June 15, 2025 • 58 mins
On this week's edition of The New England Business Report, Joe Shortsleeve and Kim Carrigan talk real estate with William Raveis VP of Morguage Lending Kate Rockett. Executive Editor of the Boston Business Journal Doug Banks tell's Joe and Kim all about the International BioTech conference being held in Boston. Mary Kay Wydra, President of Explore Western Mass talks about the great summer activities available to visitors of Western Mass. University of Massachusetts Donahue Institute researcher, Ember Skye Kanelee, summarizes the results of a recent small business survey. Finally, a chat with the CEO of Wears Woody apparel company Mike Norwood. The growing clothing company started in Massachusetts.
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Speaker 1 (00:00):
This is the New England Business Report with Joe short
Sleeve and Kim Carrigan, a weekly round up in discussion
of the top business news impacting our New England economy.
Speaker 2 (00:09):
Good morning, everybody, and welcome to the New England Business Report.
I'm Kim Carrigan along with Joe Shortsleef. It is, of
course Sunday, June the fifteenth, and Joe, Happy Father's Day,
my friend.
Speaker 3 (00:21):
Oh, thank you very much. You know that's uh. I'm
a father and I'm a grandfather, so I should have
a truckload of presents here. I'm anticipating that they'll be
a truck will be backing up at any moment here.
But yeah, no, it's great.
Speaker 2 (00:35):
You'll call me to let me know if it does
show up.
Speaker 3 (00:40):
And if you don't get that call, yeah all right.
Well yeah, we're also halfway through June. Halfway through June.
Summer starts next week.
Speaker 2 (00:51):
Well it starts again, yeah, yeah, yeah quickly thereafter. Well,
it's great to be here with you, Joe, and I
do hope you have a wonderful day and I feel
confident that your children and grandchildren will acknowledge you today.
We have a great show coming your way today, we
(01:11):
are anticipating the big FED meeting coming up this week,
and you know, there's been all kinds of talk about
what might go on. It sort of appears, Joe, that
they're probably not going to change anything this go round.
But you know, a lot of sectors keep an eye
on that, and one of those, of course, is the
real estate market. So we're going to talk with a
(01:32):
loan officer from William Ravis. She's actually a vice president
of lending there about you know, what the market looks
like here in the Boston area and what they anticipate
as this FED meeting is cooking what might happen.
Speaker 3 (01:48):
As you know, I have a brother in the mortgage
industry and anyway, Yeah, he describes the marketplace still is
very hot, very hard to get to purchase and sale
at this point, which does surprise me because some of
the stats we see here on this program is that
listings are up way up, some like fifty percent in
some communities.
Speaker 2 (02:06):
I don't know what you're seeing in your area, Joe,
but I have to say that I did not see
a house for sale for I feel like almost two years,
and now all of a sudden, the house across the
street and the house across the street from that one,
and all of them are popping up. So I do
really see kind of a reflection of that inventory increasing
in my you know, in my community. So we also
(02:29):
are going to talk to the Boston Business Journals executive
editor Doug Banks, which we do each week. He updates
us on some of the big stories that maybe we
might have missed, but he's looking forward to tomorrow because
there is a big biotech conference that's coming to Boston.
It's going to be most of this week. Joe, I
had no idea all the things that go into putting
(02:51):
together a biotech conference like this, and really what's at stake.
Speaker 3 (02:55):
Yeah, the Boston Business Journal is all over this story
and has all the all the covered and and Doug
Banks will be sharing with us some of the top
stories that you know, are breaking right now, because yeah,
that conference gets underway tomorrow morning at the South Boston
Convention and Exhibition Center. And let's see, Kim, what do
we have in the second half of the program we
(03:16):
have We're going to be talking with Mary kay Woodrow.
Now she is the senior president of the Greater Springfield
Convention and Business Bureau. But they operate under the name
explorewesternmass dot com h and Mary Kay is going to
talk to us about, well, what are the tourist spots.
You know, We've had folks on from Cape Cod, We've
had folks on from southern New Hampshire, and now we're
(03:38):
going to go out west. And you know, I'll be
honest with you, I don't know a lot about the
tourism spots out there. But it's a very very healthy
economy in Lenox and Stockbridge and the Omack Trail and
on and on the list go. So we'll it's a
beautiful part of the state. Oh it is, no doubt
about it, no doubt about it. I'm just a Cape
Cod snob though, so that's my problem. I have to
live with myself. And then we have a you know,
(04:00):
last week on the program, we had John Hurst, president
of the Retailers Association of Massachusetts, and he talked about
this new survey that's out well the Retailers Association, Hurst
himself actually commissioned this study on the health of small
business in this state and it was done by the
Donahue Institute out there at ums Amherston. We're going to
talk to the actual researcher who led that study, Ember
(04:22):
Sky Caine Lee. She will be our guest and covers
the health of six hundred and thirty five small businesses
and pretty interesting what she have to say. And then finally, Kim,
this is somebody you you brought to our attention. We're
gonna be talking with Mike Norwood, CEO of Where's Woody
Upscale Clothing Apparel Scale Peril And actually, I guess, Kim,
(04:44):
it was a business that started on old Cape Cod.
Speaker 2 (04:47):
Yes, it did out of his old woody station wagon,
which I think is so fun. And when we say
Where's it's w ea rs. So it's a cute play
on word and a really neat little company and they
do some really great stuff with some of their profits,
which is great as well. Okay, well, Joe, let's get
(05:08):
started today with a conversation about the real estate market,
shall we. You know, we frequently kind of use the
real estate market as an overall gauge for the economy,
and with the FED meeting coming up this week, we
thought it would be a great time to invite Regional
vice president of mortgage Banking at William Raves, Kate Rockett
back to the show. Kate, Welcome, good to.
Speaker 4 (05:29):
Have you, great to be here. Thanks for having me back. Kim.
Speaker 2 (05:32):
So we're wondering what you guys are anticipating and how
much influence do you think the Fed's actions next week
may have on interest rates.
Speaker 4 (05:40):
Well, Kim, that's a great question, and I do think
that's a big myth out there that the said when
the FED rais is races or lowers rates, that is
the direct impact on mortgage rates. That's not actually true.
We always work in the future and raise their baked
into what the forecast is, and mortgage rates really go
(06:03):
by market activity. For instance, we had software inflation numbers
last week that means that the rates started to ease,
and we saw a little bit of lower rates. With
that said, we also we'll see if the job market.
If there's job numbers go down, that means, unfortunately bad
news for the economy, sometimes is good news for mortgage rates.
(06:25):
So when we see a lot of job losses, that
actually helps ease rates as well. Also, the only thing
that really affects us when some dead meats is what
they say afterwards. And because mortgage rates are always predicting
what is going on in the future. By the investors
are always trying to bet almost what's going to happen
(06:47):
in the future. And if they say that they're going
to hold tight or if they say they're going to
ease rates in August, that could help rates because that
was unpredicted. But usually it's our baked in and forecasting.
Speaker 3 (07:01):
Kate rockets our guests. She's the vice president with Ravis,
So reality tell us. Tell our listeners a little bit
about where your office is, what's the geography that you cover,
and how would you describe the overall marketplace at this point?
Speaker 4 (07:12):
Oh, thank you, Jo. Yes, I cover Greater Boston. I
cover the North Shore and a little bit of the
of Middlesex Lexington. So I see a lot of activity.
For instance, in the Boston market, the Greater Boston sales
activity is actually down from last year, but the listings
(07:34):
are up twenty percent.
Speaker 3 (07:36):
Yeah, I've seen in some numbers that listenings are up
fifty percent, and yet I hear the activity is still
torerid out there.
Speaker 4 (07:44):
Yes, it depends on where you are. Right the suburbs
are still a little tight. You're seeing that in the
Boston you're seeing a lot more condos staying on the market. Also,
if you see some inventory that it is. The inventory
is in certain pockets open up where I live. I've
never seen so many listing in the last two years.
(08:06):
It's encouraging because there are a lot of buyers. Buyers
are not deterred by the rate.
Speaker 2 (08:11):
You're saying that the condo market has not been all
that strong. Why do you guys think that's the case?
Speaker 4 (08:16):
I do think a lot of people are the buyers
out there are looking to go into the suburbs, and
you're a young first time home buyer. They're the ones
that are in the marketplace, and they're actually the ones
that are driving the market, and they are looking in
the suburbs instead of having that condo.
Speaker 3 (08:32):
Okay, how if you broke down the marketplace out there.
We've all got that, We've got the high end, right,
we got the mid range, and then we have the
first time buyers. Where are you seeing the most activity
at this point and where is the toughest place for
a buyer these days?
Speaker 4 (08:47):
Oh, I'd say the eight hundred thousand to that one
point one is where it's multiple bids Still, you're having
fifteen to eighteen offers on those properties, especially if they're
priced right and.
Speaker 3 (08:59):
Does that surprise to you at this point.
Speaker 4 (09:01):
No, because it's kind of been the trend. You have
a lot of first time home buyers who have saved
a lot of money, they've lived at home, maybe during COVID.
They're getting into the marketplace and they're driving the market.
Speaker 3 (09:13):
Because I would say that my brother again, I'd mentioned
that he's a mortgage broker, and I ask him every week,
I say, Okay, you know, how's business this week? And
he goes, well, you know, got a lot of buyers
out there, preapproved buyers out there, and they can't get
the purchase in sale agreement. They can't get there, they're
getting out bid. They're always losing out. I mean, and
I guess I'm surprised at that that that's still going on.
Speaker 4 (09:36):
It is still going on, and I don't see it
going away anytime soon, because even though we're getting a
little bit more inventory, that center market at eight hundred
to one point one is just a really hot market.
Speaker 2 (09:50):
So, Kate, having said all of that, how long typically
is a house staying on the market.
Speaker 4 (09:54):
Well, you are seeing some say in a few weeks.
The higher end are staying on for a few months rather,
but that mid range I would say, is still getting
scooped up and having multiple offers on a deadline of
that Tuesday after.
Speaker 3 (10:11):
You know, Kate, I also saw an article this week
and having to do with inspections inspections for real estate,
and basically the article headline suggested that, you know, as
far as getting you know, a home inspected, at this point,
it's sort of going away. People may have the home inspected,
but it's not part of the purchase activity so to speak.
Where are people on getting properties inspected before they buy?
Speaker 4 (10:34):
They do pre inspections right now, and yes, that is
going to go away, which will even the playing field
because a lot of offers are waiving appraisals, waving inspections
to get their offer accepted.
Speaker 2 (10:48):
So, Kate, talk to us about a single family home
in the Boston area. What's what's the average cost at
this point?
Speaker 4 (10:56):
Oh, I say you, if you're pre approved moved up
to a million dollars, you're you're looking at an eight
to fifty house and you're probably putting in the offer
at a million.
Speaker 3 (11:12):
Without giving away anybody's personal information, can you give us
an idea of maybe perhaps a buyer you're working with
at this point or something that has happened that, you know,
really sort of you know, made you take notice lately.
Speaker 4 (11:25):
Oh, yes, I had just got an offer accepted in
my area and my buyer did he had to weigh
financing wave in sections wave appraisal to get it, and
he also went two hundred thousand dollars over at the auction.
Speaker 2 (11:39):
Right, it sounds like it's still a seller's market, that's
for sure.
Speaker 3 (11:42):
I mean, how can you go two hundred thousand over?
I guess is it?
Speaker 5 (11:44):
You know?
Speaker 3 (11:45):
I mean, how are people even equipped to do that?
But I guess you're pointed out that people have been
saving a lots since COVID.
Speaker 4 (11:50):
Exactly, and that's they have a strong payments.
