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Phoenix Business Journal
How Arizona's Mark Kelly stacks up as possible vice president pick
WASHINGTON – Of the contenders Vice President Kamala Harris is vetting as a possible running mate, Arizona Sen. Mark Kelly is the only one who’s been to space, traveling over 20 million miles for NASA.<\p> But does he have the right stuff to join the Democratic ticket?<\p>
Tempe company wins $400 million CHIPS Act grant
The U.S. will award Amkor Technology Inc. $600 million in CHIPS Act subsidies to support the company’s plans for a semiconductor advanced packaging and testing facility in Peoria.<\p> The U.S. Department of Commerce announced Friday it entered into a nonbinding preliminary agreement with Amkor (Nasdaq: AMKR) for a CHIPS Act award package that consists of $400 million in grants and $200 million in loans.<\p>
Conn's sets plan to close all stores, including in Arizona
Another long-time national retailer is closing stores across the country, including in Phoenix, after filing for Chapter 11 bankruptcy protection. <\p> Texas-based Conn’s Inc. (Nasdaq: CONN) filed for voluntary Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Texas on July 23 after struggling with rising costs and declining sales, the company wrote in a court filing. The company has now outlined plans for a potential "full-chain liquidation" that could impact hundreds of retail locations. <\p>
Cooling systems maker plans manufacturing expansion
Phoenix-based Air2O has surpassed more than $50 million in product orders and is planning an expansion of its north Phoenix manufacturing facility to keep up with demand for its HVAC systems used in mission critical facilities.<\p> Air2O Cooling LLC has shipped over $30 million worth of its desiccant dehumidification systems used in lithium-ion battery facilities in the U.S. and is on track to complete $60 million in orders consisting of its various thermal management products by the end of the year, said Michael Sullivan, CEO and cofounder of Air2O.<\p>
Diamondbacks partner with reusable cup company at Chase Field
The Arizona Diamondbacks have announced a sustainability-focused partnership that will bring reusable cups to Chase Field.<\p> The partnership is with Portland-based Bold Reuse and will introduce reusable cups for all PepsiCo beverages in several sections at Chase Field starting on July 26. As a part of the reusable cup program, designated bins will be placed in the stadium for cups to be returned, which Bold Reuse will collect, clean, and repack for the next event. <\p>
Judge slams brakes on Fry's parent's merger plan
The $24.6 billion plan for Fry's Food Stores parent Kroger Co. to acquire rival Albertsons — and sell off scores of Arizona grocery stores — has run into a major hurdle. <\p> The acquisition was delayed by Denver District Court Judge Andrew Luxen, who during a July 25 hearing granted a preliminary injunction and scheduled a trial that is scheduled to begin September 30 and is expected to last two weeks. In doing so, Luxen canceled a hearing that had been set for Aug. 12. Both companies agreed to the delay.<\p>
Why restaurant inflation could actually benefit Arizona
Arizona is experiencing some of the highest levels of restaurant inflation in the nation, a USA Today report has revealed. <\p> In the study, Arizona was reported to have a 23% increase in average spending at restaurants from Nov. 2022 to June 2023. Average spending jumped from $96.68 to $118.54, the second most in the time span behind Colorado's 24% increase. <\p>
Charles Barkley on Prime? Amazon hints at luring TNT's NBA crew
Amazon.com Inc., which will officially stream NBA games starting in the fall of 2025 on its Prime network, has interest in pursuing members of TNT’s revered "Inside the NBA" studio show, according to Jay Marine, global head of sports for Prime Video.<\p> Marine told Sports Business Journal that Amazon Prime Video used "Inside the NBA" as a model for its Thursday night NFL pregame, halftime and post-game show, and — should the TNT cast of Charles Barkley, Kenny Smith, Shaquille O’Neal and Ernie Johnson become available — said, “Obviously, there’ll be a lot of interest, and we’ll just have to see how that plays out.’’<\p>
My View: Why Phoenix bucks the trend in key economic indicators
Strategic economic development in motion is most evident when outsized impacts on the economy are seen. Greater Phoenix is now bucking national trends in unemployment, in-migration and inflation with all three indicators positively impacting each other, signaling the region’s intentional growth and resilient economy are supporting businesses, the workforce and communities.<\p> Recent unemployment data from May 2024 shows a non-seasonally adjusted unemployment rate of 2.9% in the Phoenix metro, marking three consecutive months with a rate below 3%.<\p>
Health insurance exec Scott Kelley learned hard work on family farm
