1 Thursday, November 5, 1998 bUSINESS Sick: Economy's woes Continued from Page B10 ket) drop away like that," said the lawyer, who spoke on condition of anonymity. "I check the market three times a day, which is stupid It's nothing but nerves." Anxiety is driving more employees into health clinics at Merrill Lynch, the first major brokerage to announce sizable layoffs since the global economy slowed. The firm, which fired 3.400 workers or 5 percent of its work force nationwide, has also seen a 5 percent rise in calls to its Employee Assistance Program in the past two months. Younger workers are shocked because they've never experienced a downturn, senior director Pat Crowley said. But even veterans are upset.
"There's a little more concern this time, because it's such a global event. It's an unknown," she said. It's not just money-movers, however, who are biting their nails. Joel Barsky, whose New York company makes plastic parts for the medical and aeronautics in'dustries, said worries about his business, the economy and the stock market are constant. "I'm more irritable, more introverted," he admits.
Dina Romantic, a retiree in Dewey, suffers stomach aches and sleeplessness that she blames on the economy. Seeking solace, she's been to five financial planning seminars this fall. "It's terrible to feel everything is out of control and you can't do anything about it," she sighs. "It's getting so bad, it scares me." Upset by low grain prices and other difficulties, farmers and cause illnesses Associated Press plant manager Nicolas Gonzales on the production floor of Barsky, whose company makes parts for the medical and is growing more upset by the day watching his sales orders fall More patients are also reporting addictive stock-watching via computer or television. "I'm getting the usual things: 'I'm burned relationship problems," said McGrath, who has offices in New York and Laguna Beach, Calif.
But most patients and coaching clients now also cite economic insecurity as a top problem, she said. Even the young feel the growing Joel Barsky, left, chats with his Space Age Plastics in New York. aeronautics industries, said he and his investments yo-yo. their wives some in tears have been turning to lowa Concern, a hotline for rural families. Calls jumped nearly 10 percent in August and September from a year ago, director Margaret Van Ginkel said.
In therapy, too, most patients now talk about the economy, compared with the handful who did so a year ago, according to psychotherapists across the country. stress, said Gery LeGagnoux, a Santa Monica, psychiatrist who treats children and teens in their homes. He's had children as young as 9 worry about the Dow Jones industrial average, or tell him that the stock market is going to crash. "They don't understand what a crash or the Dow Jones is," he said. "But it's like the boogeyman to them." Shop: Westfield welcomes The Bon-Ton from Page B10 H.
Stephen Evans, a senior vice president for real estate for The Bon-Ton, refused comment. References to Steiger's were seen and heard throughout yesterday's grand opening, which drew crowds large enough to keep cash registers ringing most of the day. "One of the saddest days in the five years that I have been mayor of Westfield was the day Steiger's closed," Richard Sullivan said at yesterday's ribbon-cutting ceremony. "Quite frankly, one of the happiest days was Sunday, when retailing returned to Westfield in a big way in the form of The BonTon," said Sullivan, referring to a charity benefit preview shopping day. The Westfied store is the 65th in the chain operated by the York, The Bon-Ton, which was founded 100 years ago and was family owned and operated for many years before going public (NASDAQ: BONT) in 1991.
The Bon-Ton stores sell upper moderate to better merchandise, including name brands such as Tommy Hilfiger, Nautica, Calvin Klein, Polo, Liz Claiborne, DKNY, and Jones New York. The Bon-Ton several times entered discussions regarding the possibility of acquiring the Steiger's chain, according to Evans. "We knew Steiger's fairly well. We are a company that has grown a lot through the acquisition of other regional department store companies. We chose not to pursue (the acquisition) each time," Evans said.
Some Bon-Ton stores are as much as three times larger than the Westfield store and serve as anchors in large enclosed regional malls. Some stores serve secondary markets where consumers don't have convenient access to large regional malls. "This store is not our typical store," said Evans. 1 With this store in the shadow of the 1.5 million-square-foot Holyoke Mall, it is a "test" store, according to Evans. "People in New England and Western Massachusetts don't really know The Bon-Ton.
