News Bytes, Spring 2013
Beginning January 27, retailers now have an option of charging consumers a “checkout fee” for any purchase made with a credit card. This new fee was the result of an agreement reached last summer between merchants and credit card companies. That agreement added “swipe fees” every time a retailer accepted a credit card. Since the swipe fees are usually between 1.5-3% of a transaction, as a retailer you can’t charge more than that for a checkout fee. Since the additional charge has the potential to dissuade customers, it might be a good idea to evaluate the potential effects of fees passed on. If you add a surcharge for totals over a certain dollar amount, will the revenue lost by customers unwilling to spend above that amount offset the fees you have to pay?
Source: Daily Finance
Keep it Legal
More than a dozen Israeli citizens faced immigration charges after overstaying their visas in a federal nab at Houston-area malls. This is an important reminder to make sure your employees have legitimate work permits and are authorized to work in the country. Your interview process should include these essential procedures.
Source: Houston Chronicle
The Mighty Millennials
Eighty million millennials wielding $200 billion in buying power are entering their peak earning and spending years. Millennials, defined as the generation after Y, American teens and twenty-somethings, value social networking and aren’t shy about sharing opinions. They are highly influential, swaying parents and peers. What’s more, millennials are much more diverse than previous demographic segments. What policies do you have in place to attract these web-savvy customers?
Source: Marketing to Millennials by Jeff Fromm and Christie Garton; demos.org
Now that spring is finally here, why not jump into spring-cleaning chores? A check on inventory would be ideal especially as you look ahead to the holiday season. Are there any items that really need to be marked down and sold? Now’s the time to clear space off shelves for fresh, new merchandise.
When killer storms such as Sandy make headline news, you’ve got to wonder: what happens if my shopping center is affected? What steps can I take for inventory recovery and resumption of business? The Small Business Administration has some useful checklists to use for tornado or storm-prone areas. You can even prepare for a cyber attack. When it comes to an emergency no business is too small to stay unaffected so it’s always wise to empower oneself and stay safe.