Scott H. Kelley, CEO of SolV Independent Insurance Associates, was born on a large cattle ranch in a remote small town in Oregon.<\p> "On the farm, my dad taught me a good work ethic," said Kelley, who moved to California in 1986. "He taught me to work hard and also to enjoy the fruits of my labor."<\p>
US to make hefty semiconductor workforce training investment
Federal officials plan to invest $30 million over five years in a new initiative to train the future semiconductor workforce, the U.S. Department of Commerce announced Wednesday.<\p> The initiative calls for creation of a National Network for Microelectronics Education, led by a Network Coordination Hub that will oversee efforts to provide education and training in support of the semiconductor industry across the nation.<\p>
Upscale French-style bakery proposed for Scottsdale site
Global bakery and cafe restaurant chain Paris Baguette could be bringing sweets, pastries, sandwiches and more to a new location in the heart of Old Town Scottsdale. <\p> A new project proposal has been filed by Scottsdale-based Aline Architecture Concepts to bring a new three-story building to 7403 E. 6th Street in Scottsdale that would be anchored by Paris Baguette on the ground floor. The second floor would be used for overflow seating with a balcony and back-of-house space for Paris Baguette and the top floor would be occupied by a single, three-bedroom residential unit.<\p>
Lucid begins Arizona pre-production of electric SUV
Lucid Group Inc. said it is beginning pre-production of its Gravity electric crossover SUV at its Casa Grande manufacturing facility, marking a “significant milestone” for the company.<\p> Lucid CEO Peter Rawlinson on Tuesday posted a video on LinkedIn of the first Lucid Gravity SUV bodyshell descending from a roof conveyor to the company’s main production line at its 3-million-square-foot Casa Grande factory, which underwent an expansion in January.<\p>
Amazon to hire hundreds in West Valley
Amazon.com Inc. has confirmed plans to open a new fulfillment center in Goodyear and hire 500 workers. <\p> Seattle-based retail giant Amazon (Nasdaq: AMZN) signed on for the full 1.2 million square-foot warehouse at the Prologis 303 Business Park in April, as the Phoenix Business Journal previously reported. This was Amazon's third industrial lease signed in 2024 — it leased up two other buildings each totaling at least 1 million square feet in Buckeye and in Glendale, bringing its total new leases this year to 3.5 million square feet. <\p>
My View: What the heck do geese formations have to do with leadership?
About a week ago, a friend posted something on LinkedIn that was much more profound than its simplicity initially indicated. It was a picture of geese flying in a V formation, with three birds on one side of the leader and six on the other. He asked, why do geese fly like this? He answered by saying that there are more on one side than the other – and then pointed out that simple answers are the best and that sometimes we overthink things.<\p> Well, I could not let that pass. There is a straightforward and well-known reason why geese fly like this. I quipped, “They do it because of the wind relative to their direction of flight. The arm that is more downwind has longer-lasting vortices and, therefore, is more efficient.” I followed it with one of my favorite sayings: “Everything happens for a reason. That reason is usually physics.”<\p>
Phoenix housing supply skyrockets as sales drop
Existing U.S. home sales slipped 5.4% to an annualized 3.89 million — the lowest level since December 2023 — after falling 0.7% in May, according to the National Association of Realtors.<\p> This is the fourth-straight drop amid high mortgage rates and low affordability, which have undermined home demand, said Jay Hawkins, senior economist for BMO Capital Markets.<\p>
Scottsdale Art Auction has large Western collection up for sale
The Scottsdale Art Auction has unveiled its second-annual fine art auction, which will be held exclusively online on Aug. 3.<\p> The auction will feature more than 400 Western-themed paintings and sculptures from American artists ranging from impressionist Frederic Remington to contemporary artist John Nieto. <\p>
Valley industrial brokers switch to expanded CRE firm
National real estate firm KBC Advisors has expanded its Phoenix office with three new industrial experts to support its Valley operations, the company announced on July 22. <\p> Danny Schuster of Colliers International in Phoenix and Chris Lydon of Avison Young in Chicago were tapped to join KBC's brokerage team, while Kirk Kuller of Cushman & Wakefield in Phoenix has joined KBC's capital markets team. <\p>
Mattress manufacturer expands Phoenix operations
3Z Brands, the Valley-based vertically integrated mattress manufacturer, wholesaler, retailer, and direct-to-consumer distributor, has unveiled plans for a massive expansion of its manufacturing facility in Glendale.<\p> 3Z, formerly known as Brooklyn Bedding and before that R&S Mattress, oversees a large portfolio of mattress brands including Helix Sleep, Brooklyn Bedding, Leesa, Bear, Birch, and Nolah.<\p>
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