Survey: Holiday credit-card use drops to new low
New York City — A survey released Friday by America’s Research Group found that after the Thanksgiving shopping weekend, just 17% of shoppers were paying with credit, representing about half of last year’s level and the lowest rate in the 27 years that the firm has conducted the survey.
“The consumer really feels a lot of pressure from previous debts, and they just aren’t going to dig themselves into that kind of hole,” said Britt Beemer, CEO, of America’s Research Group.
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Hodgdon-Miank completes Phase I renovation of Pierside Pavilion
Huntington Beach, Calif. — Colton, Calif.-based Hodgdon-Miank Construction announced that it has completed the first phase of a major renovation of the Pierside Pavilion, a four-level mixed-use complex located in downtown Huntington Beach, Calif.
The $2 million renovation converted a former Mann 6 Theatre into 33,049 sq. ft. of multi-use Class A office and restaurant space. Phase II will include an office upgrade and the addition of a live entertainment venue.
As part of the first phase, Hodgdon-Miank performed extensive interior and exterior modifications to the mixed-use center, and renovated a two-level, 118,790-sq.-ft. subterranean parking structure. To accommodate the re-use, the building required considerable structural upgrades on all four levels, including additional brace frames, column strengthening, enlarged footings and removal of a majority of the original theater floors to meet the new design load. Approximately 6,200 sq. ft. of mezzanine was added for additional office space.
Hodgdon-Miank Construction worked closely with Eco Barnes Design Group, Ficcadenti & Waggoner structural engineers and the City of Huntington Beach.
Duckwall-Alco loss widens in Q3
Abilene, Kan. — Duckwall-Alco Stores reported Friday that its loss for the quarter ended Oct. 31 widened from $1.4 million to $2 million.
The small-town retailer also reported that revenue dropped 0.6% to $110.5 million. Same-store sales decreased 2.3%, which was an improvement over the second-quarter same-store sales drop of 7.2%.
The company has been in the throes of a turnaround plan that includes the shuttering of the Duckwall-branded stores; a remerchandising and reset of all 214 Alco stores to expand key trip-driving departments, such as food, paper and cleaning products; updated graphic signage; improved value proposition in the consumables businesses; and new space management tools designed to improve shelf productivity.