The tariff economy at Economy Candy

Media outlets have published numerous articles on the potential impact of tariffs on both businesses and consumers. 

Closer to home, an Associated Press article from Monday on 88-year-old LES institution Economy Candy titled "Trump's tariffs hit a sour note in landmark NYC emporium of sweets" made the rounds. 

An excerpt: 

Stepping into Economy Candy feels like a time warp. Its name is emblazoned on a sign in a vintage, blaring red script, and crossing below its green-and-white striped awning, past the bins of Smarties, butterscotches and Lemonheads in the front window, an indecipherable sweetness fills the air, oldies music sounds overhead and customers mill around stacks of candy bars they forgot still existed. 

It represents just a blip in the country's $54 billion candy industry. But it was already feeling the weight of surges in prices of cocoa and other ingredients before tariffs were layered on. 

Candy and gum prices are up about 34% from five years ago and 89% from 2005, according to Consumer Price Index data. Price, according to the National Confectioners Association, has become the top factor in consumers' candy purchase decisions, outweighing a buyer's mood. 

Still, owner Mitchell Cohen...

... wore a smile anyway. He wants this to be a happy place for visitors.

"You travel back to a time when nothing mattered," Cohen says, "when you didn't worry about anything." 

You can read the full article here.

Halloween at Economy Candy

Hard to believe that Halloween is less than three weeks away ... and it's traditionally a busy season for LES/NYC institution Economy Candy, which opened in 1937.

Skye and Mitchell Cohen, the third generation of husband-wife owners of Economy Candy, told me that they've "done a fraction of the business" they would normally do had they been operating as normal over these last six-plus months.

"October is typically our busiest month of the year, with Halloween being our busiest day, but with trick or treating in hot water this year our forecast isn’t ideal," Skye says.

Back in March, when the PAUSE went into effect, they launched the CandyCare Pack.

"We were overwhelmed by the 'pay it forward' nature of orders that came in," Skye says. "We started recognizing names as we were printing out shipping labels and thought something had gone wrong. While looking into it we realized we were recognizing names because people who had received CandyCare Packs were ordering and sending CandyCare Packs to their friends and family and so forth ... in lieu of regular social visits, which were made impossible by social distancing measures."

So this fall, they've introduced a variety of Halloween CandyCare Packs, which are currently available on their website for curbside pick up or to ship nationwide.

Economy Candy is at 108 Rivington St. between Essex and Ludlow. While the shop is closed for in-person shopping, they are open for curbside service. Find their website here for more details.

Images via Economy Candy

Economy Candy's 80th anniversary retro signage

Heading into the Lower East Side for a moment... where the third-generation owners of Economy Candy at 108 Rivington St. installed some retro signage modeled after the store's 1960s storefront. (See the Lo-Down for more.)

Here's their inspiration (when the store was a few doors away here between Orchard and Essex) ...


[Via @EconomyCandy]

Report: During the recession, candy sales are up! (Next trends piece: We're getting fatter and our teeth are rotting)

The inevitable trends story today from the Times.

The recession seems to have a sweet tooth. As unemployment has risen and 401(k)’s have shrunk, Americans, particularly adults, have been consuming growing volumes of candy, from Mary Janes and Tootsie Rolls to Gummy Bears and cheap chocolates, say candy makers, store owners and industry experts.

Theories vary on exactly why. For many, sugar lifts spirits dragged low by the languishing economy. For others, candy also provides a nostalgic reminder of better times. And not insignificantly, it is relatively cheap.

“People may indulge themselves a little bit more when times are tough,” said Jack P. Russo, an analyst with the Edward Jones retail brokerage in St. Louis. “These are low-cost items that people can afford pretty easily.”

All this means business has been brisk at Economy Candy. Anyway, has the Times already done the piece on people drinking more during the recession and eating lunch from sidewalk vendors?