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Memphis Business Journal
More workers are staying with their current employer in 2024
Most U.S. employees are now choosing to stay with their jobs instead of looking for new ones, a sharp turnaround from the job reshuffling that was common during the Covid-19 pandemic. <\p> A new survey by global advisory firm WTW found 72% of employees are choosing to stay with their employer — up substantially from the 53% who said the same thing in 2022. Back then, about 25% of workers were open to job offers, compared to just 11% now.<\p>
Prospective homebuyers are missing out as sellers cut their prices
The chronically troublesome housing market is seeing more price drops, but that doesn’t necessarily translate into relief for homebuyers.<\p> Data from real estate firm Redfin Corp. shows 6.4% of active listings on the platform had a price drop through the week ending May 26. While that's not a massive portion of listings, the percentage is substantially higher than the 4.4% of listings with price drops recorded during the same time in 2023.<\p>
A rising cost for companies and employees takes hold as summer arrives
Editor's Note: Welcome to The Playbook Edition, a look at stories, trends and changes that could affect your business and career. Want more stories like this in your inbox? Sign up for The Playbook newsletter. <\p> In the coming weeks, schools around the nation will be out, and many employees will find themselves scrambling for child care options.<\p>
Women Who Lead in Tourism: Cynthia Neal
If there ever was a time for leadership, the pandemic and post-pandemic era has been that occasion.<\p> For Memphis Business Journal’s next group of Women Who Lead, honoring women who are in high-level roles in the tourism industry seemed to be another logical choice.<\p>
Influential Memphis business leader leaving for position at NASA HQ
Epicenter president and CEO Jessica Taveau is stepping down from the organization effective June 7. <\p> The organization's board appointed Anthony Young as interim CEO, according to a news release. <\p>
Major grocery chain actively looking at prime site near Downtown
Aldi is actively being considered for a prime Medical District location. <\p> A zoning letter filed with the Memphis and Shelby County Division of Planning and Development indicates the grocery store is looking at the empty Office Depot at 785 Union Ave. The filing inquires whether certain materials and colors are allowed, as well as other applicable ordinances, to update the building for an Aldi. <\p>
Local 'mom-and-pop' restaurant opens fourth location
Tacker's Shake Shack is a family business. It was founded in 1977 in Marion, Arkansas, by John and Loretta Tacker. Today, their son Jeff runs the business. Jeff's son Mark serves as executive chef and director of operations. <\p> Today, there are four locations of Tacker's Shake Shack in Arkansas. The latest, in Wynne, Arkansas, opened the week of May 27. <\p>
Liberty Stadium renovations underway, where the project stands
As May ends, renovations for Simmons Bank Liberty Stadium — home of the Memphis Tigers football team — are officially underway. <\p> University of Memphis interim athletic director Jeff Crane confirmed construction began on Wednesday, May 29, on a video posted on X, formerly known as Twitter. <\p>
Meet Hollywood Feed's new exec over operations
Back in 2022, Hollywood Feed acquired PetPeople. Sarah Eccles, Hollywood Feed's new SVP of operations, was working at PetPeople at the time. <\p> "We were caught off guard," Eccles said of the acquisition. "But, honestly, my love for animals and my passion for helping people really helped me make that transition."<\p>
Collierville company closes nine-figure deal for Chicago-area firm
Collierville-based Mueller Industries confirmed Tuesday, May 28, that it has finalized the acquisition of Nehring Electrical Works Co. and its two affiliated companies. <\p> Nehring, headquartered in DeKalb, Illinois, near Chicago, is a producer of wire and cable for the utility, telecommunication, electrical distribution, and original equipment manufacturer (OEM) markets. <\p>
CEO to depart Memphis organization
A Memphis nonprofit CEO plans to step down to "pursue corporate opportunities."<\p> Reggie Crenshaw, president and CEO of Leadership Memphis, is departing the organization on June 15. His corporate landing spot wasn't disclosed. <\p>
Lawsuit targeting small-business grant program is tossed