I think they are going to learn about us very quickly." said Evans. The company, which has most of its stores in New York and Pennsylvania, expects to expand in New England with "many more" stores in the next 2-3 years. Where has all your hard work, drive and desire gotten you so far? Come to where opportunities abound. You've earned your success with hard work. Entrepreneurial spirit.
A zeal for serving client needs. Now you're eager to seize new opportunities. Taste professional freedom. And charge into a future with unlimited earning potential: A career at Salomon Smith Barney. Attend our Free Seminar.
DATE: Tuesday, November 10th, 1998 TIME: 6:00 PM PLACE: The Hotel Northampton 36 King Street Northampton, MA SPEAKERS: Gary H. Cohen Branch Vice President Carol Bonett Financial Consultant RSVP: Chris or Luanne (800) 628-9046 Seating is limited, so reserve your seat(s) now! 4 Care to join us? Let's get to work. SALOMON SMITH BARNEY success is Salomon Smith Barney Inc. Member SIPC Amember of citigroups Salomon Smith Barney is a service mark of Salomon Smith Barney Inc. An equal opportunity employer.
Ford, General Motors: report sales surges Associated Press DETROIT If consumer confidence is of it on slipping, the there's nation's little car lots. eviSales of cars and light trucks surged 10 percent in as nearly every automaker posted gains many in double digits. General Motors Corp. and Ford Motor Co. reported improved sales yesterday, closing out an unusually strong October for the industry a month marked by numerous broken records and renewed optimism.
"Despite all that's been written about the stock market and the Asian crisis, it doesn't seem to be touching people that directly," said Mike DiGiovanni, GM's market research chief. "The fundamentals appear to still be very strong in the American economy." Sales by the Big Three automakers were up 8 percent, Asian automakers posted a 13 percent gain, and the Europeans' sales increased 28 percent. European automakers have posted double-digit gains every month this year, led by the resurgence of Volkswagen, Audi and Mercedes-Benz. GM continued its swift recovery from last summer's strikes, which all but halted its North American production. Its sales were up 6 percent over October 1997, with equally strong increases for cars and light trucks.
Sales of GM's seven newest midsize cars were up 9 percent over the nine models they replaced. Ford's October sales improved 2 percent overall, despite an 8 percent drop in car sales. The reason: continued robust demand for' its pickups and sport utility vehicles. Light truck sales were up 10 percent, with the F-series pickup setting an October record. Sales of the Ford Explorer, Expedition and Lincoln Navigator SUVs set records for any Chrysler reported Tuesday that its October sales increased 20 percent.
Mercedes-Benz, riding the -n. popularity of its M-class SUV, had its best month ever. 47 FREE TODAY! AWARDS CATALOG 1-800-828-3466 DINN "The Recognition People" P.O. Box 111 68 Winter St. Holyoke, MA BROS 01041 as the WES al 101 I H.UVESAY JOHN A MCCURDY AI RHAN ANDERSON ANTHONY BATE 4 GRETCHEN TONY HUGHES REL I.
MC JOHN PARNELI ENCE A TEAS TOMMIE MAX CRIPE NE ROWLAND GEOR'LEF RUTLE A BOLIN THE MAIN EL MAGP APING GUR HA NOR UV. ON GEN ALL 6 RNE dix3A VE DAMS q190A REMEMBER OUR HEROES In a Memorial Tribute to Veterans on November 11 A 3:2 The men and women who died for our country during times of war A are etched forever in our hearts. They are our heroes. On Veteran's Day, November 11, the Union-News will publish a tribute page of In Memoriams. It's a place for you to leave an In Memoriam a for a veteran who was a special hero to you.