Speaker 2 (11:53):
Yeah, I'm curious. You know, during COVID and just shortly thereafter,
everything was a cash sale. Are we still seeing those
kinds of cash sales like that?
Speaker 6 (12:03):
We are?
Speaker 4 (12:04):
But you it's funny that you say that, Kim, because
cash is just leaving financing sometimes, so you never know.
If it's cash, they may get a mortgage afterwards, but
they do show proof of funds that they could pay
cash if they had to. But you will see most
of those people are actually getting mortgages. But they just
want to get their offer accepted.
Speaker 3 (12:22):
Now, when you have an open house, Kate Rocket, vice
president with Ravest Realty, are you still if you're in
that price rare as you talked about the eight hundred
thousand to one point one, what's it? Are you even
scheduling open houses? And if you do, what happens?
Speaker 4 (12:37):
They're very busy that mid range. You'll see like condos
and only have two or three people come in in Boston, right,
it only takes one to buy and if it's price right,
it's going.
Speaker 6 (12:49):
But when you.
Speaker 4 (12:50):
See those particular houses that we were talking about with
the first time home buyer, there's like forty to fifty
people a day going to those open houses.
Speaker 2 (12:57):
Well, the market continues to keep us all fascinated, that
is for certain. Kate Rocket, she is with William Ravis.
We thank you so much for being a part of
the New England Business Report this morning. All right, still
coming your way, Joe. There is a big conference coming
to Boston and Doug Banks from the Boston Business Journal
(13:18):
is going to join us and tell us all the
ins and outs. This is going to be a dandy.
This is the New England Business Report.
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Too and welcome back to The Domengo Business Support joe
schwartzev here With Kim. Kerrigan you, know on every week
(16:24):
on this, program we have the pleasure of talking with
the executive editor of The Boston Business, Journal Doug. Banks
and of course he is the author of the Five
things You need To Know, today and well we kind
of turn it into the five things you need To
know this week In Business news and chatting With Doug banks.
Yesterday and he's got his whole team working very hard
on this, convention The Bio International, convention which gets underway,
(16:47):
Tomorrow june the, sixteenth at The Boston Convention Exhibition center
and runs right through the nineteenth and his team of
reporters have been spread out covering every detail of. It
it's a big. Deal, doug talk to us about. This
you Got Hannah green who's been looks like you've been
working her pretty. Hard she's got a bunch of stories on.
This what it takes to bring buyout Of. Boston let's
(17:09):
talk a little. Bit what does it?
Speaker 12 (17:11):
Take so, yeah instead of five, things we need to
know all you need to know about bio because it
is the, biggest one of the biggest industry events that
our city. Hosts two years, Ago boston hosted it and
got over TWENTY i think twenty thousan five hundred people.
Came this is an annual global biotechnology life sciences event
that brings people from around the. World it alternates between
(17:33):
The East coast and The West, coast so last year
and next year it will be In San.
Speaker 13 (17:37):
Diego and it's just.
Speaker 12 (17:39):
Massive and WHEN i say, MASSIVE i mean every, business
every biotech, business every global, pharmaceutical every biopharma, company every venture.
Capitalist they're all going to show up at some point
in The South Boston seaport to talk to one, another
to try to do. Deals and in the case Of,
boston every state will send so all fifty states and
(18:00):
dozens and dozens of countries around the world will send
economic development representatives to come here and figure a figure
out how Come boston is the global leader in the life.
Sciences we have all the top global pharmaceutical companies here
at least IN r AND, d if not in manufacturing and,
headquarters and they want to steal our. Business So Governor
(18:20):
healy and the state's economic development. Officials they work through
THE mass And Life science To center and WITH Mass,
bio Our State Industry Trade association creating this, big giant
mass they called The Mass. Pavilion it's one of the
biggest trade show booths you've ever. Seen it hosts panel,
discussions it hosts press. Conferences it's it is. Massive and
(18:42):
then throughout the day and throughout each day in the coming,
weeks starting as you said, tomorrow there will be all
kinds of activities at The Boston convention And Exhibition. Center
and it's gonna be it's gonna be it's gonna be a.
Lot there's gonna be a lot of really really smart
people in the seaport over the next four or five.
Speaker 13 (18:58):
Days you.
Speaker 2 (18:59):
Know but it's really strange to, Me doug. Though it
almost sounds like the way you've described, it That boston
is cutting its nose off despite its. FACE i, mean
you put on this, big, huge fabulous convention so people
can come and figure out how to take business away from.
Speaker 12 (19:13):
Us, yeah this is not A boston. Event this is
a global international event.
Speaker 13 (19:18):
That boston gets to.
Speaker 12 (19:19):
Host so it's actually better when we have it here
because we can have more people there when it's In
San diego Or San, francisco or next two years from,
now it'll be In. Philadelphia it's harder For massachusetts to
send quite as many people and represent our state and
fight off those states that are trying to take our.
Business and, HONESTLY i Know North, carolina for, example is
(19:40):
sending over one hundred and forty people up here this.
Week texas is going to be sending a lot of.
People so the competition is. Real one of the things
THAT i love About Governor heally as she's always talking about.
Speaker 13 (19:51):
Competition she's a very competitive.
Speaker 12 (19:53):
Governor so this gets her juices up and she's going
to be out there and you, know fighting for our life.
Sciences and you, know here's the other, thing and this
is another kind of area we're talking, About joe for.
Coverage this is not a great time for the life.
SCIENCES i, mean when you think about all of the
headlines That hannah is writing for THE, BBJ i mean we're,
talking you, know IPOs are being.
Speaker 13 (20:14):
Pulled, honestly just pulled ITS ipo this past.
Speaker 12 (20:17):
Week there's only been one BIOTECH ipo this, year compared
to nearly a dozen just a few years. AGO i
think the biotech stock indext nationally is down seven percent this.
Year we had another company In, Cambridge Chronos. Bio this
past week they just gave a ton of lab space.
Back they to the. Landlord they, said we can't fill,
It we're not going to use. It they ended up
(20:37):
having layoffs last. Fall so so this is sort of
the undercurrent is we're putting on our best, face but it's.
Not you, know this is not a great time for
the life. Sciences the economy is, tough business confidence is,
slow investors aren't putting as much money, in and there's
certain areas of biotech that haven't really borne out. Yet
(20:59):
it's still little bit, early so you, know it's kind
of wait and see as far as the industry.
Speaker 13 (21:05):
Goes and yet it's still a job.
Speaker 12 (21:07):
Generator it's still a huge part of our, economy and
it's still something that you, know the state is willing to, bet,
well let's say a billion, dollars which is what they
just signed for that life sciences bill last.
Speaker 3 (21:16):
Year talking With Doug, banks executive editor of The Boston Business,
journal about the biotech conference getting underway here you have
another special report. Here doug on your website of THE
bbj talking about Inside massachusetts life science ecosystem and you
kind of break it down with states and who's who's a,
leader who's doing what and employment and. Jobs give us
some of those facts and.
Speaker 12 (21:36):
Figures, Yeah so The massachusetts life science the ecosystem, IS i,
mean on a per capita, basis we Know massachusetts attracts
more venture capital dollars than any other.
Speaker 13 (21:48):
State when you look at real.
Speaker 12 (21:50):
Dollars california is you, know it's a massive, state, Right
So california is going to get about forty percent of
total venture capital funding to, biotech but that would be
like taking Poor land TO dc and you know in
basically totally every city between now and.
Speaker 13 (22:05):
THERE i mean they Have San, Francisco La.
Speaker 12 (22:06):
Sanie but on a per capita, Basis massachusetts gets far
more than any other. State and we are number two
To california with twenty eight percent of total venture. Capital
we've got over one hundred and forty thousand jobs in
the life, sciences which is far more than other competitive.
STATES i think the number two state Is North. Carolina
(22:28):
they're just over one hundred. Thousand and it's in terms
of the types of companies that we. Have cancer and
oncology studies are probably the largest share of the of
the pie in terms of drug development oncology and represents
about thirty percent a little bit over thirty percent of
the types of drugs that are being created. Here so
(22:50):
obviously you know all the, Names, biogen you, Know Santa, Fe.
VERTEX i, mean we've got all the. Giants taketa is
the number one largest life sciences employer in the.
Speaker 13 (23:00):
State they do a ton of cancer.
Speaker 12 (23:02):
Work so you, know major global, companies not all you,
know some of them have THEIR us headquarters, here some
of some of them are their global. Headquarters and, yeah
it's a huge part of our. Economy and this is
sort of the annual showcase Is Bio, international and this
annual showcase happens to be In boston this. Year the
(23:23):
next time it won't be UNTIL i think twenty twenty,
nine so this is our chance to show off and.
Speaker 2 (23:30):
Shine So, doug let me just kind of move beyond
the conference itself and just talk about what this kind
of conference means to the city Of boston's, economy because
we're talking about a really big conference coming. Down you,
said what twenty thousand or more people come to the.
Speaker 12 (23:48):
City, yeah and you, KNOW i think people forget The
Boston Convention Exhibition. CENTER i, mean it hosts tons of.
CONFERENCES a lot of them are like random. Conferences some
of them you'll. Hear you'll see like Packs east Or
Comic con where people are dressing up in costumes you
know that look like video game characters and walking around you,
Know South. Boston those are pretty obvious when those are in.
(24:10):
Town but there's a lot of other, ones like The
American academy of Say Orthopedic surgeons or you, know neurosurgeons
and things like. That there's tens of thousands of people
almost on a daily, basis weekly basis at THE, bcec
and so that that alone is a huge driver for our.
Speaker 13 (24:28):
ECONOMY i.
Speaker 12 (24:28):
Know you, know they have a NEW ceo over at
The Mass Convention, Center Marcell. VERNON i know he's trying
to do a lot to grow the B. Cec you,
know they just built The Omni, Hotel they've got The West,
end but you, KNOW i think that they could probably
use some more. Hotels those hotels are constantly full and
therefore very, expensive and you, know SO i think they
(24:50):
want to build some new hotels and just kind of
connect the, seaport which is obviously has been built up
over the last fifteen twenty years to the rest of
the city because right, now if you're in the back
bay and you own a, restaurant you're not really getting
a ton of tourism traffic from the BC ec unless
they're taking an uber and and and getting finding their
(25:10):
worry over.
Speaker 3 (25:11):
There He's Doug, banks and he's the executive editor of
The Boston Business, journal and we're lucky to have him
on the program every week here on The New england
Of Business. Report up. Next you, know we've taken you
this souther Of New, Hampshire we've taken you down To
cape God i well just in a few, moments so
we're going to take a look at the tourist destinations
out there in Western. Massachusetts this is The New England Business.
Speaker 1 (25:30):
Report kim And joe will explore more business news that
impacts Our New england economy when they return.
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Com are you a brother or sister of one Of
Greater boston's local trade unions and finally thinking about getting
ready to hang up your tools after thirty five years
of working your? Tailoff, congratulations you worked hard to build
your retirement nest. Egg but now? What let me help
you break through the nonsense and financial speak so we
can get to the questions that are important to. You
as you, know nothing gets built without a set of,
(27:04):
plans and neither will your financial. Future my name Is Mike,
Marshall president AND ceo Of Marshall Wealth management and creator
Of The Marshall, plan a, comprehensive customized plan that will
help you answer important questions in all seven key. Areas
you don't.
Speaker 1 (27:19):
Have to do it.
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eight five seven three four two ten. Thirty that's eight
five seven three four two ten. Thirty well check us
out online At marshallwealth Dot Com marshall with two Ls
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Com advisory services offered to Capital analysts Or Linkel Investment
Registered Investment. Advisors securities offered through Linkeln Investment Broker dealer Member, FINRA,
Sipc Lincoln investment Dot, Com Marshal Wealth management and the
above firms are independent and not.
