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Memphis Business Journal
Here are MBJ's 40 Under 40 Class of 2024
Here are the profiles of the Class of 2024 members of MBJ's 40 Under 40, our annual showcase of the dynamic individuals in the local business community.<\p> The Presenting Sponsor of 40 Under 40 is Leaders Credit Union. The Association Sponsor is Agape Child & Family Services. And the Education Sponsor is Southern College of Optometry.<\p>
How the Memphis housing market continues to bounce back in 2024
After the Memphis-area housing market experienced a brief decline in year-over-year home sales in March, April served as a bounce back month. <\p> A total of 1,380 home sales were reported in the Memphis area in April 2024, according to data from the Memphis Area Association of Realtors (MAAR). That’s an 18.4% increase from the 1,166 total homes sold in April 2023. <\p>
Elevated interest rates force re-pricing of billions in CRE debt
Just shy of $20 billion in commercial mortgage-backed securities debt backing U.S. office properties is set to mature in the next year, occurring at a time that's now also expected to feature a higher-for-longer interest-rate environment. <\p> Moody's Analytics Inc. found that as of April, $19.9 billion in office CMBS loans will mature by next spring. That's a marked increase over the $8.75 billion in office CMBS debt that matured in 2023. <\p>
'A model for what can be': UofM leader updates latest on stadium, NIL
This summer is set to be a defining one for the University of Memphis athletic department. <\p> The school is officially beginning its search for former athletic director Laird Veatch’s successor after his departure to the University of Missouri. <\p>
Denver-based co. looks to bring popular franchises to Memphis area
WellBiz Brands is a franchise platform specializing in wellness and beauty. Among its businesses are Drybar, Amazing Lash Studio, Radiant Waxing, Elements Massage, and Fitness Together. <\p> The Denver-based company is currently looking to place three of those brands — Drybar, Elements Massage, and Radiant Waxing — in the Memphis area. <\p>
The coveted perk that could be critical for workforce development
As the focus shifts from recruitment to retention in a still-tight hiring market, many employers are searching for the incentives that will retain workers. <\p> While perks like four-day workweeks, unlimited vacation and remote work are often in the spotlight, another coveted perk is career development and upskilling opportunities. <\p>
US airlines sue over federal fee-disclosure rules
It didn’t take long for airlines to fight back after the government targeted extra fees charged to travelers.<\p> Several U.S. airlines, including United Airlines, American Airlines, Delta Air Lines and JetBlue Airways, as well as the airline lobbying group Airlines for America, sued the U.S. Department of Transportation on Friday, protesting a new rule, which takes effect on July 1, that all add-on fees need to be disclosed to airline flyers.<\p>
Ford forms advisory council to develop West TN community priorities
As Ford Motor Co. continues to build out BlueOval City, Ford and the company’s nonprofit arm are gearing up to make significant community investments beyond the thousands of people expected to be employed at the plant. <\p> Ford recently formed the Equitable Growth Advisory Council to evaluate barriers hindering underserved areas near BlueOval City from benefiting and partaking in the economic growth the project could potentially bring. <\p>
Atlanta-based manufacturer closing Memphis plant, laying off employees
An Atlanta-based paperboard and packaging manufacturer is closing its Memphis packaging manufacturing plant, laying off 73 employees.<\p> Graphic Packaging International LLC filed a WARN (worker adjustment and retraining notification) notice on Monday, May 13, with the Tennessee Department of Labor and Workforce Development.<\p>
Ford reveals when BlueOval City mass local hiring to begin
Ford Motor Co. just announced a slew of workforce and environmental initiatives and confirmed that mass hiring for BlueOval City is scheduled to start next year.<\p> To that end, Ford is shifting its focus to local engagement, education, and environmentalism as equipment installation begins at the Tennessee Electric Vehicle Center (TEVC). <\p>
Growing share of real estate agents weigh leaving their brokerages
The Covid-19 pandemic and a recent wave of class-action lawsuits have pushed more real estate agents to consider leaving their brokerages.<\p> Those findings, from the latest annual Agent Priorities Report from Coldwell Banker Real Estate, found while 61% of agents surveyed plan on sticking with their company this year, that’s down from 75% in 2023.<\p>
'We're not going to waver': U of M interim AD auditions for top job
University of Memphis interim athletic director Jeff Crane wants the job on a full-time basis to continue the momentum built by the department in recent months. <\p> He also knows that’s not entirely in his control and is focused on putting the U of M athletic department in the best position possible when his interim tenure ends – whether or not that ends with Crane succeeding Laird Veatch. <\p>
Mid-South Hobbies expands with specialty 'backyard' for hobbyists
On a recent Friday, Aubrey Overstreet, the owner of Mid-South Hobbies, greets several customers by name. <\p> "The guys up front, the slot car guys, are here almost every morning," she said. "They have breakfast next door at The Pancake Shop and then come over and race their slot cars. We want to build that sense of community. We want them to come and hang out, spend time. We want them to come back on the weekends with their families."<\p>
Airline credit-card reward programs in regulators' crosshairs
The nation's major airlines are drawing heat over their branded credit-card reward programs, with federal regulators targeting consumer complaints that claim many perks don't live up to the hype and sometimes cost more than they are worth. Those findings...
Parkview renovation project returns with major modification filing
The Parkview on Poplar is seeing activity again, this time with a revised plan to take before the Land Use Control Board. <\p> The group behind the project just filed a major modification application with the Memphis and Shelby County Division of Planning and Development. The plan to convert the former hotel at 1914 Poplar has been in the works since 2022, but it has seen a few changes since then. An outline/final plat for administrative review was submitted and approved last year.<\p>
Why Amazon's recent moves bode well for a cooling CRE market
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals. We'll take a look today at a bankruptcy health care system's hospital sale; a $3.3B investment from Microsoft that will help establish an artificial intelligence hub; and what you need to know about upcoming changes to overtime rules. But we'll start with the dynamics in this once-hot commercial real estate subsector.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
Higher-for-longer rate environment means more uncertainty for CRE
Commercial real estate investors, owners and occupiers all have been monitoring whether the Federal Reserve will impose interest-rate cuts in 2024 after rapidly rising rates have substantially increased the cost of doing business.<\p> Earlier this month, the Fed signaled it needed to see more progress toward its inflation target of 2% and decided to maintain its key lending rate. At that meeting, Fed Chairman Jerome Powell said gaining greater confidence around inflation "will take longer than previously expected," although he also said he felt inflation would move back down in 2024.<\p>
'Good design with a twist': New owner rebranding Midtown business
Back in December, Cynthia Ham purchased Palladio from its founders, Frank and Mindy Roberts.<\p> The business is sprawling and includes Palladio Antiques, Palladio Interiors, Palladio Garden, and Café Palladio, covering some 40,000 square feet. <\p>
Women Who Lead in Interior Design: Emily Marshall
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 interior design industry seemed to be another logical choice.<\p>
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