Searches for Hybrids increase at Carmax.com

Carmax is reporting that from March to July, searches for hybrids on carmax.com have risen 43 percent. You can read the company’s press release here.

Rough patch for malls

Out of five Richmond malls, only one has a vacant storefront rate below 7 percent – Short Pump Town Center, at 3.8 percent. The highest empty-store rate belongs to the Shops at Willow Lawn, at 17.4 percent. Malls might be in for a rough patch. Consumers are downsizing. They’re buying Smart Cars and hybrids instead of gas-guzzling SUVs. They’re shunning casual sit-down restaurants in favor of fast food. And they’re shopping at discount stores like Costco and Wal-Mart, turning their backs on high-end mall-based retailers.

Even drug dealers see costs rising

Drug dealing may be illegal, but it still follows the laws of supply and demand. Because drugs are harder to sell in Richmond, prices have gone up. Or, more specifically, the prices have remained consistent for buyers – but the amount of drugs they get for the price is going down; that is, the size of the “rock” has gotten smaller. According to a Richmond Police Department narcotics sergeant, increased patrols and drug busts have reduced the supply of hard drugs as well as the number of dealers (who’ve been thrown in jail). The dealers have responded to the crackdown by using cellular phones to conduct business rather than dealing openly where they become easier targets for law enforcement.

Segways for college students?

College essentials: Laptop. Mini fridge. Segway? Buck Ward is hoping that last one is the new big vehicle on campus. Ward, who owns Segway of Richmond in Shockoe Bottom, just started an advertising campaign aimed at college students. He attended the back-to-school night on Friday at VCU and has a blurb in the university’s magazine.

Co-founder and CEO at InterActive Financial Splits

Travis Weisleder, the founder and CEO of InterActive Financial, left the company around three weeks ago. A company spokeswoman confirmed his departure but would not elaborate as to why, or what he might have planned next. Weisleder could not be reached. InterActive Financial owns a series of websites including carloans.com, which helps consumers with imperfect credit apply for car loans. Car dealers then pay for the sales leads. The company has approximately 70 employees in Shockoe Bottom.

A flood of bankruptcies could sink more boats

Spurred by housing sector woes and the ensuing credit crunch, bankruptcies around Richmond are spiking to the highest levels in a decade. Most filers in the area are individuals who can no longer tap equity in their homes to pay off credit cards. But the enormous rise in bankruptcies is also spilling over to the private sector – a sign that the economy is likely far from recovery. So far this month, 465 people and businesses have filed for bankruptcy in the Eastern District of Virginia’s Richmond court. And the month isn’t over yet. That number is almost twice the previous high for any month of August since 2000. Around 570 people and businesses filed in July, and 551 filed in June.

Selling Recess

From afar, it looks like gym class. Only the guy rolling the rubber ball towards home plate has a 5 o’clock shadow and beer gut. And the girl playing first base, wearing makeup and tight tube socks, just told her friend she’s f$*%ing awesome.

A model for surviving a slowdown

Despite a local dip in advertising spending, a Richmond model agency says business is steady. Modelogic Inc., a Church Hill model and talent agency that provides faces, bodies and voices for advertisements, represents about 450 models and actors from around the region and works with clients ranging from the Virginia Lottery to VCU to the US Army.

It’s time for change, reverse the ad spending slump

A close presidential race – especially for Virginia’s Electoral College votes – could provide a much-needed boost to Richmond’s media companies. TV stations will likely benefit the most, those familiar with the topic say. But catering companies, venues, and consultants might get smaller pieces of the election-spending pie.

New restaurants closing

At least two new restaurants have closed. Infuzion, a dance club/lounge in Scott's Addition and Cirrus, an upscale restaurant/bar in the Fan have both closed. At least two new restaurants have closed.

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