Regional Retail Economic Climate
The Economic Development Council for Central Illinois and The Heartland Partnership are working to make sure you know what’s happening with our national and local economy. The EDC and The Heartland Partnership have teamed up with economists from Bradley University and leaders from several different industries to keep our finger on the pulse of what's happening here at home. The 'Big 7' industries we’re focusing on include retail, financial, auto/durable goods, healthcare, housing/real estate, manufacturing and development. We are talking with industry representatives to find out what they have to say about their businesses, their industry sectors and what their customers are saying.
This week we are focusing on retail. When you hear the national numbers it sounds like the sky is falling and stores should be closing up shop all over the country. But they're not! We know national sales were not as great this holiday season as years past but people are still shopping. Our local retail industry is surviving and in some cases it's thriving.
Many of our local businesses are successful because they planned ahead. Business leaders saw these economic troubles coming and prepared for them. The Midwest is known for having conservative business practices and it has tremendously helped us to withstand the peaks and valleys of the economy. Local businesses also have an understanding of this regional market and customer base; that is one more reason why our retail sector hasn't been as negatively impacted as other regions.
Hear for yourself what local retailers have to say about their businesses, retail in general and what their customers are saying. We talked with local retailers Bob Woolsey and Pierre Serafin along with Bradley University Economist Dr. Joshua Lewer and The Heartland Partnership President and Heartland Partnership CEO Jim McConoughey to get the local story.