Lebanon business owners react to Wall Street's meltdown

BY PATRICK LAIR

ALBANY DEMOCRAT-HERALD

LEBANON - Cars backed up at each stop light and pedestrians meandered along the sidewalks in downtown Lebanon Friday morning.

By all appearances it was business as usual.

But business owners offered differing accounts of how commerce on Main Street has changed since the crisis on Wall Street started snowballing.

"In the last two weeks, it's just dropped off completely," owner Sandy Cheatham said of sales at her Blue Ribbon Bakery. "When they started talking about the bailout, that's when it all started."

"They still spend the money. I just don't think they do it as often," said Sara Rood, owner of Rock The Cafe, of her customers.

Cheatham said other changes she's seen are more people asking her for jobs and a tighter line of credit with her bank.

The owner of another shop, who asked not to have her name used, said her loan officer told her it might be tough to get the loan she's looking for given the current financial climate.

Terry Albertson, manager of Main Street Sofa & Mattress, said the month of August started out well, something he attributes to the drop in gas prices, but sales slowed in September.

"I've been in business since 1968. Election years aren't good for retail," he said.

Gary Stainthorp, owner of Stainthorp's Pianos & Musical Goods, said this is the slowest business he's seen in 60 years of instrument sales.

"The customers aren't coming in," he said. "Or the ones that come in want the instruments but they don't seem to want to spend."

Not all shop owners had dire reports.

Cindy Luehring, owner of Nancy's Floral Boutique & Candy Shoppe, said business is typically slow for her this time of year, but she hasn't otherwise seen anything out of the ordinary.

Mark Bilodeau, co-owner of Hidden Treasures, said commerce for him declined when gas prices first began to spike but he hasn't seen changes recently.

"Antiques aren't something that people usually buy when the economy's lagging," he said. "We're hoping that holiday shoppers bring something in."

Outside on the street, a chill wind rocked the shingles hanging from the storefronts, while the steady stream of motorists showed no signs of letting up.