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The federal government is phasing out the penny to save money — and while change is hard, an Ohio business leader tells us losing the cents makes sense.

Why it matters: The coin's demise means prices for cash transactions will need to be rounded, impacting business' pricing strategies and consumers who rely on cash (typically older and lower-income Americans).

Catch up quick: The U.S. Mint will stop making the coins early next year. The Treasury Department placed its final order for blank templates last month.

Stopping production will save the government $56 million a year in reduced material costs, a Treasury spokesperson said. Production costs have risen from 1.3 cents to 3.69 cents for every penny over the past decade.

The big picture: For similar reasons, Canada discontinued its penny in 2012 and Australia and New Zealand stopped producing their lowest-denomination coins decades ago.

How it works: The Treasury told the Wall Street Journal businesses will need to round up or down to the nearest 5 cents once there aren't enough pennies to use in everyday cash transactions.

Cashless transactions will still be priced at exact change.

Zoom in: "I haven't heard a thing from our members about it," Ohio Chamber of Commerce president and CEO Steve Stivers tells Axios.

Typically, mandates concerning whether businesses can or can't take cash — like a state bill introduced in January — are more controversial, he says.

Local businesses are increasingly going cashless, including major institutions like sports arenas, the zoo and amusement parks.

Stivers said he will be paying attention to the rounding logistics as they play out.

Flashback: A former U.S. representative, Stivers sponsored legislation for pennies to be made of steel, rather than copper, zinc and nickel, to cut costs.

The intrigue: A 2022 Federal Reserve report found $14 billion — about 60% of actively circulating coins — is sitting in jars and not flowing in the economy.

Just 16% of U.S. payments were cash in 2024, per the reserve's Diary of Consumer Payment Choice.

The bottom line: "As we move to a more digital world, it's less and less important whether there is a coin to back something up," Stivers says.

"Every time I get change and go home and clear out my pockets, where does it go? Right in the coin jar."

📬 A penny for your thoughts? Email columbus@axios.com and tell us what you think of the change.

The penny's days are numbered

Cash prices will round to the nearest nickel, which an Ohio business leader says makes economic sense.

Illustration of Abraham Lincoln exiting off a penny that reads "buh bye"

The federal government is <a class="gtmContentClick" data-vars-link-text="phasing out the penny" data-vars-click-url="https://www.axios.com/2025/05/24/treasury-penny-production-trump-shopping-change" data-vars-content-id="5f9b333d-9065-450b-a92d-29b9546632c2" data-vars-headline="The penny&#x27;s days are numbered" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/05/24/treasury-penny-production-trump-shopping-change" target="_self">phasing out the penny</a> to save money — and while change is hard, an Ohio business leader tells us losing the cents makes sense.Why it matters: The coin&#x27;s demise means prices for cash transactions will need to be rounded, impacting business&#x27; pricing strategies and consumers who rely on cash (typically older and lower-income Americans).

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It's the revenge of the mall retailers: Several local chains that were once floundering are enjoying a sudden resurgence.

Why it matters: Some apparel stores, including New Albany-based Abercrombie & Fitch, have refashioned their approaches to better appeal to today's customers.

State of play: Several retailers are on the comeback trail, as evidenced by their recent earnings reports:

Abercrombie & Fitch, with locations at Easton and Polaris, smashed expectations with a 22% jump in sales in its first fiscal period, compared with a year earlier.

Gap beat top and bottom line expectations for all four of its brands: Gap, Athleta, Banana Republic and Old Navy.

American Eagle Outfitters reported record revenue.

What they're saying: "Abercrombie, American Eagle and Foot Locker are all reaping the rewards of strategies that are focused on the consumer," GlobalData retail analyst Neil Saunders tells Axios in an email.

"All the businesses have worked hard to secure loyalty and spending and their efforts are paying off."

The intrigue: That a brand like Abercrombie can make a comeback should be an encouraging sign for others.

Once seen as yesterday's news, the company reworked its approach to fashion, downplaying its logo and focusing on an older crowd than the teens it once focused on, according to Fast Company.

"There are very few established retailers producing this level of growth in the market," Saunders said.

Reality check: Other locally headquartered chains have not fared quite as well, but are still painting rosy financial pictures.

🕯️ Bath and Body Works' Q1 sales were down around 1% from last year.

The Columbus chain called this a "better-than-expected start" to 2024 and boasted about its loyalty program with 18% more active members than a year ago.

💄 Victoria's Secret, based in Reynoldsburg, saw its Q1 net sales decrease 3-4% compared to last year.

"The retail environment in North America remains challenging and the promotional environment was very competitive," the chain told investors.

Zoom in: Victoria's Secret has rolled out new "Stores of the Future" in Dublin and Easton that feature smaller, sleeker footprints designed to be more inviting to customers.

