Shop till you drop no more: Retailers found holiday cheer hard to come by this year.

Deanne Butchey (PhD ’05), instructor, Department of Finance and Real Estate and assistant dean, Assurance of Learning and Accreditation. View complete interview to learn more about the economic strengths and weaknesses in the holiday retail sector.

The 2008 holiday shopping season reflected both the economic woes and the reduced consumer confidence that abound in today’s retail markets.

“Worries about their jobs, the difficulty in accessing credit, and the uncertainty about the economy caused many consumers to exercise restraint and to use cash for the purchases they did make,” said Deanne Butchey, instructor, Department of Finance and Real Estate and assistant dean, Assurance of Learning and Accreditation.

Butchey points out that shoppers did their due diligence to save money on holiday gifts purchased—and that in some areas the shopping season was not a total disappointment.

“Luxury stores had stampeding customers taking advantage of generous sales and promotions,” she said. “What’s more, many consumers shopped on the Internet to get gift ideas and to locate bargains. Educated consumers also purchased a larger share of their gifts on the Internet to save money on gas and to benefit from retailers’ free shipping offers. In addition, Internet searches made it easier to comparison shop.”

Buying patterns shift.

According to Butchey, consumers who turned to the Internet had more cash to spend because of the savings on gasoline expenditures. However, they tended to purchase only useful items that were reduced markedly and represented good value.

---

“Worries about their jobs, the difficulty in accessing credit, and the uncertainty about the economy caused many consumers to exercise restraint and to use cash for the purchases they did make.”

—Deanne Butchey (PhD ’05), instructor, Department of Finance and Real Estate and assistant dean, Assurance of Learning and Accreditation

---

“Stores were prepared for this and had leaner inventories, so items in high demand ran out very quickly,” she said.

South Florida retail market reflects regional challenges.

Florida, along with Arizona and California, has been “ground zero” for foreclosures, which spurred the rapid erosion of consumers’ perceived home equity and wealth.

“Combine the real estate slump with the stock market slump and you see why South Floridians are in general feeling more despondent than the rest of the country,” Butchey said. “Thankfully, we did not have depressing cold and stormy winter weather to compound our sentiment!”

Numerous stores in South Florida have shut their doors, including KB Toys, Linens ’n Things, Mervyns, Sharper Image, and Whitehall Jewelers.

“Tourists who usually arrive and shop are staying away from Florida this year, lured by phenomenal deals in the Caribbean and Mexico,” she said. “Those deals are driven by the fact that poor economic conditions in Great Britain and Europe are keeping many potential tourists from those regions at home, which is in turn reducing overall demand and generating appealing price deals for those who can afford to choose travel to the Caribbean and Mexico over trips to Florida.”

What’s in store for 2009?

Moving into the New Year, larger stores will demand rent concessions. This will help the retailers’ bottom line while spelling bad news for commercial real estate markets, especially for highly leveraged property owners.

“Strong stores will survive—and with less competition,” Butchey said. “I do think we are in for a tough 2009. The new administration brings a glimmer of hope, but there is a danger of expecting too much too soon. That could see us revisit recent stock market lows if the market doesn’t quickly get a clear view that the proposed stimulus package will be enough.”

Butchey was quick to point out one bit of good news displayed in the University of Florida’s monthly consumer confidence report: Consumer confidence among Floridians rose five points in January, 2009. Although the report did show that consumers felt very pessimistic about their current personal finances, the other four components of the index rose, reflecting optimism about the future.¹

Sphere: Related Content

Fall Commencement ceremony brings all business school graduates together.

More than 1,000 students graduated from the College of Business Administration at the 2008 Fall Commencement.

On December 16, 2008, approximately 1,274 individuals made the passage from student to alumna or alumnus at the Fall Commencement in the U.S. Century Bank Arena on the University Park campus. For the first time since the 2004 Spring Commencement, the business school’s entire student body—from the undergraduate, graduate, and School of Accounting programs—participated in the festivities on the same day. Approximately 770 students from the College of Business Administration’s R. Kirk Landon Undergraduate School and approximately 504, including fourteen doctoral students, from the Alvah H. Chapman, Jr. Graduate School, graduated.

---

“You have prepared yourself to face successfully the many challenges that lie ahead of you.”

—Joyce J. Elam, executive dean, College of Business Administration and vice provost, FIU Online

---

Joyce J. Elam, executive dean of the college and vice provost, FIU Online, spoke to the assembly, assuring the candidates for graduation that they “have demonstrated many of the qualities that will be invaluable to you in your future endeavors—ability, desire, determination, commitment, perseverance, and purpose. You have prepared yourself to face successfully the many challenges that lie ahead of you.”

