Mainebiz

W W W. M A I N E B I Z . B I Z 21 JA N UA R Y 9 , 2 0 2 3 F O C U S 2 0 2 3 E C O N O M I C O U T L O O K While Marden's has no expansion plans at this time, the retailer has a broad footprint, from Sanford in York County to Madawaska in Aroostook County. Its goal is to remain focused on those locations to ensure it pro- vides the best shopping experience to Marden's shoppers. "With our unorthodox methods of buying, we do not control our supply of merchandise the same way other retailers do," said Marden. "Our deals have limited quantities of each item, and while everyone's most exciting finds are different, our concern is that adding stores could spread out excit- ing merchandise and pull it away from our current locations." R E TA I L With 17 stores, Renys says 'hiatus' on markups could end in 2023 B y A n n F i s h e r T he president of Renys depart- ment stores says he is "cautiously optimistic" about the year ahead, but acknowledges that the iconic Maine chain of stores will likely raise its prices in 2023. John Reny, who took the helm in 2017, says it's likely the chain's customers and vendors will continue to face challenges. What's going on with inflation, oil and gas prices "is somewhat" affecting the Maine retailer, as customers are not going to have as much money in their pocket next year, Reny says. Looking ahead to 2023, "with infla- tion you have to raise prices" and Renys is no exception. e retailer "took a hiatus" on mark- ups — "haven't done it in years," Reny says - but that's going to end in 2023. "Everybody is doing it [raising prices] and haven't been bashful. It's going to be ongoing and it's not going to stop," he says. Once prices go up, it's rare they come down, he adds. "We're cautiously optimistic every- thing will be OK, but some things are out of anyone's control," Reny says, citing inflation, the prime rate and the federal rate, which affect vendors, mort- gages and consumer credit card debt. Renys has 17 locations from Wells to Madison, but is always looking for opportunities to expand. "We're hoping to. A couple opportunities fell through" in 2022, says Reny, although he declined to say where the company wants to build or buy. "We're always looking. We do need to have more stores," Reny says, adding corporate leaders want to "fill in the gaps" between store locations. Like the majority of retailers, Renys is "always hiring, although it's going to slow down over the next couple of months." "[Hiring] has been challenging the last few years and will continue to be," he says. C R E D I T U N I O N S As rates surge, credit unions see niche in 'affordable financing options' B y A n n F i s h e r W ith the price of heating oil and kerosene still so high, it's no sur- prise Maine credit unions are seeing an increase in loan applications from mem- bers who want to install equipment that will make it cheaper to heat their homes. "Whatever ends up happening in 2023, credit unions are going into the year in a strong position to help regardless of the direction the econ- omy may take," according to Todd Mason, president and CEO of Maine Credit Union League. "However, we C O N T I N U E D O N F O L L OW I N G PA G E » GorhamSavings.Bank/Believing P H O T O / C O U R T E S Y O F M A I N E C R E D I T U N I O N L E A G U E Todd Mason, president and CEO of the Maine Credit Union League. P H O T O / C O U R T E S Y O F R E N Y S John Reny, president of the retail chain Renys.

• Cover