I’m not an economist – I was a marketing major way back when in college – but, like many of you, I run a business and I get a first-hand look at how the economy is doing. And from my perspective here at the Dallas Market Center I think it’s doing pretty well.
We have a stronger occupancy rate than in a very long time, and attendance at our markets for fashion (which includes western and equestrian) and gift/home has been very strong so far this year. I’ll also add that our open-daily business is welcoming thousands of buyers each month.
I put that in the perspective of the broader economic picture:
- The National Retail Federation is forecasting that retail sales this year will increase between 2.5% and 3.5% finishing off in the $5.23 trillion to $5.28 trillion. That’s in line with the 10-year pre-pandemic average.
- On the other side of the buyer-seller equation, new numbers show that U.S. manufacturing in March expanded for the first time since the fall of 2022, indicating that the overall economy may have bottomed out from the post-pandemic lull and we are getting back to growing again. Bloomberg, the news service which reported the numbers, said the March numbers exceeded any of the forecasts from the economists it surveys.
- Bloomberg also reported that inventory levels for the companies it surveyed were lower than they had been, which they interpreted as a good sign for business going forward. Lower inventories usually translate into more ordering, they said.
- Finally, Wall Street – which, granted, we all know is not the same as Main Street – is on a record hot streak with many share prices at all-time highs. It’s not always the best indicator for smaller businesses but it often translates into the greater economic picture.
Listen, I’m a realistic and I know most the companies we work with are saying their businesses are not quite back to the heights of the pandemic years but many of them say they continue to beat their performance metrics from pre-COVID periods. Given what we’ve all been through the past few years that’s pretty amazing I think.
I guess what I’m saying is that despite some of the doom-and-gloomers, we’re doing OK. I like to think that’s going to continue going forward as inflation continues to come down and wages and employment continue to be strong.
We’re going to keep thinking positive. And so should you.
Cindy Morris,
CEO, Dallas Market Center