Speaker 3 (27:44):
Affiliated good and welcome back to The New England Business
report on The sunday morning At june the, fifteenth looking
at some other business stories making news here with The
Kim kerrigan and. Myself this one you know always at
my heart a little. Bit it's A South boston convention
center to be renamed for a former in the Late Mayor.
(28:07):
Menino the late mayor had pushed for development the, seaport
so On july the, twelfth this convention. Center the building
will be re christened The Thomas Michael Menino Convention Exhibition
center because they say that he was really the vision
visionary here in terms of what was going to happen
with The seaport. Area and you, Know, KIM i don't
(28:29):
know about, you But menino AND i always had a
very nice, relationship and he was in OFFICE i believe
it was ninety four to twenty, thirteen which almost a
twenty fourteen ninety three to twenty, fourteen and it almost
mirrored exactly my time At channel. Four SO i Knew menino.
WELL i had a cell. PHONE i remember his press.
Office he used to get furious at me BECAUSE i
(28:50):
WOULD i would call the mayor, directly and you, know
of course go around, Them and SO i wasn't well
thought of it BECAUSE i didn't follow the.
Speaker 2 (28:59):
Rules, WELL i too had that kind of relationship with
the mayor and his lovely Wife. Angela And i've often
wondered when and what would be some kind of honor
to him in the. City AND i can't imagine anything
better than this in the seaport because he felt so
strongly about developing that, area he was instrumental in doing.
(29:22):
So AND i just think this is a perfect tribute
to the late. Mayor AND i couldn't be more.
Speaker 3 (29:28):
Thrilled, yeah he was a great man and always accessible
and he was just dropped.
Speaker 2 (29:34):
DEAD a rock, star by the. Way he was a
rock star in the.
Speaker 3 (29:37):
City he really. Was and he was an unlikely candidate
for mayor at the time when he got the, job
AND i remember and he just really grew into the.
Speaker 2 (29:46):
Position Oh, joe you mentioned it off the top of the.
Show but here we are Mid. June kids are finally
getting out at school and that means across the state
it is go time when they start to talk about
the summer. Economy we have had a chance to talk
to some folks down on The, Cape we've talked to
folks north up in The lakes region Of New, hampshire
and now we are very anxious to chat with our next,
(30:09):
guest and she represents the western part of our beautiful.
State joining us today Is mary Kay. Widra she's From
Explore Western Mask great to have you with. Us let's
talk a little bit about what are some of the
big attractions out there in the western part of the
state that people can enjoy at this time of.
Speaker 6 (30:27):
Year, yeah summers like summers are our top season and
we have some incredible attractions that people can take advantage.
Of Six Flags New england is located in our, region
and this year they're introducing a brand new. Ride it's
called The Quantum, Accelerator so for people who have been there,
before they need to come back and try that one.
(30:47):
Out we, have of Course Yankee candle And South, deerfield
The Yankee Candle, village The Doctor Seuss museum in the
heart of Downtown, springfield along with The Basketball hall Of,
fame and of course our CASINO Mgm. Springfield there's a
lot to do during the.
Speaker 3 (31:06):
Summer is there a big winner? THERE i, mean is
there a number one attraction or you don't do it that?
Speaker 6 (31:11):
Way we don't do it that. WAY i, mean and
we love them. All they're like our, children, right we
love them. All they are very popular. Attractions you, know
when people talk about the western part of the, state
our research shows they know us for that laundry list
of attractions that we, have but they also know us
as a place to. Recreate and you, know we have
(31:34):
a lot of open green space out. Here AND i
should tell your listeners that they should come out and
take advantage of some of the natural, assets great, hiking,
biking rafting on The Deerfield, river zip, lining mountain.
Speaker 2 (31:50):
Biking you it sounds.
Speaker 15 (31:52):
Great there's a lot to, do.
Speaker 3 (31:53):
All, Right, well so let's say you somebody's listening saying
that sounds pretty good to. Me AM i renting a?
Place AM i staying in a? Hotel and how? Long
how much time DO i? Need?
Speaker 6 (32:03):
Well you know, what we we always like to encourage
people to take advantage of our accommodations that we represent our.
Hotels short term rentals have become a big thing here
In western MASS i think that shows the types of
visitors that we. Have you, know a lot of, millennials
a lot of families looking to stay, together tend to rent. Homes,
(32:28):
typically we want our guests to stay as long as they.
Want we tend to be kind of a short, getaway you, know, one,
two three. Nights BUT i could certainly develop an itinerary
that could take a, week and that would be our
goal to get people here as long as we.
Speaker 2 (32:46):
Can Mary, kay talk to us a little bit about
how important this summer season and the tourism that it
brings is to your part of the.
Speaker 6 (32:54):
State, yeah summer tours them in. General you, know big
industry out here in The. WEST i think you, know
for years we were known as the hub of manufacturing
and so, forth but we. Are we, know in terms
of jobs out, here tourism ranks third behind healthcare and.
Education and the summer, seasons you, know a big. Season
(33:17):
we tend to mirror the state in that our shoulder
season Is november To. April our season ticks up in the.
Spring we HAVE i mentioned. Education we have a lot
of colleges and universities and they tend to tick off
the season with commencements and then we roll, in you, know,
(33:38):
weddings our big business out, here and then we roll
into the summer travel season and In june when kids
get out of. School so we rely on a good,
season and we rely on mother nature for a lot
of those outdoor. Activities but the good news is with
our assets what we, offer we have a lot of
(34:00):
things that visitors can do indoors as. Well our. MUSEUMS
i mentioned The hall Of, fame The. Armory you, know
we're getting ready to celebrate the two one hundred and
fiftieth that armories are tied to that celebration and it's
a hidden little gem it's A National Historic. Site it's awesome.
Speaker 3 (34:18):
Talking with A Mary Kay. Widro she is the president
of The Greater Springfield convention And Business. Bureau doing business out?
There do they do business out? There is explore westernmass dot.
Com Mary. Kay WHEN i was looking up hot spots
out there in the western part of the, state the
things that popped up were one and one they said
go To. Lenox two they said go To, stockbridge and
(34:39):
then they talked about The Mohawk. Trail give us a thumbnail. Sketch,
Yeah so.
Speaker 6 (34:44):
My organization really Promotes Hampton, Hampshire Franklin, county and there's
another Regional Tourist council over in The. Berkshires we love
our neighbors to the. West The berkshires have great Name.
Cache they've got a brand that really resonates those are you,
know the the hotspots that you. Mentioned lennox is wonderful
(35:05):
with tangle, wood and you, know The Mohawk trail is
certainly something that people should take advantage. Of it's an
incredible scenic. Byway we get a lot of. People you,
know our our feeder markets tend to Be, Boston New
york And providence and certainly The boston. Market taking The
pike out, here you go right through us to get
(35:28):
to The. Berkshire so our hope is that they will
stop off and check out our attractions as.
Speaker 2 (35:33):
Well And Mary, kate my last question for you, is you,
know obviously your big competition has to be coastal. Areas
what do you guys do you know to combat that
and to get people to come.
Speaker 8 (35:45):
West, WELL i.
Speaker 6 (35:46):
Think we lead with our. Strengths you, know we don't
have a, beach but we do have a Beautiful Connecticut
river and we, have LIKE i, said we've got some
mountains in our region that we encourage people to take advantage.
Of and and really there's something for. EVERYONE i know
that that's a term that's used a, lot but but
(36:08):
there truly. Is we've got, culture we've got. Fun, uh
we've got some great restaurants and group pubs and, dining
and you know it's we're we're a great value destination.
TOO i will say that that you can do a
lot AND i, know you, know in this day and,
(36:28):
age everybody's watching their. Pocketbooks SO i think our region
offers a lot for a lot of.
Speaker 3 (36:36):
People, well how does Explore western maass dot. Com how
do you reach their? VISITOR i, mean what what's your
ad money and and and like and and? Who how
do you target them and in what?
Speaker 6 (36:47):
Format, yeah so we do a lot Of we do
a lot of digital marketing right now and we Have
we've been fortunate we received a grant from the. State
we always get a grant from the, state and we're
very grateful for those state. Dollars in order to get the,
grant we have to match it with private, Dollars so
we have businesses that invest in us and partner with
(37:10):
us most of our. Marketing you, know it's interesting WHEN
i talk locally to, people they don't even know at
times that they have a convention of visitors bureau or
a destination marketing. Organization because to do our, job we
need to put those dollars into the markets where the
visitors are and influence them with. Digital we do a
lot of digital. Marketing we rely on our. Web we
(37:31):
spend a lot of money WITH seo AND. Sem we
have focused a great deal on social media and content
creators and having people actually come in and you, know
post about visiting our. Region and that's working for us.
Speaker 2 (37:49):
Well Mary, kay you have certainly sold me on the
western part of the. STATE i thank you very, much
as Does joe for being a part of The New
England Business.
Speaker 3 (37:56):
Report And, kim as you remember last week on the,
program we Had John, hurst of, course the head of
the Retail association here In, massachusetts and one of the
things we touched upon was this new study that came
out of The Donahue institute and it basically speaks to
the health of small businesses across The. Commonwealth, well we
thought that was pretty, fascinating so we reached out to
the actual research manager on this project and that's One
(38:20):
Ember Sky Caine Lee economic And Policy research at The Donahue.
Institute she is our guest on The Wingo Business report
on This sunday. Morning, ember thank you very much for joining.
Us let you know this is some of these results
are a little bit. STARTLING i mean especially when you
look at you, know what is the number more than
(38:42):
fifty percent of these small business owners are saying they
could possibly sell in the next five. Years tell us
about this.
Speaker 5 (38:48):
Report, Yeah so this support, was as you, mentioned done
on behalf of The Retailers association Of massachusetts and the
main goal of the study was to better understand that
challenges and the unique issues facing local retail small businesses.
Speaker 15 (39:06):
Across The.
Speaker 5 (39:07):
Commonwealth so the report findings themselves were based on analyzed
data collected from an online survey conducted with approximately six
hundred and thirty five small business owners across The, commonwealth
and we asked questions to everyone including things like attitudes
towards topics which is, health, insurance retail, sales, costs, profits
(39:31):
and pressing challenges that these business owners were, experiencing as
well as the impact THAT covid has had on their.
Businesses and so we've actually generated a few very interesting
findings from. This one of them was the finding that
(39:56):
you had just mentioned that fifty one percent of retailers
from our survey report being likely to close or sell
their business live in the next five. Years and factors
for that piece in particular are many people are approaching
retirement age and so aging out of owning a business
(40:19):
and looking to. Sell and also the second highest factor
that people across The commonwealth has brought up was that
they faced a lot of high cost business challenges as
another main factor behind their decision to close or potentially
(40:39):
sell their business in the next five. Years those things place,
overhead the minimum wage. Cost small business owners are really
really struggling with that as prices continue to go.
Speaker 2 (40:56):
Up, yeah one of the THINGS i know what did
was they're saying that if taxes were lower in the,
State does that specifically mean that it's just really expensive
to operate a small business in this? State or you,
know would you would you anticipate that'd be something that
anybody and everybody in business would.
Speaker 5 (41:15):
Say, SO i do think it is something that we
would likely see across the, board regardless of whether you're
a small or large business. Owner, however small business owners
do face sort of unique challenges in that. Regard and
even from our, report about three out of every four
(41:37):
retailers so seventy six percent from our, findings have reported
that the cost of operation have risen at a faster
rate than their sales since twenty, nineteen and this is
a huge factor limiting their overall.
