Bottom Line // November-December 2023
“This year has not been good at all. The economy is not great, and people can’t afford what they used to be able to afford. Inflation is up and the cost of living is rising. I think 2024 and the economy will depend on the presidential election and who is in office. Everyone is waiting to see what is going to happen to the elections and where the future of the country is going to go.” – Saad Abbo // Former MIRA Board Member
“It was a tough year for the manufacturing business. I manufacture Tahini and because importing and exporting has been difficult, it has been tough to make money. I am hoping 2024 will get better.” – Ronny Ayar // Royal Tahini
“Our business slowed down in 2023. We were all taken by surprise by COVID-19, but business picked up because everything else was closed. Bars, restaurants, and casinos were all closed and the only places open were grocery stores and convenience stores. Now, we are doing 50% less in business in 2023 than we did during the COVID years. With the casinos closed, our lottery machine business was through the roof. The banks were closed, so our check-cashing businesses were busier than ever. It’s a day and night difference between the pandemic years and 2023. So many people got so used to the COVID years and the money the government was handing out. The retail business is not what it used to be, and I think 2024 will be a tough year only because people are running out of money. Inflation is up yet people are making the same money they made three and four years ago.” – Frank Ayar // Walter’s Shopping Place
“Inflation has not affected us too much. In the gas station business, the volume has dropped but the profits have increased. In terms of our Denha Tahini, we are just now launching it in Michigan. We are a 4th generation family-owned business from Iraq. It’s a legacy, and we look forward to 2024 with this business. We are hoping to get into more retail stores and into restaurants. We are in an expansion mode right now and we are excited about the new year.” – Gordon Denha // Denha Tahini
“For the most part, 2023 has been good but inflation does play a role. We will pay attention to the elections, but we do hope for a better year in 2024.” – Joe Yaldoo // My Town Mobile
“This year was a sad year in some ways because of the economy and inflation and I am not sure what 2024 will look like but I think the elections will play a role in the economy.” – Omar Patrus // My Town Mobile
“We operate a small boat club. We only sell to members but 2023 was pretty good for us.
The plans for each year change with the new board members.” – Dan Riordan // Swan Boat Club
“Our store is doing well. The economy didn’t really affect us, but in 2024 our focus will be on new products.” – Meon & Phillip Bartell // Rivertown Market
“2023 has been crazy. The economy is up and down. It started out well but slowed down. In 2024 I am focusing on cheaper products. People are just not spending like they used to because of the economy. They are buying quantity versus quality.” – Ricky Yono // TJ’s Market
“Money has been very tight this year and business has been slower. As a retailer, we’ve had to be very careful with what we are buying because consumers are not buying like they used to, especially when it comes to higher-priced items. People are buying more quantity than quality. Next year, we will focus on maintaining the same business from 2023 and 2022, making sure that we have the products the consumer wants.” – Fady Mansour // Benstein Liquor
“2023 has been a good year and we have reinvested heavily into our property and expect that 2024 is going to be even better for us. People are finally coming out of the pandemic. We used to have live entertainment both Friday and Saturday, but the pandemic affected that, and we are now bringing back those live entertainers.” – Jesse Anaya // Gaelic League
“We are in a relatively depressed area and the economy does affect us, but we are hoping that 2024 will be better.” – Paige & Beverly Fox // Walters Shopping Place
“The summer was great but then the business just fell off after Labor Day and we are hoping it will pick up for the holiday season.” – Garfield Lemonious // Liquor Basket
“When you used to hear about inflation, products would go up 10¢ a piece every few months, but today the prices are doubling and tripling. Customers come to the store and what they used to get for $5 is a lot less product than last year. Our margins will always be our margins, but the consumer suffers the most. In America in general, everything is up dramatically. The ratio between wage increases and cost increases has not evened out. The customers are spending more for less. The elections will play a major role. In 2024, if we expect to have a better economy, we need to ask each presidential candidate what they can do, or what policies will they implement to improve the economy.” – Randy Nafso // Motor City Marketplace
“Business was good when free money was coming in during COVID, but things slowed down as soon as the money stopped. Everything went up. It’s hard to predict. As one product cost goes up and another comes down. Egg prices increased drastically and then went down, why? Now eggs are going back up again. It makes no sense. I think next year is not going to be good because it is an election year. They are going to play politics and that will affect our businesses.” – John Denha & Mina Yousif // 8 Mile Foodland, Huron Foods
“I believe the economy is slowing down and inflation is impacting consumer spending. People are really watching what they are spending. They are so much more cautious. I do think 2024 will be the status quo. I think if we get better leadership, our economy will get better.” – Cliff Denha pictured with his son Louie // Wine Palace
“The volume of customers has gone down. The influx of money we saw in 2020, 2021, and 2022 is no longer around. You are now selling to fewer customers because there is less money. If I could predict what business will be like in 2024, I would be twice as wealthy! We will always hope for the best and embrace the worst. We try to calculate what is to come as best as we can.” – Andy Yatooma pictured with his wife // Liquor Basket