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Creative Leisure News
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Date: January 20, 2003 TABLE OF CONTENTSCOMMENTARY: WHAT HAPPENED TO PARTNERSHIPS?As the industry gathers in Anaheim for the HIA show, the mood is far different than I would have predicted just weeks ago. For retailers a good year ended on less than fabulous note, and so the mood will be cautious -- at best.The mood for many vendors, however, is somewhat sour. Most vendors did not have as good a 2002 as retailers did, because they've seen their margins shrink as retailers became more demanding. "I've been in this business more than 25 years," one vendor told me last week, "and I've never seen the retailer-vendor relationship this bad." Others are angry that major retailers would suddenly stop ordering without warning the vendors in advance -- or send emails to vendors asking them to report on what and how well a chain's competitor was selling seasonal items. I can think of only a handful of vendors who believe they have a genuine partnership with retailers. The others think they are treated like lackeys. "Price is the only thing that matters," said another vendor. The talk about partnership is always there, but the reality is, they just want it cheap. Whatever happened to real partnerships, where the retailer and vendor worked together as equals to build the category?" It's a shame, and not a good sign for the year ahead.
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CHRISTMAS SALES SUMMARYThe Christmas season was a bust for many retailers, in some cases the worst in 30 years. In general, craft-related public chains outperformed most other types of stores, but did not do as well as a year ago. The nation's retailers in December had few big surprises because gloomy analysts and worried CEO's had already lowered their predictions.CLN's spot check of independent retailers revealed some were disappointed and others said sales were "ok," but no one bragged about having had a great Christmas. Business appeared to be a little better in Mid-Atlantic and Northeast areas. Now the question becomes margin. There was so much price cutting during the season, surely profits were affected. Most public retailers will be releasing their fourth quarter and fiscal year earnings reports in the next month, and that will tell the final tale of Christmas, 2003. The leading exception to the poor sales picture was Jo-Ann's, whose same-store sales rose 13.7% -- enough for officials to raise their annual earnings estimate 15 cents to $2.15-$2.25/diluted share. The keys were strong sales in sewing and home dec, as well as a good sell-through of seasonal products, although that was aided by promotional pricing. Hancock was another strong performer. Same-store sales rose a solid 13.6%, after a 17.8% increase in December, 2001. The company also made a voluntary cash contribution of $15 million to its pension plan. It was not required, but the board wanted to improve the plan's funded status and reduce pension expense in future years. The contribution was made from cash on hand, and the Hancock remains debt-free. Michaels' same-store sales rose 6%. During a conference call with analysts, CEO Michael Rouleau and Finance VP Chris Hall said the quarter's strongest categories were seasonal, books, kids crafts, and florals .The average ticket price and customer count both were up 3%, and the annual earnings guidance remained at $2.10. Officials plan to open 55 Michaels stores, close 3-4, relocate 20 this year, open 12 Aaron Bros. stores, open one wholesale store, and build a new warehouse in the Midwest. Officials also predicted same-store sales to grow 5%, and earning/share to increase 20%. A.C. Moore does not report monthly figures, but did report that its fourth-quarter, overall sales rose 10.0%; same-store sales, however, were down 2%. A year ago quarterly same-store sales were up 15%. Yet CEO Jack Parker said the year's earnings should be at the high end of the company's previous earnings guidance of $0.74 - $0.76/share. That's almost 50% higher than a year ago. These figures are better than most retailers. Wal-Mart's U.S. stores posted a 3.3% same-store increase, a sharp drop from last year's 8.2%. Duckwall-ALCO reported a same-store sales increase of 3.0%, but did not cite crafts as one of its stronger categories. At the end of the month, Toys R Us and Saks had to lower their expectations for their year's earnings. Even Target saw a drop of 0.3% in same-store sales. Kmart finally posted a profit for the month, but same-store sales dropped 5.7%. A few days later officials 326 stores would close and 37,000 employees, about 17% of the workforce, would be laid off.
