CEO's Corner: Valentine's Day chat with 1-800-FLOWERS' McCann

Psst! It's Valentine's Day again. Time to go shopping for that yummy box of chocolates or perfect bouquet of flowers, make a dinner reservation, or plan whatever else your heart desires.

This year, however, those struck by Cupid's arrow are planning more economical ways to say "I love you" to that special someone. According to the National Retail Federation, consumers are expected to spend $20 less on Valentine's Day this year than they did a year ago. In a press release, NRF President and CEO Tracy Mullin said, "A bad economy won't stop Cupid this Valentine's Day, but it might slow him down."

Even so, retailers are hoping to cash in on the big day.

In DailyFinance's first edition of CEO's Corner, I talked with 1-800-FLOWERS (FLWS) CEO Jim McCann about Valentine's Day, the faltering economy and entrepreneurship.