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City Guide - Memphis - Business | ||
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Business Business Profile: The eighteenth largest city in America, with an unemployment rate of around 4% (the national average), Memphis is an economic success story. The key to its success is in its diversified economy - it has around 1000 different manufacturing plants alone - and entrepreneurial spirit. Many successful companies have been founded here. Memphis has built on its historic reputation as a river port and trading centre and its familiar image as 'America's Distribution Centre'. It has a wholesale distribution industry worth ten billion Dollars and its international airport is the world's busiest air cargo port. Most businesses are located in the downtown area or in East Memphis. Eleven companies have their headquarters here, including Gibson Greetings, known as Cleo, which produces a staggering two billion feet of gift-wrap every year. Rather prosaically, Memphis also has one of the busiest cement terminals in America, shipping over 400,000 tons of cement each year. The city's traditional industries still play an important role in its commercial life. Memphis is home to the world's largest processors of hardwoods and it is still the world's largest 'spot' cotton market, where cotton is traded 'on the spot', as it was in the nineteenth century. Memphis is an immensely entrepreneurial city. Federal Express, the world's largest overnight package delivery company, was launched here in 1973 and now employs 30,000 people. The first Holiday Inn was opened here in 1952; while, in 1916, the concept of the supermarket was born here, when Clarence Saunders opened Piggly Wiggly, the first self-service grocery store. However, it was Elvis Presley, not Piggly Wiggly, who brought Memphis to world attention and Graceland, his home, is the city's main tourist attraction. The second most visited home in America after the White House, it attracts 700,000 visitors every year and contributes 150 million Dollars to the economy annually. Business Etiquette: Memphis is a friendly, laid-back city and this relaxed attitude often extends into the business world. There are no strict dress codes. At some companies, such as banks and law offices, men are expected to wear suits and ties every day, but in other firms male employees wear smart-casual clothes, such as polo shirts and chinos. Sandals, shorts or jeans should be avoided, however. Despite this relaxed attitude, punctuality is still considered important and business cards are vital, being exchanged as soon as people meet. The working day tends to start early, at around 0830 and breakfast meetings are commonly held, although their timing will vary. Meetings may also be held over lunch or dinner in hotels or restaurants. Most big companies prohibit employees accepting gifts over US$25-50 so gifts should be kept to mementoes from home or, perhaps, a bottle of wine if invited to someone's house. Memphis people enjoy a drink, although they avoid it at lunchtime, and many people smoke - the city being free of the stringent anti-smoking legislation so often found in other American cities. Most companies finish work at around 1700, although many people frequently work later. |