Elections for the Michigan Retailers Association and Retailers Insurance boards will occur at their annual meetings on Tuesday, Aug. 21. You should have received ballots in the mail in late July. If you didn’t receive a ballot, contact Amy Jolley at ajolley@retailers.com. Deadline to return ballots for both elections is Friday, Aug. 17, but members can also vote in person at the meeting.
• MRA Board of Directors
The annual meeting for the MRA board will be at 11:45 on
Aug. 21 in the MRA boardroom at 603 S. Washington in Lansing. Those listed as members as of close of business on July 23 are eligible to vote. Nominees for four seats on the MRA board are Bo Brines, Bill Golden, Joe McCurry and Peter Sobelton. All but Golden are incumbents.
• RIC Board of Directors
The annual meeting for the RIC board will be at noon on Aug. 21 in the MRA boardroom. Those who are policyholders of Retailers Insurance as of close of business on July 20 are eligible to vote. Nominees for the Retailers Insurance Co. board are James P. Hallan, William J. Hallan and Jean Sarasin, all incumbents.
Larry Mullins is leaving the MRA board, and Orin Mazzoni’s term as chair is coming to an end, although he will continue to serve. A big thanks to both for their service!
6 TIPS ON EMAIL RANSOM SCAMMERS
The Retail Doctor Bob Phibbs told readers he was recently the victim of an email ransom scammer. He received an email saying “I know your password” with his password in all caps.
It was an old password but he got notifications from his grocery store, Google and others telling him to change his password. He refused to click on any of the links in those emails, rightfully thinking they were scam links. But he did go to his original accounts and change his passwords immediately.
This has dangerous implications if you or an employee click on scam links. Phibbs suggests changing passwords regularly, use the Have I Been Pwned (HIBP) website to determine if any of your accounts may have been compromised, and turn on two-factor authentication. And NEVER click a link in an email to go to a site to update your information.
RETAIL LONGEVITY
Retail stores’ average longevity is four years, according to a story in the Detroit Free Press. Out of 12 industries, retail came in 11th for longevity, while restaurants came in 12th.
The reason: Retail and especially restaurants have more volatile cash flow patterns. A cash buffer for lean months is crucial to small business success, according to a study by the JPMorgan Chase Institute, which the Free Press quoted.
Longevity for the dozen industries is:
Real estate – 9 years
Health care services: 8.8 years
High-tech manufacturing: 6.9 years
Other professional services: 6.5 years
Metal and Machinery: 6.4 years
High-tech services: 6.2 years
Construction: 5.1 years
Personal services: 4.9 years
Wholesalers: 4.7 years
Repair & maintenance: 4.6 years
Retail: 4 years
Restaurants: 3.7 years
