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Lewes, Delaware
Jim's Towing Service
July 28, 2000     Cape Gazette
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July 28, 2000

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BUSINESS & CAPE GAZETYE, Friday, July 28 - Aug. 3, 2000 - 49 + REAL EST00!,TE I I Shoe sales era in Lewes ends with Morris Shoes closing One stop on the road of transition, the Morrises moved the shoe store from Second Street in Lewes to Town and Country Square on Kings High- way in 1985. He said they established a five-year pro- jection and determined that they would make decisions at the end of that period. Time of transition "We couldn't see it dragging on forever, without indication that it would come back to the level of business we once had," Geneva Morris said. She said she encouraged Jack to consider using the services of a liquidation consult- ant to make the transition quicker and easi- er. In addition to substantially discounted prices, the quitting business sale includes more that $3,000 in prizes that will be awarded the last day of the sale. A Cool Spring native who can trace her genealogy back to the 1700s, store owner Geneva Morris said she has had several By Rosanne Pack The Cape Region will soon say goodbye to a landmark business as Morris Shoe Store phases out operations in late summer. After almost four decades of providing baby's first shoes, athletic shoes for the whole family and special order orthopedic shoes, the store began a liquidation sale Thursday, July 27. Hoping to sell out the entire stock and all fixtures by Labor Day, members of the Morris family are setting off on other paths. Geneva Morris, along with her late hus- band John, purchased the store in 1961, the former Scott's Shoe Store located on Sec- ond Street in downtown Lewes. After at least one move along Second Street, in 1985, Morris Shoe Store relocated to Town and Country Square on Kings Highway. By that time, Morris's son Jack had joined his mother in the business and had been fitting shoes for more than five years. "When my mother started the shop, it was the with the idea that my father would eventually join her in being active with the business," Jack Morris remembers. "He was a tanker captain for Sun Oil. He died in 1963, but I don't think he would have ever been that involved in the business anyway. "When we moved out here, it was pre- Kmart, pre-outlets. It was a different land- scape and a different way of retailing That was before all that cement out there." Morris said the changing retail scene in the Cape Region began to take its toll on smaller, individually owned stores such as" the shoe store. By the mid-90s, he and his mother had to take a hard look at how their store was faring against the competition and the changing shopping habits. I I:loaanne Pack photo Three generations of Mortises will serve customers at the liquidation sale at Morris Shoe Store. Pictured are (l-r) Geneva Morris and her son Jack Mor- t-is, and Jack's daughter Julia. The store will elose after serving Cape Region families for four decades. years of putting all of her energy into the business. Now, she hopes to become re-in- volved in organizations and to pursue inter- ests that she has neglected over the years. "We do want to let our customers know how much we appreciate the business we've had over the years," she said. "We've had many wonderful customers." Jack Morris will take a position with an- other shoe company out of the area. Even- tually, his family might have to relocate. He and his wife Laura have two children, teenage Julia who will be a junior in Cape Henlopen High School and toddler Made- Mine. Julia, the third generation of Morrises to be involved in the shoe store, was busy helping mark liquidation sale prices on shoes and socks earlier this week. Generations of service Geneva and Jack will take lots of memo- ries with them when the doors close for the last time. They have fitted baby shoes on ..two and three generations of area families and they have seen styles and manufactures change and shift. They have rung up thou- sands of sales on the classic 1903 burnished gold cash register thit still is in use. And, they have provided service that in- cludes measuring and fitting shoes to the foot. Customers don't come in their store and try on a shoe in the aisle, unattended by Continued on page 50 Start planning early for children's college educations In annual financial planning surveys over the years, we've consistently found that many women are concerned about many aspects of longterm financial se- curity - such as personal saving, caring for children and elderly family members and maintaining independence in retirement. Let's take a look at the financial' 0n- cerns that women share and exam- ine some strategies for meeting fi- nancial goal.many women have set for themselves. Investing: Don't take a back seat. "A woman should have a purse of her own." This famili saying reflects the fact that at some point in their lives, women often discover that managing their money becomes a major focus. If you haven't been accustomed to it, it's not reasonable to expect that you'll have an innate knack for it. Gain proficiency at invest- ing with the help of a financial professional you trust, who can help you consider and develop fi- nancial strategies. To begin, get an idea of where you stand. Examine your financial picture: checking and saving ac- counts, insurance, mortgage and investments. Locate account records, tax returns, insurance policies and pens!on plan state- ments, among other financial doc- uments. - Determine bow much you al- ready have saved toward financial goals and how you see yourself as an investor in terms of risk-taking and desired return, With this in, formation, a financial professional can help you develop realistic strategies for working toward your goals. Credit: When borrowing makes sense. Consider the impact liabilities can have on your finan- cial plan. By integrating smart credit Strategies into your plan, you could reduce your monthly expenses, minimize your tax de.- ductibility, avoid disrupting a well-planned investment strategy and increase opportunities for as- set growth. Paying off a debt is often more of an emotional goal than a sound financial strategy. When you have a cash or large purchase need, us- ing credit may actually help you increase your net worth. As a rule of thumb, always compare your potential investment earnings to the interest paid on borrowed funds. When the potential invest- ment return is higher than the fi- nancing costs, it may make sense to borrow. Retirement: a greater need. Be- cause women have a longer life expectancy than men, women have a particular need to safe- guard their o.wn retirement securi- ty. Women should take every op- portunity to save, particularly in tax advantaged ways. If you have a 401(k) plan at work, defer the maximum amount, or as much as you can, and take advantage of employer matching contributions. Automat- ic savings plans are another good way to save. Have our investment company automatically deduct a set amount of money from your paycheck or bank account for investment in mutual funds of your choice. De- pending on your innual income, you may be able to contribute up to $2,000 per year into a Roth or traditional IRA. A Roth IRA of- fers a means of tax-deferred say- FINANCIAL FOCUS ALLEN JONES ings with nondeductible contribu- tions whose assets can be with- drawn tax-free once the account has been open for at least five years and you reach age 59 and a half (or before that age for certain qualified reasons). A traditional IRA also offers tax-deferred sav- ings and potential current tax de- ductions for contributions. Elder care: Women are key. According to the National Al- liance for Caregiving, 73 percent of family caregivers are women. If you haven't yet talked to your parents about planning, now is the time. Make sure they have an up- to:date will. A living will specifies the kind of medical care a person would want if they were unable to communicate his or her wishes. A health care power of attorney or proxy designates a family member to make health care decisions. A senior's assets are often wide- ly scattered, making financial management difficult. Talk with your financial consultant about ways to simplify the asset man- agement task. Help your parents determine whether longterm care insurance is an option. This insurance can provide for care in a nursing home, in one's own home, at as- sisted-living facilities or adult day care centers. It's not for everyone, particularly those who have a modest income and limited assets, so talk it over with your advisor. A tax credit is available for peo- ple who live with spouses or par- ents who are unable to care for themselves and must pay a care- giver so that they can work. The credit can cover up to 30 percent Continued on page 51