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Memphis Business Journal
Old Dominick Distillery adds whiskeys to permanent lineup
Old Dominick Distillery is hosting a release party on June 27 to mark the addition of new whiskeys to its permanent lineup. The event features $7 old fashioneds and mini tours. <\p> The new whiskeys — Bonded Tennessee Whiskey, Cask Strength Bourbon Whiskey, and 90.1 Proof Bourbon Whiskey — were once limited-time offerings. They will now be available for sale at Old Dominick and liquor stores across Memphis. <\p>
First Horizon announces local 'Grants for Good' winners
First Horizon Corp. has announced the recipients of its "Grants for Good" campaign. <\p> The First Horizon Foundation — the private charitable foundation of the Memphis-based bank — awarded $1.6 million to 160 nonprofits throughout the bank’s footprint. Each grant recipient received $10,000. <\p>
Major landlords targeted by class-action lawsuits over pricing
Several major apartment landlords from across the country are under fire over rental rates — allegations that have spawned a wave of class-action lawsuits and garnered the attention of state and federal authorities. <\p> The lawsuits have high-stakes for the apartment market and beyond, with potential to shape how pricing software could be utilized in multiple industries. <\p>
Poplar Plaza's 'next life' includes the Angle at Poplar/Highland
Rick Smith, director of real estate property for Finard Properties, said they are "leaning forward" when it comes to development at Poplar Plaza. <\p> Finard purchased the shopping center — which includes Kroger, Old Navy, and Paul Mitchell The School — in 1986. The center is just shy of 30 acres.<\p>
Here's what is going in the former Sissy's space at Laurelwood
Elizabeth Malmo established her interior design business at 2537 Broad Ave. in 2019 and opened the retail side, Collected by Elizabeth Malmo, in 2020. <\p> "It was not the best year to be opening a retail space," she said. "But it was nice to have a slow integration into full-on retail."<\p>
Homeowners continue to build equity, impacting future buying decisions
American homeowners continue to build significant equity even as the housing market has slowed and home prices aren't rising as rapidly as they did in recent years.<\p> U.S. homeowners with a mortgage pulled in $28,000 in equity gains on average year over year in the first quarter, the highest amount since late 2022, according to CoreLogic Inc. That average year-over-year increase of 9.6% translates to a collective gain of $1.5 trillion and means net homeowner equity totaled more than $17 trillion at the end of Q1.<\p>
The U of M is landing dollars. Here’s where it’s coming from and going
Dollars for Simmons Bank Liberty Stadium upgrades: Check. A merit-based scholarship program that could be generationally significant: Check. Funding from the State of Tennessee for an R1 endowment: Check. Support for an athletic name, image, and likeness (NIL) program: Check. Landing increasing research award funding: Check. Involvement from Memphis icons FedEx and Fred Smith: Check (and checks, for NIL and stadium upgrades).<\p> The University of Memphis is having a funding moment. Removed from its time in the Tennessee Board of Regents system and operating under its own Board of Trustees since 2016, the U of M, under former and current presidents David Rudd and Bill Hardgrave, has strived to attain top-tier status in multiple areas, from academics and research to athletics.<\p>
Nashville-based org taps Memphis leader as president
A Nashville-based organization is gaining a Memphis leader as its new president. <\p> Cameron Conn, Ph.D., was recently announced as the incoming president of the Tennessee Independent Colleges and Universities Association (TICUA), which includes 34 private nonprofit colleges and universities. <\p>
SBA finalist: Artizan Constructors adapts to changing industry
This year marked the 44th edition of the Small Business Awards, by far MBJ’s longest-running event.<\p> The Gold Sponsors of the 2024 Small Business Awards are ATA and Bank3. The Emerging Entrepreneurs Sponsor is the University of Memphis Fogelman College of Business & Economics. The Cocktail Sponsor is VC3.<\p>
University of Memphis making big investment in AI research
The University of Memphis is investing $1 million in enhancing artificial intelligence (AI) research.<\p> The investment is intended to further the university's potential in AI to go along with the efforts to bring Elon Musk's xAI to Memphis. <\p>
Volunteer Odyssey names experienced nonprofit organizer as new CEO
Sarah Petschonek has volunteered ever since she was a kid. But, as an adult, she found the whole process cumbersome. So, she decided to look into the matter and ended up volunteering for 30 nonprofits over 30 days. <\p> "I was the Snow Queen at Memphis Botanic Garden. I rode a bike with Urban Bicycle Food Ministry and handed out burritos. I worked at 5Ks. I scrubbed toilets," Petschonek said. "I did everything that you could think of."<\p>
Most Americans still struggle to get away from work while on vacation
Most Americans struggle to get away from work while on vacation, even as some progress is being seen in restoring work-life balance.<\p> About 59% of the 2,000 Americans surveyed by communications firm Movchan Agency said they struggled to switch off during their downtime and 63% said they felt anxious if they didn’t check work emails while away. Overall, 54% said they worked while on vacation, although that's a lower share than previous years. <\p>
Memphis-based hunting and fishing startup gets big influx of funding
Connecting hunting and fishing guides to potential clients – that's the goal of a Memphis-based startup that recently raised $1.8 million in a seed funding round. <\p> AnyCreek is working to accomplish this through its online marketplace, which allows guides and outfitters to post their guided experiences. <\p>
The Playbook: The common pay threads for high-performing companies
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> During a time when more workers expect transparency around pay, most top-performing companies are proving to be forthcoming — but that's not the only common thread. <\p>
Restaurant moves into former Pancho's/Antigua space
The sign on Tequila Town Marisqueria y Comida Mexicana reads, "We don't sell cheese dip." They mean it, too. Tequila Town is a different type of Mexican restaurant. <\p> Tequila Town, owned by Eddie Navarro, opened in the old Pancho's restaurant spot in the Cloverleaf Shopping Center in mid-May. <\p>
Here's how MLGW's top customers stack up against xAI supercomputer
Humans are incredibly power efficient, requiring only about 20 watts of power for one quintillion mathematical operations per second, according to The National Institute of Standards and Technology. Current AI supercomputers are not nearly as efficient. <\p> Last week, the Greater Memphis Chamber announced xAI, Elon Musk's AI venture, is set to build a multibillion-dollar supercomputer in Memphis. <\p>
'Free delivery' is costlier. Here's how Target and Walmart handle it.
Consumers have gotten used to fast, low-cost delivery from retailers, but offering those services has grown more expensive for chains. Companies are relying on a mix of strategies for coping. <\p> Retail Dive reports on comments from executives at Target Corp., Walmart Inc., and Kroger Co. at the Home Delivery World conference in Philadelphia last week, where the challenges of keeping pace with delivery demands in the face of rising shipping costs was a key focus.<\p>
NAR settlement threw a wrench into VA loans but a fix is coming
The class-action lawsuits that rocked the residential real estate industry over the past year have resulted in nearly $1 billion in settlements so far — and also put in place changes that could have hurt veterans’ ability to shop for homes.<\p> The National Association of Realtors and big brokers such as RE/MAX Holdings Inc., Anywhere Real Estate Inc. and Keller Williams Realty Inc. agreed to prohibit mandatory so-called “cooperation agreements,” in which sellers pay both the selling agent and the buyers agent commission for a sale, in exchange for being allowed to list a home on a multiple listing service.<\p>
New executive director coming soon to the Memphis Botanic Garden
The Memphis Botanic Garden has found its new executive director. <\p> After a nationwide search, MaryLynn Mack was announced on Wednesday, June 12, as the new head of the organization. She is scheduled to step into the role on Aug. 19.<\p>
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