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Show THE PARK RECORD www.parkrecord.com WED/THURS/FRI, FEBRUARY 9-11,2005 Briefe A-9 Business. BUSINESS EDITOR: Anna Bloom 649-9014 ext 110 buslness@parkrecord.com Luncheon looks forward to next year The secondfleetof speakers echo last year's cautious optimism By ANNA BLOOM Of the Record staff Editor's Note: this is a continuation of last Saturday's coverage of the Park City Chamber/Bureau's economic forecast luncheon. Many of the predictions made in the first half of the Chamber/Bureau's Economic Forecast luncheon at the Marriott were solidly optimistic, but while the second half remained positive, they had a few more concerns when it came to next year. i Pam Bakaly f AFLAC associate 4.v receives award ; - Local resident and AFLAC associate, Pam Bakaly has been awarded the AFLAC Utah Rookie of the Year for 2004. This award represents the dedication and hard work for a rookie associate with AFLAC. AFLAC recognizes the outstanding new associate with the highest sales and service marks for the year. In addition to this award, Pam also opened the most new payroll groups in Utah. AFLAC is an company that offers supplemental insurance benefits to companies and individuals. Park City to dedicate sculpture Park City will dedicate the Olympic Legacy Sculpture called "Making Tracks" on Thursday, Feb. 10, at 4:30 p.m. on S.R.224. Artist Cliff Garten and designer Jerry Brown will be present and will participate along with Mayor Dana Williams in cutting the ribbon, the dedication honors the 3rd . anniversary of__hosting i;the best .-Olympic Winter Games TheiSrand Summit receives top ranking by CondeNast •. Readers of Conde Nast Traveler '•• have recognized the Grand Summit Resort Hotel at The Canyons, for firstrate service in the the ninth annual Ski ^Resorts Poll by the magazine that /franks hotel properties across the :nation. THis year, readers of Conde r .Nast voted the Grand Summit Resort :.-J'Hotel at The Canyons as the 17th '•best property in a listing-of 50. ,V The Grand Summit Resort Hotel opened in March of 2000 in Park City, Utah at the base of The Canyons ! -Resort and has since been the recipient of numerous service awards, including the AAA Diamond ranking. • Attracting both domestic and inter;, -national guests, the Grand Summit ,;lResort Hotel has seen its conference ^'service market more than triple since [••opening five years ago. Retail Outlook Amy Norgate, manager of Tangers 300,000 square-fool outlet mall painted 2004 as a year of continued growth, but in smaller numbers. "Up," she said, "but not as much." Improving customer service and "highlighting the in-store experience" according to Norgate, would be a top priority for retailers in 2005. Using statistics gathered by the Council of Shopping Centers, Norgate showed that, in terms of national retail sales, holiday performance growth dropped from JASON HUNTER.'PARKRECORD four percent in 2003 to a 2.3 percent Nathan Rafferty, director of communications for Ski Utah compared Colorado's crowds to Utah's skiing "elbow room." growth with consumer spending increasing in mail-order/internet shopping and gift from the Wasatch Front and Back," she fused," admitted Volkman. "Even with all Board of Realtors' statistician reminded card sales. said. "International customers come from their PhDs, [the economists] all conflict the audience. "[But in 2004] our overall Expected Gross Domestic Product Canada. Germany, Mexico, UK and with each other are wrong half the time. market was better than $1 billion 218 milGrowth of 4.4 percent will soften to 3.0 Australia." The more you read or know, the less you lion." percent and 2.8 percent the following year In 2005, Norgate said the center will understand." There was an overall 56-percent if the economy continues to decline, she attempt to relieve congestion on Interest rates are being raised national- increase in sales in one year, reported reported. Landmark Drive with a one-way traffic ly in order to slow spending because infla- Sloan, with residential properties up 52 "We're very conservative here in system. tion levels are on the rise, he explained. percent and condo sales up 61 percent. Utah," she joked, pointing to the U of U "Inflation remained low last year," said "We have two kinds of markets: a Bureau of Economic Business Researches County Ontlook Volkman. "But we have high unemploy- tourist market, and Snyderville Basin resistatistic of taxable sales dropping from a Summit County Community ment and that's bad-the last half of 2004. dential market-we're like the Faces of 2.1-perccnt growth in 2003 to a one-per- Development Director Dave Allen said however, job growth took off a little went Eve." commented Sloan. "Looking down cent growth in 2004. Summit County is one of the fastest grow- from 5.4 percent and will go as low as 5.1 the road, we see strong sales in Snyderville "Expected retail growth next year will ing counties in the United Stales, averag- percent in 2005. Maybe the president Basin." be affected by the sluggish economy and ing a 92 percent growth rate from iy90- sleeps, but those who know what s going However, Sloan said .before we "pat sluggish job growth." she explained. 2000. whereas the U.S. average growth for on don't." ourselves on the back." we have to look at "[But] the flanger] Outlet Center is at an that same period amounts to 13 percent. 'Hie dollar is lower than the euro, even inventory. advantage in terms of the market since it's Population in Utah has continued to grow lower than 2002, he noted, because foreign "Currently we carry 1,500 to 1,600 near a great neighborhood and a ski at three to four percent annually, he investors are concerned that Americans units, which is a six-month supply-the resort." reported. don't save money. "We spend money like lowest we've carried in this market. Even For Tangcr Outlet Center, unlike most 'ITicre are already 60 building permits drunken sailors. We spend more money with the on-line projects, we'll still be of the nation, the first quarter was great, for January 2005. which is just one permit thiin we make," he said. 1.000 units short...The million dollar quesshe said, with sales up 10.8 percent this shy of the record-breaking 2001 number of "We buy more from foreign countries tion is, where are we going to get the next year compared to 3.8 percent nationally permits, said Allen. And 2004 rang in only than we sell, and the Federal budget six months' supply?" and one percent in Utah. .