Fitting rooms also feature technology that lets customers track their items and request new ones to try on, similar to Easton's now-defunct Amazon Style store we visited last year.

A&F among retail brands making a comeback

Several chains that were once floundering are enjoying a sudden resurgence.

A shopper holds an Abercrombie & Fitch bag. 

A shopper carries an Abercrombie & Fitch bag in New York City. Photo: Stephanie Keith/Bloomberg via Getty Images

It&#x27;s the revenge of the mall retailers: Several local chains that were once floundering are <a class="gtmContentClick" data-vars-link-text="enjoying a sudden resurgence" data-vars-click-url="https://www.axios.com/2024/05/30/abercrombie-american-eagle-gap-sales-gen-z-consumers?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=newsletter_axiosam&amp;stream=top" data-vars-content-id="7cb86650-4c78-4da6-b1b9-5d4459053147" data-vars-headline="A&amp;F among retail brands making a comeback" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2024/05/30/abercrombie-american-eagle-gap-sales-gen-z-consumers?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=newsletter_axiosam&amp;stream=top" target="_self">enjoying a sudden resurgence</a>.Why it matters: Some apparel stores, including New Albany-based Abercrombie &amp; Fitch, have refashioned their approaches to better appeal to today&#x27;s customers.

The new Skyline Chili and Graeter's Ice Cream collaboration, Skyline Spice ice cream, is dividing the internet so we had to give it a try.

The big picture: The limited-edition ice cream flavor from the two Ohio-based companies is available while supplies last.

It's described as "sweet, savory, and unlike anything ice cream or chili lovers have tasted before."

Skyline Chili taste test from lifelong Ohioan

Alissa here, with another crazy confession: Until last week, I had never tried one of Ohio's most popular and polarizing exports, Skyline Chili.

Yes, but: Thanks to the chain's recent ice cream collaboration, this lifelong Ohioan has corrected this egregious error.

I knew I couldn't try the ice cream without trying the real thing first.

What I ate: A signature 3-Way with spaghetti, sweet-yet-savory chili and a mountainous heap of shredded cheddar.

I went in wanting to hate it, but … I just couldn't. It was delicious.

The intrigue: How would the hearty dish translate into ice cream, I wondered?

💭 My thought bubble: The cinnamon, clove and other undisclosed spices slap you in the face for the first couple bites. But after the initial shock, the flavor settles and tastes similar to a pumpkin spice treat.

I was worried about the inclusion of oyster cracker chunks, as I typically don't enjoy salty-sweet desserts.

But this all blended together perfectly. I truly don't know why it works, it just does.

The bottom line: Don't knock it until you try it. Skyline fans, I'm a believer.

A small bowl with a bag of crackers that says Skyline Chili and to the right a big plate of spaghetti covered with chili and cheese.

Alissa had Skyline Chili's signature 3-Way with spaghetti and cheese on her first visit.  

Kelly Tyko here, Axios' resident taste-tester on the Newsdesk.

💭 My thought bubble: I skittishly tried the Skyline Spice ice cream with bad memories of my Cup Noodles Campfire S'mores taste test on my mind.

It was delicious and reminded me of cinnamon ice cream. It wasn't too spicy or overpowering but the texture from the oyster crackers threw me a little.

What Travis Kelce, Jason Kelce have to say

Zoom in: The new ice cream was discussed by Jason and Travis Kelce during a recent New Heights podcast episode.

"I'm not going to lie. I can't wait to try this," said Jason, who retired from the Philadelphia Eagles last year after 13 seasons.

Travis, who is on his way to a third consecutive Super Bowl with the Kansas City Chiefs, said the ice cream sounds disgusting and he wouldn't eat it.

What's next: Graeter's sent Jason some samples.

Dig in: The ice cream is available at Skyline restaurants, Graeter's scoop shops and select local Kroger stores.

It's also available to order online and ships nationwide.

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Skyline Spice taste test: How the polarizing ice cream tastes

The ice cream is dividing the internet so we had to give it a try.

Container of Skyline Chili Skyline Spice ice cream with a spoon in it

Skyline Spice ice cream is only available for a limited time. Photos: Alissa Widman Neese/Axios

The new Skyline Chili and Graeter&#x27;s Ice Cream collaboration, <a class="gtmContentClick" data-vars-link-text="Skyline Spice ice cream" data-vars-click-url="https://www.axios.com/2025/01/24/skyline-chili-ice-cream-graeters-kroger" data-vars-content-id="a657b9b1-3453-47ec-9ee5-580f1a3deba7" data-vars-headline="Skyline Spice taste test: How the polarizing ice cream tastes" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/01/24/skyline-chili-ice-cream-graeters-kroger" target="_self">Skyline Spice ice cream</a>, is dividing the internet so we had to give it a try.The big picture: The limited-edition ice cream flavor from the two Ohio-based companies is available while supplies last.

