“We’re in business not to lose money” Local businesses deal with rising costs | News

 “We’re in business not to lose money” Local businesses deal with rising costs | News


TERRE HAUTE, Ind. (WTHI) – While inflation has hurt most of you at home, it has also made it harder for businesses across the Wabash Valley.

The Grand Traverse Pie Company in Terre Haute has been open for about 15 years.

General Manager Stephen Huddleston said he has never seen an economic situation like this since they opened.

This past six months to a year is not what Huddleston has seen.

Prices continue to rise, making it difficult to keep up with workers ’wages and food prices.

“Everything keeps going up and up and up, and every time there’s a rise, and any time there’s an increase, the employees’ wages don’t go up, ”Huddleston said.

This could put companies like Huddleston in a challenging situation.

Local economists like Indiana State economics professor Dr. Robert Guell says this can lead to some difficult decisions.

That’s with inflation forecast to rise to 7-9% by the end of the year.

“They’re in between a rock and a hard place because they have to decide if their customers will pay a higher price for things,” Guell said.

Huddleston said they are doing everything in their power to limit raising their prices.

He said the community responded well and supported his business.

However, sometimes with the rising cost of other items, customers spend less in his store.

“If they spend an extra 15 to 20 bucks on gasoline, that’s an extra 15 or 20 dollars you don’t go here and spend. So, everyone becomes more selective about how they spend their money,” Huddleston said.

Timing is what Huddleston says has made his business even more difficult, and more.

He says with covid, inflation and shortage of some products, there are some trying times trying to make a living.

“We’re in the business of not losing money, like everyone else. So, it’s hard. Supply chains are still an issue. I mean, it’s just not a good time for all this to happen,” he said. Huddleston.

Guell also said inflation typically rises to 1% in a year or so.

He said of restaurants, the constant change in the price of their products can also cost them a lot of money.

That’s because they have to constantly print new menus and update customers.



Source link

Related post