Retail Report: Sunshine Gala Set for April 2

The Sunshine Gala to support the Sunshine School & Development Center in Rogers is set for 6 p.m. April 2 at Horton Farms, 15799 Bethlehem Road in Gravette.

For more than 50 years, the center has served the special needs community of Northwest Arkansas. From its early days in the basement of a local Methodist church, to its current incarnation as a resource center that provides community support, intervention and a preschool, the Sunshine School has offered both hope and services to families and individuals.

Executive director Cyndi Bilyeu expressed the importance of the Sunshine School in the lives of community members and clients, particularly the school’s early intervention programs.

Bilyeu noted that, while the cost of running the school has increased, reimbursements and other sources of financial support have not. The funds raised by this year’s gala will be used to support the programs already in operation.

This year’s Sunshine Gala has a “country chic” theme and features live and silent auctions, live music, dancing and a steak dinner. The hosts for the event are honorary event chairs Joe Grady, vice president of merchandising at Wal-Mart Stores Inc. and Al Dominguez, senior vice president of snack and beverage at Walmart.

Tickets and more information are available at nwasunshineschool.org or by calling 479-636-3190.

 

America Lags in Credit Card Security

Technology has a dark side: the very innovations that make our lives easier can also create massive complications. Take credit card fraud and identity theft, for example. Over the years, it’s become easier for criminals to access our personal and financial information. This is why European countries adopted the “chip and PIN” standard for credit and debit cards years ago. The U.S. has lagged behind in adopting these measures, however, prompting some analysts to question why retailers, financial institutions and consumers are so lax about credit card security.

In a recent Atlantic article, Josephine Wolff examines the reasons why many credit and debit cards in the U.S. still lack security features that are now standard in other parts of the world. As one might expect, the reasons are varied and include the price of microchips — which cost considerably more than magnetic strips.

“But microchips are expensive — so expensive, in fact, that for years banks found it more convenient to pay for fraud than to pay to put microchips in all of their customers’ cards, a cost that the consulting firm Javelin Strategy & Research estimated to be $1.4 billion,” according to the Atlantic piece.

Other concerns include consumer convenience. Americans are so used to being able to simply swipe a card that requiring a new process, particularly one that forces shoppers to type a PIN number, may cause frustration. Since no retailer, nor credit card issuer/processor wants to alienate customers, there continues to be a reluctance to institute the chip/PIN combo. This is true even among those banks that have added chips to their cards, but only require a signature to complete a transaction.

These concerns are significant. However, the increasing cost of data hacking to retailers, banks, credit card processors and consumers is causing everyone to pause and rethink. While convenience is important, the massive inconvenience of identity theft is a real threat. As awareness of the need for more secure credit cards grows, it is likely U.S. credit card issuers will be proactive in increasing card security.

 

Millennials Begin Suburban Invasion

For many young people, getting out of the suburbs and into the city is an important rite of passage. The appeal of the city is undeniable: Many cities offer diverse cultural experiences including museums, theaters and music venues. They also provide parks and other opportunities for recreation, as well as a variety of retail shops, restaurants, coffee shops and other gathering places.

While being a city dweller has its advantages, when it comes time to buying a home, some Millennials are choosing to change course and return to the suburbs. Moreover, Millennials are also opting for single-family homes over lofts and condos, according to the National Association of Relators’ 2016 Home Buyer and Seller Generational Trends Report.

According to the report, “the share of Millennials buying in an urban or central city area decreased to 17 percent (21 percent a year ago) in this year’s survey, and fewer of them (10 percent) purchased a multifamily home compared to a year ago (15 percent). Overall, the majority of buyers in all generations continue to purchase a single-family home in a suburban area, and the younger the buyer, the older the home they purchased.”

While many pundits have criticized Millennials as being entitled and delaying adulthood, the report indicates that Millennial homebuyers are showing themselves to be “more traditional” when they finally do decide to purchase a home.

Analysts note several reasons for the return to the suburbs, most notably that suburban homes are more affordable. In addition, Millennials now have families of their own and need more indoor and outdoor space than urban homes often provide.

Retail analysts also note that the suburban migration poses new challenges and opportunities for suppliers and retailers alike. The decision to retreat to the suburbs means at least some Millennials will begin shopping at big-box stores, while others may increasingly depend on e-commerce and home delivery services, creating a need for strong omnichannel strategies.