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Owners Say Wall Street Woes Have Hit Coin Laundries or Soon Will

Paul Partyka |

CHICAGO — Wall Street problems have definitely made an impact on Main Street. Operators responding to the most recent Wire survey are waiting to see how several things, including the credit crunch, will affect their business.THE LAUNDRY SIDEAbout half of the respondents (51.9%) say Wall Street problems have affected their business in one way or another. Thirty-four percent of respondents say the current economic situation hasn’t impacted their business, and 13.5% aren’t sure if Wall Street’s problems are impacting their business.While 34% of respondents haven’t seen an impact on their business yet, they are still reserving judgment on the matter. Forty-one percent believe Wall Street problems will eventually affect their business.CREDIT CRUNCH?Often lost in the debate about the “bailout” is the fact that a credit slowdown is taking place. Thirty-five percent of respondents say obtaining credit for laundry-related matters has become more difficult or expensive. Twenty-nine percent haven’t noticed any credit problem, and 36% say they are not sure if the credit crunch is affecting their business.Nearly two-thirds of respondents (62.7%) are reconsidering plans to add equipment or spruce up their stores. One-third intend to go on with their plans, and 4% aren’t sure about future decisions.NO FRIEND TO SMALL BUSINESSRespondents were asked to rate the government’s interest in developing legislation to aid small businesses. Only 7% of respondents believe that small business receives a great deal of attention or more attention than other business sectors from legislators. Seventeen percent believe small business receives no more or less legislative attention than other business sectors. However, 44.2% say small business receives less legislative attention than other business sectors, and 31% say Washington ignores small business.Does the small-business sector need some type of economic stimulus plan? Fifty-four percent want a plan. Thirty-five percent want a plan but say that the country can’t afford one at the current time. Six percent say a stimulus plan isn’t necessary, and 6% aren’t sure if a plan is needed.Subscribers to American Coin-Op’s Wire e-mails — distributed weekly — are invited to participate in an industry survey each month. The survey is conducted online via a partner website. Each survey is developed so it can be completed in 10 minutes or less. Readers are encouraged to participate, as a greater number of responses will help to better define operator opinions and industry trends.Click here and follow the menu instructions to sign up for the free e-mail service. 

About the author

Paul Partyka

American Coin-Op

Paul Partyka was editor of American Coin-Op from 1997 through May 2011.

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