Dec. 29, 2008
Rise Of The Fix-It Economy
CBS Evening News: Frugality Is Translating Into A Nice Bonus For The Fix-It Man
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Play CBS Video Video The Fix-It Economy Some 58,000 businesses filed for bankruptcy through November and many are failing because consumers aren't buying new products. Hari Sreenivasan reports on how this is good news for repair shops.
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Daniel Catalfuno has been a cobbler for more than 70 years. (CBS)
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Interactive Eye On The Economy In-depth features on U.S. markets, taxes, employment and the Federal Reserve.
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The Early Show Economy In Crisis Confused about what's happening with the economy? You're not alone. Send us your questions for our experts to answer.
In West Palm Beach, Judith Montrone is not waiting for the other shoe to drop. Instead, she is dropping off her shoes for repair.
"My daughter is out of work, my son is looking for work," she says. "My sister who is right here is out of work, and her boyfriend is out of work, too."
Daniel Catalfuno has been a cobbler for more than 70 years.
"A lot of 'em say they would never bother fixin' their shoes, they would throw them out," he says. "But now with things the way they are with the economy, they don't have ... they're tight for money. They're repairing everything they have."
At Catalfuno's shop, when times get tough, business steps right up.
Last November, the store brought in $16,000. This November, the store brought in $22,000 -- up 37 percent.
Scott Aherns of North Dallas Auto has been working on and under cars for nearly 20 years, and big repairs like transmissions and engine overhauls are up.
In 2007, he did 13. In 2008, he's already done 22. That's up 69 percent.
"Eighteen months ago, new engine? Forget it -- drag it over to the dealership and trade it in on something," Aherns says. "Where now a new engine can go 100,000 miles before it needs anything."
People are also trying to get more mileage out of their clothes.
Without A Trace Reweavers in Chicago has repair orders from all over the country.
"This is an Armani suit jacket, sport coat, and he got caught coming up out of a chair," Linda Mrkvicka from Without A Trace says as she shows off the jacket.
"What they're going to do is take material from the facing of the jacket and weave it in over this damaged area right here."
Last year, Without A Trace mended 5,900 pieces of clothing. This year, they've stitched more than 7,400 -- up 25 percent.
"This is the time where people are trying to save their clothes," Mrkvicka says. "They're not going out and buying new ones."
And photos show that even President-elect Obama could use a repair or two on his shoes -- welcome news for those in the fix-it business.
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See all 32 Comments[Posted by brannigon at 09:01 AM : Dec 30, 2008]
never say never. change is the only thing you can truly count on.
Posted by patriot2381 at 06:10 AM : Dec 30, 2008
Agree. Let us bring our country to the days after WWII when we were the envy of the world, until Reagan and the rest of the repukes came to power, then our country went down the tubes. GOP is the abomination of our proud nation.
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Posted by brannigon at 09:01 AM : Dec 30, 2008
read the article before you post. They''re not talking about fixing the economy, they''re stating how the main industries that have NOT been hit hard by the recession are the ones who specialize in repairing things; cars, cloths, shoes, etc.
A RESILIENT PEOPLE-
* would be a frugal and energy conservation minded not because it''s the latest green fad but because it%u2019s wise and efficient and a normal part of their lifestyle.
* would be strong and courageous in the face of crises....... terrorists or a natural disaster. For the latter, they will respond intelligently (take a Red Cross first aid course for example) rather than just go whining and expecting the government to bail them out.
* will stay in shape so as not to jack up health care and energy costs.
* answer the call for SERVICE rather than just SHOPPING.
* A RESILIENT PEOPLE knows and understands their civic responsibility. They have an understanding what our Constitution is all about and THEY VOTE!
* And Finally, a RESILIENT PEOPLE has a CAN-DO attitude. We use our natural enthusiasm and creativity to solve our technical and social problems.
LET''''S BE A RESILIENT PEOPLE AND NOT A WHINING SHEEPLE!
Posted by tincup356 at 07:18 AM : Dec 30, 2008
Now I don''t know why, people who lack the basic education to read and understand what they have read, want to be involved in a debate but ANYONE blaming the Democrats for this meltdown OR the insanity of the Bail Out demanded by the fuhrer and the Reich is simply looking for a scape goat and has NO vision of how we manage to get out of the mess we are in. It''s going to take a LOT of investment by our Government and a LOT of hard work to overcome THIS Generations Hoover and that is a FACT!! We have TWO parties and that also is a FACT! Since the Republican Party has turned over their Party to a bunch of Southern Fascist, that doesn''t leave anyone else now does it?
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See all 32 Comments