Speaker 3 (41:50):
Profitability, today talking with The amber Sky Kine, lee a
research manager there at The Donaux, institute about the support
the health of small businesses here and The, commonwealth you, Know,
EMBER i guess what we've gone through a couple of
those stats that jump out at, us BUT i GUESS
i want to come back to you a little bit
as a person who is really front and center on this.
(42:11):
Study what what do you take away from this and
and what level of concern you would attached to some
of these.
Speaker 5 (42:18):
Findings, yeah that's a great, question and SO i don't
think these findings are of course of concerns to the.
COMMONWEALTH i do think there are interventions that you've even
recommended within our report that would absolutely help these small
(42:43):
business owners sort of address some of these challenges and you,
know hopefully increase their profitability as time marches. Forward and
one of the things that we would suggest the public
policy world within the state was got is lobbying the
massachussets of state government to lower sales and payroll, taxes
(43:08):
things like electricity rates or mandatory industry licensed certification costs
that disturbs the restaurants because those particular costs are really
but our small business owners across the across the state
have reported being extremely challenging to keep up with while
(43:32):
also staying profitable in the stay and.
Speaker 2 (43:36):
Age you, know one of the things we talked To
Jim rinney about last week because he was sort of
outraged about, it and that was the fact that health
insurance rates in this state have gone up so dramatically
and the impact that that will have on small. Businesses
in your, report you say approximately sixty three percent of
small business owners offer health. Insurance, obviously that's got to
that latest news has got to be a real to
(43:58):
turn for.
Speaker 5 (43:58):
Him, Yeah so offering health insurance and the cost of
health insurance that these business owners provide their employees has
absolutely been a, challenge especially as you mentioned that these
rates are increasing over. Time one of the one of
the interventions that our reports, suggests given all of this
(44:22):
input from small business owners, themselves really is to advocate
for affordable health benefits supportable assurance insurance for employees so
that we can take some of that burden off of
small business owners. Themselves we're really struggling right. Now all.
Speaker 3 (44:41):
RIGHT i appreciate you taking time in joining us on
The New Engle Business report this. Morning that's a Ember
sky Kain, lee research manager there at The Dona Hue.
Institute up, next you're gonna hear about how well a
business has started On Old Cape. Cod it's Called Where's?
Woody where do we talk? About THE, Ceo Mike. Norwood
this is The New England Business.
Speaker 1 (44:59):
Report you are listening to The New England Business report
on The voice Of BOSTON wrko six 't. Eighty joe
And kim will be right.
Speaker 10 (45:13):
Back are you a brother or sister of one Of
Greater boston's local trade unions and finally thinking about getting
ready to hang up your tools after thirty five years
of working your? Tailoff, congratulations you worked hard to build
your retirement nest. Egg but now What let me help
you break through the nonsense and financial speak so we
can get to the questions that are important to. You
as you, know nothing gets built without a set of,
(45:35):
plans and neither will your financial. Future my name Is Mike,
Marshall president AND ceo Of Marshall Wealth management and creator
of The Marshall, plan a comprehensive customized plan that will
help you answer important questions in all seven key. Areas
you don't have.
Speaker 1 (45:50):
To do it.
Speaker 10 (45:51):
Alone there is no cost or. Obligation call us at
eight five seven three four two ten. Thirty that's eight
five seven three four two ten. Thirty well check us
out online At marshallwealth dot. Com marshall with two, Els marshallwealth.
Speaker 11 (46:05):
Dot Com Advisory services offered To Capital analysts Or Lincoln
Investment Registered Investment. Advisors securities offered Through Linoln Investment Broker
Dealer Member, FINRA, Sipc Lincoln investment dot, Com Marshal Wealth
management and the above firms are independent and not.
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Speaker 2 (47:14):
Lo hi, Everybody I'm Kim kerrigan.
Speaker 3 (47:22):
And I'm Joe. Shortsley if you want to be part
of The New England Business, report sponsorships are still.
Speaker 2 (47:28):
Available you can email us at Any Business radio at
gmail dot.
Speaker 3 (47:33):
Com that's Any Business radio all one word at gmail
dot com and we'll get your business on the show.
Speaker 1 (47:42):
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Speaker 2 (48:01):
Com, Well, joe you've got to love this born On
cape cod with A california. Vibe that's a slogan of
our next guest. Company Where's woody is the name of the.
Company Mike norwood is THE, ceo And, mike it's great
to have you on the show with.
Speaker 4 (48:21):
Us thanks so.
Speaker 15 (48:21):
Much thanks for having. Us guys really appreciate.
Speaker 2 (48:24):
It you bet tell us About Where's?
Speaker 15 (48:26):
Woody so wood is not my last, name it's it's
although they get accused of that being the. Namesake But
woody is our grand wagon ear THAT i bought about oh,
thirteen fourteen years, ago and the name is derived from
our obviously our apparel. Company it's kind of a clever.
Name and our, start as you, mentioned Was spalmas on
(48:49):
the cape with the street vendor. Hermit that's the town
granted us to be able to Drive woody around and
sell out of. It so originally our concept was to
have a fleet of Grand wagoneers or beach wagons very
much like, it and be a street. Vendor uh you,
know go beach to, beach row bar to row, bar
(49:09):
as we did In famous And u so. Well we
originally did Beach, essentials and, ironically in the beginning we
sold other brands Like haaveana's foot, flops malage and. Sunglasses
and not, thereafter because everybody Loves woody The, wagoneer we
started to develop our own brand of apparel and, accessories
(49:32):
SPECIFICALLY t, shirts, hats, hoodies and you, know we began
to look much Like life Is, good which everybody, knows great,
brand and we wanted to be something more, premium higher end,
sportswear so we not long thereafter it began to make,
sportswear half SIPs and polos and the like In Fall.
River and since that time we've we've evolved and are
(49:57):
now producing those goods In East. Boston So woody's our
grand wagon, here it's, like Where's? Woody we used to
drive around parking different, spots and you, Know twitter was
sort of new back, then so we used to post
up and and and uh put where we were On
twitter and uh and then you, know sell our flip,
(50:17):
flops sell our sunglasses and alovera beach suncreen and uh
and the bomb and the, like and then we've evolved
into you, know our own brand making premium, goods primarily In.
Speaker 3 (50:32):
Boston we're talking With Mike. Norwood he started this business
and started out his summer Fun i'm looking at the
some of the literature, here and it started in two
thousand and, one has fully matured Into Where's, woody an
upscale apparel, manufacturer multi channel retail brand known as known
for its bold coastal. Style so how's, Business Mike? Norwood it's.
Speaker 15 (50:55):
Great you know we're in multi you, know we're multi
channel brand as you much have to be the. DAYS i,
mean we're we still do what we call our. Tour
we travel all over the country now not just along
you know the beaches and the hotspots on the, cape
but so we have that retail piece that we. Go
it's it's sort of a mobile retail aspect of what we,
(51:17):
did which is just simply an extension of our, beginnings
and we're online Obviously Where's way Dot com AND uh
we ALSO uh now have some select boutique retail destination
retailers In Saratoga, Springs New, York Fisher's, Islands New, york
and the, like a couple of golf clubs that are
carrying our line in and pro. Shops and then the
(51:40):
biggest part of our business, process which is growing as
fast as is our customer apparel, business which given everything
that's going on globally with tariffs and the, like we're
able to produce goes exactly the way, company, schools, teams
et cetera want them and not just take something that's
already made and put a logo on. It so that's
(52:01):
a very interesting part of our business that's, growing like you,
said the, Fastest so you, know custom, apparel OUR b
TO b side is. Great our e, commerce our retail
model of going to where our customers are not expecting
them to come to us just always been OUR mL
and then being intellect retailers is sort of where we're.
At so those four channels are growing and we're slowly
(52:21):
and very deliberately growing those out and as you, say
maintaining our style a little bit bolder, palette WHICH i
think it's Soorry.
Speaker 2 (52:30):
Well, mike you just kind of touched on. This but you,
know we talk to a lot of small businesses and right,
now we know the uncertainty that exists as a result
of the trade issues that are. Looming you manufacture here
In massachusetts as a matter of, Fact so tell, us you,
know has this global economy had an impact on you
guys because You're american?
Speaker 15 (52:50):
Made you, KNOW i think THERE'S i will put it,
BLUNTLY i think there's a for most, people there's a
preference For american. Made that wouldn't say that as an
overwhelming demand for. It but you, know what we do
know is, that you, know the stuff that we make,
here smaller, batches is a little bit more. Special it's well,
crafted it's made, well and people want those. THINGS i,
(53:12):
mean you, know there's you, know we're sort of at
the other end of the spectrum quite, frankly to The
czars in the ah And ms of the, world which
are fat, fashioned making things that don't, last chasing. Trends
we make classic signature styles that are built to, last
with a you, know with A boulder palette and that's
sort of an our M, o quite, frankly and SO
(53:34):
i think that there's an increasing preference For america made
and people are willing to pay for. That not. Everyone
we're not A walmart based. Brand we're more premium on
the higher. End but you, know it's helped us for,
sure but it's it's not as if we've jumped on
the bandwagon of making things. Here it's always been our
(53:56):
way to do. Things so we've always believed in smaller,
backs just you, know not seasonal, production bolk, production things
that just sorted at the complete end of the spectrum
as it relates to many many brands that are you,
know heavy ad spenders On facebook And instagram that both
produce good offshore, seasonally which we think is quite, frankly
(54:18):
in absolute. Waste we'd rather make things that you can
wear most of the, year that stand out and stand
off the. Rack and that's just always been our. Thing but,
strategically make no, mistake AS i just touched, on OUR
b TO b business will. FLOURISH i think because of
the way we do, things will make goods, fast will
make them the way the customer wants, them and we'll
(54:40):
deliver them just as fast as somebody that's one of
those promotional products companies that are on every street corner out,
there just putting a logo on and already made both.
Speaker 3 (54:48):
Produce Good talking With, mike nor would THE ceo Of Where's?
What he Now Where's? What he donates up to three
percent of sales year round organizations working to improve the
lives of people with diabetes and to help find a.
Cure tell us about, That.
Speaker 15 (55:03):
Well i've lived with type one diabetes since nineteen seventy
and you, know it's a personal thing for me and our,
company and what we do is much like the way
WHICH i think many people out there are aware. Of
patagonia has their mission to save the, planet so they
donate one percent for the, planet and we do something
(55:25):
very similar as you touched up two to three. Percent
we do change the. Percentage it's a minimum of one
percent of, sales but we do move it up to
as much as three like for months Like, november which
Are National Diabetes awareness. Months so we do work with
nonprofits that we think are doing great. Things they don't
have to be, big like Break THROUGH t ONE d
(55:46):
or The American diabetes. Association but they could be smaller
ones that make a huge impact on their, community like
kids send a kid or two or three to a
summer camp that's focused on kids with type one. Diabetes
and uh so it's it's, personal you, know it's not
just something that we've picked up the rack to be
(56:07):
able to say that we support this. Cause it's AND
i will say, that you, Know i'm out in the
field in front of clients almost every day and it's
quite frankly striking to me or borderline shocking to see
how much diabetes as a part of you, know this.
Culture and uh And i'm not just speaking type, too
(56:29):
but type one is exploded SINCE. Covid SO i love
to know. Why but in the, meantime until we find,
here which we're heavily you, know engaged with where we
want to help people living with with diabetes to live.
Speaker 2 (56:44):
The best they, can, well that is. Terrific his name
Is mike Nor, would his company Is Where's. Woody we
thank you so, much michah continued success and thank you
so much for being a part of The New England Business.