Food and Drink

Many independent restaurants say they've hit a pricing ceiling — even as sales and traffic stabilize, according to the James Beard Foundation's annual industry report.

Why it matters: Survival tactics of the past few years — higher prices and delivery expansion — are losing effectiveness, leading operators to reset the math.

That rings true for Ohio restaurants, many of which are operating on increasingly thin margins.

"We ask people to be thoughtful about their reactions to the prices they see in restaurants," says John Barker, president and CEO of the Ohio Restaurant & Hospitality Alliance.

"It's not price gouging. They're trying to survive."

Between the lines: Restaurants that raised prices more than 10% in 2025 were most likely to report lower profits — down from a 15% threshold in last year's report.

"There's just not a lot of elasticity left," Anne McBride, VP of impact at the James Beard Foundation, the nonprofit behind the James Beard Awards, told Axios.

Zoom out: Even as pricing power weakens, most operators say business conditions improved in 2025. A majority reported good or excellent business performance and optimism about 2026.

Yes, but: Cost pressures persist. Labor remains a top concern, with 49% reporting staffing insufficiency.

The share of operators raising wages 10% or more plunged from 71% to 15% in one year, and 18% didn't raise wages at all.

Delivery isn't providing relief either. Nearly half of operators who added online ordering and delivery reported lower profits.

The intrigue: The rise of nonalcoholic beverages was the top consumer trend cited in the report.

Alcohol has historically helped offset tight food margins — and when diners drink less, "you don't make up the whole revenue," McBride said.

Operators also report early effects from GLP-1 weight-loss drugs, with some diners eating and drinking less overall.

Independent restaurants aren't in crisis mode — but the easy fixes are gone, and operators are shifting from price hikes to squeezing efficiency from thin margins.

"We can fix the problem if we know what it is," McBride said, describing operators' push for predictability amid volatile costs.

The bottom line: In 2026, stability depends less on charging more — and more on running smarter.

Illustration of a burger stacked high with money

For Ohio restaurants, costs, margins and customer behavior vary drastically.

What they're saying: "Dairy, which is extraordinarily important for pizza restaurants because of cheese, is not one of the items that has gone through explosive increases," Barker tells Axios.

"But if you're serving beef, it's at the highest prices in modern history."

Case in point: Kyle Schmidt, CEO of Schmidt's Sausage Haus, says the German restaurant is fortunate to have a pork-focused menu, but he's had to get creative with items that include beef.

He's leaned heavily on longstanding relationships with distributors to lock in prices for menu items like Reuben or Wiener schnitzel, and has even explored making them with other, more affordable cuts of beef.

For now, he's choosing to "eat some of that cost" as long as he can.

Increasing prices is "the last thing we want to do," Schmidt says.

"That's the easy thing to do … but there's a breaking point. When is the guest going to decide that's too much?"

Friction point: That's the calculus for many Ohio restaurateurs, and finding the sweet spot is proving more challenging than ever.

"Independent restaurants tend to be pretty scrappy," Barker says. "They've done things like bundling meals, having specials, and you see it on their menus. Independents are really creative, and we admire that."

Restaurants shift from raising prices to cutting costs

"It's not price gouging," an industry leader says. "They're trying to survive."

Illustration of a twenty dollar bill with Andrew Jackson replaced by a knife and fork crossed over each other

Many independent restaurants say they&#x27;ve hit a pricing ceiling — even as sales and traffic stabilize, according to the James Beard Foundation&#x27;s <a class="gtmContentClick" data-vars-link-text="annual industry report" data-vars-click-url="https://www.jamesbeard.org/impact/research-and-reports/2026-independent-restaurant-industry-report" data-vars-content-id="b2e5fb7c-2090-4e77-ae40-7c51fa0efb99" data-vars-headline="Restaurants shift from raising prices to cutting costs" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.jamesbeard.org/impact/research-and-reports/2026-independent-restaurant-industry-report" target="_blank">annual industry report</a>.Why it matters: Survival tactics of the past few years — <a class="gtmContentClick" data-vars-link-text="higher prices" data-vars-click-url="https://www.axios.com/2026/02/13/trump-tariffs-chocolate-prices-valentines-day" data-vars-content-id="b2e5fb7c-2090-4e77-ae40-7c51fa0efb99" data-vars-headline="Restaurants shift from raising prices to cutting costs" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2026/02/13/trump-tariffs-chocolate-prices-valentines-day" target="_self">higher prices</a> and delivery expansion — are losing effectiveness, leading operators to reset the math.

Kelly Tyko

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