Former NBA star Magic Johnson signed a multiyear marketing deal in March designed to boost Best Buy sales in urban neighborhoods. His Magic Johnson Enterprises also owns 116 Starbucks and 31 Burger King restaurants.
Small businesses may struggle to grow in today's economy, but they can take creative measures to ensure they don't stay stagnant. Such measures include contacting former customers, expanding referral networks, seeking out strategic alliances, considering a merger with another firm, implementing cooperative advertising, expanding product lines and conducting an overall re-evaluation of the business.
The hotel-construction pipeline in Europe set a new cyclical high in the first quarter of 2008, reaching 1,031 projects, according to Lodging Econometrics. High occupancy rates and a surge in smaller upscale contemporary hotel brands have helped boost the numbers, an expert said.
The International Franchise Association reports that the number of franchise businesses grew steadily from 2001 to 2005, and the business concept is thriving despite the poor economy. The top-five Virginia-based franchises as measured by their number of units are JTH Tax, Hair Cuttery Franchise, Exxon Mobil Oil, Precision Franchising and Geeks on Call America, according to research cited in this article.
As the tech-savvy Millennials have moved into an aging work force, generational differences have limited how much information is shared between older and younger workers, according to Harris Interactive's recent 2008 World of Work survey. "Gen Y is changing the face of global business, possibly the most dramatic upheaval in business culture since women entered the workplace during World War II," the survey reported.