The Palm Beach Post from West Palm Beach, Florida on March 30, 1998 · Page 69
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The Palm Beach Post from West Palm Beach, Florida · Page 69

West Palm Beach, Florida
Issue Date:
Monday, March 30, 1998
Page 69
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Page 69 article text (OCR)

.t , - . . ...... 18 THE PALM BEACH POST MARCH 30, 1998 Multimedia Computer Projectors AAA BOX STORE t Boxes & Packaging xT kj f ' ' Materials "Sjy 1 Cheaper Than U-Haul I JLJ 687-0101 j 2491 -D Okeechobee Blvd. Off Military Trail South of Atlantic Avenue Jhwmputwndvldwfo9M(Mlrji!WMnii to 300 diagonal Ful urvfc rental I factory auttwrtt' Mfvfc larp mmi eomputtf mwitton iwtm Florida dnea W74 i Jyjtotm design and Iratalatlon SHARP businesses should be careful about how they market themselves to older Americans. According to his research, only about 37 percent of the 55-pIus population feel comfortable being offered age-based discounts. "People don't like to be stigmatized," he said. And there have been some costly marketing mistakes made over the years. Consider the breakfast cereal called 40 Plus introduced by Kellogg Co. a decade ago. It failed miserably. "Going through the cash register was like showing your birth "5! Why Rent When You Could Own! lilZL"1?11; New Construction uJ' 'Heavily Traveled Rd Port St. Lucie, Fl Water Sewer vis mWm Hi certificate," he said. Moschis said. And discounts, while they may free i CREDIT Sreportj -3 i in (til r.tfiK4j:ij;liJB 1 (I ii APR. m Q m OpociaKcIt First Eauitu 1 4, Lenders 0R CAa our 24 hr automated hotline ?to5 1-Rftft.A3Q-HnMF erf 1M m l mm, lowi wmoum-iw.uw www t w wee w w n it , What businesses will do to get Granny's - money SENIORS From 16 state's Department of Elder Affairs. Floridians 60 and over pull in a total $56.5 billion a year in income $13.5 billion in Social Security alone, Bruns said. Per capita income peaks among consumers in their 50s, according to the American Association of Retired Persons. And discretionary income anything left over after basics such as food and shelter are covered is highest among those in their 60s. The 65-70 age group has 10 times more in assets than the typical late-30s Baby Boomer, said George Moschis, director of the Center for Mature Consumer Studies at Georgia State University in Atlanta. But figuring out how to tap into that wealth is a challenge, said Moschis, who studies older Americans' buying patterns. "We're talking about a lot of people with buying power," he said. One obvious way to draw older consumers is to offer them discounts. In this area, senior discounts are offered by a myriad of retailers and attractions, such as the Palm Beach Zoo and Lion Country Safari. Admission to Lion Country Safari is $9.95 for those 65 and older, while the regular adult admission price is $14.95. Marketing Director Fred Vol-pe said senior citizens, who often come in tour groups from around the state, account for about 20 percent of the park's business. Video Avenue, a regional video rental chain based in Deerfield Beach, offers two-for-one video rentals on Thursdays to customers 55 and older. Marketing Director Julie Gschwend said the company didn't offer an age-based discount when it operated stores in the Midwest. "We wanted to adjust our marketing to fit this market," she 3id. Similarly, retailers such as Rag Shop. t.J. Maxx. Ross Stores and Ik-all's Outlet feature senior discounts one day a werk. "I come in just a!otit every Monday to browse." said Gay leim of Wt-sf palm Ik h. a wir.her of tic Ik-iTs Ou!it V.'. Monday Cliib. I'nit ,Jos his cautions that bring in shoppers on one day, can discourage them from coming on other days, Moschis said. Galizia, of Beall's Outlet, said that was a concern of his when the company started the Monday Club in 1994. But, he said, the chain's increased Monday sales for the most part have not resulted in decreases on other days. Miami-based retail consultant Cynthia Cohen said there's no question that senior discount programs draw traffic. But retailers must make sure the programs are inducing shoppers to spend more than they normally would. Otherwise, discounts can result in lower profits. One way to increase spending, Cohen said, is to offer customers more of a discount if they spend more than a specified amount, say $50. Cohen suggests retailers who offer age-based discounts keep track of how frequently older consumers shop in their stores, what they buy and how much they spend. According to Moschis, the safest approach is simply to offer products that older Americans want. "Restaurants have done this very well," he said. "You look at the average age of people who take advantage of early-bird specials about 90 percent are older people." That's the approach taken by Holiday House, a buffet-style restaurant chain with locations in Boynton Beach and Lake Park. The Deland-based private company offers no age-based discounts, but about 65 percent of its business comes from senior citizens, owner Jimmy Woods said. The restaurant opens early for dinner at 4 p.m. and offers home-style food featuring roast turkey, lamb and fresh vegetables such as rutabaga and collard greens that typically aren't available in an average restaurant. -0.86 (XJOOOOOOOOOOCJCOXJOOOOOCJOOOO . r n Terr crirh a n i t JUST 504: A CALL FIXED RATE American Benefits Svcs, he DOl UC 971845900 LAXE WORTH DELXAY BEACH 432-0002 274-6700 1-800-246-1629 MAGAZINE Win advertising in Digital Florida Magazine for your taurine!! Or, receive a am pie of Digiul FloriJa Magazine, Just Call 511 and enter code 2555. 2500StocLline give 24-hour quote from NYSE, AM EX & NASDAQ pliM mutual & money fund. Pre"l"lo near ftoclt quote or 2" to near inatruciion on now to convert ticker avmni is. Cafl5-1-1 and enter die corresponding 4 elicit code listed Lelow AMEX .2052 ToJay'iB Story 2042 Financial Marl I'pcLde 2012 Stack MarUt Report 2066 NadcVInd UpLu. .2011 DowJcmM 12 Km update. ... 2026 NASDAQ knudv upcLu 2056 NYSE nutactm 2051 Faerie Static MrU 2031 BonJ Mdt knurly uptLka . . . .2006 KryRatafcFW. 2036 IViLr Madat Ay update . . .207 1 ContmnJilr Future .2021 fWM4Jt 2061 CanLn IWnr. Report 2016 A P f Una Raronvter 2002 Let PostFacts find the information you need for your business or personal life. We can search The Palm Beach Post back to 19I6and hundreds of other publications and sources. Prices start at just 5. Faxing and on-line charges additional. Call PostFacts today at: (561)820-4000 In addition, reasonable prices apK al to older diners on fixed incomes: the buffet is $5.80 for lunch and $7.10 for dinner. And for eac h Holiday House meal customers gc t what's called a value c oupon the dinner coupon is ood for $1 off the next dinne r and the Inni h coupon is good forte irsls A Use cxf firaiXy.'. "V ha;j n to have a prodm t that thf-v like." Woods sdci. . - -..." virkJt J I W rJ tWml. !'. AlcJLVxanJwJI PostFacts

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