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Memphis Business Journal
Here's how much Frontdoor's top execs, median employee made in 2023
Memphis-based Frontdoor Inc. put challenges of the recent past behind them in fiscal year 2023, with a "record" performance and a successful national brand engagement campaign for its new app. <\p> While FY 2022 saw Frontdoor impacted by inflation and housing market conditions, FY 2023 ended in the company reporting “record financial performance.” <\p>
Airline launches new flight from MEM to popular Fla. destination
Allegiant Air has launched a seasonal nonstop flight from Memphis International Airport (MEM) to a popular Florida destination. <\p> The service from Memphis will head to Destin-Forth Walton Beach Airport in Florida. It began May 24 and is scheduled to run until Aug. 12, according to the Allegiant website. The routes will run on Mondays and Fridays.<\p>
Brazilian co. in discussions with banks over bid for Memphis company
Suzano is in discussions with multiple banks about financing a potential bid for Memphis-based International Paper, according to reports. <\p> Suzano, a Brazilian company that is the world’s largest pulp producer, is discussing the matter with Mizuho Financial Group, Nomura Holdings Inc. and Mitsubishi UFJ Financial Group, according to sources cited in Bloomberg’s report. <\p>
Real estate commissions shakeup will require more agent scrutiny
The National Association of Realtors and several brokerages have struck big money deals to settle an array of class-action lawsuits around real estate commissions.<\p> It might become harder for homebuyers to figure out how to pick the right agent to work with in the wake of the settlements. That's because the settlements, which now add up to hundreds of millions of dollars, will also bring with them changes in how buying agents are paid, how homes are listed and may require more buyers to pay for an agent directly when buying a home. And if buyers potentially shell out thousands of dollars or more, they will have to do their own due diligence.<\p>
What employers need to know about the crushing childcare costs
In the coming weeks, schools around the nation will be out, and many employees will find themselves scrambling for child-care options. <\p> But child-care costs are soaring, thanks to the child-care cliff, a lack of new child-care centers and workforce shortages in the industry, among other factors. <\p>
Dallas exec named CEO of top Memphis firm
Memphis' largest advertising agency is exporting in a Dallas executive to become the firm's new CEO. <\p> Rob VanGorden is set to become Archer's CEO on June 3. He comes to Memphis from The Richards Group (TRG), where he was managing principal and chief development officer. <\p>
Tequila brand partners with local concert venue
Consider this, my friends: the Jaguar Bar. Sounds sleek, cool, a little bit dangerous. The same can be said of a young Elvis Presley, who had his first live professional appearance at the Overton Park Shell in July 1954. <\p> And so, it seems appropriate enough that the local tequila brand Alma del Jaguar has signed a multiyear sponsorship of Overton Park Shell. The Shell Bar will now be known as the Jaguar Bar.<\p>
Three homes in Memphis, one in Collierville, sold for more than $1M
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: 5842 Garden River Cove, Memphis 38120<\p>
Group planning large project with luxury hotel, condos near FedExForum
A group of local developers is proposing a large mixed-use project with a luxury hotel, condos, restaurant, and retail Downtown. A planned development application has just been filed with the Memphis and Shelby County Division of Planning and Development.<\p> Forum Hotel and Hospitality Development Corp. aims to build the mixed-use project on the southeast corner of Fourth Street and Dr. Martin Luther King Jr. Avenue, catty-corner from FedExForum and directly across the street from Robert Church Park.<\p>
Local master chocolatier creates spirits-infused limited line
Phillip Ashley Rix, owner of Phillip Ashley Chocolates, has created collections for such brands as Nike, FedEx, and Cadillac. Back in December, he announced that he would be focusing more on this side of the business. But, that did not mean he would stop offering his chocolates to the public. <\p> "We do focus on business to business and doing corporate," Rix said. "We never said we were not going to sell to the public. We're just changing how we're doing it."<\p>
A Covid-era option for bankruptcy filings is about to expire
Small businesses will be left without a useful Covid-era bankruptcy tool when it expires in the coming weeks — a development occurring just as bankruptcies are on the rise.<\p> The program, called Subchapter V, was created to enable businesses with less than $2.75 million in debt to go through the Chapter 11 bankruptcy reorganization process in a streamlined way. In March 2020, as the pandemic took hold across the country and worldwide, Congress raised that benchmark to $7.5 million, allowing many more businesses to use the Subchapter V option. <\p>
Memphis barbecue contest, music festival set 2025 dates
Forward Momentum, the company behind Mempho Presents, has announced the dates for next year's RiverBeat Music Festival and SmokeSlam barbecue cooking contest. <\p> RiverBeat Music Festival is scheduled to return to Tom Lee Park from May 2-4, 2025. SmokeSlam is to be held May 15-17, 2025. <\p>
The 'lock-in' effect is hitting homebuyers. It may get worse.
Americans expect high mortgage rates to rise even more in the coming years, a perspective that could further dampen the housing market.<\p> The Federal Reserve Bank of New York’s SCE Housing Survey found Americans expect mortgage rates to climb from just under the 7% they are now to 8.7% a year from now and 9.7% in three years — the highest recorded since the agency started asking Americans that question in 2014.<\p>
Brazilian firm confirms interest in Memphis company
Brazilian company Suzano confirmed its interest in Memphis-based International Paper’s (IP) assets in a Securities and Exchange Commission (SEC) filing on Wednesday, May 22. <\p> This is the first time Suzano, a pulp and paper company based in São Paulo, publicly acknowledged its interest in IP. <\p>
Mempho Music Festival headliners, full fall lineup revealed
Mempho Presents has announced the lineup for its annual music festival, which is scheduled for Oct. 4-6 at the Radians Amphitheater at Memphis Botanic Garden.<\p> Mempho Music Festival headliners include Queens of the Stone Age, Trey Anastasio & Classic TAB, and Cody Jinks. Other acts include Goose, The Roots, Sublime with Rome, Marcus King, and Charles Wesley Godwin. <\p>
Apartment market cools with record amount of new supply wrapping up
The national rental-housing market has continued to cool, with differing outcomes based on geography and unit type.<\p> Several markets in the South posted significant year-over-year declines in apartment rental rates as of April, according to a new Realtor.com analysis. Those declines were led by Nashville, Tennessee, and Austin, Texas, the latter of which has seen an 8.3% annual drop in asking rents and an 11.5% drop since peaking September 2022. <\p>
Memphis Zoo undergoing other changes, including to food and beverage
Nick Harmeier is chief marketing officer of the Memphis Zoo. He was also recently been put in charge of the Zoo's food and beverage services. <\p> He operates under one simple truth, he said. <\p>
Memphis Zoo CEO talks plans for first phase of $250 million upgrade
Memphis Zoo officials have announced the amount and details on the first phase of its $250 million plan for upgrades. <\p> The Africa exhibit, which includes elephants, rhinos, and giraffes, is to be the focus of the plan's first phase. This phase is estimated to cost about $75 million, according to Memphis Zoo president and CEO Matt Thompson. <\p>
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