BizFeed: Philly Dead Last in Creative Job Growth
Philadelphia is having a culture crisis. (Pictured: The cast of “Altar Boyz” at 11th Hour Theatre Company.)
Philly’s Struggling Creative Sector
The News: Philadelphia’s creative job market (think writers, actors and designers) has shrunk by 24 percent in the past 10 years, according to a new study by the Center for an Urban Future, a New York-based think tank.
In fact, Philly went from 14,882 creative jobs in 2003 to 11,236 in 2013, the report said. Its job decline put Philly dead last among the 18 cities studied. Philly has just 2,268 creative graduates per year, compared to New York at 8,548.
The best cities were Austin (up 40 percent), Portland (up 22 percent) and New York (up 15 percent.)
Why it Matters: Sure, Philadelphia’s booming real estate market, thriving tech community and stalwart “eds and meds” sector are all great. But creative people breathe life into a city and give it a certain edge. They’re the ones making First Friday great. They’re typically the first ones to move into a forgotten neighborhood and make it cool again (because they need cheap rent). Philadelphia should invest in the sector and attract creative types that don’t want to pay high rents in New York or Los Angeles. In fact, the study said that housing prices in Manhattan were 225 times higher than in Philly.
2. Americans Trust Tech Firms With Their Money Over Banks
The News: People have more trust in tech companies to handle their money than banks. Forbes released this telling infographic showing the percentage of Americans with a positive opinion of certain businesses as providers of financial products. Four big tech companies — Pay Pal (73 percent), Amazon (71 percent) Google (64 percent) and Apple (57 percent) — all scored higher than four of the largest banks — Wells Fargo (44 percent), JP Morgan (40 percent), Citi (37 percent) and Bank of America (36 percent.)
Why It Matters: People have not mentally gotten over the economic recession of 2008 and the Too Big to Fail banks that collapsed the economy. People are much more wary of those institutions now, and are more likely to feel comfortable using more modern ways to pay for things like Apple Pay or Pay Pal.
3. CVS’s Move to Phase Out Tobacco Cost $2 Billion. Here’s How It’s Making Up the Money
The News: When CVS discontinued sales of tobacco — a month earlier than planned — it was hailed as a progressive move toward a business designed around health and wellness. But with 7,800 stores, tobacco meant serious sales, and CVS was left wondering how to make up $2 billion in annual revenue.
Why It Matters: An article by Bizwomen, outlined CVS President Helena Foulkes‘ plan to make up the lost revenue. Here are two parts of the plan that stood out:
1. Add more health food: “We weren’t making it so easy to find health foods,” Foulkes told Fortune, during a tour of a refurbished Manhattan location. But the store is there to “nudge, not judge,” she added.
2. Create more pharmacies and MinuteClinics: The Affordable Care Act has been a boon to CVS’ business, as millions of newly insured people are now getting health care, often for the first time. And its pharmacy-services business, which helps manage drug-benefit plans for insurers and employers is growing, Bloomberg reported. So are its physical locations: The company recently bought Target’s nearly 1,660 pharmacies in 47 states for $1.9 billion. That means CVS will rebrand them in its own image, CNN reported, including the company’s 80 clinics. The Target deal will help CVS expand into new markets, such as Denver, Portland, Salt Lake City and Seattle.
