Pasadena Chamber of Commerce

Happy New Year

pasadenachamberofcommerce — Sat, 26 Dec 2009 22:15:57 +0000

Things are starting to build here in Pasadena. Great hosting the BCS Championship along with the Rose Parade and Rose Bowl Game.

Have a safe, happy and prosperous New Year!

Paul

This week’s leading indicators

pasadenachamberofcommerce — Wed, 23 Dec 2009 05:10:56 +0000

I never heard of Zhu Zhu Pets before I read this story in the LA Times:

Are parents pushing the Zhu Zhu Pets craze?

Continuing in the tradition of Tickle Me Elmo and Cabbage Patch Kids, the robotic hamsters might be generating more excitement among grown-ups than children.

Zhu Zhu Pets sell for $8 or $9 at stores (but are marked up considerably on EBay). (Joe Raedle / Getty Images / December 9, 2009)Parents across the country have lined up to buy this year’s hot toy, Zhu Zhu Pets. But do the children even care?

“Mothers and parents, that’s all I hear it from — but the kids, I haven’t heard much from them,” said Tanya Serrano, 26, who waited at the front of the line to snag one Monday morning at a Wal-Mart Supercenter in Ocoee, Fla.

Serrano’s 5-year-old daughter, Sofia, has not asked for the Zhu Zhu robotic hamster. “She wants the real thing,” Serrano explained. “Mom’s not buying the real thing.”

Of course, if you’re in the jewelry business:

Tales of woe ring true in L.A. Jewelry District

I knew things would be bad even before I set out this week to see how jewelry stores were faring this holiday season.

I knew owners of these small businesses were facing a triple whammy: the crappy economy, sky-high gold prices and a product that’s a luxury and by no means a necessity. I expected to hear more than a few tales of woe.

But I wasn’t ready for the complete devastation I came across.

“It’s almost Christmas,” said Joel Taban, owner of Oro Shop in the heart of the Jewelry District in downtown Los Angeles. “I have no orders. None.”

I found Taban alone in his store, chopping pieces of gold jewelry into bits with a pair of wire cutters. He said he planned to melt the gold down and sell it to pay the rent for his business, which he has run for the last 20 years.

It is not a good market for expensive or luxury goods, even at discount prices.

But home prices are rising:

U.S. sales of existing homes soar 7.4%

Buyers looking to take advantage of a federal tax credit for first-time owners helped boost sales in November, a traditionally slow month, compared with October.

By Alejandro Lazo December 22, 2009 | 10:13 a.m.

Sales of previously owned homes soared 7.4% in the traditionally slow month of November as buyers looked to take advantage of a tax credit for first-time purchases, an industry group said this morning.

Sales of single-family houses, town homes, condominiums and co-ops rose to a seasonally adjusted annual rate of 6.54 million units in November, the National Assn. of Realtors in Washington said.

That is 44.1% above the 4.54 million sales pace of November 2008.

The 7.4% rise reported today was compared with sales in October 2009.

But it’s not all good news:

Recovery not as strong as previously thoughtAssociated PressDecember 22, 2009 | 8:55 a.m.

The economy grew at a 2.2% pace in the third quarter, as the recovery got off to a weaker start than previously thought. But all signs suggest the economy will end the year on stronger footing.

The Commerce Department’s new reading on gross domestic product for the July-to-September quarter was slower than the 2.8% growth rate estimated a month ago. Economists had predicted this figure would remain the same in the final estimate of the quarter’s GDP — the value of all goods and services produced in the United States.

Though some are retooling for a new market and reaching out to new customers:

Hoping for green holiday, Macy’s refashions itself

The venerable chain, building on its nostalgic appeal, is updating its operations to attract modern shoppers

Macy’s relentlessly red Christmas decorations, such as at its store at South Coast Plaza in Costa Mesa, have a nostalgic appeal for many shoppers. (Christine Cotter / Los Angeles Times / December 3, 2009)

Wrapped in the music, lights and relentlessly red decor of Christmas at Macy’s, Kathleen Kwiatkowski opened her wallet with a little pull from holidays past.

Like millions of other Americans, Kwiatkowski says she shops at the department store for its selection, ample coupons and easy return policy. But in part it’s simply tradition.

