Retailers and Suppliers Take Stock of Economic Downturn Featured on CIT “5 Minute Capital” Podcast Series
NEW YORK-(Business Wire)-September 21, 2009 - CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today released its first podcast based on its new study, “U.S. Small and Middle Market Outlook 2009: Retailers and Suppliers Take Stock of Economic Downturn.” The podcast is featured on 5 Minute Capital (www.5minutecapital.com), a series of 5-minute podcasts featuring senior CIT executives commenting on current market conditions and trends in the middle market.
In this installment, Jon Lucas, Chief Sales Officer and Executive Vice President of CIT Trade Finance, provides his perspective on how retail suppliers have been affected by the economic downturn. He comments, “The suppliers that sell into retail channels of distribution are experiencing difficulties. Since retailers have reduced their inventories, vendors that sell product to retailers are seeing fewer orders. At the same time, the price/value equation is being rewritten, and suppliers are working to manufacture a quality product at price points that are salable in the market today.”
In discussing how vendors will adapt to the new retail environment, Lucas adds, “I think both on the supplier side and the retail side you need to reinvent yourself everyday. You are going to see the vendors trying to reinvent themselves and bring different product with lower prices to market. It's going to be an interesting several quarters where conservative, cautious projections are in order.”
Middle market companies, a key component of the U.S. economy, account for more than $6 trillion in sales and employ almost 32 million Americans. U.S. small businesses employ nearly 59 million Americans (approximately half of all private-sector jobs), constitute approximately 97% of all identified exporters, and produce approximately 29% of the known export value.
EDITOR’S NOTE: Complimentary copies of the report are available for download at http://middlemarket.cit.com.
Individuals interested in receiving future updates on CIT via e-mail can register at http://newsalerts.cit.com.
About the Report
The information in the U.S. Small and Middle Market Outlook 2009: Retailers and Suppliers Take Stock of Economic Downturn is based on the results of two surveys and a series of one-on-one interviews conducted by Forbes Insights in July and August 2009.
The first survey questioned 110 executives and financial decision makers at middle market retailers. All companies had revenues of $25 million to $1 billion. Respondents represented a broad range of retail segments, including specialty apparel, consumer electronics, appliances, sporting goods, convenience stores, housewares, and discount chains. All respondents held senior-level titles (including CEO, COO, CFO, and VP) and had functional responsibility for finance, strategy and business development, or general management.
The second survey queried 104 executives and financial decision makers at suppliers to the middle market retailer sector. All companies had revenues of $2 million to $1 billion; slightly under half weighed in at less than $50 million. These suppliers represented a broad range of market segments, including apparel and accessories, consumer electronics, housewares, footwear, home furnishings, and other retail. All respondents held senior-level titles (including CEO, COO, CFO, and VP) and/or held functional responsibility for a business unit or department. Over half were either a CEO or owner. The interviewees were not clients of CIT.
About CIT
CIT (NYSE:CIT) is a bank holding company with more than $60 billion in finance and leasing assets that provides financial products and advisory services to small and middle market businesses. Operating in more than 50 countries across 30 industries, CIT provides an unparalleled combination of relationship, intellectual, and financial capital to its customers worldwide. CIT maintains leadership positions in small business and middle market lending, retail finance, aerospace, equipment and rail leasing, and vendor finance. Founded in 1908 and headquartered in New York City, CIT is a member of the Fortune 500. www.cit.com
About Forbes Insights
Forbes Insights is the custom research practice of Forbes Media, publisher of Forbes magazine and Forbes.com, whose combined media properties reach nearly 50 million business decision makers worldwide on a monthly basis. Taking advantage of a proprietary database of senior-level executives in the Forbes community, Forbes Insights’ research covers a wide range of vital business issues, including talent management, corporate social responsibility, financial benchmarking, risk and regulation, and doing business in emerging markets. www.forbes.com/forbesinsights
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