'Cash Mobs' to Hit Downtown Chattanooga Businesses
Cash Mobs are slated to spring up throughout downtown in 2013, according to a release from the River City Company.
The philosophy of a Cash Mob is to organize a group of people to patron a local, small business on a designated day with a purchase around $20. This denomination can change depending on the business but is always a reasonable amount for the average shopper to contribute.
The location of the Cash Mob is kept secret and revealed either the night before or the day of the event via social media. Encouraging individuals to shop local, Cash Mobs allow the designated business to receive a boost in sales and innovative marketing to further publicize the store, attract new customers and foster potential returning customers.
The program, which River City Company says it will spearhead in 2013, further endorses downtown as a retail destination.
Blair Waddell, River City Company’s Retail Recruiter said, “Cash Mob is a great way to support our local businesses. Our community is able to come together and rally behind stores and shops that make our city and downtown so unique. A win-win for both stores and customers, Cash Mobs provide additional revenue for the store and customers walk away with rare treasures that can only be found in downtown Chattanooga.”
Steve Hiatt, Director of Existing Business Development for the Chattanooga Area Chamber of Commerce, said, “Current businesses should look for effective ways to expand their brand and reach new customers. A Cash Mob is a memorable tool for doing just that and encourages Chattanoogans to support our established businesses.”
Four Cash Mobs are scheduled in 2013. The first will be Tuesday, February 12th with subsequent Cash Mobs in April, June and August. All Cash Mobs will be announced via the Chattanooga Downtown Facebook page, www.facebook.com/chattanoogadowntown, and Twitter page, @DowntownCHA, that River City Company operates.
Officials have not revelaed how the four businesses will be selected.Wednesday, February 6 2013, 11:58 AM EST
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ECONOMY-THE DAY AHEAD
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Also today, the University of Michigan will release its monthly index of consumer sentiment for March.
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The government said Friday that core inflation was 2.0 percent in February, down from 2.2 percent in January. Excluding the impact of an April 2014 sales tax hike, inflation was flat.
Prime Minister Shinzo Abe has sought to spur growth through extreme monetary easing by the central bank that is meant to drive prices higher, prompting consumers and businesses to accelerate their spending.
But household spending fell 2.9 percent from a year earlier in February, while base wages slipped 1.9 percent, the 13th straight monthly decline. Sluggish wage growth has hurt consumers' purchasing power.
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The stock repurchase program will expire March 31, 2018. Yahoo has $726 million remaining on previous stock buyback plan, which was approved in 2013 and expires at the end of 2016.
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BOISE, Idaho (AP) -- Monsanto Co. has agreed to pay $600,000 in fines for not reporting hundreds of uncontrolled releases of dangerous chemicals at its eastern Idaho phosphate plant.
The U.S. Environmental Protection Agency and the U.S. Department of Justice on Thursday announced the agreement involving the biotechnology company's Soda Springs facilities.
Federal officials say the chemicals released are hazardous and can pose serious health risks.
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The company says in a statement that it cares deeply about public health and is committed to complying with applicable laws.
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