Page 6 - March-April 2025 - REPORTER v2 - web optimized

MESSAGE FROM THE PRESIDENT

THE SKY IS FALLING -

DO WE NEED TO DUCK?

TREVOR SMALL
LBMAO President

he past few months have brought a new level of uncertainty Sometimes they even had cake! My dad talks to young people
Tabout the future of our economy and our country. We are facing today about the weekly page in the newspaper with all the bank
a federal election which looks to be a two-man race. Only a few foreclosures for sale.
months ago the next election looked to be a coronation for the Even through all that negativity he is proud of the fact that they
Conservatives, where now a new leader has taken control of the never had a bad year. Why is that? The strategy at that store was
Liberals and given them a huge boost in popularity. Our economy to focus on the customer. Flexible delivery dates and new, more
has been shaky in Ontario since last spring. The daily threat of new flexible hours were initiated. Under the previous management the
tariffs and retaliation has frozen new spending and investment. We store was focused on systems and efficiency – to the detriment of
recently re-elected the Doug Ford government, mostly under the customer service.
mandate to fight back at the United States president and his shots Some of this sounds like 2025. We have an uncertain economy.
at Canadian sovereignty. Customers are concerned about their homes and their jobs. How
Ontarians are justifiably worried about their jobs, their do we work to make sure that our businesses continue to operate
investments, and their future. The stock market has been on a successfully?
roller coaster ride that would make even the most seasoned
rider at Canada’s Wonderland turn green. Even the investment Focus on the customer!
experts can’t decide if this is the best time to get a deal on some
discounted blue-chip stocks or if you need to put all your money in Customers still want to be proud of their home. While they
gold and hide it under your bed. The real estate market is suffering, may spend less than they did during COVID, they still want to have
lots of product for sale but very few customers. Home builders – a great shopping experience. We have a great article in this issue
particularly in the GTA - are sitting on condos for which they can’t from Valerie Stark at BMF about retail trends. These are things to
find buyers. This, combined with interest rates that have been going make your store more inviting. Improving the shopping experience
down recently, are still double those that were found 2-3 years ago. is important. Today almost everything can be bought online and
It seems like everything is getting more expensive. $100 only dropped off at your customer’s home. While this may be simple
buys a small bag of groceries and the registration for my pickle ball and customers can do it while at home in their pajamas, it does
league just went up. What is a person to do? not do anything emotionally for them. Make shopping exciting and
For those who have been in the industry for many years we interesting.
have seen this before. Not exactly the same but similar in many Do we need to stick our head in the sand? The sky is not falling.
respects. When I first started working for my dad at Beaver Lumber We have been here before. Things will get better. Now may be the
in the early 1980s, he comments that the sky was falling then. best time to improve what you have.
Unemployment in the town we lived in was over 20%. Interest
rates were over 20% as well. One of the largest home builders in
that town were so slow that when they sold a new home, they
would have a celebration at the Beaver Lumber with the builder.

6 LBMAO Reporter - March-April 2025 www.lbmao.on.ca