With home sales down, retail sales flat, and credit tightening, Spokane and Inland Northwest businesses have plenty of reason to be cautious, economic observers here say.
It’s a time for businesses to stick to what they do best, says Steve Scranton, chief investment officer for Spokane-based Washington Trust Bank.
“It’s going to be a much more competitive environment,” Scranton says. “There’s going to be pressure on profit margins. Raw materials prices are going up dramatically. Consumers want a bargain or a discount before they’re going to be willing to spend a lot of money. Well-run business will survive and capture market share,” while businesses that aren’t well run face a much tougher time, he says.
By Richard Ripley
Full Story: http://www.spokanejournal.com/spokane_id=article&sub=3619