Back-to-School Spending Expected Rise 5%
New York City Consumers said they plan to spend an average of $590 on back-to-school clothes and supplies this year, according to a survey conducted by Brand Keys, a New York City-based brand and customer loyalty research consultancy.
“It appears that the current economic situation has dampened back-to-school share-of-wallet,” said Robert Passikoff, president, Brand Keys. “We can only expect a 5% increase in spending this year.”
The survey, which includes assessments from 10,000 households with school-aged children, was drawn from the nine U.S. Census regions.
“Unlike other major purchase events like Mother’s and Father’s Days, there’s a more lopsided distribution in terms of which retailers will be the beneficiaries of consumers shopping for back-to-school,” said Passikoff.
The breakdown of “preferred” retailer-types was as follows: discount stores, 85%; department stores, 55%; office supply, 50%; online, 40%; specialty outlets, 32%; catalogs, 25%, the report said.
Wachovia names head of food and beverage investments
CHARLOTTE, N.C. Chris Morris has joined Wachovia Securities as managing director and head of food and beverage investment banking. He will report to John Hudson, managing director and head of consumer and health care investment banking.
Morris has 20 years of investment banking experience and joins Wachovia from Lehman Brothers, where he most recently served as managing director and global head of food and beverage investment banking.
Hooker Furniture names gm of Opus Designs
MARTINSVILLE, Va. Hooker Furniture has named Bruce Cohenour to the new position of general manager of Opus Designs.
Cohenour joined Hooker in a new senior management position of senior vp of national accounts and business development in March 2007. He will handle his new responsibilities for Opus in addition to his ongoing role in business development of national accounts.