VOLUME 15 NUMBER 3 ■ COLUMBIABUSINESSREPORT.COM
Part of the
network
FEBRUARY 28-MARCH 13, 2022 ■ $2.25
Pull up a chair
Details set for Columbia Food and Wine festival. Page 4
Shipping success S.C. leads nation in pair of exporting categories. Page 5
New bank in town First Reliance Bank leases space in downtown tower. Page 9
Industry leader
Spinks leads store chain through sector changes. Page 10
Big worries, small businesses Be Beep A Toy Shop sales associate Ally Sundius rings up a purchase for Drew Lewis and dad Andrew Lewis at the toy store in Forest Acres. (Photo/Christina Lee Knauss)
Inflation, supply chain woes contribute to owners’ ongoing concerns By Christina Lee Knauss
INSIDE
Upfront................................. 2 SC Biz News Briefs................. 3 In Focus: Banking and Finance........................ 13 List: Banks.......................... 16 At Work............................... 21 Viewpoint............................23
W
Contributing Writer
ith inflation rising faster than it has since Ronald Reagan was president, small businesses are among those being hit hardest by rising prices. Economists and business leaders from around the Carolinas say South Carolina’s small businesses so far seem to be weathering the storm, but many factors, including a possible rise in the cost of leasing commercial space, could make the coming months more difficult. The National Federation of Independent Businesses’ Small Business Optimism Index
decreased in January to 97.1, down 1.8 points from December, with 22% of business owners reporting inflation as their single most important problem. Supply-chain tie-ups and difficulty in hiring enough workers are two other concerns causing small business confidence to shrink. “Small business owners have been managing incredibly well, but over the last six months we have seen a sharp drop in the number of small business owners optimistic about the future,” said Mark Vitner, senior economist with Wells Fargo Economic in Charlotte. “It’s mostly concerns about inflation that are driving that. While many businesses have been
Building on history
Optus Bank has long legacy of community focus, outreach. Page 18
able to pass along higher costs to their customers, they realize they’re not going to be able to do that indefinitely.” Vitner said one shock that might hit small businesses hard over the next year is related to the Consumer Price Index. Some leases for retail, office or other commercial space are indexed for inflation, tied to the 12-month cyclical change in the CPI, which is surging at record levels not seen in 40 years. A Feb. 10 report from the U.S. Labor Department showed that the CPI rose 0.6% in January, driving the annual rise in inflation to See CONCERNS, Page 15