The Federal Reserve proposed new rules to protect consumers from unexpected costs or restrictions on gift cards. More than 95 percent of Americans have received or bought gift cards, the Fed said. Under the proposed rule announced yesterday, consumers must have at least five years to use the gift cards before they expire. The Fed also said service or inactivity fees can be imposed but only under certain conditions.

Mark Smith was named 2009 Retailer of the Year by the Retail Merchants Association yesterday. Smith, who owns four area Midas Auto Service Experts locations, was chosen by a panel of former winners. Smith said yesterday that the award is acknowledgment of the work his employees do. “I know some of the past winners and it mean a lot to me that my guys have been recognized,“ he said.

For Nancy Thomas, tackling the rough-and-tumble world of retail is much easier after growing up in a house full of hockey-playing brothers on New York’s Long Island. Thomas, 51, is president and CEO of the local Retail Merchants Association. It’s her job to be an ally for Richmond-area retailers in their fight to survive and thrive.

Education: bachelor’s degree in business administration from Virginia Commonwealth University, 1981
  Career: various positions with This End Up, including regional sales manager and director of training, 1981-1992; manager of the Arcade on Grove, 1993-1995; owner of the Arcade on Grove, 1995-2005; co-owner of Turn Key Interiors, 2006-2008; president and CEO of the Retail Merchants Association, January 2009 to present

How much credence should we give to the recent improvement in economic statistics? Alan M. Gayle, senior investment strategist and director of asset allocation at SunTrust Bank’s RidgeWorth Investments unit, said, “We expect the economic reports to give encouraging signals in the second half of this year. We’re likely to get a bounce.“

Think about the hard-working men and women who run our stores and service businesses. Shop in our community and you keep dollars circulating for the benefit of our hometown. Buy during a lingering recession and you create the best stimulus for recovery—local jobs. “Think. Shop. Buy. Local” just happens to be the focal point of an encompassing campaign by the region’s Retail Merchants Association to ring up greater support for businesses that are our neighbors, friends, and helpers. Now, more than ever, supporting local businesses is important.

In an effort to bring shoppers into locally owned businesses, Richmond-area retailers are pushing an initiative to tell the public about the importance of spending money at companies that are part of the community. The Retail Merchants Association of Richmond is spearheading the campaign, which was the focus of its monthly First Friday Forum breakfast yesterday.

David Saunders, president of Richmond-based Madison + Main Advertising & New Media, cautioned business owners not to overly rely on the new technology that includes LinkedIn, Facebook and Twitter.

Metro Business asked Nancy Thomas, president and CEO of the Retail Merchants Association, about the benefits of the tax-free weekend that begins Friday: “Retailers who have the most success with the tax-free holiday are those who combine the 5 percent tax savings with other promotional offers. “All retailers have the opportunity to participate by absorbing the 5 percent sales tax on nonexempt items such as furniture, appliance, electronics and jewelry. Our retail merchant member have seen double-digit sales increase due to this event.

New campaign inspired by nationwide movement that asks shoppers to imagine three local businesses they couldn’t live without, then spend $50 a month at each of them.

How can your business get the biggest bang for its marketing buck? That’s the focus of the Retail Merchants Association’s small-group brainstorming session on Wednesday. “Smart Marketing to Make Money” is part of the association’s new Executive Dialogue series. Tom Blue of Accelerated Growth Partners, a specialist in effective marketing, will moderate a discussion with business owners and marketing decision makers and help them consider how to market efficiently in a troubled economy.

The Retail Merchants Association will begin a push next month to get shoppers focused on buying and supporting local merchants. The campaign will include various ad components, store signage and a Web presence touting the message: Think. Shop. Buy. Local.

Times have changed, so companies must change. But how can they get workers to buy into new ways of doing things? Gayle Turner, managing partner at Catch Your Limit Consulting, a strategic management and marketing firm based in Florida with an office in Henrico County, will discuss “Initiating and Sustaining Change” during a program Friday.

It’s a misconception that homegrown gangs are less of a threat than national gangs such as the Bloods or Crips, a law-enforcement official told retailers yesterday in Henrico County. “They’re the ones that you probably have to be more concerned about, because they’re more prevalent,“ said April D.R. Crawford, a gang-awareness coordinator for the Virginia Attorney General’s office, referring to homegrown gangs.

Cafféspresso in Henrico sells more than coffee In Italy, and across most of Europe, a cup of coffee isn’t brewed so you can drink it out of a plastic foam cup while driving to work. It’s meant to be enjoyed at a sidewalk café while reading or socializing.