For instance, take a look at Modern Metals’ home base. A June 22 story in the Chicago Tribune pointed out, "North Michigan Avenue is on the mend, thanks to the arrival of off-price stores and discount chains that are moving into large swaths of space, some of it empty for years."

Today, stores like Best Buy, Zara and Forever 21 sit next to landmarks like the Wrigley Building, Tribune Tower and the John Hancock Center. They reflect a new attitude toward consumerism that’s a direct result of the recession. Luxury goods are just that--luxuries.

Like retail space, companies can’t sit idle, especially in challenging times. As a result, the common thread throughout this month’s issue is companies that are taking the bull by the horns and creating opportunities instead of waiting for them to show up on their doorstep.

Adapt to changing demand
In the May issue, we asked readers if they were implementing new strategies to adapt to changing demand, and 75 percent of respondents answered in the affirmative. One respondent commented that his company was on an "aggressive search for new business."

Internationally, that’s certainly the case. As emerging markets continue to grow and large, developed economies struggle to pull out of the recession, companies are adjusting their strategies to focus on growing markets, particularly areas rich in iron ore like Brazil and India ("Take control of business," International Report). Securing raw materials is paramount, especially with so many other uncontrollable factors influencing business such as exchange rates, protectionist measures and climate change.

However, domestic companies also are discovering their own unique success strategies. Valerie Harris, director of marketing for the Port of Longview, pointed out in this month’s material handling feature ("Market pulse," Material Handling story), for companies to survive in difficult economic conditions, "they have to diversify to grow, or they have to take a step back and simplify to grow." The Port of Longview is diversifying its capabilities and partnering with its customers to help them accomplish their goals.

Similarly, customer service has been a cornerstone of Slice of Stainless’ ("Moving forward," Stainless Steel story) strategy since it opened in 1992. This dedication saw Slice through the recession and will fuel its continued expansion.

"We know we can’t sit still. We have to constantly be moving forward and making improvements," Robin Tackett, president, says in the story.

Innovation equals new business
Jay Hall of Harco Metal Products ("Entrepreneurial spirit," Tube & Pipe story) has tripled his revenue in the last three years as a result of new partnerships, which encompass everything from paragliders to HVAC parts. Hall’s success comes from his focus on entrepreneurship and the innovation that comes from developing both small and large solutions in the tube fabricating business.

And thinking outside the box helped Butech Bliss receive a contract from ArcelorMittal Bremen for the largest hot strip mill crop shear in the world ("Think big," Sheet story). Bidding for the contract was tough; Butech was competing with industry heavy-hitters that had advantages not only in size but also in location. Ultimately, ArcelorMittal selected Butech’s crop shear, opening up the potential for future business from the European market.

There’s not a one-size-fits-all strategy for success. The recurring theme throughout the industry, which this month’s featured companies personify, is one of resiliency. Just like discount stores on the Magnificent Mile, change often comes in unexpected forms, especially in a volatile economy. Stick to your guns. There’s light at the end of the tunnel. MM