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THE END OF MJDESIGNSIt's all over but the shouting. The bankruptcy court approved the sale of MJDesigns' contents and fixtures for almost $8 million (39.3 cents on the retail dollar) to a liquidator, and three store leases (in Grapevine, Lewisville, and Dallas) to Jo-Ann's, the Ft. Worth Star-Telegram reported.The liquidation sale is expected to take three months. MJD has about 550 employees. "We saw it coming," store manager Terri McGovern told the Telegram. "You kind of hope for the best, but in reality, we knew it wasn't going to make it. It just didn't have the financial backing." MJD may not have had enough inventory, either. One disgruntled vendor told CLN, "Many industry vendors were not shipping. You couldn't get receivables insurance because of their whopping past dues. [CEO] Eisenberg was aware of the situation for a long time." MJD's senior management and Cardinal Investments, which purchased MJD in January 2000, will lose their investments. "In the context of what it was, it was a wonderful result," the CFO told the Telegram. Vendors may not agree. Although they are owed $7.1 million, vendors will split only about $500,000 after the secured creditors are paid. "This whole thing has moved too fast and doesn't pass the smell test," another vendor told CLN.
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RAG SHOPS: DECLINING EARNINGS, BUT...Net income for the quarter ended Nov. 30 was $511,000 ($0.11/per diluted share), a decline of 63.2%. Overall sales rose 2.5% to $33.4 million, but same-store sales dipped 1.4%.A key cause of the decline was the calendar; the post-Thanksgiving shopping rush in the quarter was two days, rather than nine days a year ago. Other causes were a lower gross profit as a percentage of sales, and higher SG&A expenses, including rent, payroll, insurance, etc. President Jeff Gerstel said, "Amid softness in the retail markets, we chose to aggressively promote and advertise to protect sales going into the Christmas holiday selling season, which resulted in strong sell-through on Christmas merchandise. We remain cautious about retail market conditions and we have been modifying our business plan accordingly." The current store count is 67. Look for the company to open three and close two during the fiscal year.
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BUSINESS WEEK CITES JO-ANN'SThe Jan. 16th edition of Business Week Online profiled Jo-Ann's, calling it the top performing stock on the New York Stock Exchange from Jan. 1, 2002 to Jan. 13, 2003. (The stock had risen 227%.) Among other highlights of the article:The long-term plan is to replace 600-700 Jo-Ann's stores, which generate about $99/sq. ft., or $1.4 million each, to Jo-Ann etc superstores which bring in $5-$6 million, or $150/sq. ft. Look for 20 Jo-Ann etc stores to open this year, and 40-50 next year. Jo-Ann's debt-to-total-capital ratio has dropped from around 50% in 1998 to a current 35%, and is expected to decline to 25% this year. The future is bright for crafting because of the number of Baby Boomers who are retiring. The article credits Martha Stewart with "popularizing crafts in the 90's" and said, "Michaels has about a 12% [market] share, Jo-Ann's has just 3%, and the rest belongs to small businesses." (Comment: Hmmm. Martha did that all by herself? And Wal-Mart, Hobby Lobby, A.C. Moore, Rag Shops, Hancock, etc., don't have any market share?)
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CLN'S ONLINE PRODUCT PREVIEWDritz (Omnigrid). Has launced a complete cutting program to complement its line of rulers and cutting mats. It includes a 45m Rotary Cutter, 45mm Replacement Blades, three pairs of scissors, Bent Handle Shears and Thread Snips.Sugarloaf Products. Frosting Doodle is a cookie writer and decorator that tastes good and dries hard so that the cookies are stackable. The unique characteristics eliminates the hassle of personalizing cookies and snacks for sport, scout, church, school, birthdays, and other events. Yaley. Liquid Candle's combination of patented converter discs, candlewicks in glass tubes, and specially formulated lamp oil turns everyday glassware into softly glowing candles. BagWorks. The additions line allows crafters to customize and creative one-of-a-kind handbags thanks to a wide selection of styles, embellishment packs, handles, and colors. Visual Horizons. CD's filled with hundreds of templates for scrapbooks, cardmaking, stationery, etc. using MS Word. Topcs include Christmas, "It's a Boy!", "It's a Girl!", Dance, and Cheerleading. Janlynn. Paint Pottery is a line of ceramic, ready-to-paint figurine kits in conjunction with Cardew Design of Great Britain. The first grouping includes an array of Disney characters. Wyla. Photo Patchworks is a three-dimensional mounting system on which photos, trimmings, and treasured mementos can be adhered. Wyla. Annabel's Scraptacular is a line of packaged trimmings to creatively embellish scrapbook pages, greeting cards, and other craft and art projects. Art & Technology. A new line of mini-bead jewelrymaking kits with a wide variety of designs for necklaces, ear rings, etc. Art & Technology. A line of cross-stitch charts featuring lovely Oriental designs. Dritz. Denim Details is a collection of products for teens to personalize their jeans with a wide variety of ways -- bleaching, dyeing, embellishing, etc. Accu-Cut. The new roller die-cutting machine, the Baby GrandeMark, uses the same technology as the company's GrandeMARK machine and accommodates all sizes of Accu-Cut dies, except the giant dies that fit into the GrandeMARK machine. Plaid. Regardless of what kind of store a retailer operates, there's a wide variety of new lines, such as the new Folk Art Enamels line -- plus new designers and fresh twists on the proven basics. Paper House Productions. More than 125 new SKUs including sticker borders, die-cut assortments, Page Pals journling notes, and Belle Fleur journaling notes. To see photos and learn more about these products, click HERE.
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HIA'S NEW EXHIBITORSWe have completed our report on the new HIA exhibitors who have operational websites. Click on the "New HIA Exhibitors" button in the left-hand column. (All exhibitors are listed at HIA's website, www.hobby.org.) To assist buyers with their pre-show planning, we list the name, brief description of the product lines, booth number, and links to the URL and email address.
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THE HOUSE THAT CRAFTS BUILTThe House That Crafts Built will premier at the ACCI show this summer. It will be created in conjunction with the Society of Craft Designers and consist of four room settings decorated with projects made with craft and related products. Tracia Williams, SCD President and Chair of ACCI's Show Committee, is the project coordinator.Each room will have a theme -- "Edwardian Den" with a Christmas theme, a "Cottage Porch," a "Kid's Jungle Fun Room," and a "Vintage Tea Room." Attendees visiting the House can also leave donations in the House's mailbox, which will be given to a children's charity. The House will be located in the enlarged, 50' x 50' Interactive Zone in the middle of the show floor. It will include all the zone categories from last year, and seating so buyers can relax and watch the on-going product demos. Companies can purchase "Building Sponsorships" for $2,000, which will help offset the costs of constructing the house, which will be redecorated and reused by ACCI for years to come. Sponsors will also receive a number of publicity exposures for their companies. ACCI 2003 will be July 18-20 in Rosemont (Chicago) and held in conjunction with the Art Glass show and the Miniature Marketfest. For info, call 888-360-2224, visit www.accicrafts.org, or stop by the ACCI booth in the Information Park at the HIA show. For info on SCD, call 740-452-4541, e-mail scd@offinger.com, or visit www.craftdesigners.org. To read profiles of both organizations, click HERE.
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THE STARS COME OUT FOR HIAThe industry's leading teachers, demonstrators, and tv personalities are always active at our biggest trade shows. Here's just a sampling of a few:1. HGTV will be roaming the show to tape a one-hour Carol Duvall special to be aired on the network several times during March, National Craft Month. The producers want NEW products and NEW projects. Yes, the key word here is NEW. For exhibitors who would like the opportunity to expose their NEW products and/or projects to 78.9 million HGTV viewers, send a BRIEF email to kehrlich@wellergrossman.com. 2. Television personality Vanna White returns to HIA, this time with her daughter, to highlight the fashion show at Lion Brand Yarn's booth, #5320. There will be three shows, at noon, 1:00, and 2:00 on Monday, Jan. 27. 3. Dee Gruenig will be demonstrating periodically at Plaid/All Night Media, Mrs. Grossman's, Ranger, and Paper Adventures. 4. Priscilla Hauser will be at the Walnut Hollow booth. 5. Tera Leigh will be demonstrating at the North Light Books, Walnut Hollow, and Daler-Rowney booths. Check the various booths to see when these and other designers will be appearing. EMAIL: CRAFT SALES IN GREAT BRITAIN(Note: The following is from Chris Crombie, Director of Buying for HobbyCraft, Great Britain's largest craft chain.)HobbyCraft, the UK arts & craft superstore chain, saw particularly strong trading conditions in the run up to Christmas. In the seven weeks to Christmas, same-store sales were 13.2% up on the previous year. This is considerably ahead of most UK retailers who have reported same-store sales of between -1% to +3%. We made an investment of 2 million pounds (about $3 million) in advertising, which included our first ever nationwide tv advertising campaign during the fourth quarter. We are currently seeking locations for further expansion and plan to open our 20th superstore in Q1 this year." -- Chris Crombie (Note: The HobbyCraft team is splitting up for this month's shows. Operations Director John Symes and CEO Warren Haskins will attend the HIA show, while Chris goes to Germany to attend the Premiere show in Frankfurt and the Toy Fair in Nuremberg.)
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LAST-MINUTE SHOW TIPS FOR BUYERSThere are a number of buying suggestions for trade show attendees -- for before, during, and after a show -- at ACCI's website at http://www.accicrafts.org/guide2.htm#2. It's "Maximize Your ACCI Show: Tips For New Attendees," but the principles are the same, regardless of the show. Three additional pieces of advice, however:1. So many vendors are expanding into other categories, that you really need to walk the entire show. For example, there will be numerous scrapbooking products in booths that are not in the Scrapbooking or New Exhibitor sections. 2. Many of the new products are only prototypes. If a vendor doesn't receive a strong enough response, he never goes into production. Often a retailer can place an order, then return home and wait. And wait. And wait. Before you place an order, ask if the products are in production and insist on a firm delivery date. 3. Click on the "New Products" and "New HIA Exhibitors" buttons on CLN's home page to read about new products before the show, and throw the Jan. Craftrends and CNA in your briefcase to read on the plane to Anaheim.
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RANDOM NOTES, RANDOM THOUGHTS1. In my last issue I mentioned some companies who sell their products to customers far removed from the craft industry. Well, here's another:Visual Horizons may be a new exhibitor at HIA with their CDs for scrapbookers, but for years the founders, Reenie and Stan Feingold, have provided audiovisual and presentation materials to public speakers and numerous others. One of their customers is Frank Abagnale, whose life story provided the basis for the hit movie, Catch Me If You Can. Abagnale posed as an airline pilot, doctor, and lawyer before going to prison for passing millions in bad checks. Now he makes millions as a security consultant for banks and other companies. 2. Recently a large vendor called about an innovative promotion he'd worked out with a major retailer. It really was very clever and should have been highly successful. So I drove to the chain's local outlet to see it for myself. It was nowhere to be seen. I asked the department manager and she had no idea what I was talking about. That story is indicative of one of the industry's biggest frustrations: A vendor and buyer work out a special promotion or display, lots of time and money are spent on the project, and then it isn't implemented properly at store level. I have no doubt we will see some fabulous displays at the HIA show, but we will never see some of them in the stores. If I were a vendor, I would work hard to make my new lines easy and simple for store clerks to unpack and stock. 3. Had a nice talk Tim Valentyn recently. Tim is a lawyer who left his law firm in Madison, WI to become President of nearby Walnut Hollow. He was there for five years when his old firm made him an offer he couldn't refuse: President and Managing Shareholder. So he didn't leave because of all the lawyer jokes we told him over the years. It was just too good an offer to pass up. He hopes everyone has a great year and is going to keep in touch with the industry by continuing to subscribe to CLN. 4. January 9th was the latest Hobby & Craft Day on QVC. Sales were startling once again -- yet another example of how consumers will buy our products if/when they see them being used. It also surprised me to see some companies are bypassing our traditional distribution system (trade shows, reps, stores, etc.) and selling direct to consumers. Advice to companies wishing to sell on tv: Put together a kit with lots of goodies so the ticket price is relatively high but so is the perceived value. If you want to sell to retailers, do NOT sell the exact same item, especially at a lower price than what you expect the stores to sell.
