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Memphis Business Journal
Southern soda shop concept opens in Collierville
When Jennifer Purnell was opening her Southern soda shop, Poppz, she never imagined that she would be in the middle of a turf war. <\p> A series of circumstances led to both the Pepsi guy and the Coca-Cola guy arriving at the shop at the same time to install their soda lines. Neither was pleased to see the other. In an effort to diffuse the situation, Purnell offered the men a Dr. Pepper — a brand independent of Pepsi and Coca-Cola. Still, the men bristled. Ultimately, the conflict fizzled. <\p>
Most expensive home of the year sold
Here are the five most expensive homes — all of them over $1 million — 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> MBJ plotted a map showing where the top home sales of the year so far this year have been, and we ranked the top 10 listing agencies representing home sales over $1 million in the first half of the year.<\p>
Development group assembles to pursue hip-hop museum in Memphis
A Shelby County Commissioner has joined the efforts to develop a hip-hop museum in Memphis.<\p> Commissioner Mickell Lowery plans to collaborate with Anaheim, California-based AKJohnston Group and Memphis-based Trust Marketing & Communications.<\p>
The National Observer: Investors taking a big interest in strip malls
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today, we're looking at the closure of a century-old college, a sustained surge in new business formation, and where Kroger is looking to sell stores in order to win antitrust regulators’ approval for a $24.6 billion acquisition. But first, let's see how the accelerating spread of data centers is prompting resistance in some regions.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter. <\p>
Memphis ranks with Austin and San Antonio on home inventory comparison
Housing inventory rose nationally for an eighth consecutive month during June — including in the Memphis metro — as homes are also staying on the market longer, according to data from Realtor.com. <\p> Inventory increased nationwide by 36.7% year over year in June. And the median home stayed on the market for 45 days, up from 43 days at the same point a year ago. Those two factors are attributed to a slight shift toward a “buyer-friendly” housing market, according to a news release. <\p>
Here's how the Memphis-area housing market performed in June
The first month of summer featured less home activity in the Memphis-area housing market year over year in June. However, the overall trend of 2024 outpacing 2023 in key metrics held true halfway through the year. <\p> A total of 1,580 home sales were reported in the Memphis area in June 2024, according to data from the Memphis Area Association of Realtors (MAAR). That’s an 11.7% decrease from the 1,790 total homes sold in June 2023. <\p>
Mega development Downtown returns with restructured ownership group
The long-planned Walk on Union is taking a step in a new direction by restructuring its ownership group.<\p> "The Walk principals remain fully committed to Memphis and the continued redevelopment of downtown’s major gateway," a representative from The Walk wrote to MBJ in an email. "We have restructured our partnership group and are finalizing joint venture documentation with a new local development partner."<\p>
Developer views project as DeSoto County’s answer to Overton Square
Cliff McLemore said the Old Towne Parish development in Olive Branch has been years in the making.<\p> “I was doing a three-story apartment building in Overton Square,” he said. “Every day, I was going to Overton Square and having lunch. I would stay late and have a couple of drinks. I started noticing that half the people that I ran into were from DeSoto County.”<\p>
Nike partners with FedEx St. Jude Championship on events
The FedEx St. Jude Championship (FESJC) is partnering with Nike to hold summer events in Memphis. <\p> The FedEx St. Jude Championship Summer Series presented by Nike's events are scheduled to be held weekly between July 12 and Aug. 12. The FedEx St. Jude Championship tournament is set for Aug. 14-18 at TPC Southwind.<\p>
Second location of Sichuan restaurant opens in Midtown
Petals of a Peony, a Sichuan restaurant, opened its second location in Overton Square in late June. The first location, which opened in the summer of 2023, is in Cordova at 1250 N. Germantown Pkwy.<\p> According to general manager Bo Zou, the owners saw a chance to open a Chinese restaurant where there aren't many options for that type of fare.<\p>
Area restaurants win Wine Spectator awards
Several local restaurants have been named to Wine Spectator's 2024 Restaurant Awards, which recognizes those establishments with exceptional wine programs.<\p> Among the nine local restaurants are Flight Restaurant and Wine Bar; Chez Philippe at the Peabody Hotel; Porch and Parlor; Char Restaurant; Seasons 52; Bari Ristorante e Enoteca; The Capital Grille; Southern Social; and 117 Prime, which has closed. <\p>
Local business takes on new owners
Judy Douglass, the founder of Judy Pound Cakes, said the secret to a good pound cake is top-notch ingredients.<\p> "You need to use the better ingredients like pure extracts and not imitation stuff, which, of course, would be a lot cheaper," she said. "But you shouldn't do that."<\p>
2024 Health Care Heroes finalists are here
There's a reason that the Memphis area is a health care magnet, drawing patients from hundreds of miles around: Its many world-class institutions produce, develop, and recruit great clinicians, researchers, caregivers, entrepreneurs, and leaders. So, for more than a quarter century, MBJ has been honoring the Mid-South's elite health care professionals.<\p> MBJ is pleased to announce the finalists for the 2024 Health Care Heroes awards. See them in the gallery at the bottom of the page.<\p>
DeSoto County embraces an identity for Memphis-area visitors
DeSoto County officials hope Memphis tourists plan to cross the state line into North Mississippi on their next visit.<\p> Jon Frost, who is the director of DeSoto County Tourism, said he’s excited to see the county finding its tourism identity.<\p>
Memphis company expands Southeast footprint via acquisition
A Memphis-based company is expanding its Southeast presence via the acquisition of an Arkansas-based business.<\p> nexAir announced on Monday, July 8, that the company had acquired WELSCO. nexAir, which specializes in distributing atmospheric gases and welding supplies, currently operates more than 70 locations and has over 700 employees. In 2023, nexAir became a part of global firm Linde PLC. <\p>
FTC noncompete ban suffers setback
The Federal Trade Commission’s broad noncompete ban suffered a legal setback after a federal judge in Texas ruled against the agency on July 3.<\p> U.S. District Judge Ada E. Brown of the Northern District of Texas, said in a ruling that the agency “lacks substantive rulemaking authority” on the matter and granted a preliminary injunction on the controversial rule that could affect employers in a broad range of industries. <\p>
The National Observer: America's most-on-time airports
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today, we're looking at a big change to federal rulemaking that could affect businesses, the hidden costs of owning a home, and federal grants for 12 tech hubs across the U.S. But first, you may want to pack your patience for these routes — they're the most delayed flights in the U.S.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
Data-center debate: Booming CRE sector grapples with big questions
The proliferation of data centers across America is helping to power the nation's increasingly digital economy — but for some, it's coming at too high, or too unknown, of a cost.<\p> The data-center boom isn't new, but the rate at which these projects are being planned, proposed and built is quickly escalating. And while data centers once were concentrated in a few key markets, they're now fanning out to metro areas all over the country.<\p>
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