“Macy’s is Christmas,” said the West Hollywood resident, 56, examining a stack of knit tops at the Beverly Center store. “My mother used to take me to the New York store when I was a little girl.”

Our own Macy’s is still one of Pasadena’s unique and inspiring shopping experiences.

Small-business bankruptcies rise 81% in California

By Nathan Olivarez-GilesDecember 22, 2009

The Obama administration’s new plan to give a boost to small businesses reflects continued trouble in that sector, which is facing new failures even as much of the nation’s economy is stabilizing.

As credit lines have shrunk and consumers have cut back on spending, thousands of small businesses have closed their doors over the last year. The plight of struggling firms has been aggravated by the reluctance of banks to lend money, said Brian Headd, an economist at the Small Business Administration’s office of advocacy.

Someone please get a grip on reality:

Pay czar OKs $4.3-million raise for AIG executive

Kenneth Feinberg says the increase is necessary ‘to ensure that the employee contributes to AIG’s long-term success.’

December 22, 2009

A top executive of American International Group Inc. has been granted a government-approved, $4.3-million pay-package bump.Kenneth Feinberg, the Obama administration’s pay czar, backed the increase, saying it was appropriate “to ensure that the employee contributes to AIG’s long-term success and, ultimately, AIG’s ability to repay taxpayers.”

Let’s see. The company almost crashes the U.S. economy, but we need to pay huge amounts to ensure that company leadership has the expertise to run the company?

Nah!

I’d be willing to bet I could find a decent CPA in Pasadena who could do as good a job running AIG for $250K.

Paul

It was a fun week for the Chamber

pasadenachamberofcommerce — Tue, 15 Dec 2009 04:45:15 +0000

We hosted our annual Holiday Party and gave away toys to Child Care Information Service and Hathaway-Sycamores. Santa even showed up to spread some cheer.

We were invited to the Langham Huntington Hotel for the viewing party for the finals of this year’s Top Chef. Langham Chef de Cuisine Michael Voltaggio was a finalist. Now he’s Top Chef! Congratulations Michael and The Langham! Great evening for the hotel and for Pasadena.

Win BCS game tickets

pasadenachamberofcommerce — Tue, 15 Dec 2009 04:28:49 +0000

The Chamber is hosting a raffle for two BCS game tickets and two official tailgate party passes. Want to see Texas and Alabama square off for the big game on January 7th? Enter that Chamber raffle at www.pasadena-chamber.org/pdfs/BCS-Raffle.pdf. You can fax your entry to (626) 795-5603. Hurry, entry deadline is Friday, December 19th.

Only 100 raffle tickets will be sold for $100 each. The Texas Longhorns vs. Alabama Crimson Tide tickets are selling online for $2500 each.

Good luck!

This week’s leading indicators

pasadenachamberofcommerce — Mon, 14 Dec 2009 07:03:44 +0000

Banks and financial institutions are paying back TARP funds.

New York Times reports that Citibank is close to repaying billions:

Citigroup Nears Deal to Return Billions in Bailout Funds

By JEFF ZELENY and ERIC DASH

WASHINGTON — Citigroup was close to a deal on Sunday night to be the last of the big Wall Street banks to exit the government’s bailout program, after trying to persuade regulators that it was sound enough to stand on its own.

Negotiations between the bank’s executives and senior government officials went into the night and could still collapse. On Monday, President Obama is to meet with the chiefs of the nation’s biggest banks at the White House and press them to help speed the economic recovery by providing more loans to small businesses and homeowners.

Larry Summers, Obama’s economic advisor predicts job growth this spring.

Summers Predicts Job Growth by Spring

By JOSEPH BERGER

Lawrence H. Summers, President Obama’s top economic advisor, predicted on Sunday that by the spring the ranks of working Americans will start to grow once again.

“Most professional forecasters are looking for a return to job growth by the spring,” he said in an appearance on “ABC’s “This Week with George Stephanopoulos.”

Mr. Summers, director of the White House’s National Economic Council, made his forecast one day before President Obama is scheduled to meet with banking executives at the White House in an effort to ratchet up lending to consumers and small businesses, to make it easier for homeowners to obtain mortgages and spur businesses to generate jobs.