Speaker 3 (56:55):
Report all, Right, cam time to talk about next week
here on The New England Business Support we're going to
talk a little bit about cyber, security but this is
a different angle on. Cybersecurity this has to do with
the threat OF ai and what you need to be
on the lookout. For that'll be a fascinating conversation With
Rob fitzgerald From Blue manthis that is On sunday. Morning
(57:17):
i'm the New England Business support right here in w
RK o The voice of Bost am six eight
This is the New England Business Report with Joe short
Sleeve and Kim Carrigan, a weekly round up in discussion
of the top business news impacting our New England economy.
Speaker 2 (00:09):
Good morning, everybody, and welcome to the New England Business Report.
I'm Kim Carrigan along with Joe Shortsleef. It is, of
course Sunday, June the fifteenth, and Joe, Happy Father's Day,
my friend.
Speaker 3 (00:21):
Oh, thank you very much. You know that's uh. I'm
a father and I'm a grandfather, so I should have
a truckload of presents here. I'm anticipating that they'll be
a truck will be backing up at any moment here.
But yeah, no, it's great.
Speaker 2 (00:35):
You'll call me to let me know if it does
show up.
Speaker 3 (00:40):
And if you don't get that call, yeah all right.
Well yeah, we're also halfway through June. Halfway through June.
Summer starts next week.
Speaker 2 (00:51):
Well it starts again, yeah, yeah, yeah quickly thereafter. Well,
it's great to be here with you, Joe, and I
do hope you have a wonderful day and I feel
confident that your children and grandchildren will acknowledge you today.
We have a great show coming your way today, we
(01:11):
are anticipating the big FED meeting coming up this week,
and you know, there's been all kinds of talk about
what might go on. It sort of appears, Joe, that
they're probably not going to change anything this go round.
But you know, a lot of sectors keep an eye
on that, and one of those, of course, is the
real estate market. So we're going to talk with a
(01:32):
loan officer from William Ravis. She's actually a vice president
of lending there about you know, what the market looks
like here in the Boston area and what they anticipate
as this FED meeting is cooking what might happen.
Speaker 3 (01:48):
As you know, I have a brother in the mortgage
industry and anyway, Yeah, he describes the marketplace still is
very hot, very hard to get to purchase and sale
at this point, which does surprise me because some of
the stats we see here on this program is that
listings are up way up, some like fifty percent in
some communities.
Speaker 2 (02:06):
I don't know what you're seeing in your area, Joe,
but I have to say that I did not see
a house for sale for I feel like almost two years,
and now all of a sudden, the house across the
street and the house across the street from that one,
and all of them are popping up. So I do
really see kind of a reflection of that inventory increasing
in my you know, in my community. So we also
(02:29):
are going to talk to the Boston Business Journals executive
editor Doug Banks, which we do each week. He updates
us on some of the big stories that maybe we
might have missed, but he's looking forward to tomorrow because
there is a big biotech conference that's coming to Boston.
It's going to be most of this week. Joe, I
had no idea all the things that go into putting
(02:51):
together a biotech conference like this, and really what's at stake.
Speaker 3 (02:55):
Yeah, the Boston Business Journal is all over this story
and has all the all the covered and and Doug
Banks will be sharing with us some of the top
stories that you know, are breaking right now, because yeah,
that conference gets underway tomorrow morning at the South Boston
Convention and Exhibition Center. And let's see, Kim, what do
we have in the second half of the program we
(03:16):
have We're going to be talking with Mary kay Woodrow.
Now she is the senior president of the Greater Springfield
Convention and Business Bureau. But they operate under the name
explorewesternmass dot com h and Mary Kay is going to
talk to us about, well, what are the tourist spots.
You know, We've had folks on from Cape Cod, We've
had folks on from southern New Hampshire, and now we're
(03:38):
going to go out west. And you know, I'll be
honest with you, I don't know a lot about the
tourism spots out there. But it's a very very healthy
economy in Lenox and Stockbridge and the Omack Trail and
on and on the list go. So we'll it's a
beautiful part of the state. Oh it is, no doubt
about it, no doubt about it. I'm just a Cape
Cod snob though, so that's my problem. I have to
live with myself. And then we have a you know,
(04:00):
last week on the program, we had John Hurst, president
of the Retailers Association of Massachusetts, and he talked about
this new survey that's out well the Retailers Association, Hurst
himself actually commissioned this study on the health of small
business in this state and it was done by the
Donahue Institute out there at ums Amherston. We're going to
talk to the actual researcher who led that study, Ember
(04:22):
Sky Caine Lee. She will be our guest and covers
the health of six hundred and thirty five small businesses
and pretty interesting what she have to say. And then finally, Kim,
this is somebody you you brought to our attention. We're
gonna be talking with Mike Norwood, CEO of Where's Woody
Upscale Clothing Apparel Scale Peril And actually, I guess, Kim,
(04:44):
it was a business that started on old Cape Cod.
Speaker 2 (04:47):
Yes, it did out of his old woody station wagon,
which I think is so fun. And when we say
Where's it's w ea rs. So it's a cute play
on word and a really neat little company and they
do some really great stuff with some of their profits,
which is great as well. Okay, well, Joe, let's get
(05:08):
started today with a conversation about the real estate market,
shall we. You know, we frequently kind of use the
real estate market as an overall gauge for the economy,
and with the FED meeting coming up this week, we
thought it would be a great time to invite Regional
vice president of mortgage Banking at William Raves, Kate Rockett
back to the show. Kate, Welcome, good to.
Speaker 4 (05:29):
Have you, great to be here. Thanks for having me back. Kim.
Speaker 2 (05:32):
So we're wondering what you guys are anticipating and how
much influence do you think the Fed's actions next week
may have on interest rates.
Speaker 4 (05:40):
Well, Kim, that's a great question, and I do think
that's a big myth out there that the said when
the FED rais is races or lowers rates, that is
the direct impact on mortgage rates. That's not actually true.
We always work in the future and raise their baked
into what the forecast is, and mortgage rates really go
(06:03):
by market activity. For instance, we had software inflation numbers
last week that means that the rates started to ease,
and we saw a little bit of lower rates. With
that said, we also we'll see if the job market.
If there's job numbers go down, that means, unfortunately bad
news for the economy, sometimes is good news for mortgage rates.
(06:25):
So when we see a lot of job losses, that
actually helps ease rates as well. Also, the only thing
that really affects us when some dead meats is what
they say afterwards. And because mortgage rates are always predicting
what is going on in the future. By the investors
are always trying to bet almost what's going to happen
(06:47):
in the future. And if they say that they're going
to hold tight or if they say they're going to
ease rates in August, that could help rates because that
was unpredicted. But usually it's our baked in and forecasting.
Speaker 3 (07:01):
Kate rockets our guests. She's the vice president with Ravis,
So reality tell us. Tell our listeners a little bit
about where your office is, what's the geography that you cover,
and how would you describe the overall marketplace at this point?
Speaker 4 (07:12):
Oh, thank you, Jo. Yes, I cover Greater Boston. I
cover the North Shore and a little bit of the
of Middlesex Lexington. So I see a lot of activity.
For instance, in the Boston market, the Greater Boston sales
activity is actually down from last year, but the listings
(07:34):
are up twenty percent.
Speaker 3 (07:36):
Yeah, I've seen in some numbers that listenings are up
fifty percent, and yet I hear the activity is still
torerid out there.
Speaker 4 (07:44):
Yes, it depends on where you are. Right the suburbs
are still a little tight. You're seeing that in the
Boston you're seeing a lot more condos staying on the market. Also,
if you see some inventory that it is. The inventory
is in certain pockets open up where I live. I've
never seen so many listing in the last two years.
(08:06):
It's encouraging because there are a lot of buyers. Buyers
are not deterred by the rate.
Speaker 2 (08:11):
You're saying that the condo market has not been all
that strong. Why do you guys think that's the case?
Speaker 4 (08:16):
I do think a lot of people are the buyers
out there are looking to go into the suburbs, and
you're a young first time home buyer. They're the ones
that are in the marketplace, and they're actually the ones
that are driving the market, and they are looking in
the suburbs instead of having that condo.
Speaker 3 (08:32):
Okay, how if you broke down the marketplace out there.
We've all got that, We've got the high end, right,
we got the mid range, and then we have the
first time buyers. Where are you seeing the most activity
at this point and where is the toughest place for
a buyer these days?
Speaker 4 (08:47):
Oh, I'd say the eight hundred thousand to that one
point one is where it's multiple bids Still, you're having
fifteen to eighteen offers on those properties, especially if they're
priced right and.
Speaker 3 (08:59):
Does that surprise to you at this point.
Speaker 4 (09:01):
No, because it's kind of been the trend. You have
a lot of first time home buyers who have saved
a lot of money, they've lived at home, maybe during COVID.
They're getting into the marketplace and they're driving the market.
Speaker 3 (09:13):
Because I would say that my brother again, I'd mentioned
that he's a mortgage broker, and I ask him every week,
I say, Okay, you know, how's business this week? And
he goes, well, you know, got a lot of buyers
out there, preapproved buyers out there, and they can't get
the purchase in sale agreement. They can't get there, they're
getting out bid. They're always losing out. I mean, and
I guess I'm surprised at that that that's still going on.
Speaker 4 (09:36):
It is still going on, and I don't see it
going away anytime soon, because even though we're getting a
little bit more inventory, that center market at eight hundred
to one point one is just a really hot market.
Speaker 2 (09:50):
So, Kate, having said all of that, how long typically
is a house staying on the market.
Speaker 4 (09:54):
Well, you are seeing some say in a few weeks.
The higher end are staying on for a few months rather,
but that mid range I would say, is still getting
scooped up and having multiple offers on a deadline of
that Tuesday after.
Speaker 3 (10:11):
You know, Kate, I also saw an article this week
and having to do with inspections inspections for real estate,
and basically the article headline suggested that, you know, as
far as getting you know, a home inspected, at this point,
it's sort of going away. People may have the home inspected,
but it's not part of the purchase activity so to speak.
Where are people on getting properties inspected before they buy?
Speaker 4 (10:34):
They do pre inspections right now, and yes, that is
going to go away, which will even the playing field
because a lot of offers are waiving appraisals, waving inspections
to get their offer accepted.
Speaker 2 (10:48):
So, Kate, talk to us about a single family home
in the Boston area. What's what's the average cost at
this point?
Speaker 4 (10:56):
Oh, I say you, if you're pre approved moved up
to a million dollars, you're you're looking at an eight
to fifty house and you're probably putting in the offer
at a million.
Speaker 3 (11:12):
Without giving away anybody's personal information, can you give us
an idea of maybe perhaps a buyer you're working with
at this point or something that has happened that, you know,
really sort of you know, made you take notice lately.
Speaker 4 (11:25):
Oh, yes, I had just got an offer accepted in
my area and my buyer did he had to weigh
financing wave in sections wave appraisal to get it, and
he also went two hundred thousand dollars over at the auction.
Speaker 2 (11:39):
Right, it sounds like it's still a seller's market, that's
for sure.
Speaker 3 (11:42):
I mean, how can you go two hundred thousand over?
I guess is it?
Speaker 5 (11:44):
You know?
Speaker 3 (11:45):
I mean, how are people even equipped to do that?
But I guess you're pointed out that people have been
saving a lots since COVID.
Speaker 4 (11:50):
Exactly, and that's they have a strong payments.
Speaker 2 (11:53):
Yeah, I'm curious. You know, during COVID and just shortly thereafter,
everything was a cash sale. Are we still seeing those
kinds of cash sales like that?
Speaker 6 (12:03):
We are?
Speaker 4 (12:04):
But you it's funny that you say that, Kim, because
cash is just leaving financing sometimes, so you never know.
