“Successful Minnesotans have long headed to Florida’s Gulf Coast to escape the cold, and many go into business once they get there.” Check out this Star Tribune article featuring Traditions’ owners Mike and Suzanne Schumann, and many other successful snowbirds who now call Southwest Florida home.
In a February Pioneer Press article, highlighting some of St. Louis Park’s unique retail gems, Traditions was deemed a retail hot spot on Excelsior Boulevard. The “home store at the intersection of Joppa Avenue South, sells built-to-last, stately and contemporary furniture.”
Traditions designer Rhonda McElroy help decorate long time customer Linda Pederson’s home for the North Oaks Holiday Home Tour this fall. This Minneapolis Star Tribune feature article showcases the two homes on the tour and gives you some great holiday decorating tips.
On Friday July 13, 2012 Visa and MasterCard agreed to settle the class action antitrust litigation that Traditions and four other retailers filed over 7 years ago. The $7.25 Billion agreement is the largest antitrust settlement in history. In addition to the payment of damages, Visa and MasterCard have agreed to eliminate rules that prohibited merchants from steering customers towards using lower cost forms of payment, and will permit merchants to institute surcharges to recover the costs associated with credit card acceptance.
While it remains to be seen if credit card surcharges become commonplace, the potential threat that retailers will institute these fees will provide a very powerful economic incentive for Visa and MasterCard to reduce the costs imposed on merchants for credit card transactions.
An interesting Wall Street Journal article featuring Traditions, discussing the costs incurred by retailers when accepting Visa, Master Card, or American Express cards and the escalating costs of interchange fees charged by banks for credit card transactions.
An overview of Traditions’ 25 year history as a high end fashion forward home furnishings retailer and how Traditions has been able to survive some very challenging economic times.
On Wednesday June 22, 2005, Traditions, along with four other retailers, filed a Class Action Antitrust Lawsuit against Visa, MasterCard, and numerous large national and international banks, including Bank of America, JP Morgan Chase, Citigroup, MBNA, and Wachovia, alleging price fixing in the setting of interchange fees charged to merchants for accepting Visa and MasterCard credit card transactions. These articles provide background on the issues at stake and discuss the potential impact of this lawsuit on the banking and retail industries: