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The Dow Jones Industrial average rose 26.45 points, or 0.2%, to close 14,802.98. The NASDAQ composite fell 17.06 points, or 0.5%, to 3,677.78. The S&P 500 index gained 0.95 points, or 0.1%, to 1,656.40. On Day Nine of the Government Slim Down.
DG OPENS 11,000th STORE
Goodlettsville, Tenn. -- Dollar General Corp. has opened its 11,000th store, marking itself as the retailer with the most stores in the United States. The store is located in Murfreesboro, Tenn. Dollar General said it anticipates opening 650 new stores in 2013, with plans to create 6,000 new jobs. “The opening of our 11,000th store is another exciting milestone for Dollar General. I would like to thank our more than 100,000 employees for all they do every day to serve our customers as we continue to grow,” said Rick Dreiling, Dollar General’s chairman and CEO.
Colliers: Fifth Avenue has highest retail rent, at $3,052 per square foot
Seattle – According to Colliers International 2013 Global Retail Highlights Report, the global retail real estate market rebounded in the first half of the year, with international and luxury brands expanding to new markets and high street properties growing in popularity. Fifth Avenue in Manhattan claimed the highest rental rate, at $3,052 per square foot, followed by Hong Kong’s Queen's Road Central ($2,086) and Canton Road, Tsim Sha Tsui ($1,993), London’s Old Bond Street ($1,520) and Manhattan’s Madison Avenue ($1,325). The popular retail destinations in major U.S. metro areas are seeing big increases in rents. In New York, rents on Fifth Avenue increased by 11% from the previous year. In Las Vegas, rents on the Boulevard increased by 25%. Philadelphia's Walnut Street had the fastest-rising rent, growing nearly 34% in the past year
Desert Classic Golf Tournament at Sewailo Golf Club in Tucson, Nov 6th
EXPO AIGA, the Southwest's Foremost Gaming & Business Summit and Trade Show, tees up on Wednesday, November 6, 2013 with the Desert Classic Golf Tournament at Sewailo Golf Club in Tucson, Arizona. Shotgun start is at 9 a.m. Sewailo Golf Club is located on over 200 acres of pristine desert on the southwest side of Tucson, Arizona, directly adjacent to the 4 Diamond rated Casino Del Sol. Sewailo Golf Club and Casino Del Sol are enterprises of the Pascua Yaqui Nation. The name, "Sewailo", means flower world in the Yaqui language. The new 72-par Sewailo Golf Club was designed by Ty Butler and Notah Begay III and is owned by the Pascua Yaqui Tribe. The course is managed by Troon Golf. "We are ready for golfers to come out here for the Desert Classic Golf Tournament," announced Dan LaRouere, General Manager of Sewailo Golf Club. "The course condition right now is spectacular and it will be in top condition in November." LaRouere describes Sewailo as a blend of a traditional and desert golf. "The scenery is gorgeous and the fairways are generous. We do have quite a bit of water. We have water on seven different holes and a mile of streams run through the property." Golfers can register as individuals, pairs and foursomes by visiting www.azindiangaming.org or calling (602) 307-1570 (602) 307-1570. The tournament fee is $225.00 per golfer and includes 18-holes of scramble format golf, range balls, breakfast and the awards luncheon. Bank of America, Merrill Lynch and Visit Tucson are sponsors for the golf tournament. Additional sponsorship opportunities are still available. See the website for details. Advance registration rates for EXPO AIGA close October 31, 2103.
DDR CLOSES ON $1.46 BILLION TRANSACTION WITH BLACKSTONE
Beachwood, Ohio — DDR Corp. has closed a previously announced acquisition of a portfolio of 30 power centers from a joint venture with Blackstone Real Estate Partners VII L.P. and settled its forward equity sale. DDR acquired Blackstone’s 95% share. The company funded the investment through a combination of proceeds from the issuance of new common equity and unsecured debt, preferred equity and mezzanine loan repayments and the assumption of existing mortgage debt.
KW RELEASES BENEFITS MARKETPLACE JUST IN TIME FOR OBAMACARE
Franchisor Keller Williams Realty Inc. has selected ConnectedHealth as its e-commerce benefits platform, which will allow U.S.-based Keller Williams associates to shop for health care through a co-branded version of ConnectedHealth’s Web platform in time for the launch of “Obamacare.” The KW Wellness Benefits Marketplace is expected to launch in December, the companies said, helping Keller Williams associates navigate the new complexities of health benefits. Associates logging onto the platform will be able to determine whether they are eligible for a government subsidy, and can shop and apply for subsidy-eligible insurance. Associates that don’t qualify for government subsidies can access a range of medical and ancillary insurance with national and regional companies. By selecting ConnectedHealth’s consumer-focused solution, “Keller Williams Realty provides their associates the support and guidance to feel confident that they have selected the right coverage for themselves and their families,” the companies said. Beginning Jan. 1, the Patient Protection and Affordable Care Act — “Obamacare” — requires that all individuals have minimum health coverage, or pay a penalty (officially called a “shared responsibility payment”) that will be phased in over the next few years. The penalty will be phased in over the next few years.
