Russo's Candy to move Saugus store
After 50 years, Russo's Candy House has dipped its last chocolates for a while. On Wednesday, Russo's will close its retail store at the junction of Route 1 and Lynn Fells Parkway in Saugus, to make way for a Krispy Kreme doughnut shop.
But chocolate lovers take heart: The storied sweet shop isn't closing for good. Russo's is moving to the Village Park shopping center at Main Street and Lynn Fells Parkway. The new site won't be ready until summer. Until then, chocolates it has boxed will be available on the store's Internet site, www.russoscandy.com.
''We're moving, not closing," owner Joanne Vannah said. ''We're very happy to have found this spot. It's close by, so our customers should be able to find us."
The Village Park shopping center is a mile from Russo's current site. The Vannahs have leased 2,000 square feet of space, next to the J. Pace & Son grocery store. All chocolates will be handmade on site, as they are now. But the new shop won't be serving ice cream. ''We're dropping that. It will give us more space to concentrate on our chocolate," Vannah said.
Until the retail store closes, Russo's is offering a sweet deal on candy. Loose pieces of chocolates, fudge, buttercrunch, and other delicacies are 50 percent off. ''Everything has to go," she said.
Russo's white Colonial building, a Route 1 landmark since 1954, will be torn down in March. The doughnut shop is expected to be open by August, said Janice Mathews, vice president of Jan Cos., the New England Krispy Kreme franchiser.
Marblehead bank joins FedMarblehead Savings Bank has become a member of the Federal Reserve Bank of Boston. The milestone was one of several highlights of 2003 noted at bank's 133d annual meeting held last month.
A flurry of refinancing and improvements to online banking made for a strong performance in 2003. Surplus revenue increased $661,062 last year, to $17 million.
Edward H. Cowden, chief executive officer, attributed the performance to a strong real estate market. The bank wrote 750 mortgages totaling $130 million. ''For a smaller bank, that's a lot of mortgages."
Marblehead Savings' biggest move was joining the ranks of banks nationwide regulated by the Federal Reserve Bank. State-chartered banks only recently were able to apply to join the Fed, the nation's central banking system. Such state chartered banks are regulated by the Federal Deposit Insurance Corp., which also insures the banks.
''I always felt very uncomfortable having an insurance agency, not a bank, regulate us, set our rates and premiums. . . . So when this became available, we decided to join," Cowden said.
As a member of the Federal Reserve, Marblehead Savings will have access to economic data and new bank regulations published by the government. It also will have access to capital if the community bank were to fall on hard economic times.
''They're a lender of last resort," Cowden said. ''But having our charter with them will ensure our long-term viability. Should times become difficult for us, they would more likely want to help us survive."
Certificate plan tops $500,000The Newburyport Gift Certificate program has surpassed $500,000 in total sales. ''This is a milestone," said Bill Piercey, executive director of the Greater Newburyport Chamber of Commerce & Industry. ''It literally means that $500,000 will feed the [city's] economy."
The chamber started the gift certificate program five years ago to spur spending at Newburyport restaurants and merchants. The certificates are accepted at 55 businesses. One restaurant owner said the promotion is paying off. ''We see an awful lot of gift certificates from regular customers, but now we notice a number of new customers," using the gift certificate, said Jim Rogers, owner of Michael's Harborside.
New clothing line for boys
One old rhyme says little boys are made of snips and snails and puppy dog tails. Elaine Amundsen, a clothing designer in Hampton Falls, N.H., thinks they'll look pretty smart in a new line of cotton clothes with distinct Granite State flair: Hampton shorts, Dover pants, and a Rye short-sleeve shirt.
Amundsen launched the clothing line last week on www.anakidesigns.com.
In addition to clothes, Amundsen makes a line of bedding that includes the Alton Bay pillow and throw set, made of Polartec fleece. She makes all products by hand at her home studio, she said.
A seamstress for more than 30 years, Amundsen is a former kindergarten teacher in Newton, N.H. Working with youngsters convinced Amundsen that there was a market for durable duds. ''I saw firsthand the wear and tear of their clothes," she said.
The mother of two boys, 6 and 16 years old, Amundsen also found affordable, fashionable clothes for boys in short supply. ''I started designing cute, fun things for my own boys," said Amundsen, who grew up in Amesbury. ''Then I started small pieces for family and friends. Then I started selling them at fairs. I tried to get my product into retail stores in the area, but I think, with the economy, people weren't willing to take a chance."
Datebook
Lawyer Brian LeClairwill speak on ''Small Business Legal Issues" at the Marblehead Chamber of Commerce's monthly breakfast at 8 a.m. Wednesday at Sweeney's Retreat, 18 Atlantic Ave. Tickets are $20, $15 for members. Call the chamber at 781-631-2868 or send an e-mail to info@marbleheadchamber.org