If it's cash, they may get a mortgage afterwards, but
they do show proof of funds that they could pay
cash if they had to. But you will see most
of those people are actually getting mortgages. But they just
want to get their offer accepted.
Speaker 3 (12:22):
Now, when you have an open house, Kate Rocket, vice
president with Ravest Realty, are you still if you're in
that price rare as you talked about the eight hundred
thousand to one point one, what's it? Are you even
scheduling open houses? And if you do, what happens?
Speaker 4 (12:37):
They're very busy that mid range. You'll see like condos
and only have two or three people come in in Boston, right,
it only takes one to buy and if it's price right,
it's going.
Speaker 6 (12:49):
But when you.
Speaker 4 (12:50):
See those particular houses that we were talking about with
the first time home buyer, there's like forty to fifty
people a day going to those open houses.
Speaker 2 (12:57):
Well, the market continues to keep us all fascinated, that
is for certain. Kate Rocket, she is with William Ravis.
We thank you so much for being a part of
the New England Business Report this morning. All right, still
coming your way, Joe. There is a big conference coming
to Boston and Doug Banks from the Boston Business Journal
(13:18):
is going to join us and tell us all the
ins and outs. This is going to be a dandy.
This is the New England Business Report.
Speaker 1 (13:31):
You are listening to the New England Business Report on
the Voice of Boston w RKO six' Eighty joe And
kim will be right.
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Com that's any Business radio all one word at gmail
dot com and we'll get your business on the show.
Too and welcome back to The Domengo Business Support joe
schwartzev here With Kim. Kerrigan you, know on every week
(16:24):
on this, program we have the pleasure of talking with
the executive editor of The Boston Business, Journal Doug. Banks
and of course he is the author of the Five
things You need To Know, today and well we kind
of turn it into the five things you need To
know this week In Business news and chatting With Doug banks.
Yesterday and he's got his whole team working very hard
on this, convention The Bio International, convention which gets underway,
(16:47):
Tomorrow june the, sixteenth at The Boston Convention Exhibition center
and runs right through the nineteenth and his team of
reporters have been spread out covering every detail of. It
it's a big. Deal, doug talk to us about. This
you Got Hannah green who's been looks like you've been
working her pretty. Hard she's got a bunch of stories on.
This what it takes to bring buyout Of. Boston let's
(17:09):
talk a little. Bit what does it?
Speaker 12 (17:11):
Take so, yeah instead of five, things we need to
know all you need to know about bio because it
is the, biggest one of the biggest industry events that
our city. Hosts two years, Ago boston hosted it and
got over TWENTY i think twenty thousan five hundred people.
Came this is an annual global biotechnology life sciences event
that brings people from around the. World it alternates between
(17:33):
The East coast and The West, coast so last year
and next year it will be In San.
Speaker 13 (17:37):
Diego and it's just.
Speaker 12 (17:39):
Massive and WHEN i say, MASSIVE i mean every, business
every biotech, business every global, pharmaceutical every biopharma, company every venture.
Capitalist they're all going to show up at some point
in The South Boston seaport to talk to one, another
to try to do. Deals and in the case Of,
boston every state will send so all fifty states and
(18:00):
dozens and dozens of countries around the world will send
economic development representatives to come here and figure a figure
out how Come boston is the global leader in the life.
Sciences we have all the top global pharmaceutical companies here
at least IN r AND, d if not in manufacturing and,
headquarters and they want to steal our. Business So Governor
(18:20):
healy and the state's economic development. Officials they work through
THE mass And Life science To center and WITH Mass,
bio Our State Industry Trade association creating this, big giant
mass they called The Mass. Pavilion it's one of the
biggest trade show booths you've ever. Seen it hosts panel,
discussions it hosts press. Conferences it's it is. Massive and
(18:42):
then throughout the day and throughout each day in the coming,
weeks starting as you said, tomorrow there will be all
kinds of activities at The Boston convention And Exhibition. Center
and it's gonna be it's gonna be it's gonna be a.
Lot there's gonna be a lot of really really smart
people in the seaport over the next four or five.
Speaker 13 (18:58):
Days you.
Speaker 2 (18:59):
Know but it's really strange to, Me doug. Though it
almost sounds like the way you've described, it That boston
is cutting its nose off despite its. FACE i, mean
you put on this, big, huge fabulous convention so people
can come and figure out how to take business away from.
Speaker 12 (19:13):
Us, yeah this is not A boston. Event this is
a global international event.
Speaker 13 (19:18):
That boston gets to.
Speaker 12 (19:19):
Host so it's actually better when we have it here
because we can have more people there when it's In
San diego Or San, francisco or next two years from,
now it'll be In. Philadelphia it's harder For massachusetts to
send quite as many people and represent our state and
fight off those states that are trying to take our.
Business and, HONESTLY i Know North, carolina for, example is
(19:40):
sending over one hundred and forty people up here this.
Week texas is going to be sending a lot of.
People so the competition is. Real one of the things
THAT i love About Governor heally as she's always talking about.
Speaker 13 (19:51):
Competition she's a very competitive.
Speaker 12 (19:53):
Governor so this gets her juices up and she's going
to be out there and you, know fighting for our life.
Sciences and you, know here's the other, thing and this
is another kind of area we're talking, About joe for.
Coverage this is not a great time for the life.
SCIENCES i, mean when you think about all of the
headlines That hannah is writing for THE, BBJ i mean we're,
talking you, know IPOs are being.
Speaker 13 (20:14):
Pulled, honestly just pulled ITS ipo this past.
Speaker 12 (20:17):
Week there's only been one BIOTECH ipo this, year compared
to nearly a dozen just a few years. AGO i
think the biotech stock indext nationally is down seven percent this.
Year we had another company In, Cambridge Chronos. Bio this
past week they just gave a ton of lab space.
Back they to the. Landlord they, said we can't fill,
It we're not going to use. It they ended up
(20:37):
having layoffs last. Fall so so this is sort of
the undercurrent is we're putting on our best, face but it's.
Not you, know this is not a great time for
the life. Sciences the economy is, tough business confidence is,
slow investors aren't putting as much money, in and there's
certain areas of biotech that haven't really borne out. Yet
(20:59):
it's still little bit, early so you, know it's kind
of wait and see as far as the industry.
Speaker 13 (21:05):
Goes and yet it's still a job.
Speaker 12 (21:07):
Generator it's still a huge part of our, economy and
it's still something that you, know the state is willing to, bet,
well let's say a billion, dollars which is what they
just signed for that life sciences bill last.
Speaker 3 (21:16):
Year talking With Doug, banks executive editor of The Boston Business,
journal about the biotech conference getting underway here you have
another special report. Here doug on your website of THE
bbj talking about Inside massachusetts life science ecosystem and you
kind of break it down with states and who's who's a,
leader who's doing what and employment and. Jobs give us
some of those facts and.
Speaker 12 (21:36):
Figures, Yeah so The massachusetts life science the ecosystem, IS i,
mean on a per capita, basis we Know massachusetts attracts
more venture capital dollars than any other.
Speaker 13 (21:48):
State when you look at real.
Speaker 12 (21:50):
Dollars california is you, know it's a massive, state, Right
So california is going to get about forty percent of
total venture capital funding to, biotech but that would be
like taking Poor land TO dc and you know in
basically totally every city between now and.
Speaker 13 (22:05):
THERE i mean they Have San, Francisco La.
Speaker 12 (22:06):
Sanie but on a per capita, Basis massachusetts gets far
more than any other. State and we are number two
To california with twenty eight percent of total venture. Capital
we've got over one hundred and forty thousand jobs in
the life, sciences which is far more than other competitive.
STATES i think the number two state Is North. Carolina
(22:28):
they're just over one hundred. Thousand and it's in terms
of the types of companies that we. Have cancer and
oncology studies are probably the largest share of the of
the pie in terms of drug development oncology and represents
about thirty percent a little bit over thirty percent of
the types of drugs that are being created. Here so
(22:50):
obviously you know all the, Names, biogen you, Know Santa, Fe.
VERTEX i, mean we've got all the. Giants taketa is
the number one largest life sciences employer in the.
Speaker 13 (23:00):
State they do a ton of cancer.
Speaker 12 (23:02):
Work so you, know major global, companies not all you,
know some of them have THEIR us headquarters, here some
of some of them are their global. Headquarters and, yeah
it's a huge part of our. Economy and this is
sort of the annual showcase Is Bio, international and this
annual showcase happens to be In boston this. Year the
(23:23):
next time it won't be UNTIL i think twenty twenty,
nine so this is our chance to show off and.
Speaker 2 (23:30):
Shine So, doug let me just kind of move beyond
the conference itself and just talk about what this kind
of conference means to the city Of boston's, economy because
we're talking about a really big conference coming. Down you,
said what twenty thousand or more people come to the.
Speaker 12 (23:48):
City, yeah and you, KNOW i think people forget The
Boston Convention Exhibition. CENTER i, mean it hosts tons of.
CONFERENCES a lot of them are like random. Conferences some
of them you'll. Hear you'll see like Packs east Or
Comic con where people are dressing up in costumes you
know that look like video game characters and walking around you,
Know South. Boston those are pretty obvious when those are in.
(24:10):
Town but there's a lot of other, ones like The
American academy of Say Orthopedic surgeons or you, know neurosurgeons
and things like. That there's tens of thousands of people
almost on a daily, basis weekly basis at THE, bcec
and so that that alone is a huge driver for our.
Speaker 13 (24:28):
ECONOMY i.
Speaker 12 (24:28):
Know you, know they have a NEW ceo over at
The Mass Convention, Center Marcell. VERNON i know he's trying
to do a lot to grow the B. Cec you,
know they just built The Omni, Hotel they've got The West,
end but you, KNOW i think that they could probably
use some more. Hotels those hotels are constantly full and
therefore very, expensive and you, know SO i think they
(24:50):
want to build some new hotels and just kind of
connect the, seaport which is obviously has been built up
over the last fifteen twenty years to the rest of
the city because right, now if you're in the back
bay and you own a, restaurant you're not really getting
a ton of tourism traffic from the BC ec unless
they're taking an uber and and and getting finding their
(25:10):
worry over.
Speaker 3 (25:11):
There He's Doug, banks and he's the executive editor of
The Boston Business, journal and we're lucky to have him
on the program every week here on The New england
Of Business. Report up. Next you, know we've taken you
this souther Of New, Hampshire we've taken you down To
cape God i well just in a few, moments so
we're going to take a look at the tourist destinations
out there in Western. Massachusetts this is The New England Business.
Speaker 1 (25:30):
Report kim And joe will explore more business news that
impacts Our New england economy when they return.
Speaker 4 (25:43):
Every.
Speaker 14 (25:44):
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Com are you a brother or sister of one Of
Greater boston's local trade unions and finally thinking about getting
ready to hang up your tools after thirty five years
of working your? Tailoff, congratulations you worked hard to build
your retirement nest. Egg but now? What let me help
you break through the nonsense and financial speak so we
can get to the questions that are important to. You
as you, know nothing gets built without a set of,
(27:04):
plans and neither will your financial. Future my name Is Mike,
Marshall president AND ceo Of Marshall Wealth management and creator
Of The Marshall, plan a, comprehensive customized plan that will
help you answer important questions in all seven key. Areas
you don't.
Speaker 1 (27:19):
Have to do it.
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Com advisory services offered to Capital analysts Or Linkel Investment
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above firms are independent and not.
Speaker 3 (27:44):
Affiliated good and welcome back to The New England Business
report on The sunday morning At june the, fifteenth looking
at some other business stories making news here with The
Kim kerrigan and. Myself this one you know always at
my heart a little. Bit it's A South boston convention
center to be renamed for a former in the Late Mayor.