Write your own In Memoriam or call 413-788-1234 to use an In. Memoriam from our collection. The cost per In Memoriam is $11.00 for three lines. And .33 for each additional line. Add $12.00 to include a photograph.
Add $5.00 to include artwork of a flag, star or wreath. 10 IMA JIA A' Official Remember Our Heroes Order Form Place one letter, space or punctuation mark on each dash. Write your own In Memoriam, or if you would like to use a memoriam verse from our soldier collection, please call 413-788-1234 for assistance. Please include name: of veteran and war in which he or she served in your ad. SMITH In loving memory of SAMPLE AD who Lieutenant pased Jon away Smith Jan.
3, 1975. A Gone but not forgotten. Sadly missed by tamily (Three lines: $11.00) friends. A (Each additional line: .33) like to include a photograph for $12.00. ImA would would like to include artwork.
Select one: flag stars or wreath for $5.00 each. Total due MasterCard 1 Method of payment: Check Visa Discover American Express Account Expiration date Signature'. Your name HEN Address A City State Zip Code Daytime phone Your order must reach the Union-News by November 9 at 4 p.m."* Mail or deliver to: Remember Our Heroes, Union-News, 1860 Main Street, P.O. Box 1930, Springfield, MA 01101-1930. A Inion- News.
1006 ,1 "We see opportunities that we want to explore," said Evans. He believes time-starved working consumers are looking for the convenience of community stores. "We are looking at niches areas where people aren't conveniently served by fashion apparel department stores," Evans said. "Shoppers don't want to travel to the mall and be challenged with finding a place to park everytime they need or want to shop," Evans said. "We have had some phenomenal success bringing fashion to the door serving communities much like Westfield communities with regional malls nearby," said Evans.
The Westfield store hopes to attract shoppers like Karen L. Kryla of Westfield, a legal assistant at a Springfield law firm who stopped at the store yesterday on her way to work. "This is great. Westfield really needed something like this," said Kryla, who lives only a few minutes from the Westfield Shops. Kryla spent $80 on a wool blazer, pocketbook and shirt yesterday after spending $300 Sunday on Chrstmas gifts.
"In Westfield there were no stores. Now I can come here and do all my shopping in one spot in a few minutes," said Kryla. The opening of The Bon-Ton has punctuated the continued revitalization of the Westfield Shops, which two years ago was only 35 percent leased. Today, the center is on the verge of being fully occupied. Only the space that once was the former Waldbaum's Foodmart store is vacant today.
An announcement about a possible tenant or tenants for that space could be made within the next couple of weeks, according to S. Korris of Northeast Retail Leasing Management Co. the center's leasing agent. The center is owned by Esco Realty of Holyoke. The construction and opening of a Super Waldbaum's Foodmart has also triggered the revitalization of the center, which includes new tenants such as CVS, Applebee's and Dress Barn.
Other tenants include Great Cuts, Richard's Fine Jewelers, Carroll Travel and Cruise Center, Block, Newsroom, Payless ShoeSource, Friendly's and Cleaners. You're Invited to the Premier Bu Showcase. Accomplish what it would take many meetings to do. All in one day. See the best that.
over 250 arca businesses have to offer, all under one roof. Be a part of the premier businessto-business showcase. Be a part of Commerce '98. Where business soars. FREE ADMISSION WITH YOUR BUSINESS Thursday, November 5, 1998 Westover Air Reserve Base 10 AM to 5:30 PM www.thereminder.com/commerce98 Special Learn all about Internet getting interactive.
Forum Commerce A Chamber Of Commerce to explore the Web. Get your Talk to a local internet provider. Computer stations set up for you Internet questions answered. Production Sponsored by 98 WESTBANK The Fall Business Show Produced by The Greater Holyoke, (413) 534-3376 Chicopee, (413) 594-2101, Chambers of Commerce in Association with the Greater Westfield, Easthampton, Ludlow, Northampton South Hadley Chambers of Commerce..