Remarks set the stage for future alumni involvement.

Elam’s speech also provided an opportunity to remind the soon-to-be business school alumni, a group that now numbers approximately 30,000, of the importance of staying involved.

“Without your continued involvement and support, we can never reach our potential,” she said, and then quoted Robert Maynard Hutchins, the fifth president of the University of Chicago, who said, “If the alumni of a university do not maintain it—in thought and action—there is no reason why anyone else should.”

No one could embody the notion of a dedicated alumnus more than Mario de Armas (BBA ’85), market managing partner, PricewaterhouseCoopers LLP, who received the FIU Medallion as the outstanding alumnus. Within the college, de Armas serves on the Dean’s Council, and is the new president of the School of Accounting Advisory Board. He also plays a role on many community boards including the Board of Trustees of Dade Marine Institute, Inc., a United Way agency that works with court-supervised youth in Miami-Dade County.

Donald Roomes, director of the BBA+ program, and Divesh Sharma, associate professor, School of Accounting, were banner marshals.

Sphere: Related Content

Joint graduate degree doubles career opportunities.

Alexander Nottingham (MBA-JD ’08). View> video interview with Nottingham to learn more about how his two degrees developed a range of different skills.

Alexander Nottingham (MBA-JD ’08), operations consultant, Smile South Florida, believes that a law degree will open more doors for his career in business. Current graduate student Marlon Greenwood chose to pursue both a business and law degree because he was looking for a way to make his educational degree unique—and to help ensure that his résumé stands out in job application pools.

Both offer insights into the value of pursuing a joint degree at Florida International University—in their case, the MBA-JD offered by the College of Business Administration in conjunction with the College of Law.

---

“The study of law has improved my analytical and writing skills. I believe it will help me greatly as a business person.”

—Alexander Nottingham (MBA-JD ’08), operations consultant, Smile South Florida

---

Joint degree builds real-world skills—where business and law intersect.

Nottingham is the first to graduate with an MBA-JD joint degree and is now seeking an upper-level executive position or a spot with a consulting firm.

“The study of law has improved my analytical and writing skills,” he said. “I believe it will help me greatly as a business person.”

---

“I hope to eventually run my own business and, in my opinion, a solid background in both business and the law will provide me with the educational foundation I need to succeed.”

—Marlon Greenwood, MBA-JD student

---

With two years of law school completed, Greenwood decided to go for the MBA-JD joint degree.

“The benefit of having an MBA for just one more year of full-time coursework seems like an excellent opportunity,” he said. “I hope to eventually run my own business and, in my opinion, a solid background in both business and the law will provide me with the educational foundation I need to succeed.”

Marlon Greenwood

Greenwood observes that the MBA-JD program builds complementary skill sets.

“For example, a lawyer starting a practice needs to have a good business plan coupled with a good understanding of numbers in terms of how to finance and budget a firm’s operations,” he said. “On the flip side, in business today, you can hardly write a letter without subjecting yourself to some kind of legal implication—not to mention contractual agreements and regulatory requirements. That’s why the skills emphasized in law school—such as legal analysis, legal research, and legal writing—are increasingly important in almost every aspect of business today.”

In addition to the MBA-JD, eligible MBA students attending the College of Business Administration can choose from the following joint degree programs: the Master of Science of Finance (MBA-MSF), the Master of Science in Management Information Systems (MBA-MSMIS), the Master of Arts in Latin American and Caribbean Studies (MBA-MALACS), the Master of Science in Human Resource Management (MBA-MSHRM), the Master of Science in International Real Estate (MBA-MSIRE), and the Master of International Business (MBA-MIB).

Sphere: Related Content

On-target case studies earn scholarships for retail marketing students.

Educators from throughout the United States with an interest in teaching languages from throughout the world attended a conference co-sponsored by the Center for International Business Education and Research (cases). View video interviews with members of the winning case competition team and the course’s instructor.

A shopping trip to a Target retail store now takes on new meaning for students who participated in the Target Case Study program as part of the fall session of the College of Business Administration’s Retail Marketing undergraduate course.

“The program presents students with the opportunity to solve real-world challenges for Target’s retail business,” said Tim Dugan Birrittella, lecturer, Department of Marketing. “As part of the process, the students gain a stronger understanding of the marketing complexities facing retailers today.”

Birrittella initially contacted a Target recruiter to come talk to his class, which in turn led to the invitation to participate in the Target Case Study program.

