Posts Tagged “Recession”
Based on this graphic, it’s pretty apparent what people come to Georgetown to do: shop and eat.
Georgetown Metropolitan reports that 73% of the businesses in the neighborhood are independent. This percentage drops to 41% only a block from Wisconsin Ave. and M St.
There have also been fewer store closings, but there was still a net loss of 13 stores. The majority of store closings were independent businesses.This year saw the closing of Commander Salamander, and the openings of stores like Madewell, Barbour, and City Sports.
Within the next year, it is reported that businesses such as Brooks Brothers, All Saints, Calvin Klein, Rag & Bone, and Serendipity3 will be opening locations in Georgetown.
h/t, graphic: The Georgetown Metropolitan, Washington Business Journal
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After many stores closed their doors in recent months, it seemed that the recession had finally hit Georgetown. However, many this summer’s grand openings may be a sign that our cozy little corner of the District has pulled itself out of the depths of recession.
Two of the newest additions to the Georgetown shopping scene are Camper and Charm. Camper, which is located at 3219 M St., is a Spanish line of shoes for men, women, and children. This is the first Camper store in DC.
Charm, which recently opened at 2910 M St., is an accessories boutique with a wide range of products, including purses, jewelry, and travel accessories..
When you consider all of the new businesses in Georgetown (Morso, Crepe Amour, Serendipity 3, Apple Store, and now Camper and Charm), those pesky rumors about Chop’t and Good Stuff moving into the neighborhood, and even the expansion of Moby Dick and the reborn Ristorante Picolo, it appears that Georgetown consumers are ready opened their hearts—and their wallets—once again.
Image from Flickr user M. V. Jantzen used under a Creative Commons license.
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A study by the American Association of University Professors found that colleges and universities across the country gave faculty the lowest pay raises in the 50 years since the study began, and Georgetown University is no exception. At Georgetown, full professors’ pay declined by .1 percent, associate professors were given pay raises of .5 percent, and assistant professors’ pay rose by 1.1 percent.
Meanwhile, the rate of inflation at 2.7 percent, and average pay increases at American institutions for a full professor was 1.2 percent. Most other D.C. schools were stingy, but at George Washington University, faculty pay rose by 5.1 percent.
According to the study, Georgetown professors still took home an average salary of $155,500 (and average compensation was $191,700) last year. Associate professors averaged a salary of $100,700, and assistant professors averaged $83,600.
Interestingly, the study provided a gendered breakdown of faculty pay which revealed that in all categories, male faculty out-earned female faculty. Male professors, associate professors, and assistant professors earned average salaries of $157,200, $103,300, and $89,800, respectively, and female professors, associate professors, and assistant professors earned average salaries of $149,800, $96,800, and $76,400, respectively. Percent changes in pay by gender were not available.
Georgetown had originally planned to increase faculty pay to 2.25 percent above the rate of inflation for 2009, a goal which President John DeGioia announced the University had scrapped last January. He announced salary freezes for himself and other senior faculty in the same speech.
Via College, Inc.
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Turns out last year’s economic nosedive caused more than just the stock market to decline—Georgetown’s yield rate also took a hit.
The yield rate, the percentage of students accepted to Georgetown who chose to enroll, dropped to 43 percent this year, down from last year’s 45 percent. That makes 2009 the second consecutive year Georgetown’s yield rate has slumped. From 2005 to 2007 the yield rate remained at 47%.
Charles Deacon, the Dean of Undergraduate Admissions, pointed to the economic downturn as an explanation for the drop in yield rate.
“The yield fell about three percent this year as the financial crisis affected virtually every college and family whether they were financial aid applicants or not,” Dean Deacon wrote in an email.
The yield rate for students who applied for financial aid was roughly 39 percent, significantly lower than the 49 percent yield for students who did not apply for financial aid. This disparity helps explain the markedly lower yield for minority students, roughly 80 percent of whom have applied for financial aid in recent years, according to Deacon.
In addition to a drop in yield rate, the number of applications Georgetown received also declined this year. A total of 18,617 students applied to Georgetown this year, a slight drop from 2008′s 18,700 applications. The 2008 applicant pool was the largest in the University’s history, though, so while this year’s numbers aren’t record-breaking, they’re still higher than any year besides 2008.
To combat the flagging yield rate, and the disparity between financial aid seeking applicants and non-financial aid seeking applicants, the University has increased its fundraising efforts and plans unveil additional steps later this week.
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Economic hardship: not just for the common folk anymore!
This weekend the Washington Times reported that the poor economy is having and impact on everyone—even chic Georgetown boutiques! Disbelievingly, they tell tales of outrageous, unprecedented retail behavior, like sales starting in July rather than the end of August and napkins retailing for a mere $35 rather than $125. The horrors!
