Santa Monica Daily Press, January 23, 2008

Page 1

INSIDE SCOOP

COMMENTARY

THE REAL DEAL

BIG BLUE BUS CRASHES IN WEST L.A. PAGE 3 DIRECTOR LOOKS FOR A SCHISM PAGE 4 TAX TIME — AGAIN PAGE 6

WEDNESDAY, JANUARY 23, 2008

Visit us online at smdp.com

Volume 7 Issue 62

Santa Monica Daily Press CAUGHT IN THE ACT SEE PAGE 11

Since 2001: A news odyssey

THE LOCAL BUSINESS ISSUE

Is a downturn on the horizon? BY MELODY HANATANI Daily Press Staff Writer

CITYWIDE The customers keep coming and sales are flowing, but Shulamit Wilder can sense something is amiss at her jewelry store. In the past year, the owner of Lorraine Fine Jewelry on Wilshire Boulevard has noticed a change in behavior among her regular clientele — they’re buying less frequently and spending more cautiously. With the subprime meltdown, increasing number of foreclosures and most recently the stock market crunch, economic experts have been pointing to a possible recession, causing consumers to hold on tightly to their piggy banks as the country weathers the financial storm. Last week, President Bush announced a $140 billion economic stimulus package that includes a series of tax relief measures, an attempt to give the national economy a shot in the arm by spurring consumer spending. The president met with congressional leaders on Tuesday to discuss the proposed package and reach a middle ground. Santa Monica resident Alexes Degenfelder said she has been more conservative with her finances lately, keeping the interests of her 3-year-old son in mind. “I don’t think there’s going to be a recession, but I think we’re going to get close to Alexis Hawkins news@smdp.com it,” Degenfelder said as she ran some errands on Montana Avenue on Tuesday afternoon. COUNTER INTELLIGENCE: Eliza Kudra, owner of Eliza's Beauty Center on Ocean Park Boulevard, has noticed a slight slowdown in business. In Santa Monica, the economic downturn has had mixed results on local businessEmma Feldman, the owner of Creative sure how her business will fare beyond that. elry store, believes a recession is inevitable es, some reporting a drop in business the Charm on Pico Boulevard, custom-designs “What can you do?” Feldman said on given factors like the ongoing real estate cripast few months, many hardly noticing a draperies for residential interior designers. Tuesday. “We can’t predict what we’ll sell in sis, adding that everywhere she drives, she change at all but anticipating a change in the Feldman said she has enough work orders to the future.” SEE ECONOMY PAGE 7 near future. keep her busy the next two months, but isn’t Wilder, the owner of the 25-year-old jew-

Booming in the bay Historic pier welcomes influx of new blood to boost business at the attraction

BY KEVIN HERRERA Editor in Chief

SM PIER First it was Soda Jerks. Then came the Trapeze School New York. Now city officials are close to finalizing a lease agreement with a group of investors looking to open a barbecue restaurant here that will feature blues musicians, breathing life back into a space that has sat vacant for over five years. “We feel and many people in the community feel that holes in the pier are being filled,” said Ben Franz-Knight, executive director of the Santa Monica Pier Restoration Corp. (PRC), a non-profit, public benefit corporation made up of business and community leaders who help manage and promote the pier.

Gary Limjap

The new business opportunities coincide with a decision by the City Council to allow the PRC, which is funded by City Hall, to handle all the marketing and booking of special events at the historic Loof Hippodrome building on the pier, which houses the famous carousel. The move was intended to give the PRC, which is planning the pier’s 100th anniversary celebration set for next year, more control over promoting the historic site, while at the same time ensuring money made from events is funneled back into PRC coffers to be used for repairs and marketing, FranzKnight said. Miriam Mack, manager of economic development for City Hall, said Tuesday that a lease agreement is being prepared so that

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city officials can finalize negotiations with Soda Jerks, a Pasadena-based restaurant that plans to operate an old-fashioned soda fountain in the carousel building. The Trapeze School New York, which is slated to open its fourth location at the heart of the pier, on a 9,000 square-foot vacant lot between Pacific Park and the Playland Arcade, has received Landmarks Commission approval and should be signing a lease agreement to set up shop any day now. There is hope that the school, which will be situated on a site that has been vacant for the past 12 years, will be up and running by the end of February. As for the barbecue and blues restaurant, SEE PIER PAGE 9

SMALL BUSINESS STARTUP? Let me help you succeed CONSULTING • BOOKKEEPING • PLANNING TAXES

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331 Wilshire Blvd. Santa Monica 2 Hours Free Parking (Behind Store) Monday-Saturday 10am-6p10.451.1349 • www.readersjewelers.com

100 Wilshire Blvd., Suite 1800 Santa Monica 90401


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