Michigan Retailers Association

Happy 10-year #workiversary, Miranda! 🎉 Thank you for your hard work and dedication over the last decade!

This month's Retail Index Question of the Month asks: If you participated or promoted in the Buy Nearby Weekend October 4-6, how did your sales perform compared to your average first weekend in October? The survey is anonymous and quick. Please take a moment to share your data.

𝐖𝐡𝐚𝐭 𝐲𝐨𝐮 𝐧𝐞𝐞𝐝 𝐭𝐨 𝐤𝐧𝐨𝐰 𝐚𝐛𝐨𝐮𝐭 𝐭𝐡𝐞 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐀𝐜𝐭, 𝐚 𝐧𝐞𝐰 𝐟𝐢𝐥𝐢𝐧𝐠 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭 𝐝𝐮𝐞 𝐛𝐲 𝐃𝐞𝐜. 𝟑𝟏 The Corporate Transparency Act (CTA) is a U.S. federal law that went into effect on Jan. 1, 2024 and requires reporting of personal information on owners and some employees to FinCen (the Financial Crimes Enforcement Network which is part of the Internal Revenue Service). The law requires collecting personal information on “beneficial owners” to share with law enforcement and certain government agencies for investigative purposes as part of efforts to make it harder for bad actors to hide. Businesses that existed prior to Jan. 1, 2024 have until Dec. 31, 2024 to comply. Companies founded after Jan. 1, 2024 must comply within 90 days of forming the new business. Companies, including limited liability companies (LLCs), corporations, and similar entities, are obligated to file reports with FinCEN containing information on “beneficial owners” such as social security number, driver’s license, passport number, and home address. This information is not publicly disclosed and is only intended for use by law enforcement and certain government agencies. “Beneficial Owners” refers to all individuals who own or have substantial control in that business, defined as an individual who, directly or indirectly, exercises substantial control over a company or owns or controls at least 25% of the ownership interests of the company. Businesses must keep this filing updated within 30 days of any changes of ownership or previously reported information pertaining to a “beneficial owner.” The penalties associated with noncompliance are thousands of dollars in fines and up to two years in federal prison. While some lawsuits and challenges to the requirement exist, business owners should be prepared to comply ahead of the Dec. 31 deadline to avoid penalties.

Our Friends of Retail candidates understand the importance of the retail industry.

Every other month, we dedicate some time to flip through old issues of the Michigan Retailer magazine to feature in our From the Archives section. It's fun to see old faces, places, and all the old fashion trends. Our most recent perusing found some playful jabs at the 1979 Annual Meeting regarding the Michigan State University and University of Michigan rivalry. Oddly enough, former President Ford was involved. Who are you rooting for this weekend? 🏈

It's Fight Retail Crime Day, a day dedicated to advocating for policies that promote community safety and address the rising threats of retail crime. Help spread awareness and ask Congress to step up and protect the industry from retail crime! Take action: https://lnkd.in/gPJqKeps

𝐌𝐢𝐜𝐡𝐢𝐠𝐚𝐧 𝐑𝐞𝐭𝐚𝐢𝐥𝐞𝐫𝐬 𝐒𝐞𝐞 𝐅𝐚𝐥𝐥 𝐢𝐧 𝐒𝐞𝐩𝐭𝐞𝐦𝐛𝐞𝐫 𝐒𝐚𝐥𝐞𝐬 𝟥-𝗆𝗈𝗇𝗍𝗁 𝗈𝗉𝗍𝗂𝗆𝗂𝗌𝗆 𝗁𝗂𝗀𝗁𝖾𝗌𝗍 𝗌𝗂𝗇𝖼𝖾 𝗌𝗎𝗆𝗆𝖾𝗋 𝟤𝟢𝟤𝟥 Michigan Retailers Association reports that September 2024’s Retail Index decreased to 38.7, in comparison to August’s 44.9 on the 100-point Retail Index. Despite continuing month-over-month decreases in Retail Index scores since July, retailers remain increasingly optimistic that the remainder of the year holds improvement. The 100-point Index provides a snapshot of the state’s overall retail industry. Index values above 50 generally indicate positive activity, the higher the number, the stronger the activity. The seasonally-adjusted performance Index is conducted by Michigan Retailers Association (MRA) in cooperation with the Federal Reserve Bank of Chicago’s Detroit branch. Fifty-eight percent noted a decrease in September sales over August, 35% of Michigan retailers surveyed reported a sales increase, and 7% reported no change. “September’s continued decline in sales reflects the uncertainty consumers feel and the restraint they’re showing heading into the Nov. 5 election. Retailers’ increased optimism hinges on the 2024 holiday shopping season boosting sales,” said William J. Hallan, President and CEO of the Michigan Retailers Association. “With a shortened holiday shopping season, it’s critical to support Michigan retailers by shopping early at local downtown shops and using every opportunity to buy nearby.” Retailers’ Optimistic for Strong Holiday Sales When asked to predict their sales outlook for the next three months, 55% of retailers predicted their sales will continue to rise through December and 31% said they expect their sales to decline, and 14% anticipate no change. That results in an Index rating of 68.2, an increase over August’s 64.7, and the highest Index rating since July 2023 (70.9). “Redirecting just one in ten purchases from out-of-state e-commerce businesses to Michigan-owned retailers would produce $2.6 billion in gross economic output for Michigan, according to our recent economic survey,” said Hallan. “We encourage every Michigander to shop small and keep their dollars circulating in their community.” National Retail Federation Holiday Forecast The National Retail Federation reports that holiday spending in November and December is expected to reach between $979.5 billion and $989 billion, up 2.5% and 3.5% from 2023. Last year, predictions reached $955.6 billion. Unemployment Rates The national unemployment rate in September fell to 4.1% from August’s 4.2%. Last year, the national unemployment rate was 3.8%. The Michigan unemployment rate remained unchanged in September, staying at August’s 4.5%. Last September, the state’s unemployment rate came in at 4.1%.

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We're on the hunt for our next class of Retail Ambassadors!

Economists weigh-in on #pricegouging.