Graduates to receive gifts of cash, poll finds

Family and friends of graduates this year will be more practical with their gift-giving, opting to give cash more than gifts, according to the National Retail Federation's 2009 Consumer Intentions and Actions Survey.

Conducted by BIGresearch on May 5-12, the poll of 8,447 consumers found that 58.9 percent of Americans who will buy for graduates will fill envelopes with cash, up from 56.8 percent last year. Just 29.4 percent will give gift cards, down from 32.2 percent last year. The survey also found that Americans will spend an average of $88.01 on gifts for an average of two students, down from $99.79 last year. Total spending on graduation gifts is expected to reach $3.9 billion

"Many students will pool graduation money for major purchases like electronics, furniture and house wares," said Tracy Millon, NRF's president and CEO. "Young adults will have tremendous buying power in the next several months."

The survey found other popular graduation gifts to include greeting cards (37 percent), electronics (9 percent) and apparel (9.9 percent).

"Students often use graduation gifts to stock up for college or furnish their first apartment," said Phil Rist, executive vice president of strategic initiatives for BIGresearch. "With graduates receiving less money and smaller gifts this year, many young adults are likely to head to discounters to scout for sales to get the most bang for their buck."

Cloned concept

Revolutionary Eating Ventures will duplicate one of its dining venues Tuesday when it opens its second Taco Boy restaurant, this one at 217 Huger St. at the foot of the Ravenel Bridge on the Charleston side.

The locally based company already has a Taco Boy taqueria/cantina on Folly Beach. It also owns and operates Poe's Tavern on Sullivan's Island and Raval wine bar and Monza restaurant in downtown Charleston.

The new Taco Boy aimed to be green by using vintage, salvaged or repurposed decor. The bar was crafted from an expired North Carolina walnut tree. The roof is designed to collect rainwater for irrigation, and earth-friendly building materials were used wherever possible. The eatery claims to have the largest street-level patio on the peninsula.

New wheels

Treadquarters Discount Tire Auto Service Centers has opened at 1723 U.S. Highway 17 in Mount Pleasant. The opening brings nine Treadquarters locations to the Charleston area. Tom Reeves is the store manager and will oversee a staff of six workers in as many service bays.

Keeping tabs

The Sanford, N.C.-based Pantry convenience store chain has introduced new scheduling software to keep track of staffing at peak times to reduce labor costs at its 1,647 stores in 11 Southeast states. It's helped the store's bottom line.

"We're trying to get a better pulse on when you need more people and how you allocate them," said Pantry CEO Peter J. Sodini.

As as result, labor cost fell 4.6 percent on a per store basis during the chain's second quarter that ended March 26, compared with a year earlier.

The system helped Pantry, which is moving its headquarters to Cary, N.C., later this year, to exceed Wall Street expectations and report greater net income of $6.3 million or 28 cents a share. That compared with net income of $5.1 million or 23 cents a share during the same quarter a year ago. It has 72 stores in the Charleston area.

In the know? Do you know of a retail business that is opening, closing or expanding? Reach Warren Wise at wwise@postandcourier.com.