Local economy may weather national woes

Economic issues took center stage in the political world last week, as Congress, President Bush and the candidates seeking to replace him scrambled to be first to proclaim they had the best cure.

I was watching Federal Reserve chairman Ben Bernanke testify before Congress on Thursday, and on the side of the screen was a Dow Jones Industrial Average ticker. The longer he talked, the further the index fell. Bernanke said we weren't in a recession, but that the economy needs more of a boost than monetary policy can provide.

The day ended with the Dow down more than 300 points. On Friday, Bush announced his economic plan, without many details other than it will likely be a tax rebate check for most people and it will cost about $150 billion. That didn't do much for investors, and the Dow dropped again.

The action came after a week when the federal bean-counters put numbers on what we already know: Prices are going up fast, especially at the gas pump and the grocery store. Figures also came out that showed weakness in many sectors of the economy, including a jump in Missouri's unemployment rate to 5.5 percent.

The question locally is whether our diverse base can with-stand national trends. Farmers had a good year and prices remain high for their goods. Hospitals, our biggest employers in Cape Girardeau, probably won't have too much trouble maintaining their work force levels.

Dr. Bruce Domazlicky, director of the Center for Economic & Business Research at Southeast Missouri State University, said he sees no good path for national policy makers.

"Our economy has been kind of backed into a corner," he said. "Between government deficits and the falling value of the dollar, it is very difficult to do too much now without touching off inflation."

• Flower shop changes hands: As of Monday, Sweetheart Florist, 119 S. High St. in Jackson, is under new ownership.

Tammy Ahlvin is the new proprietor, taking over from Larry and Penny McCormick. Ahlvin said she resigned from Mid America Rehab to pursue the new business venture.

"I loved my job very much," Ahlvin said. "I thought if I don't take this chance, I will never know what I can do."

The first week has been kind of hectic so far, Ahlvin said. "It has been good. It is a matter of putting things together and finding out what I have to do."

Ahlvin is married to Mark Ahlvin, a sales tax administrator with Drury companies. He and Penny McCormick work together, Tammy Ahlvin said, and said the idea of purchasing the flower shop started between Mark and Penny.

"He came home one day and said, 'How would you like to own your own flower shop?' I said, 'What do you mean? Are you serious?'"

The Ahlvins have four children: three daughters -- ages 2, 8 and 15 -- and a son, who is 4.

Tammy Ahlvin is a Cape Girardeau native and this is the family's first business venture.

"We jumped in with both feet," she said.

The shop will undergo some work in the coming months, she said, to give it a facelift and make it more her own. "I happen to like antiques and vintage looks, and we may go with that."

• Burrito money: The folks at Burrito-Ville, 913 Broadway, are known for the offbeat ways they use their signboard. Usually it is something silly. But sometimes it is serious, as when the restaurant announced they would no longer accept checks and blamed it on a customer -- using the person's name.

This week they are having fun with their banker, Wood & Huston, 111 S. Broadview St. The bank's employees put up a sign directing people to Burrito-Ville for food, but for high-interest checking, they've got it.

In reply, Burrito-Ville put up the following: "Dear Wood & Huston. We were dangerously close to offering high AP checking of our own. This ain't over."

When I stopped in Burrito-Ville, Nathan Quance was working behind the counter and explained it is all in good fun. I mentioned that burritos are a messy medium of exchange, and Quance chuckled but said the restaurant often trades food for goods or services. "What's the interest rate on a burrito?" I asked.

Well, he replied, "if you have a burrito deposited for a long time, we would have to throw in fries because it would get pretty cold."

• Debt woes: Centro Properties Group, the parent company of West Park Mall in Cape Girardeau, halted trading in its stock for two days early this month due to a severe debt crunch.

Centro, an Australian company, along with partner Watt Commercial Property of Los Angeles, concluded a $64.3 million deal for the mall in May 2006. According to the International Herald Tribune, Centro is $3.9 billion in debt and trying to counter rumors that it has defaulted on some U.S. debt obligations.

The stock price of Centro has fallen more than 90 percent since May, when it stood at 10.02 Australian dollars. The most recent price was 60 Australian cents per share. The Australian dollar is worth about 87.7 U.S. cents, making each share worth about 52.6 cents, down from a worth of about $8.79. I was unable to reach anyone at West Park Mall for comment.

• Jackson restaurant: I missed the November opening of a new restaurant in Jackson, the latest business venture of Kevin and Palmi Henry. We last heard from the Henrys when the Southeast Missourian did a feature in October 2004 about their home-based commercial bakery, Lil' Miss Muffin and Stuff. That venture, started with a $5,000 investment, was designed to make it easier to work around Kevin Henry's debilitating neurological disorder. The venture took off, and through various permutations included sales at the farmers market in Jackson, a lunch wagon serving downtown Jackson and catering for parties and weddings.

Now Palmi Henry has a restaurant, Lil' Miss Muffin and Stuff Cafe, on the Jackson Courthouse Square at 113 W. Main St. The cafe seats 26 and offers a full breakfast and lunch menu and, of course, the muffins, including the Mighty Mini Meat Muffins that were the signature offering of the original business.

The building owner, Tom Strickland, "invited us in. He was a corporate customer of ours who used our Christmas baskets every year. He was generous and offered us a good deal."

Kevin Henry's disease has progressed more slowly than the first prognosis foresaw, Palmi Henry said, and although it is incurable, he has an appointment at the Mayo Clinic and Kevin Henry has fought the disease through a martial arts-based physical therapy regimen.

The business designed to help the Henrys pursue their dreams now has three full-time and three part-time employees, and Palmi Henry said she's proud to be building her business in Jackson. She's using her farmers market connections to obtain produce for the restaurant and said she "supports all our local businesses completely. It can do nothing but make our town stronger."

• From the news release file: The Better Business Bureau of Eastern Missouri and Southern Illinois has a new designation for businesses that agree to uphold the BBB's standards for integrity and reliability. Instead of being members, the businesses are now "accredited" after the BBB reviews each business for meeting and upholding the bureau's standards. "Our BBB accredited businesses pledge to follow through on their commitments, deliver on their promises and right any wrongs if an honest mistake has been made," Michelle L. Corey, president and chief executive officer of the bureau, said in its news release.

The BBB has also updated their Web site to better serve both businesses and consumers. The site can be found at www.stlouisbbb.org.

Rudi Keller is the business editor for the Southeast Missourian. Contact him at rkeller@semissourian.com or call 335-6611, extension 126