“We jumped at the opportunity,” Birrittella said. “Not only did this provide an excellent learning exercise but Target also presents scholarships to the students who deliver the winning case study.”

The 48 students in the class divided into twelve teams of four students. Six teams tackled a case study on connecting with multicultural shoppers, and another six teams focused on a Hispanic market case study. The students prepared a written report as well as an oral presentation for Target representatives.

And the winner is . . .

Students Sasha Gessen, Alexandra Givner, Andrea Mantica, and Isabel Pascua scored the winning case study with original merchandising strategies for the Miami, Los Angeles, and Chicago markets.

---

“To succeed in retail marketing today, you really do need to ‘think outside the box.’”

—Alexandra Givner, student and Target scholarship winner

---

Sasha Gessen

According to Pascua, one idea that caught the Target judges’ attention centered around the creation of a “Club MIS Quinces” in Miami area stores to provide a gift registry for the now-popular Quinceañera parties celebrating a girl’s fifteenth birthday.

“Our team worked together to make this project successful,” Pascua said. “During the process, I learned to communicate my ideas and to listen to others’ ideas.”

Givner feels the case study project drove the team to think more creatively and innovatively.

“To succeed in retail marketing today, you really do need to ‘think outside the box,’” she said.

Each of the winning students will receive a $1,000 scholarship from Target.

---

“The students gained valuable experience outside the classroom, not to mention connections with Target that can lead to future internships and possible career opportunities.”

—Tim Dugan Birrittella, lecturer, Department of Marketing, College of Business Administration

---

There’s more good news: Birrittella recently received word that his spring 2009 class has been selected to participate in the next Target Case Study program.

“I’m very pleased to continue this education partnership with Target,” he said. “Aside from the scholarship incentive, I’ve received very positive feedback from the students who participated in the first competition. It’s a win-win all around. Target showed interest in the ideas we presented. The students gained valuable experience outside the classroom, not to mention connections with Target that can lead to future internships and possible career opportunities.”

Sphere: Related Content

CIBER conference deemed a success in any language.

Educators from throughout the United States with an interest in teaching languages from throughout the world attended a conference co-sponsored by the Center for International Business Education and Research (CIBER). View a video interview with conference organizer, Sonia Verdu, assistant director, CIBER.

Hola. Konnichiha. Ni hao. Olá! Hello.

All appropriate greetings heard among the 92 educators participating in the First National K-12 Language for Business Conference held October 31 and November 1, 2008 at the Hotel Sofitel in Miami.

The conference brought together teachers from across the United States interested in introducing language for business into their curricula. Conference tracks focused on four languages: Spanish, Japanese, Chinese, and Portuguese.

The College of Business Administration’s Center for International Business Education and Research (CIBER) joined other CIBER organizations and the City of Miami Mayor’s International Council as co-sponsors of the event.

“We called this gathering the ‘first national’ conference because this is the first time that a Language for Business Conference featured four unique language tracks,” said Sonia Verdu, CIBER assistant director, who has organized the conference for three years.

Sonia Verdu

This year, K-12 teachers from Connecticut, Indiana, Massachusetts, Oregon, Tennessee, and Texas joined teachers from across Florida to hear Santiago Cabanas, The Honorable Consul of Spain, deliver the keynote address. Other highlights of the conference agenda included general session presentations by Thomas Breslin, professor, International Relations, Florida International University, and Fred Campos, Ernst & Young, who spoke about the importance of business language in the global economy.

Conference exemplifies CIBER's commitment to education and community outreach.

According to Verdu, the U.S. Department of Education funds 31 CIBER nationwide. The college’s CIBER supports a unique combination of academic, research, and outreach programs that help business, government, and academic communities operate effectively in the global business environment.

---

“Our goal is to bring interested K-12 teachers together to promote the importance of teaching language for business, even in the earlier education years.”

—Sonia Verdu, assistant director, CIBER

---

“Our goal is to bring interested K-12 teachers together to promote the importance of teaching language for business, even in the earlier education years,” she said. “They leave our conference ready to share their knowledge and enthusiasm with their own students and community.”

Attendance was up at this year’s conference partially because 28 attendees received grants to cover travel expenses.

What’s more, thanks to the co-sponsors’ generous support, the conference registration was free and featured a complementary reception, breakfast, and lunch.

“The crowd of K-12 teachers gathered in Miami inspired and motivated me,” said Mary Risner, professor, Florida State University, who has participated in numerous CIBER events.

