A Purdue University retail expert believes sales of gift cards this holiday season could reach between $35 and $40 billion. Purdue Retail Institute Researcher Richard Feinberg is anticipating a significant increase in cards for grocery stores, gas stations and superstores such as Wal-mart and Costco because of the economy. He says the institute's research indicates most cards are redeemed after Christmas and New Year's, which means the cards can't be included in retail holiday sales figures. Feinberg will appear on Inside INdiana Business Television this week.
October Home Sales Fall in Indianapolis-Area
A real estate group says home sales in Central Indiana for October dropped 24 percent, compared to the same month in 2007. The Metropolitan Indianapolis Board of Realtors (MIBOR) also says the median sale price for that period fell three percent and total sales volume dropped 29 percent. Morgan and Johnson were the only counties in the area not to record double digit declines in the number of properties sold in October.
hhgregg turns to video gaming
Indianapolis-based hhgregg (NYSE: HGG) is set to enter the gaming business this week. The company says it will sell video game bundles with popular games and various other accessories in each of its 109 locations across its nine-state network. hhgregg's initial assortment of gaming inventory will include Microsoft Xbox 360 Arcade, Xbox 360 Pro, Sony PS3 and Nintendo Wii, as well as hand-held gaming devices. The first day of the new offerings will be November 28.
South Bend Airport wants to expand terminal
The director of the South Bend Regional Airport says an $8.5 million expansion and renovation of the airport's terminal building is aimed at maintaining service in a tough aviation environment. John Schalliol says plans call for merging two existing concourse areas and the addition of food service, a business center and passenger amenities. Schalliol tells Inside INdiana Business the project would be funded through user fees and not through any local property tax dollars.
I-65 construction near completion
A busy stretch of Interstate 65 in northwest Indiana will re-open by the first week of December following a massive reconstruction project. The highway between I-80/94 and the Indiana Toll Road has been closed since March. The Indiana Department of Transportation already has plans for another project in the northwest part of the state to be completed in 2011. Crews will convert the Frank Borman Expressway from six to 10 lanes between State Road 53 (Broadway) and Central Avenue. The state says Walsh Construction of Chicago submitted a low bid of $97 million for the project.