Sales figures seem encouraging so far this year.

Retail Data Shows Strong Start to Holiday Season

Shoppers, reassured by the slowing pace of job losses and attracted by deep discounts at retailers, are starting to spend more.
by JAVIER C. HERNANDEZ

A strong start to the holiday shopping season pushed retail sales higher in November, the government reported on Friday, propelling stock prices near their recent highs.

Hopes that consumers may be opening their wallets ever so slightly even in this grim job market were also bolstered by a separate report that showed consumer confidence improving.

Good news.

Paul

Gold Class Cinema hosts VIP Chamber event

pasadenachamberofcommerce — Wed, 09 Dec 2009 21:11:49 +0000

Gold Class Cinema, a luxury movie experience, just opened in Old Pasadena. They hosted the Chamber for a VIP reception and screening in their new facility in Old Pasadena. Guests were treated to drinks and hors d’oeuvres before the movie, then ushered into the most comfortable viewing experience where we saw a movie and were served sample meals and drinks during the screening.

The LA Times was intrigued:

Theater chain puts a luxe twist on dinner and a movie

Gold Class Cinemas replaces vats of popcorn and sticky floors with ginger calamari, personal service and a price tag to match.

The scene inside one of the theaters during a screening at Gold Class Cinemas in Pasadena. (Lawrence K. Ho / Los Angeles Times / December 8, 2009)

By Richard Verrier and Jessica Gelt December 21, 2009

As they relaxed in the dimly lighted lounge, awaiting the sold-out screening of “Invictus,” Stephen Galloway and his wife, Tina, were perusing the menu between sips of champagne. A waiter had just brought a chilled $49 bottle of Schramsberg sparkling wine and was ready for their order.

Tina was contemplating the $14 plate of fried calamari with ginger and lemon, while Stephen had a hankering for the $19 New York strip steak sandwich.

The Galloways are hardly high rollers — he’s a property manager and she’s a social worker. Still, the Pasadena couple were more than willing to fork over $29 each for a movie ticket, on top of the bill for champagne and finger food.

It is a truly unique movie-going experience. Luxury, service, comfort, good food and drink.

Welcome to Pasadena Gold Class Cinema.

Paul

Pasadena Chamber hosted Tournament of Roses for annual breakfast

pasadenachamberofcommerce — Tue, 08 Dec 2009 18:21:49 +0000

The Pasadena Chamber of Commerce hosted the annual tribute to the Tournament of Roses at the Westin Pasadena. Breakfast was attended by city leadership, Tournament past presidents and rising leadership and many community leaders. Mayor Bill Bogaard and Assemblymember Anthony Portantino joined us along with Chamber Board members. The honored guests are always the past presidents, who come in their signature red jackets and the Royal Court who enchant the entire room.

Board Chair Ray Serafin mentioned some of the significant economic impacts the Tournament has on our area as well as the tremendously positive contribution the Rose Parade and Rose Bowl Game have had on Pasadena.

Retiring Tournament CEO Mitch Dorger was also recognized for his ten year contribution leading the staff of the Tournament.

A great event recognizing perhaps the single most important influence on the quality of life and vitality of the Pasadena area. Special thanks for Chamber staff and our Ambassadors for making the beakfast a huge success.

This week’s leading indicators

pasadenachamberofcommerce — Sat, 05 Dec 2009 07:08:22 +0000

Some good news on unemployment, from the LA Times:

U.S. loses almost no jobs in November

The surprising employment picture fuels hopes that the bottom is here — or near

By Don Lee and Peter Nicholas, reporting from washington and Tiffany Hsu

Reporting from Washington Tiffany Hsu and Los Angeles — After two long years of economic destruction that saw about 8 million American jobs disappear, the national payroll essentially stopped shrinking last month in an unexpected turn that raised hopes a labor market recovery might finally be at hand.

Although most analysts had expected November’s job losses to top 100,000, the Labor Department said Friday that employers shed just 11,000 jobs in November — the smallest number lost since the recession began in December 2007.

And the nation’s unemployment rate fell to 10% last month, down from 10.2% in October.

The Obama administration is cautioning against reading too much into one month’s figures. Good advice. Though we can all be optimistic.