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MISCELLANEOUS NEWSCOMPANY FOR SALE. Profitable manufacturer with sales of $5+ million. Product lines range from basics to up-trending categories. Customers: Sells to all the major craft chains and independents. Facilities: Buildings are also available for purchase. For more information, and to set up a meeting at HIA, call Mike Hartnett in complete confidence at 309-925-5593 or email mike@clnonline.com.SHOWS. The recently completed Housewares show in Chicago seemed way down -- to the point where organizers are thinking of moving it to March. Apparently some major retailers did not attend this year. "The show's the same as it was 30 years ago," said one exhibitor. ... One company with roots in the craft industry, Westlake Associates (818-889-4853), is involved with Dallas-based Advanced Art, which has a licensing agreement with Time/Life and has introduced a line of framed photos from the annals of Life magazine. It was very well received. ACQUISITION, I. Hygloss Products acquired Color Fantasy of Providence, RI, manufacturers of Color Your Own T-Shirts and Color Your Own Posters. Call 800-444-9456; fax 973-458-1745; email: sales@hygloss.com; or visit www.hygloss.com and www.colorfantasy.com. The HIA booth is # 9322. ACQUISITION, II. Greenleaf Steel Rule Die, a manufacturer/wholesaler of crafts and dollhouses, re-acquired its former dollhouse line, Greenleaf Products. In addition to its current line of dollhouses and crafts marketed under Corona Concepts, the acquisition gives GSRD's customers the largest selection of dollhouses in the world. A catalog featuring both complete lines is scheduled for early March and order fulfillment for selected models will begin in early Spring. The Corona and Greenleaf lines will be displayed at the HIA show in booth #4053. NEEDLEWORK. M. C. G. Textiles signed an exclusive licensing agreement with United Media to produce a wide variety of Precious Moments needlework products, including latch hook rug and pillow kits, latch hook Graph N' Latch pattern books, Heritage Rug Hooking kits, crochet and knitted afghan and pillow kits, and crochet and knitted doll kits. Latch hook rug and pillow kits and pattern books will be available in the spring, the other products later in 2003. MCG is exhibiting at HIA in booth #5324. FAO. The dangers of acquisitions: First Zany Brainy bought Noodle Kidoodle. Got in trouble merging the two companies, and was sold to Right Start. Then Right Start bought FAO Schwarz and changed its name to FAO -- and now has filed for bankruptcy with $238.4 million in debts. Many of the Zany Brainy stores are scheduled to close. PROMOTIONS. Lion Brand Yarn, 7 UP, and Wal-Mart Supercenters just finished a unique two-week promotion. Around each two-liter bottle of 7 Up was a flyer, saying, "Make this one-skein scarf." On the back are the crochet instructions for the scarf. And in the soda aisle -- the soda aisle! -- was a display of Lion's Homespun yarn. E-COMMERCE. Michaels has stopped selling