Fishermen from Morgan Hill based seafood company Lusamerica, reeled in a rare orange colored petrale sole on January 24. The species is usually a dark brown color, however in very rare instances they can become brightly colored due to a pigment anomaly called Xanthochromism. The company is seeing this catch as a positive omen for the 2023 fishing season.
Read the full article in the Morgan Hill Times HERE.
Lusamerica is a family-owned, woman-owned, and minority-owned business. The company was established in 1975, setting up its headquarters at 16480 Railroad Ave. in Morgan Hill. Today, the company is one of the largest seafood wholesalers in California and the western United States specializing in quality product and sustainable options.
According to the National Retail Federation (NRF), consumers are predicted to spend $25.9 billion on Valentine’s Day gifts this year, a $2 billion spending increase from 2022 holiday sales. An annual survey of buying intentions found that 52% of respondents were planning to spend an average of $192.80 on gifts, not just for their immediate family and partners, but for all the special relationships in their lives including pets, classmates, co-workers, and more. Top spenders this year will be found in the 34-44 age group and top gifts will include candy, flowers, jewelry, gift cards, a night out, and unique experiences. 2023 Valentine’s Day sales receipts are projected to result in one of the highest spending years for the holiday in history!
Have questions? Contact City of Morgan Hill Economic Development Director Matt Mahood at Matt.Mahood@morganhill.ca.gov
The only true constant in retail, is change. Never has that statement been truer than in the past three years. For years Susan Reda, National Retail Federation Vice President of Education Strategy, has been publishing an annual retail prediction report. Here is what she predicts will be in store for the retail industry in 2023:
-The metaverse blends the physical and virtual worlds via virtual reality headsets. The tech is there but the consumer comfort level is lagging years behind.
-Web3 takes the metaverse a step further, implementing digital currency, tokens, and rewards redeemable either virtually or physically.
-Retail media networks will continue to gain momentum, providing targeted marketing and additional revenue opportunities.
-AI will become a stronger tool in retail, using first party data to influence personalized marketing messages that yield tangible conversion results.
-Right-sized retail stores and partnerships across smaller brands will continue to lead the expansion race.
-Gen Z consumers are currently driving the retail transformation, valuing both digital and face-to-face retail models. However, Gen A consumers will number 2 billion by 2025 further prioritizing social media and relationship-based marketing.
-Greenwashing will result in brand suicide this year, so businesses need to double down and stand behind their sustainability efforts.
-Nearshoring has been met with success by startups looking to sidestep the next supply chain disaster. Large businesses will continue to follow lead and in some cases partner together on cargo and storage space, providing an alternate revenue stream and savings for all.
-The Combatting Organized Retail Crime Act looks to decrease retail theft and violence rates, which have been steadily growing over the years.
-Continued warnings of an impending recession could lead to customers pulling back on purchases. However, although the number of transactions might decrease, they won’t sacrifice the quality, value or durability of the items they will continue to purchase.
Morgan Hill’s 2022 third quarter sales tax revenue grew (5.2) percent over the same quarter in 2021, largely attributed to the autos/transportation and county/state pool groups. The largest gains year over year were seen in the fuel/service stations and restaurant/hotel groups thanks to the return of travel and office work. Although buyers were beginning to be more selective and frugal with their shopping during this quarter, most sales tax groups across the board continued to enjoy growth.
In spite of mall foot traffic increasing (40.3) percent and seven of nine retail categories showing revenue gains, the 2022 holiday shopping season fell short of the National Retail Federation’s (NRF) projected gains. During the months of November and December, retail sales rose (5.3) precent over 2021 and across 2022 retail sales increased (7) percent year over year. The data collected is based on core brick and mortar and online retail stores, and excludes sales revenues from car dealerships, gas stations, and restaurants. Industry experts attribute the 2022 holiday season shortcomings to inflation and deep discounting, and suggest that 2023 might see another retail dip as consumers become more frugal amidst worries of a looming recession.
Small business owners who have been affected by flooding, power outages, and other storm-related hardships may request up to an additional (3) months to file their tax returns. Relief services offered could include the extension of tax return due dates, relief of penalty and interest, or replacement copies of records lost due to disasters. Taxpayers who face return deadlines between January 4, 2023 and January 31, 2023 who are granted relief, will not have to pay interest and penalties if they are unable to file their returns and pay taxes and fees by the original due date.