---

“The fast-moving, highly connected global nature of today’s economy makes business language skills essential to success. I applaud the efforts the college’s CIBER is making to connect with more K-12 teachers across the country.”

—Mary Risner, professor, Florida State University

---

At this conference, she led a discussion in the Portuguese track entitled “Business and Career Opportunities through Foreign Language Studies.”

“The fast-moving, highly connected global nature of today’s economy makes business language skills essential to success,” Risner said. “I applaud the efforts the college’s CIBER is making to connect with more K-12 teachers across the country.”

Sphere: Related Content

BBA+ Weekend students team with AT&T to give back to the local community during the holiday season.

Students in the BBA+ Weekend group gathered food and toys to brighten the holidays for needy families. View interviews about the rewards of this community service project.

Think globally. Act locally. Certainly this altruistic concept rang true for BBA+ Weekend Group 26 as they chose their Business in Society service learning project: conducting a Thanksgiving food drive and a Christmas toy drive for needy South Florida families.

To bring some cheer to those most in need during a holiday season made more difficult because of the economic downturn, the students joined forces with AT&T Telecom Pioneers South Florida Council. Telecom Pioneers is the largest industry-related volunteer organization in the world, with chapters located across the United States and Canada.

“Working closely with Telecom Pioneers, we selected two holiday projects this semester—a Thanksgiving food drive and a Christmas toy drive,” said the project leader, Tammi Calarco, legal assistant, Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. “To help others at Thanksgiving, we reached out to our employers and colleagues and collected cash, checks, and non-perishable Thanksgiving foods plus gift cards from Publix supermarkets to create personalized baskets for local families.”

Tammi Calarco

The Thanksgiving baskets were distributed through two charitable organizations—Safe Space of North Dade County and Voices for Children Guardian Ad Litem South Florida. Four organizations—Children's Home Society of Florida, Mooseheart Charities, Association for Retarded Citizens, and CHARLEE Homes for Children—benefited from the toy drive.

Spirited commitment yields dramatic results.

The Thanksgiving food basket project raised a grand total of $4,783.00 and collected a mountain of food donation boxes.

---

“We hope the success of this project will continue to create awareness for local organizations that are reliant on private donations. We wish to continue to strengthen our relationship with the College of Business Administration.”

—Cindy Esquivel (BBA ’01), community service chairperson, AT&T Telecom Pioneers South Florida Council

---

“This enabled us to feed 189 families and provide an additional 25 gift cards to other families in need,” Calarco said. “The Christmas toy drive was equally successful, with 769 toys collected in the true spirit of the season.”

Cindy Esquivel and Alex Formoso

Cindy Esquivel (BBA ’01), community service chairperson with AT&T Telecom Pioneers South Florida Council, commends the Group 26 effort.

“We hope the success of this project will continue to create awareness for local organizations that are reliant on private donations,” she said. “We wish to continue to strengthen our relationship with the College of Business Administration.”

Esquivel praised Calarco’s leadership skills.

“She motivated her teammates to get the job done. She also inspired 100 percent participation with her employer, collecting $1,440.00 and thirteen boxes of food items for the Thanksgiving baskets,” she said.

---

“It was a joy to personally witness the team’s cohesion and organized work and to be a part of this great effort. I am sure that these families were greatly helped because of this accomplishment.”

—Donald Roomes, director, BBA+ program

---

The tremendous team effort also impressed Donald Roomes, director, BBA+ program.

“The students worked tirelessly to collect a wide variety of foods donated by their companies, and then they transformed their classroom into a warehouse of neatly stacked items,” Roomes said. “It was a joy to personally witness the team’s cohesion and organized work, and to be a part of this great effort. I am sure that these families were greatly helped because of this accomplishment.”

Sphere: Related Content

Alumnus Profile: Emilio Vazquez (BBA ’95)

View full interview with Emilio Vazquez (BBA ’95).

Alumnus Profile: Emilio Vazquez (BBA ’95)
Senior Vice President and Regional Branch Manager
Coconut Grove Bank

For Emilio Vazquez (BBA ’95), who began his banking career as a teller and now serves as senior vice president and regional branch manager for Coconut Grove Bank’s five branches, job satisfaction focuses on people.

“What’s most rewarding is working with clients and employees, helping our employees learn and reach their personal goals, and watching our customers grow and prosper,” he said.

As he reflects on how his education in the College of Business Administration has contributed to his success, he points to several factors including the emphasis on projects.

“We did lots of team projects that helped us understand that we cannot succeed if we are doing it alone,” he said. “The lack of teamwork is the main reason businesses fail.”

