September 2010 Issue

I breathed a sigh of relief this week as the government officially declared the recession over. The good news is that the recession ended in June 2009 according to the National Bureau of Economic Research. The bad news is that it was the longest recession since WWII.

I guess my personal observation that business has gradually im- proved over the last year is not a coincidence. The difference this time is the recovery is slow and jobs that were lost have yet to be replaced. In fact, unemployment is still 9.6%, which is almost hard to imagine. Companies are running very lean right now to make sure they can survive.

What is the key take away from all this economic news, and what impact will it have on our industry? Everyone is working harder now than in the previous 10 years, which means there is less time for “luxury” and a greater focus on quality of life when you do have free time. And, what better way to improve quality of life then to make your time at home more enjoyable, which fortunately, is what our wonderful industry is all about. Keep in mind, however, that consumers are thinking twice before spending money, so it is critical that you know your customer better than ever. Value is paramount! But, value is ultimately based on your customer’s tastes and preferences. If you keep this in mind as you select your retail assortment this fall, I think you will enjoy continued retail sales growth.

Speaking of working a little harder, I would like to take a moment to recognize the newly elected International Housewares Association board of directors and board officers, who are devoting their precious time and considerable expertise for the good of our Industry. See story on IHA Board on page 14.

We thank you all for your dedication and hard work.