There may be another mortgage crisis coming as homeowners with restructured loans continue to have trouble making payments.

Many homeowners with modified mortgages are behind on payments

About 25% of borrowers helped under the administration’s massive foreclosure prevention program are delinquent, the Treasury Department says.

By Renae Merle

Reporting from Washington - About 25% of borrowers helped under the administration’s massive foreclosure prevention plan have already fallen behind on their new mortgage payments, according to government data that raise new questions about the program’s effectiveness.

The delinquency figures reflect the latest troubles of the program, known as Making Home Affordable. Treasury Department officials this week announced a campaign to put new pressure on lenders to do more to move struggling homeowners into loans with easier terms.

So far, more than 650,000 borrowers have been enrolled into the initial or trial phase of the program and have seen their payments lowered by an average of $640 a month, or 40%. But a recent survey of large mortgage servicers published by the Treasury Department found that more than 25% of borrowers in the program were not current on their trial payments.

But banks that received TARP funds are paying the money back. From the New York Times:

Bank bailouts appear to be paying off

The U.S. gets billions back as Wall Street rebounds. But critics say the TARP fund will still end up in the red.

By Jim Puzzanghera and Walter Hamilton

Reporting from Washington and New York - The government’s bailout of the banking system is turning out to be far from the fiscal sinkhole so many had feared.

The $700-billion Troubled Asset Relief Program, known as TARP, was reluctantly created by Congress last fall despite criticism that it was a huge risk that would only encourage the profligate ways of Wall Street. But in recent months, tens of billions of dollars have begun flowing back from banks to the U.S. Treasury.

Bank of America Corp.’s decision this week to repay one of the largest chunks — $45 billion — reflects the stunning turnaround of the financial industry and demonstrates that the government’s unpopular medicine appears to have saved the patient. And the price tag isn’t as large as expected.

More good news. And some scary news, too:

U.S. Retail Chains Report a Lackluster November

By STEPHANIE ROSENBLOOM

Consumers continued to send mixed signals in November as they teetered between optimism about signs of economic recovery and fears about the job market and home values.

That ambivalence was reflected in reports from retailers on November sales, which were a slight improvement over last year, yet well below the highs of two to three years ago.

Over all, the industry posted a 0.5 percent increase on Thursday in sales for November in comparison to a year ago, when sales declined 7.8 percent, according toThomson Reuters. The International Council of Shopping Centers, a trade group, calculated the November figure to be lower, saying sales declined 0.3 percent.

Of course, some of it may simply be due to the odd way the Thanksgiving weekend falls this year, and holiday fatigue already.

Pasadena’s General Plan revision process deserves attention

pasadenachamberofcommerce — Sun, 29 Nov 2009 00:07:06 +0000

A story in today’s Pasadena Star-New s illustrates why EVERYONE needs to be involved in the revision of Pasadena’s General Plan.

The story purports to explain that Pasadena’s citizenry are “fed up” with dense development. More accurate would be to say that a few citizens interviewed for the story, certainly not a representative group, want less development in downtown Pasadena.

I would be interested to hear Terry Tornek’s response to the notion that more and denser development could be targeted toward the Caltech and PCC neighborhoods. (I expect Juliana Delgado was speaking of residential development.)

I have been involved in many of those community meetings, and density does come up as an issue, but frequently the concerns end up focusing on design and how close buildings are to the sidewalks. People don’t appreciate cheap-looking buildings that meet the sidewalk directly without any landscaping or modulation to make them more friendly and appealing.

What is being left off the discussions at this point is the economic impacts of development. Not mentioned is the fact that the residential development at Del Mar and Pasadena Avenue is paying a substantial portion of the purchase price of the Annandale Canyon Estates property that will now be open space. Or the (estimated by the Urban Land Institute) $9 per day each office employee in Pasadena spends near their place of employment.

Also absent are state mandates regarding greenhouse gas reductions and climate change which call for denser development of housing near employment centers.

It is also worth noting that the people quoted in the article did not attend any of the meetings with business groups and only sporadically attended community and council district meetings. A lot of information that has been gathered has yet to be compiled. Once that work is complete, there should be a more comprehensive picture of what the entire Pasadena community (or communities) are concerned about.

