It just so happens that one of the last area businesses to call it quits in 2009 was also one of the most recognizable.
Bob Maloney Ford Lincoln Mercury, on South Eighth Street in Rogers, announced this month that it would be shutting its doors (with the possible exception of the body shop) today.
We’re sorry to bid farewell to just about any business that fails, but especially one like Maloney Ford, which not only employed dozens but also had a history in the community, having been around for 29 years.
We are less sorry to bid farewell to 2009, a year during which many jobs disappeared.
Economic turmoil was probably the biggest story of the year.
Not only jobs, but entire businesses dropped out of the picture. We cringed at the newsthat well-known establishments such as T.G.I. Friday’s in Fayetteville, Sportsman’s Warehouse in Rogers and Stockman’s Pride in Bentonville were closing their doors. Since April, a prime location on the corner of Main Street and Central Avenue in downtown Bentonville has seen not one, but two restaurants go out of business. It was that kind of year.
Maloney Ford suffered in part from Ford’s reluctance to grant more than a $2 million floor plan credit line, the standard method auto dealers use to finance their inventory. That’s down from $8 million a few years ago.
From a broader perspective, Maloney Ford’s departure is hardly surprising considering the state of the U.S.
automakers. From early 2006 to the end of 2008, the number of Ford dealerships nationwide shrank by about 14 percent. Last summer’s nationwide Cash for Clunkers program, though it brought much-needed business to many dealerships, was not enough to save Maloney Ford.
But enough bad news. How about we end the year with a ray of hope for 2010?
This is still Northwest Arkansas, home of some pretty large companies and the state’s flagship university to boot. Forbes Magazine released a list this year of the top places in the country for business and careers. The Fayetteville-Springdale-Rogers area landed at No. 4, ahead of places such as Seattle; Austin, Texas; and Boulder, Colo. - places that have developed excellent reputations for business and innovation. Though Forbes is hardly the lone authority on this subject, it’s uplifting to see Northwest Arkansas receive positive publicity from a national publication.
What else? Arkansas, though by no means immune to recession, has fared better than other parts of the country. The state’s unemployment rate is 7.4 percent - nearly two percentage points higher than a year ago, but still the 16th-lowest rate in the country. The national unemployment rate is 10 percent.
We wish everyone a happy 2010, but especially those who lost jobs in 2009 and remain unemployed. Have hope. We believe a better year lies ahead.
Opinion, Pages 5 on 12/31/2009