products at its website, www.michaels.com. PEOPLE. PSX hired Deborah Wandner as Sales VP. Deborah had worked at Stampa Rosa ... Linda Augsburg, former editor of Krause's Michaels Create!, has been hired as Editor at Large for Kalmbach, publisher of Dollhouse Miniatures and Bead & Button magazines, plus numerous other hobby and special interest magazines and books. Call 262-796-8776, ext. 469, or email laugsburg@kalmbach.com ... Prym-Dritz has expanded its marketing department by appointing Kim Buffington as Crafts Product Manager, Betsy Friedmann as Sewing Product Manager, and Paula Smallridge as Reengineering Product Manager ... Michaels named Jeffrey Boyer as Exec. VP/CFO. He had worked for Sears, Kmart, Kraft, Pillsbury, Quaker Oats, and Nutrasweet. POSITION WANTED. Very experienced sales pro (selling and managing a sales force) is looking and can relocate. Crafts, framing, books, art materials, etc. For more information, call Mike Hartnett in confidence at 309-925-5593 or email mike@clnonline.com. CORRECTION. We goofed on the new phone number for Grace Publications, which has moved to 605 Wesinpar Rd., Johnson City, TN 37604. The correct phone number is 423-434-2983; fax 423-434-2993. The website, www.gracepublications.com, and the emails, randy@gracepublications.com and nancy@gracepublications.com, remain the same. The company is now owned by Nancy and Randy Churchwell, who bought it from Nancy's parents, Grace and Doug Herr. (Yes, the founders of Herr's.) Grace Pubs' HIA booth is #7807. ACCI. Part 4 of ACCI's free Retail Seminar series is now available on the website at www.accicrafts.org/mini-seminar4.htm. National retail authority George Whalin explains how every retailer -- large or small -- can create an effective, inexpensive marketing campaign. INVESTMENTS. HIA had $2.4 million of its reserve assets frozen when the SEC filed charges against Bentley Financial Services, through which HIA had invested. The court finally approved distruting 59.6% of the frozen money to investors. More should be coming soon. TV. Series 300 of Quilt Central, hosted by Janie Donaldson and Donna Wilder, will be uplinked to PBS stations Jan. 26. Producers say the previous series were carried by 150+ stations. Call your local PBS station and ask for it. Producers will tape the 400 series in May and the 500 series later in the year. For sponsorship information, phone/fax 908-459-9269; email eleapple@hotmail.com, or visit www.quiltcentraltv.com. QUOTATION. "To show you how things can change, we have have gone from being a manufacturer that doesn't advertise to having three full-page ads in the January issues of CNA and Craftrends. We are also doing some consumer advertising. We still do a significant amount of business with independents, and find the advertising helps pave the way for our sales reps as well as reinforce our message to the majors." -- Major manufacturer CONDOLENCES. Our sincerest sympathies to the families of painter/author Debbie Toews and sales rep Ted Nelson, both of whom passed away recently.