FORMER ZILLOW BROKER REP DUANE FOUTS JOINS WEST USA REALTY
Duane Fouts, who left his consulting position with Zillow in August after a year of leading the portal’s efforts to strengthen its relationship with brokers, has joined Phoenix-based brokerage and franchisor West USA Realty Inc. as managing broker and head of its “Internal Broker Alliance” program. Before joining Zillow in April 2012, Fouts owned and ran Phoenix-based Dan Schwarz Realty Inc. for 14 years and has served as president and vice president of the Arizona Association of Realtors. West USA Realty, which maintains five offices in Arizona and claims to have 2,000 real estate agents affiliated with the brand nationwide, was the 17th-largest brokerage in 2012 with 13,389 transaction sides, according to Real Trends.
YELLEN OBAMA’S CHOICE TO SUCCEED BERNANKE
WASHINGTON - Capping a lengthy and politically charged search, President Barack Obama will nominate Janet Yellen, the Federal Reserve’s vice chair, to be chairman of the nation’s powerful central bank, succeeding Ben Bernanke at a pivotal time for the economy and the Fed’s monetary policies. If confirmed by the Senate, Yellen would be the first woman to head any country’s major central bank anywhere in the world. She also would be the first Democrat chosen to lead the Fed since Paul Volcker was picked by President Jimmy Carter in 1979. France’s Christine Lagarde heads the International Monetary Fund. Obama was scheduled to make the announcement Wednesday with Yellen and Bernanke at his side in the White House’s ornate East Room.
FED NOW UNLIKELY TO SLOW BOND BUYING BEFORE 2014
WASHINGTON - The Federal Reserve’s decision last month to maintain the size of its economic stimulus was a shocker. Just about everyone expected a pullback in its bond purchases, which have helped keep loan rates low. And now? Thanks to the government’s partial shutdown, many analysts don’t think the Fed will reduce its stimulus before next year. And with the White House’s choice of the like-minded Janet Yellen to succeed Ben Bernanke as chairman next year, the Fed will likely be cautious about any pullback in early 2014. Bernanke and the Fed may also now look a bit wiser to those who questioned their stance last month. After all, a key reason Bernanke gave for maintaining the pace of the Fed’s stimulus was Washington’s budget impasse. It posed a risk to the economy and financial markets, he suggested.
SHUTDOWN MEANS NO NEW BEER FROM CRAFT BREWERS
MILWAUKEE - The federal government shutdown could leave America’s craft brewers with a serious hangover.Stores will still offer plenty of suds. But the shutdown has closed an obscure agency that quietly approves new breweries, recipes and labels, which could create huge delays throughout the rapidly growing craft industry, whose customers expect a constant supply of inventive and seasonal beers.
WALMART SPLITS FROM INDIA PARTNER; RETAIL ON HOLD
MUMBAI, India - Walmart Stores said Wednesday it is splitting from its Indian business partner and suspending plans for its own retail stores in India because strict government regulations on sourcing from local small businesses make it impossible. The move by the world’s largest retailer represents a blow to India’s attempts to attract foreign investment in the huge but underdeveloped retail sector. Walmart already runs a wholesaling joint venture in India and will continue that business, buying out partner Bharti Enterprises. Despite a potential market of 1.2 billion people, no large foreign chains have formally applied to open supermarkets and other multibrand stores since the government changed the law last year to allow them to invest more in the $400 billion sector previously reserved mostly for Indian companies. The new law allows international companies to open multibrand retail stores with 51% ownership and an Indian minority partner.
MEN’S WEARHOUSE GIVES BRUSH OFF TO JOS. A. BANK’S $2.3 BILLION
NEW YORK - Nothing like getting the brush-off. Jos. A. Bank proposed to acquire its bigger rival Men’s Wearhouse in a $2.3 billion deal that could create a men’s wear juggernaut with close to 2,000 stores. But the leaders at Men’s Wearhouse — which sent the company’s founder packing last summer — rejected the offer about two hours after the proposal was publicly disclosed, calling it opportunistic and inadequate. Jos. A. Bank Clothiers disclosed Wednesday that it had made the unsolicited proposal in September to buy Men’s Wearhouse for $48 per share in cash, a 42 per cent premium at the time. Men’s Wearhouse said in rejecting the deal Wednesday that it wasn’t in the best interest of its shareholders or the company.