“My Economy” tells the story of the new economic normal through the eyes of people trying to make it, because we know the only numbers that really matter are the ones in your economy.
For those in the business of buying and selling used office furniture, the interconnected trends of companies downsizing and workers setting up permanent home offices presents an opportunity.
“In any downturn like this, there’s opportunity to pick up deals,” said Wayne Hogan of Galaxy Office Furniture in North Little Rock, Arkansas.
He and his wife Lynda began selling furniture out of their garage back in 1982. “Ever since then, there’s times when the business has kept the marriage going and times when the marriage partnership has kept the business going,” he said.
From their storefront in the Argenta Arts District of North Little Rock, Hogan said he can see consumer preferences change along with the economy.
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![A sign outside of Galaxy Office Furniture in North Little Rock, Arkansas that reads, "Antiques, Retro, Cool Junk"]()
Galaxy Office Furniture carries antiques, home decor, vintage clothes, and even shares space with a grocery store and a restaurant. -
![The interior of Galaxy Office Furniture in North Little Rock, Arkansas]()
“We do a little of everything,” said Wayne Hogan.
“Whenever business is good, we’re selling a lot of new office furniture,” he said. “When the economy is slow, they get a little more frugal.”
On the selling side, Hogan said there’s high demand right now for small desks as people carve out spaces to work and learn from home. “[Customers are] looking for smaller desks to replace that kitchen table office,” he said. “You’re not going to sell them a 6-foot desk.”
On the buying side, Hogan said there’s a lot of used office furniture available as companies downsize or close physical offices permanently.
“That part of our business is kind of like a catfish,” he said. “We just kind of pick up what’s on the bottom and keep everything stirred up.”
Let us know how your economy is doing using the form below, and your story may be featured on a future edition of “My Economy.”
What does the unemployment picture look like?
It depends on where you live. The national unemployment rate has fallen from nearly 15% in April down to 8.4% percent last month. That number, however, masks some big differences in how states are recovering from the huge job losses resulting from the pandemic. Nevada, Hawaii, California and New York have unemployment rates ranging from 11% to more than 13%. Unemployment rates in Idaho, Nebraska, South Dakota and Vermont have now fallen below 5%.
Will it work to fine people who refuse to wear a mask?
Travelers in the New York City transit system are subject to $50 fines for not wearing masks. It’s one of many jurisdictions imposing financial penalties: It’s $220 in Singapore, $130 in the United Kingdom and a whopping $400 in Glendale, California. And losses loom larger than gains, behavioral scientists say. So that principle suggests that for policymakers trying to nudge people’s public behavior, it may be better to take away than to give.
How are restaurants recovering?
Nearly 100,000 restaurants are closed either permanently or for the long term — nearly 1 in 6, according to a new survey by the National Restaurant Association. Almost 4.5 million jobs still haven’t come back. Some restaurants have been able to get by on innovation, focusing on delivery, selling meal or cocktail kits, dining outside — though that option that will disappear in northern states as temperatures fall. But however you slice it, one analyst said, the United States will end the year with fewer restaurants than it began with. And it’s the larger chains that are more likely to survive.
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September 29, 2020 at 03:13AM
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This office furniture business is “kinda like a catfish” - Marketplace
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