Monday, December 29, 2008

Retailers take a pounding

Retailers across the country are reeling after a Christmas season that mirrored the rest of the year. Profits sagged. Excess inventory has accumulated. And some stores are closing their doors.

What will this mean for Waynesboro, whose brightest moment in recent years has been West End development? Certainly, there’s reason to hope that stores there will hang on, many of them having only recently opened their doors. Further, Waynesboro has yet to feel the sting felt elsewhere.

But the need to build a more diverse economy and to bring in jobs that pay well enough to support families is acute. I cling to the notion that the economic clouds will begin to clear as next year progresses, but I’m not under the illusion that other dark days won’t come. This highlights the urgency to act now to reel in companies that can help us build a strong, sustainable economy.

So ... any ideas?

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The River City 2020 project is an initiative of The News Virginian involving local community leaders. We will spend the next 12 months working on a white paper that will be presented online, in print and to the City Council. This blog will contain updates on our work. We encourage you to provide feedback in our forum.

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