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BUSINESS PROFILE: WALNUT HOLLOWMany industry people had interesting, unusual jobs before discovering the modern day craft industry. Dave Ladd was a Wisconsin tree farmer. And he didn't discover the craft industry; he helped start it.In 1972, his wife Nancy made some woodcraft projects using some of the cross sections of walnut trees Dave had harvested. Dave thought maybe there might be a little business in crafts -- whatever that was -- so he took the projects and went to the 1973 HIA show in Chicago. HIA, then dominated almost exclusively by model and hobby companies, wouldn't let Dave in the show. Undeterred, Dave returned to his hotel room, invited guests to the room, and left Chicago with $25,000 in orders. There was one minor detail, though: Dave didn't have the inventory or the facilities to fill the orders. So his family jumped in, and has worked in the business ever since. Thirty years later, HIA is all crafts and Dave is returning as CEO of Walnut Hollow, one of the most successful, family-run companies in the industry -- the leading name in wood, woodburning, and clock making. And for his efforts Dave will receive HIA's Lifetime Achievement award at the annual business meeting. The product lines now include virtually any shape of wood imaginable for home dec, decorative painting, clockmaking, woodburning, woodcarving, etc., plus instruction books and tools. The key lines include Country Rounds, Plaques, Craft and Hobby, Lifestyle Collection, The Tracy Porter Make and Create Collection, Home Decor, and Seasonal Woodcrafts. The 30-year journey has not been easy, however. In 1987, an explosion in Walnut Hollow's dust silo caused a fire that burned the offices and warehouse. Six years later, Dave's son, Scott, died suddenly of spinal meningitis. At the time, Scott was the Sales/Marketing VP and one of the true creative geniuses in our industry (e.g., Walnut Hollow introduced unfinished bird houses). Ever since his death, ACCI has given out awards named for Scott. There have been highs, too. In 1988 Dave received the Wisconsin Small Business Person of the Year award from President Reagan in a ceremony in the Rose Garden of the White House. He has also been honored numerous times for his conservation efforts in Wisconsin. Today Walnut Hollow uses more than 3.2 million feet of lumber to fill its orders from chains, independents, and distributors in the U.S. and 31 countries. Think HIA will let Dave in the show this year? KEY EXECS. Dave Ladd, Founder/CEO ... Sandra Ladd-Bartelt, Exec. VP ... Chris Ladd, CFO ... Brian Adkinson, VP of Sales/Marketing ... Alan Ladd, VP of Manufacturing/Distribution ... Chris Wallace, Dir. Of Marketing ... Nancy Ladd, Founder/Board Member (now retired) ROLODEX. 1409 State Rd. 23, Dodgeville, WI 53533. Call 608-935-2341; fax 608-935-3029; email walnut@walnuthollow.com; visit www.walnuthollow.com. Note: CLN will include one "Business Profile" in each issue. The company can be a manufacturer, retailer, service company, trade association, etc. All profiles are archived online for one year. To read profiles published in previous issues, click on the "Business Profile Archives" button. To learn how your company can be profiled, call Mike Hartnett at 309-925-5593 or email mike@clnonline.com.
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THE CREATIVE NETWORK: JOB OPENINGSTo see a sampling of the current job openings and to contact The Creative Network, click on the "Jobs" button in the left hand column.
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THE CLN RETAIL INDEXA. C. Moore (ACMR). Last*: 14.00 ... Change**: +0.75Hancock Fabrics (HKF). Last*: 17.93 ... Change**: +1.92>br> Jo-Ann Stores (JAS.A) [a]. Last*: 26.35 ... Change**: +3.43 Michaels (MIK). Last*: 35.50 ... Change**: +3.73 Rag Shops (RAGS). Last*: 3.10 ... Change**: +0.10 Wal-Mart (WMT). Last*: 49.97 ... Change**: -0.03 CLN Retail Index. Last*: 146.85 ... Change**: +7.2% Dow Jones Index. Last*: 8,586.40 ... Change**: -0.2% *January 17 ** from January 3 [a] voting share Prices are exclusive of dividends
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WHEN A VENDOR SHOULD SAY NOAs described in the Business Profile above, Dave Ladd of Walnut Hollow is one of the industry's biggest and nicest long-term success stories. But it might have been otherwise.Twenty years ago I was Editor of Profitable Craft Merchandising, a trade magazine later bought and absorbed by Craftrends. One day my ad director reported that Dave had just called to cancel all his scheduled ads for the remainder of the year. The ad director said Dave was about to sign a deal with a major chain; supplying the chain would take up most of his year's capacity, so why advertise for orders that you can't fill? A couple of days later Dave reinstated his advertising. He had decided to turn down the deal. Why refuse what was probably the largest order in his young company's history? Because he realized the deal would make him utterly dependent on that chain. If a year later it wanted a lower price, more ad dollars, or whatever, he couldn't say no. Walnut Hollow has gone on and prospered. And the chain? It was Kmart.
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REMINDERS1. 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, February 3.
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