And, as someone who took seven years to earn his degree, attending evening classes after working eight to ten hours, he is in an excellent position to give the following advice:

“Don’t get tired. Continue to be enrolled. Be focused. At the end of the road, you will be a cut above,” he said.

Sphere: Related Content

Chapman alumni attend annual holiday party.

The newly opened Patricia and Philip Frost Museum provided an elegant setting for the 3rd annual holiday party for alumni of the Chapman Graduate School.

On December 11, 2008, more than 100 Chapman Graduate School alumni gathered during opening week of the Patricia and Philip Frost Museum to meet, mingle, and make merry for the holidays. The ^3rd annual holiday party brought together Chapman graduates from various graduating classes, faculty, staff, and program managers to reconnect and network. Executive Dean Joyce J. Elam spoke about the many accomplishments and impressive rankings the Chapman Graduate School has recently received.

The highlight of the event was a guided tour of the Frost Museum’s 46,000 square foot galleries. Alumni were able to view several collections including the General Collection, the Metropolitan Museum and Art Center Collection, the Betty Laird Perry Emerging Artist Collection, and the Cintas Fellows Collection. Alumni who signed up for membership were entered into a raffle to receive an Art Basel VIP package provided by the Frost Art Museum.

Sphere: Related Content

Entrepreneurship Hall of Fame to celebrate its ten-year anniversary.

Mark your calendar for the ten-year celebration of Florida International University’s Entrepreneurship Hall of Fame.

Fontainebleau Hotel on Miami Beach
Saturday, May 16, 2009
Attire: black tie
6:30 p.m.: sponsor reception
7:00 p.m.: guest reception and silent auction
8:00 p.m.–11:00 p.m.: dinner, program, and dancing

Together with its title sponsor, SunTrust Bank, Miami, the College of Business Administration will mark the tenth anniversary of the Entrepreneurship Hall of Fame by hosting an international masquerade ball and auction. Ten years of honorees will be celebrated, budding entrepreneurs will be recognized, and the college’s own executive dean, Joyce J. Elam, will be inducted as the South Florida Entrepreneur of the Year. Please join us for this very special anniversary event.

Support your alma mater today by donating an auction item, becoming a sponsor, or purchasing a table or seats.

For more information, visit: http://business.fiu.edu/images/mailings/2008/ehof2009.cfm

Sphere: Related Content

Business Alumni Chapter scheduled mixer at Miami Science Museum.

Enjoy an entertaining evening of networking with the Business Alumni Chapter at the Miami Science Museum on January 29, 2009 from 6:00-10:00 p.m. The museum will feature Music Música, a combination of two exhibits that examine music from a cultural and a scientific perspective. American Sabor: Latinos in U.S. Popular Music is the first major museum exhibition to tell the story of the profound influence and impact of Latinos on American popular music. Access All Areas includes historical recounts and imagery plus memorabilia from artists like Celia Cruz, Ritchie Valens, Santana, and more. It analyzes music—from its physics, its technology, its artists, and the audience. Plan to attend and enjoy cocktails, good music, and great networking. RSVP today!

Sphere: Related Content

School of Accounting Alumni Affinity Council plans event.

Presenting sponsor U.S. Century Bank and the School of Accounting Alumni Affinity Council invite you to network with the Cuban American CPA Association and the FICPA South Florida Chapters. The “pre-busy season” kickoff will be held on January 15, 2009 in the courtyard at the College of Business Administration. Light fare, beer, and wine will be served. RSVP today!

Sphere: Related Content

Alumni Notes

• TotalBank has named Daniel Diaz (MBA ’90) senior vice president and branch manager of the Bird Road branch. He is to be responsible for coordinating, managing, and overseeing all banking operations. Diaz was most recently a commercial real estate lender at Premier American Bank.
  
  
• Microsoft MSN and Internet music community Cyloop have teamed up in an alliance that will have Cyloop offering its content on MSN’s portals in Latin America, the U.S. Latin market, and the Sympatico/MSN portal in Canada. The strategic alliance was negotiated between MSN and Hoodiny Entertainment Group, the digital entertainment company that owns Cyloop. Demian Bellumio (BBA ’00) is president of Hoodiny Entertainment and is currently a Dean’s Council member, while JC Morales (BACC ’05), is Hoodiny’s vice president of finance and an Alumni Circle member.

• Erica Courtney (MBA ’07) was featured in the November, 2008 Oprah Magazine as one of the eighty women trailblazers chosen nationwide based on prior leadership, diversity of entrant’s life experiences, and project idea/vision about how to change the way things are done.

Sphere: Related Content