(28:07):
Menino the late mayor had pushed for development the, seaport
so On july the, twelfth this convention. Center the building
will be re christened The Thomas Michael Menino Convention Exhibition
center because they say that he was really the vision
visionary here in terms of what was going to happen
with The seaport. Area and you, Know, KIM i don't
(28:29):
know about, you But menino AND i always had a
very nice, relationship and he was in OFFICE i believe
it was ninety four to twenty, thirteen which almost a
twenty fourteen ninety three to twenty, fourteen and it almost
mirrored exactly my time At channel. Four SO i Knew menino.
WELL i had a cell. PHONE i remember his press.
Office he used to get furious at me BECAUSE i
(28:50):
WOULD i would call the mayor, directly and you, know
of course go around, Them and SO i wasn't well
thought of it BECAUSE i didn't follow the.
Speaker 2 (28:59):
Rules, WELL i too had that kind of relationship with
the mayor and his lovely Wife. Angela And i've often
wondered when and what would be some kind of honor
to him in the. City AND i can't imagine anything
better than this in the seaport because he felt so
strongly about developing that, area he was instrumental in doing.
(29:22):
So AND i just think this is a perfect tribute
to the late. Mayor AND i couldn't be more.
Speaker 3 (29:28):
Thrilled, yeah he was a great man and always accessible
and he was just dropped.
Speaker 2 (29:34):
DEAD a rock, star by the. Way he was a
rock star in the.
Speaker 3 (29:37):
City he really. Was and he was an unlikely candidate
for mayor at the time when he got the, job
AND i remember and he just really grew into the.
Speaker 2 (29:46):
Position Oh, joe you mentioned it off the top of the.
Show but here we are Mid. June kids are finally
getting out at school and that means across the state
it is go time when they start to talk about
the summer. Economy we have had a chance to talk
to some folks down on The, Cape we've talked to
folks north up in The lakes region Of New, hampshire
and now we are very anxious to chat with our next,
(30:09):
guest and she represents the western part of our beautiful.
State joining us today Is mary Kay. Widra she's From
Explore Western Mask great to have you with. Us let's
talk a little bit about what are some of the
big attractions out there in the western part of the
state that people can enjoy at this time of.
Speaker 6 (30:27):
Year, yeah summers like summers are our top season and
we have some incredible attractions that people can take advantage.
Of Six Flags New england is located in our, region
and this year they're introducing a brand new. Ride it's
called The Quantum, Accelerator so for people who have been there,
before they need to come back and try that one.
(30:47):
Out we, have of Course Yankee candle And South, deerfield
The Yankee Candle, village The Doctor Seuss museum in the
heart of Downtown, springfield along with The Basketball hall Of,
fame and of course our CASINO Mgm. Springfield there's a
lot to do during the.
Speaker 3 (31:06):
Summer is there a big winner? THERE i, mean is
there a number one attraction or you don't do it that?
Speaker 6 (31:11):
Way we don't do it that. WAY i, mean and
we love them. All they're like our, children, right we
love them. All they are very popular. Attractions you, know
when people talk about the western part of the, state
our research shows they know us for that laundry list
of attractions that we, have but they also know us
as a place to. Recreate and you, know we have
(31:34):
a lot of open green space out. Here AND i
should tell your listeners that they should come out and
take advantage of some of the natural, assets great, hiking,
biking rafting on The Deerfield, river zip, lining mountain.
Speaker 2 (31:50):
Biking you it sounds.
Speaker 15 (31:52):
Great there's a lot to, do.
Speaker 3 (31:53):
All, Right, well so let's say you somebody's listening saying
that sounds pretty good to. Me AM i renting a?
Place AM i staying in a? Hotel and how? Long
how much time DO i? Need?
Speaker 6 (32:03):
Well you know, what we we always like to encourage
people to take advantage of our accommodations that we represent our.
Hotels short term rentals have become a big thing here
In western MASS i think that shows the types of
visitors that we. Have you, know a lot of, millennials
a lot of families looking to stay, together tend to rent. Homes,
(32:28):
typically we want our guests to stay as long as they.
Want we tend to be kind of a short, getaway you, know, one,
two three. Nights BUT i could certainly develop an itinerary
that could take a, week and that would be our
goal to get people here as long as we.
Speaker 2 (32:46):
Can Mary, kay talk to us a little bit about
how important this summer season and the tourism that it
brings is to your part of the.
Speaker 6 (32:54):
State, yeah summer tours them in. General you, know big
industry out here in The. WEST i think you, know
for years we were known as the hub of manufacturing
and so, forth but we. Are we, know in terms
of jobs out, here tourism ranks third behind healthcare and.
Education and the summer, seasons you, know a big. Season
(33:17):
we tend to mirror the state in that our shoulder
season Is november To. April our season ticks up in the.
Spring we HAVE i mentioned. Education we have a lot
of colleges and universities and they tend to tick off
the season with commencements and then we roll, in you, know,
(33:38):
weddings our big business out, here and then we roll
into the summer travel season and In june when kids
get out of. School so we rely on a good,
season and we rely on mother nature for a lot
of those outdoor. Activities but the good news is with
our assets what we, offer we have a lot of
(34:00):
things that visitors can do indoors as. Well our. MUSEUMS
i mentioned The hall Of, fame The. Armory you, know
we're getting ready to celebrate the two one hundred and
fiftieth that armories are tied to that celebration and it's
a hidden little gem it's A National Historic. Site it's awesome.
Speaker 3 (34:18):
Talking with A Mary Kay. Widro she is the president
of The Greater Springfield convention And Business. Bureau doing business out?
There do they do business out? There is explore westernmass dot.
Com Mary. Kay WHEN i was looking up hot spots
out there in the western part of the, state the
things that popped up were one and one they said
go To. Lenox two they said go To, stockbridge and
(34:39):
then they talked about The Mohawk. Trail give us a thumbnail. Sketch,
Yeah so.
Speaker 6 (34:44):
My organization really Promotes Hampton, Hampshire Franklin, county and there's
another Regional Tourist council over in The. Berkshires we love
our neighbors to the. West The berkshires have great Name.
Cache they've got a brand that really resonates those are you,
know the the hotspots that you. Mentioned lennox is wonderful
(35:05):
with tangle, wood and you, know The Mohawk trail is
certainly something that people should take advantage. Of it's an
incredible scenic. Byway we get a lot of. People you,
know our our feeder markets tend to Be, Boston New
york And providence and certainly The boston. Market taking The
pike out, here you go right through us to get
(35:28):
to The. Berkshire so our hope is that they will
stop off and check out our attractions as.
Speaker 2 (35:33):
Well And Mary, kate my last question for you, is you,
know obviously your big competition has to be coastal. Areas
what do you guys do you know to combat that
and to get people to come.
Speaker 8 (35:45):
West, WELL i.
Speaker 6 (35:46):
Think we lead with our. Strengths you, know we don't
have a, beach but we do have a Beautiful Connecticut
river and we, have LIKE i, said we've got some
mountains in our region that we encourage people to take advantage.
Of and and really there's something for. EVERYONE i know
that that's a term that's used a, lot but but
(36:08):
there truly. Is we've got, culture we've got. Fun, uh
we've got some great restaurants and group pubs and, dining
and you know it's we're we're a great value destination.
TOO i will say that that you can do a
lot AND i, know you, know in this day and,
(36:28):
age everybody's watching their. Pocketbooks SO i think our region
offers a lot for a lot of.
Speaker 3 (36:36):
People, well how does Explore western maass dot. Com how
do you reach their? VISITOR i, mean what what's your
ad money and and and like and and? Who how
do you target them and in what?
Speaker 6 (36:47):
Format, yeah so we do a lot Of we do
a lot of digital marketing right now and we Have
we've been fortunate we received a grant from the. State
we always get a grant from the, state and we're
very grateful for those state. Dollars in order to get the,
grant we have to match it with private, Dollars so
we have businesses that invest in us and partner with
(37:10):
us most of our. Marketing you, know it's interesting WHEN
i talk locally to, people they don't even know at
times that they have a convention of visitors bureau or
a destination marketing. Organization because to do our, job we
need to put those dollars into the markets where the
visitors are and influence them with. Digital we do a
lot of digital. Marketing we rely on our. Web we
(37:31):
spend a lot of money WITH seo AND. Sem we
have focused a great deal on social media and content
creators and having people actually come in and you, know
post about visiting our. Region and that's working for us.
Speaker 2 (37:49):
Well Mary, kay you have certainly sold me on the
western part of the. STATE i thank you very, much
as Does joe for being a part of The New
England Business.
Speaker 3 (37:56):
Report And, kim as you remember last week on the,
program we Had John, hurst of, course the head of
the Retail association here In, massachusetts and one of the
things we touched upon was this new study that came
out of The Donahue institute and it basically speaks to
the health of small businesses across The. Commonwealth, well we
thought that was pretty, fascinating so we reached out to
the actual research manager on this project and that's One
(38:20):
Ember Sky Caine Lee economic And Policy research at The Donahue.
Institute she is our guest on The Wingo Business report
on This sunday. Morning, ember thank you very much for joining.
Us let you know this is some of these results
are a little bit. STARTLING i mean especially when you
look at you, know what is the number more than
(38:42):
fifty percent of these small business owners are saying they
could possibly sell in the next five. Years tell us
about this.
Speaker 5 (38:48):
Report, Yeah so this support, was as you, mentioned done
on behalf of The Retailers association Of massachusetts and the
main goal of the study was to better understand that
challenges and the unique issues facing local retail small businesses.
Speaker 15 (39:06):
Across The.
Speaker 5 (39:07):
Commonwealth so the report findings themselves were based on analyzed
data collected from an online survey conducted with approximately six
hundred and thirty five small business owners across The, commonwealth
and we asked questions to everyone including things like attitudes
towards topics which is, health, insurance retail, sales, costs, profits
(39:31):
and pressing challenges that these business owners were, experiencing as
well as the impact THAT covid has had on their.
Businesses and so we've actually generated a few very interesting
findings from. This one of them was the finding that
(39:56):
you had just mentioned that fifty one percent of retailers
from our survey report being likely to close or sell
their business live in the next five. Years and factors
for that piece in particular are many people are approaching
retirement age and so aging out of owning a business
(40:19):
and looking to. Sell and also the second highest factor
that people across The commonwealth has brought up was that
they faced a lot of high cost business challenges as
another main factor behind their decision to close or potentially
(40:39):
sell their business in the next five. Years those things place,
overhead the minimum wage. Cost small business owners are really
really struggling with that as prices continue to go.
Speaker 2 (40:56):
Up, yeah one of the THINGS i know what did
was they're saying that if taxes were lower in the,
State does that specifically mean that it's just really expensive
to operate a small business in this? State or you,
know would you would you anticipate that'd be something that
anybody and everybody in business would.
Speaker 5 (41:15):
Say, SO i do think it is something that we
would likely see across the, board regardless of whether you're
a small or large business. Owner, however small business owners
do face sort of unique challenges in that. Regard and
even from our, report about three out of every four
(41:37):
retailers so seventy six percent from our, findings have reported
that the cost of operation have risen at a faster
rate than their sales since twenty, nineteen and this is
a huge factor limiting their overall.
Speaker 3 (41:50):
Profitability, today talking with The amber Sky Kine, lee a
research manager there at The Donaux, institute about the support
the health of small businesses here and The, commonwealth you, Know,
EMBER i guess what we've gone through a couple of
those stats that jump out at, us BUT i GUESS
i want to come back to you a little bit
as a person who is really front and center on this.
