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Hotel industry acheives equilibrium

Hotel industry acheives equilibrium

By Brittney Sherman

According to a recent CoStar Hospitality Data Podcast, the month of November marked the “return to equilibrium” for the hotel industry.

As a whole, during the month of November hotel industry RevPAR increased 2.7%, room rates increased 3.8%, and occupancy decreased 1.1%. Breaking those numbers out by scale, upper-upscale RevPAR increased 5% while economy RevPAR decreased by 5%. The luxury chain room rate decreased 0.9% however the room rate for the luxury hotel scale as a whole increased 5%, driven mainly by the impact of the Formula 1 event on the Las Vegas hotel market. TSA posted record travel data during the Thanksgiving week resulting in a much-needed leisure travel surge for hotels at the end of the month.

Projections for December are being based on traditional last minute corporate holiday travel patterns and a plunge in occupancy over the Christmas holiday. What do experts predict for the start of 2024? No growth during the first two quarters of the year, but also no decline; a state of equilibrium.

Listen to the full Podcast HERE.

 
$743 Billion in retail returns in 2023

$743 Billion in retail returns in 2023

By Brittney Sherman

Retailers are hyper-focused on mitigating returns in 2024. Last year, 14.5% of all in-store purchases and 17.6% of all online purchases were returned. While that might not seem like a loss since retailers re-gain the pre-sold products, a recent rise in fraudulent returns is accounting for $101 Billion in industry loses. Approximately 20% of retail fraud is conducted by Organized Retail Crime groups and an estimated 49% of all retail fraud is attributed to “wardrobing,” the return of used non-defective products. In an effort to stop the bleeding, retailers will begin applying stricter rules to returns in 2024, especially as they relate to online purchases.

Read the full article HERE.

 
California sets fast food mandatory minimum wage at $20

California sets fast food mandatory minimum wage at $20

By Brittney Sherman

Late September, Governor Newsom repealed the Fast-Food Accountability and Standards Recovery Act, replacing it with a mandatory $20 per hour minimum wage for all fast food employees. The base wage will go into effect on April 1, 2024 . A nine-person Fast Food Council will be appointed to monitor and recommend additional annual wage increases and workforce standards for fast food employees through 2029.

Read the full article HERE.

 
2023 End of year eNewsletter

2023 End of year eNewsletter

By Brittney Sherman

As we close out another busy year, the Economic Development team would like to wish all of our businesses a happy and prosperous holiday season. We are grateful for the community’s support of the Downtown Street Activations, the Buy Local Holiday Shopping Passport, and engagement during our business roundtable meetings. This final newsletter of the 2023 year captures just a few of our most recent accomplishments. We look forward to the New Year and our work ahead to support the City’s long-term fiscal sustainability and increase the number of local job opportunities for all Morgan Hill residents.  

Read the full eNewsletter HERE.

 
Permanent Pickleball courts under construction in Morgan Hill

Permanent Pickleball courts under construction in Morgan Hill

By Brittney Sherman

The City will soon move forward on the construction of four new pickleball courts at the Morgan Hill Community Park located next to the existing temporary pickleball/basketball courts.  The new courts will greatly benefit the growing pickleball community in Morgan Hill, who has been using three temporary pickleball courts on the existing basketball courts at Community Park for the past year. A groundbreaking event will be held on Wednesday, December 20, 2023, at 10:00 a.m.

Read the full Press Release HERE.

 
The Breakfast Club opens new location in Morgan Hill

The Breakfast Club opens new location in Morgan Hill

By Brittney Sherman

In 2024, Morgan Hill will become one of four new locations for the quickly growing diner chain: The Breakfast Club. The restaurant will setup shop in the prior YOLKED location and will offer a creative breakfast, lunch, and brunch menu, in addition to a full bar and live music.

Read the full article in the SJ Spotlight Publication HERE.

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