introduced at Quilt Market
this month ... And look for a new line of Entaco needles,
Mary Arden. Entaco is the last remaining English manufacturer
of the hand needles and will be featured in the Colonial Needle booth.
CANCER. The National NeedleArts Assn.'s Stitch to WIN campaign
is now aligned with Living Beyond Breast Cancer as its new partner.
For more, visit www.lbbc.org.
HOBBIES. During the iHobby Expo Oct. 20-23 in Los
Angeles, members of the Highland Park Society of Model Railroad
Engineers will build a 4'x8' model railroad layout on the show
floor, then donate it to the Boys & Girls Club of San Gabriel
Valley.
THE CREATIVE NETWORK: JOB
OPENINGS
To read the current job listings, click on Jobs in the left-hand
column or click HERE.
THE CLN RETAIL INDEX
A. C. Moore (ACMR). Last*: 15.79 ... Change**: -3.38
Hancock Fabrics (HKF). Last*: 6.22 ... Change**: +0.21
Jo-Ann Stores (JAS). Last*: 15.31 ... Change**: -1.97
Michaels (MIK). Last*: 31.15 ... Change**: -1.86
Wal-Mart (WMT). Last*: 45.04 ... Change**: +1.38
CLN Retail Index. Last*: 162.46 ... Change**: -.5.2%
Dow Jones Index. Last*: 10,287.34 ... Change**: -2.7%
*Oct. 14 ** from Sept. 30 Prices are exclusive of dividends
A NEW KIND OF MEDICAL ADVICE
Emailed from a subscriber:
I recently picked a new primary care physician. After two visits
and exhaustive lab tests, he said I was doing "fairly
well" for my age. A little concerned about that comment, I
couldn't resist asking him, "Do you think I'll live to be
80?"
He asked, "well, do you smoke tobacco or drink beer or
wine?" "Oh no," I replied. "I've never done
either."
Then he asked, "Do you eat rib-eye steaks and barbecued
ribs?" I said, "No, I heard that all red meat is very
unhealthy."
"Do you spend a lot of time in the sun, like playing golf,
sailing, ballooning, motorcycling or rock climbing?" "No I
don't," I said.
He said, "Do you gamble, drive fast cars, etc.?"
"No, I've never done any of those things."
He looked at me and said, "Then why do you care if you live
to be 80?"
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3. Creative Leisure News is published the first and third Mondays of each
month. Because October has five Mondays, your next issue will be Monday,
November 7.
xxx