They have some sad stories from Nakita McLelland, the owner of The Dutch Lady, a linen store on M Street, who has seen her “sophisticated” loyal customers stop coming in because they’ve lost so much money in the stock market, as well as some quotes from consumers bragging about all the good deals they’re getting.
The most absurd quote of the article, though, comes from Sharon Amar, the manager of Celine de Paris, a boutique on M Street:
“I am normally against sales. Americans go crazy for them, though. I have always felt that if a woman waits until a product is on sale to buy it, she has lost months where she could be wearing it and loving it,” said Mr. Amar, a native of France.
Photo by Flickr user ehpien, used under a Creative Commons license.
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Only for the fortunate few, now more than ever
The recession has led to a lot of hardship and disappointment all around. This year’s crop of high school seniors deciding where to go to college are in a particular bind, having to reconcile their academic dreams with economic realities.
The Associated Press has an especially heartstrings-tugging story out today about the issue. The article is largely focused on Laura Mueller-Soppart, a Chicago senior who had her heart set on the School of Foreign Service (which was “sparkling with erudite conversations about international affairs” and employs her personal heroine, Madeline Albright):
She got accepted, but when the financial aid award letters arrived, her family’s expected contribution was way beyond what they felt they could afford, given how the drop in the stock market had cut their savings by more than half. She also had two younger brothers to think about.
So when Northeastern University in Boston offered her a nearly full ride, she asked herself: “Do I go $200,000 in the hole because so many told me Georgetown was indispensable, or do I take the full ride?”
She is taking the full ride.
“It was really hard for me, hard to the point where I cried all the time because I felt it was so incredibly unfair,” Mueller-Soppart said. “I told myself I could have worked half as hard as I did and ended up in the same place.”
The article goes on to explain that because Georgetown uses federal financial aid forms to assess a family’s expected contribution, Mueller-Soppart’s family was at a disadvantage because they hadn’t invested their savings in retirement funds (which can’t be counted for determining a family’s financial contribution). She still hopes to come to Georgetown for grad school, though.
Here’s what University Spokesperson Julie Green Bataille had to say about the story:
[W]e know that students and families are making difficult decisions about college this year and that’s why we’ve taken the steps we have in terms of limiting tuition growth and increasing our financial aid budget.
Photo from Flickr user ehpien, used under a Creative Commons license.
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Now, we all know that the economy is awful, but did you know that it’s especially awful for this year’s graduating seniors? A couple recent stories from the Wall Street Journal and the Washington Business Journal paint a pretty vividly depressing picture why.
First off, finding a job is extremely difficult due to a triad of terribleness:
- Unemployment is on the rise among our age group, with the rate up to 13.9% among 20- to 24-year-olds and 10.9% among 25- to 28-year-olds
- To deal with the recession, employers are cutting down on their payroll and hiring less
- Even if employers are hiring, they’re less likely to seek out recent grads given the large supply of experienced and unemployed workers
Even if by some miracle you manage to get hired, you may be screwing yourself over in terms of long-term wages:
Even those who land jobs will likely suffer lower wages for a decade or more compared to those lucky enough to graduate in better times, studies show … Economic research shows that the consequences of graduating in a downturn are long-lasting. They include lower earnings, a slower climb up the occupational ladder and a widening gap between the least- and most-successful grads.
According to the WSJ, if you can find work in your desired career field, you’ll be better off in the long-run since you’ll learn the relevant skills and be more in demand once the economy recovers.
However, with employers saying they’ll hire 22% fewer college graduates than last year, the best bet may be to opt out of the job market all together. And you’re not alone in choosing that path—applications to AmeriCorps tripled, Teach for America saw a 42% increase in applications and graduate school are reporting an 8% increase in applications.
Um, happy graduation Class of 2009?
Photo from Flickr user adobemac, used under a Creative Commons license.
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Your pockets: now 2.9% emptier!
The Board of Directors just announced next year’s tuition: it will be a 2.9% increase, up to $38,616 from this year’s $37,536. Room and Board fees will also increase 2.9%, taking the average price of a year’s worth of a Georgetown education up to a whopping $51,543.
However, the University will also be increasing its supply of need-based scholarship aid by 18%. The current budget projection is that University will give $88 million in financial aid.
University spokesperson Julie Green-Bataille also noted in an e-mail that, percentage-wise, this is Georgetown’s smallest undergraduate tuition increase since 1973.
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At least it’s shiny.
Economic downturn is forcing D.C.’s Newseum to cut its staff of 250 by 10 percent. Call it bad luck, but would-be visitors shouldn’t groan at the threat of shortened exhibit hours. When the Voice’s Sara Carothers perused its hallowed media halls in the spring, she found it to be a P.R. palace and home to enough slant for two Fox News Channels. “Uninspired,” she wrote.
Given that visiting the Newseum costs adult visitors $20 a pop, the $450 million museum may not have come up against hard times if it didn’t–well, suck.
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