A judge has tossed a lawsuit targeting Progressive Insurance and small-business funding platform Hello Alice for a grant program offered to Black small business owners.<\p> The decision, handed down by the U.S. District Court for Northern Ohio, found plaintiff Nathan Roberts, owner of Cleveland-based Freedom Truck DIspatch LLC, lacked the standing to sue the companies over a grant program it offered to Black small-business owners to purchase a new truck.<\p>
Local broker weighs in on Downtown's current housing market
The Downtown housing market — like many other neighborhoods in Memphis and surrounding areas — is seeing more home activity in 2024 compared to 2023. <\p> That trend line does not mean that there are not external factors affecting the Downtown market, such as higher interest rates and homes and condos lasting on the market far longer than they did two or three years ago. Those are challenges that are not exclusive to the Downtown housing market. <\p>
Growing Memphis contractor purchases HQ, plans out growth
RKA Construction, just 18 months since launching its commercial division, has purchased a space it intends to turn into its new headquarters. <\p> RKA Investments LLC, an LLC associated with the company, purchased the 3040 Walnut Grove Building in late March for $1.4 million, according to the Shelby County Register of Deeds. The company has already filed a commercial alteration permit worth $400,000 to begin work on the facility. <\p>
Resume gaps aren't the dealbreaker they once were, but there's a catch
Job seekers worried about gaps in their resume might still have to deal with some pushback from hiring managers, but the market today has become more forgiving to such openings than it once was.<\p> According to a recent Express Employment Professionals-Harris Poll survey, while 36% of hiring managers said they might be deterred by applicants' unexplained work gaps, the vast majority (95%) believe there are valid reasons to explain career gaps. The top reasons cited were health issues, staying home with a child, going back to school and caring for an elderly parent.<\p>
Former FedEx CFO sells Germantown house for nearly $1.6 million
Here are the five most expensive homes sold recently in Shelby County. All transaction information comes from MBJ Biz Leads research, the Shelby County Register of Deeds, and the Shelby County Assessor of Property. The Google Street View of the property or nearest intersection is embedded, where available. The real estate agents named come from Realtor.com and Redfin.<\p> Address: 4279 Belle Meade Cove, Memphis 38117<\p>
Memphis Gen Z entrepreneur creates industry-spanning niche
Mia Lopez, the CEO of the event planning business Ivory & Oak, said she doesn't get invited to many events these days. Party hosts are concerned she may judge. Such are the perils of the biz. <\p> That said, Lopez is really too busy to hang out. At 23, she is not only heading Ivory & Oak, she is a Wyndham Hotel & Resorts franchisee (one of the youngest Afro-Latina franchisees in the hotel industry) and founder of 1666 Wines. <\p>
Local Fortune 500 company announces board changes
Memphis-based International Paper (IP) announced on Thursday, May 23, the addition of two new members to the company’s board of directors. <\p> Jamie Beggs and Scott Tozier were elected to IP’s board of directors effective May 21. In the same news release, IP confirmed Ilene Gordon retired from the board for personal and health reasons as of May 21. <\p>
The AI boom is coming for these at-risk manager roles
For years, front-line workers have worried about automation taking their jobs. It may end up being middle managers who are most in danger.<\p> Companies are gaining access to new artificial-intelligence tools and capabilities at the same time many are re-assessing their operations in a challenging post-pandemic economic environment. That combination of potential new efficiencies and a desire for cost savings is putting management-level employees in the crosshairs.<\p>
100 N. Main contractor's plans for more subcontractor outreach events
Cleveland Construction, the general contractor working to restore 100 N. Main, and the Downtown Memphis Commission (DMC) hosted local subcontractors as the contractor seeks to build up its local spend on the restoration of the tallest tower in Memphis.<\p> The firm, which is based in Ohio, hosted well over a dozen companies on May 22 looking to work on the tower. Jeff Campbell, director of pre-construction for Cleveland Construction, said that the company is looking for contractors of all sizes. To that end, the company is breaking up the bid packages as the project goes forward. <\p>
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