„ ^ 26 permits for the month of January. The deficit is increasing. There is a huge perFor 2005. Sloan predicted an adjust"-;-. "Occupancy atthcrowH'a year ago was average building value, said Allen, is $55 centage of American assets held by for- ment, but countcred-it with a touch of •'95" percent-we've-"since tffftled *'per square foot. eign investors - 40 percent of U.S. trea- optimism. Heartstrings, Limited Too, Borders - and With sales tax revenue increasing by 10 suries are owned by foreign investors "I've been here for 29 years in the real we expect in 2005 to be at 99-percent occu- percent and property tax projected to with mortgage bonds largely owned by estate business-I've seen the market go pancy. Calvin Klein will open in March grow by eight percent increase, Allen said China." up, down and sideways," he said. "When and we will also add an 8.000-square-fool on behalf of Summit County, "we would 'Hie U.S. raises interest rates to attract you see adjustments, they rebound, and Adidas store," reported Norgate. like to protect this [growth]." foreign investors, he said, which in turn they rebound a little bit higher." Categories performing well in the cenpushes inflation Real estate continues to remain underter were "jewelry and cosmetics "--up 19 Financial Outlook But, he admitted he may be as far off a priced, according to Sloan. percent, "luggage and leather"-up 15 perThe segment focusing on the local s the others. "Of the nine major ski areas in the cent, food up 14 percent, children's ware impact of the national markets belonged Rocky Mountain Region, we were ranked up 13 percent and family goods up 12 per- to Andruw Volkman, senior vice president Real Estate Outlook 7th," he said. "But |we ranked] second in cent. for Frontier Bank. "Last year, we projected $850,000,000 overall volume. People are starting to dis"'flic majority of our customers conic "The more I read, the more I t>ct con- in sales [for 2004]," Mike Sloan, Park City cover us." Local lodges join Park City's renewable energy effort (Submitted by Utah Power) Two mem- other businesses to participate." bers of Park City's Leadership Class 10 While the customer sign-ups have yet have done their best to help Park City to reach the Class' aggressive goal of reach its goal of signing up its citizens in signing up 15 percent of the community Utah Power's Blue Sky wind program. - nearly 10 percent have signed up - it Michelle MacDonald, of Stein Eriksen did rocket past the original Park City Lodge, and Jean Carlan, of theBlue Sky Community Challenge goal of Washington School Inn, both enrolled signing up 5 percent of its citizens. The their businesses in the Blue Sky and work community also surpassed its goal of to get others to do the same. tying 2 percent of its electricity usage to "We had a recycling and community renewables. "Like many other Park City businessservice committee that chose wind power as a service project," said MacDonald, es, our historic inn depends on wonderful Stein Eriksen Lodges director of human weather and light, fluffy, dry snow." said resources. The Lodge, a five-diamond Jean Carlan. manager of the Washington hotel, is participating at the Visionary School Inn. "If we. as a prospering Level by buying 100 blocks of Blue Sky tourism-based community, can't invest in every month. "We believe Blue Sky wind reducing global warming - then who can? power is good for our environment and The Blue Sky program is so easy to do we're going to continue to encourage and it makes a measurable, valuable impact. It puts the choice in the consumer's hands." Blue Sky gives customers a way to grow the demand for wind energy and to take advantage of its environmental benefits. Utah Power sells Blue Sky in 100kilowatt-hour block increments for $1.95 each, in addition to a customer's regular monthly electric bill. Enrollment is optional and customers can increase their participation or withdraw at any time. Just one block of Blue Sky has the same environmental benefit of either not driving 2,500 miles or planting a half acre of trees. Most of Blue Sky comes from wind power. Wind is an attractive form of energy generation because i( helps reduce greenhouse gas emissions. Wind produces no air pollutants, wastcwater, smog or acid rain. "My friends have heard my spiel a lot/' said Carlan. who .is a Championlevel Blue Sky customer. "At the Washington School Inn's counter we have a display with sign-up cards. We offer a Web site special to those that have chosen wind power at www.washingtonschoolinn.com "I wanted to give a discount at the Inn to folks that have chosen clean energy. Signing up for 1 block of wind power costs as much as a couple of cups of coffee per month, and is equal to not burning 1,200 pounds of coal in a year! When you say it like that it really hits home with people." For more information or to sign up for Blue Sky, call 1-800-842-8458 or e-mail hluesk) -(kpacificorp. com. Custonu rs can sign up on line at www.utahpower.nel/bluesky. j Lucky Jeans M # (jftslom ^ e C.G. SPARKS 7OO Sasf S/OO tfotif/r f \e.x'f to dia/*6acAjgJ 6*0/ 32 S p o r t s w e a r for A/Ion & Women v- &fu*ofieu/t Ofi -s Our Sale Begins Monday Feb. 7th 40-50% off regular price (Certain Items Excluded) 435.645.9727 Come see us ;il our new location ;ifler twenty years in Trolley Square i iokl iiiul Platinum Jewelry Repairs 1 iiu1 \V:ttch Uepiiirs Islak' &V;ilu.ilii'n^ :nul SLT\ k i ^ InsLimncL1 AppraN.iN ;mil Ri'pl.'Kvmi-nl Inelde Sliver Mountain Sports Club & Spa Locky Jeans If Kick-It Bardtall Grail Riley i |