Here’s the article in its entirety, since the Star-News archives fairly quickly.

Planning process reveals Pasadena residents’ distaste for high-density building

By Dan Abendschein, Staff Writer

Posted: 11/27/2009 09:11:27 PM PST

Editor’s note: This is the first of a series of periodic stories on Pasadena’s General Plan update.

PASADENA – In the midst of a city planning process that will determine what Pasadena’s future growth will look like, one thing certain has emerged: Residents are decidedly against high-density construction.

For the past 15 years, since the 1994 General Plan update, the city’s development policies have focused on encouraging new growth in central Pasadena, along Colorado Boulevard, while keeping it away from neighborhoods.

But at recent community meetings on the General Plan update, some concerns have surfaced over density in Central Pasadena.

“It was a good idea to develop that area, but the way it has turned out has been overkill,” said Berlinda Brown, a member of the city’s General Plan Update Advisory Committee, which is overseeing the planning process.

Every five years, the city updates its General Plan, the master guide for Pasadena’s future decisions on housing and commercial development, transportation, open space, and other planning issues.

The public input part of the process is now over – officials held several community meetings across the city – and now the advisory committee is working on a new draft of the General Plan update, to be completed sometime this spring.

While some residents want tougher rules to check the city’s population growth by discouraging new housing development, state laws make such restrictions very difficult to implement, said Stephanie DeWolf, deputy director of planning and development.

The state requires cities to plan ahead for a certain amount of population growth per year. Each city receives a state-recommended number of new homes and apartments it must build in the future in order to accommodate that growth, DeWolf said.

The state does not currently enforce those requirements, but some state legislators have proposed bills that would allow the state to withhold funding from cities that don’t follow the guidelines, she said.

As a result, DeWolf added, Pasadena’s General Plan update likely will not be a document that mandates slow- growth policies.

“The question becomes not whether you have density in the city, but where,” said Emily Stork, an advisory committee member.

Where within the city future developments are built is one of the things committee members agreed could change in the new update.

“I think people want the density to be more evenly distributed, instead of focused in one place,” Brown said.

Committee member Julianna Delgado,who is a professor of urban design at Cal Poly Pomona, said new areas to be targeted for growth will likely be along sections well covered by public transportation, or in locations that encourage walking.

Neighborhoods around Caltech and Pasadena City College, would be prime examples, said Delgado.

East Pasadena has not seen substantial growth over the years, she added. Neighborhoods just south of the Foothill (210) Freeway with close access to the Gold Line also could be candidates for new developments, she said.

Meanwhile, residents in certain neighborhoods have expressed concerns about being unfairly targeted for more apartments and other housing. For example, advisory committee members from the Northwest say they believe the city has focused mostly on their neighborhoods as sites for new affordable housing projects.

“I do see more housing in that area in the future,” said committee member Dante Hall, who also is assistant city manager in El Monte. “But there should also be market-rate housing that can help bring economic development to the area.”

Residents also have been generally against high-density commercial developments. For example, a proposal to bring a new Home Depot to Lincoln Avenue and Washington Boulevard continues to be strongly opposed by nearby residents.

Whatever the General Plan committee ultimately decides, few believe its recommendations will amount to a significant departure from Pasadena’s current development policies.

“I can’t imagine the plan ending up being at all extreme in the changes that will be made,” said Delgado. “I think most people view it as just an update.”

dan.abendschein@sgvn.com

(626) 962-8811 ext. 4451

Happy Thanksgiving from the Pasadena Chamber of Commerce

pasadenachamberofcommerce — Thu, 26 Nov 2009 19:30:45 +0000

Enjoy the day with family and friends. We have a lot to be thankful for.

We live in a great city. We are safe and secure.You can’t buy better weather. Even our economy, though stressed, remains relatively strong.

If you want to help improve our economy, please spend your Black Friday (and more) holiday dollars with shops, stores, services and restaurants here in Pasadena.

From high end jewelry and fashionable clothes, to appliances, to a plumber to unclog your drain in an emergency, Chamber members can provide for all your holiday needs. Go to www.pasadena-chamber.org/directory to find everything you need for the holidays.

Thank you all for your support of the Pasadena Chamber of Commerce.

Happy Thanksgiving.