(42:11):
Study what what do you take away from this and
and what level of concern you would attached to some
of these.
Speaker 5 (42:18):
Findings, yeah that's a great, question and SO i don't
think these findings are of course of concerns to the.
COMMONWEALTH i do think there are interventions that you've even
recommended within our report that would absolutely help these small
(42:43):
business owners sort of address some of these challenges and you,
know hopefully increase their profitability as time marches. Forward and
one of the things that we would suggest the public
policy world within the state was got is lobbying the
massachussets of state government to lower sales and payroll, taxes
(43:08):
things like electricity rates or mandatory industry licensed certification costs
that disturbs the restaurants because those particular costs are really
but our small business owners across the across the state
have reported being extremely challenging to keep up with while
(43:32):
also staying profitable in the stay and.
Speaker 2 (43:36):
Age you, know one of the things we talked To
Jim rinney about last week because he was sort of
outraged about, it and that was the fact that health
insurance rates in this state have gone up so dramatically
and the impact that that will have on small. Businesses
in your, report you say approximately sixty three percent of
small business owners offer health. Insurance, obviously that's got to
that latest news has got to be a real to
(43:58):
turn for.
Speaker 5 (43:58):
Him, Yeah so offering health insurance and the cost of
health insurance that these business owners provide their employees has
absolutely been a, challenge especially as you mentioned that these
rates are increasing over. Time one of the one of
the interventions that our reports, suggests given all of this
(44:22):
input from small business owners, themselves really is to advocate
for affordable health benefits supportable assurance insurance for employees so
that we can take some of that burden off of
small business owners. Themselves we're really struggling right. Now all.
Speaker 3 (44:41):
RIGHT i appreciate you taking time in joining us on
The New Engle Business report this. Morning that's a Ember
sky Kain, lee research manager there at The Dona Hue.
Institute up, next you're gonna hear about how well a
business has started On Old Cape. Cod it's Called Where's?
Woody where do we talk? About THE, Ceo Mike. Norwood
this is The New England Business.
Speaker 1 (44:59):
Report you are listening to The New England Business report
on The voice Of BOSTON wrko six 't. Eighty joe
And kim will be right.
Speaker 10 (45:13):
Back are you a brother or sister of one Of
Greater boston's local trade unions and finally thinking about getting
ready to hang up your tools after thirty five years
of working your? Tailoff, congratulations you worked hard to build
your retirement nest. Egg but now What let me help
you break through the nonsense and financial speak so we
can get to the questions that are important to. You
as you, know nothing gets built without a set of,
(45:35):
plans and neither will your financial. Future my name Is Mike,
Marshall president AND ceo Of Marshall Wealth management and creator
of The Marshall, plan a comprehensive customized plan that will
help you answer important questions in all seven key. Areas
you don't have.
Speaker 1 (45:50):
To do it.
Speaker 10 (45:51):
Alone there is no cost or. Obligation call us at
eight five seven three four two ten. Thirty that's eight
five seven three four two ten. Thirty well check us
out online At marshallwealth dot. Com marshall with two, Els marshallwealth.
Speaker 11 (46:05):
Dot Com Advisory services offered To Capital analysts Or Lincoln
Investment Registered Investment. Advisors securities offered Through Linoln Investment Broker
Dealer Member, FINRA, Sipc Lincoln investment dot, Com Marshal Wealth
management and the above firms are independent and not.
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Speaker 2 (47:14):
Lo hi, Everybody I'm Kim kerrigan.
Speaker 3 (47:22):
And I'm Joe. Shortsley if you want to be part
of The New England Business, report sponsorships are still.
Speaker 2 (47:28):
Available you can email us at Any Business radio at
gmail dot.
Speaker 3 (47:33):
Com that's Any Business radio all one word at gmail
dot com and we'll get your business on the show.
Speaker 1 (47:42):
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Speaker 2 (48:01):
Com, Well, joe you've got to love this born On
cape cod with A california. Vibe that's a slogan of
our next guest. Company Where's woody is the name of the.
Company Mike norwood is THE, ceo And, mike it's great
to have you on the show with.
Speaker 4 (48:21):
Us thanks so.
Speaker 15 (48:21):
Much thanks for having. Us guys really appreciate.
Speaker 2 (48:24):
It you bet tell us About Where's?
Speaker 15 (48:26):
Woody so wood is not my last, name it's it's
although they get accused of that being the. Namesake But
woody is our grand wagon ear THAT i bought about oh,
thirteen fourteen years, ago and the name is derived from
our obviously our apparel. Company it's kind of a clever.
Name and our, start as you, mentioned Was spalmas on
(48:49):
the cape with the street vendor. Hermit that's the town
granted us to be able to Drive woody around and
sell out of. It so originally our concept was to
have a fleet of Grand wagoneers or beach wagons very
much like, it and be a street. Vendor uh you,
know go beach to, beach row bar to row, bar
(49:09):
as we did In famous And u so. Well we
originally did Beach, essentials and, ironically in the beginning we
sold other brands Like haaveana's foot, flops malage and. Sunglasses
and not, thereafter because everybody Loves woody The, wagoneer we
started to develop our own brand of apparel and, accessories
(49:32):
SPECIFICALLY t, shirts, hats, hoodies and you, know we began
to look much Like life Is, good which everybody, knows great,
brand and we wanted to be something more, premium higher end,
sportswear so we not long thereafter it began to make,
sportswear half SIPs and polos and the like In Fall.
River and since that time we've we've evolved and are
(49:57):
now producing those goods In East. Boston So woody's our
grand wagon, here it's, like Where's? Woody we used to
drive around parking different, spots and you, Know twitter was
sort of new back, then so we used to post
up and and and uh put where we were On
twitter and uh and then you, know sell our flip,
(50:17):
flops sell our sunglasses and alovera beach suncreen and uh
and the bomb and the, like and then we've evolved
into you, know our own brand making premium, goods primarily In.
Speaker 3 (50:32):
Boston we're talking With Mike. Norwood he started this business
and started out his summer Fun i'm looking at the
some of the literature, here and it started in two
thousand and, one has fully matured Into Where's, woody an
upscale apparel, manufacturer multi channel retail brand known as known
for its bold coastal. Style so how's, Business Mike? Norwood it's.
Speaker 15 (50:55):
Great you know we're in multi you, know we're multi
channel brand as you much have to be the. DAYS i,
mean we're we still do what we call our. Tour
we travel all over the country now not just along
you know the beaches and the hotspots on the, cape
but so we have that retail piece that we. Go
it's it's sort of a mobile retail aspect of what we,
(51:17):
did which is just simply an extension of our, beginnings
and we're online Obviously Where's way Dot com AND uh
we ALSO uh now have some select boutique retail destination
retailers In Saratoga, Springs New, York Fisher's, Islands New, york
and the, like a couple of golf clubs that are
carrying our line in and pro. Shops and then the
(51:40):
biggest part of our business, process which is growing as
fast as is our customer apparel, business which given everything
that's going on globally with tariffs and the, like we're
able to produce goes exactly the way, company, schools, teams
et cetera want them and not just take something that's
already made and put a logo on. It so that's
(52:01):
a very interesting part of our business that's, growing like you,
said the, Fastest so you, know custom, apparel OUR b
TO b side is. Great our e, commerce our retail
model of going to where our customers are not expecting
them to come to us just always been OUR mL
and then being intellect retailers is sort of where we're.
At so those four channels are growing and we're slowly
(52:21):
and very deliberately growing those out and as you, say
maintaining our style a little bit bolder, palette WHICH i
think it's Soorry.
Speaker 2 (52:30):
Well, mike you just kind of touched on. This but you,
know we talk to a lot of small businesses and right,
now we know the uncertainty that exists as a result
of the trade issues that are. Looming you manufacture here
In massachusetts as a matter of, Fact so tell, us you,
know has this global economy had an impact on you
guys because You're american?
Speaker 15 (52:50):
Made you, KNOW i think THERE'S i will put it,
BLUNTLY i think there's a for most, people there's a
preference For american. Made that wouldn't say that as an
overwhelming demand for. It but you, know what we do
know is, that you, know the stuff that we make,
here smaller, batches is a little bit more. Special it's well,
crafted it's made, well and people want those. THINGS i,
(53:12):
mean you, know there's you, know we're sort of at
the other end of the spectrum quite, frankly to The
czars in the ah And ms of the, world which
are fat, fashioned making things that don't, last chasing. Trends
we make classic signature styles that are built to, last
with a you, know with A boulder palette and that's
sort of an our M, o quite, frankly and SO
(53:34):
i think that there's an increasing preference For america made
and people are willing to pay for. That not. Everyone
we're not A walmart based. Brand we're more premium on
the higher. End but you, know it's helped us for,
sure but it's it's not as if we've jumped on
the bandwagon of making things. Here it's always been our
(53:56):
way to do. Things so we've always believed in smaller,
backs just you, know not seasonal, production bolk, production things
that just sorted at the complete end of the spectrum
as it relates to many many brands that are you,
know heavy ad spenders On facebook And instagram that both
produce good offshore, seasonally which we think is quite, frankly
(54:18):
in absolute. Waste we'd rather make things that you can
wear most of the, year that stand out and stand
off the. Rack and that's just always been our. Thing but,
strategically make no, mistake AS i just touched, on OUR
b TO b business will. FLOURISH i think because of
the way we do, things will make goods, fast will
make them the way the customer wants, them and we'll
(54:40):
deliver them just as fast as somebody that's one of
those promotional products companies that are on every street corner out,
there just putting a logo on and already made both.
Speaker 3 (54:48):
Produce Good talking With, mike nor would THE ceo Of Where's?
What he Now Where's? What he donates up to three
percent of sales year round organizations working to improve the
lives of people with diabetes and to help find a.
Cure tell us about, That.
Speaker 15 (55:03):
Well i've lived with type one diabetes since nineteen seventy
and you, know it's a personal thing for me and our,
company and what we do is much like the way
WHICH i think many people out there are aware. Of
patagonia has their mission to save the, planet so they
donate one percent for the, planet and we do something
(55:25):
very similar as you touched up two to three. Percent
we do change the. Percentage it's a minimum of one
percent of, sales but we do move it up to
as much as three like for months Like, november which
Are National Diabetes awareness. Months so we do work with
nonprofits that we think are doing great. Things they don't
have to be, big like Break THROUGH t ONE d
(55:46):
or The American diabetes. Association but they could be smaller
ones that make a huge impact on their, community like
kids send a kid or two or three to a
summer camp that's focused on kids with type one. Diabetes
and uh so it's it's, personal you, know it's not
just something that we've picked up the rack to be
(56:07):
able to say that we support this. Cause it's AND
i will say, that you, Know i'm out in the
field in front of clients almost every day and it's
quite frankly striking to me or borderline shocking to see
how much diabetes as a part of you, know this.
Culture and uh And i'm not just speaking type, too
(56:29):
but type one is exploded SINCE. Covid SO i love
to know. Why but in the, meantime until we find,
here which we're heavily you, know engaged with where we
want to help people living with with diabetes to live.
Speaker 2 (56:44):
The best they, can, well that is. Terrific his name
Is mike Nor, would his company Is Where's. Woody we
thank you so, much michah continued success and thank you
so much for being a part of The New England Business.
Speaker 3 (56:55):
Report all, Right, cam time to talk about next week
here on The New England Business Support we're going to
talk a little bit about cyber, security but this is
a different angle on. Cybersecurity this has to do with
the threat OF ai and what you need to be
on the lookout. For that'll be a fascinating conversation With
Rob fitzgerald From Blue manthis that is On sunday. Morning
(57:17):
i'm the New England Business support right here in w
RK o The voice of Bost am six eight
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