Today in our world.
Everyone knows that we are big fans of startups and entrepreneurial ventures that are launched during economic downturns. In this interview, Big Ass Fans founder Carey Smith talks about building a $500 million company during the Great Recession.
Local and state governments made you shut down your business. Can they also make you reopen? This article explores why a business may not be ready, or may not want to reopen quite yet.
As socially distant recreation grows in popularity, is rollerblading back?
The National Multifamily Housing Council reported the 89% of renters that it follow made payments for their June rent, which is near the historical norm. There is, however, concern that while tenants of professionally managed apartments were able to pay their rent, renters outside of this segment are experiencing hardships. There is concern about this market going forward, especially for smaller properties and rental units that are individually owned such as single family homes and condominiums.
There is also more coverage about the future of restaurants and the easing of regulations by cities to help restaurants recover. This has not been a uniform process around the country, or even within states. In Florida (and the U.S.) Tampa was ahead of the curve with its restaurant strategy while other locations such as Miami Beach lagged behind. New York and Los Angeles are still scrambling to finally help their restaurants.
Interesting that today, as we move forward planning mobile apps for our services, Entrepreneur gives us the five reasons that eCommerce needs mobile apps immediately. They provide a better user experience, access features only available on cellphones, are great marketing channels, easy checkout and interactive customer experiences.
I loved this article on the words and phrases to avoid. Unfortunately, they omitted one: “new normal.” Ugh.
Its not enough to get your brand out there through all mediums, you need a brand to resonate with your customers. What do you stand for, compared to what customers think you stand for? What need to you serve, and can you serve that need better?
In Miami, a resident is suing the county over its unreasonable radical mask mandates. There is also coverage of David Beckham’s soccer stadium complex and its promises. The investment group has finally submitted its rezoning proposal to the city of Miami.
Up in one of our favorite areas, Florida’s Space Coast, Space Perspective will take tourists to space in the Spaceship Neptune balloon!
Looks like Nashville business owners, who have already suffered tornadoes, COVID-19 and civil unrest, will now have to endure a 34% property tax hike (paywall). On the positive side, California-based health care firm QTC will open an operations hub in Music City, creating 410 new jobs over the next five years. Another example of business flight from California to places like Texas and Nashville. Florida needs to get in on this action. Nashville will begin Phase 3 reopening on Monday, June 22nd. allowing bars and clubs to start operating again.
Will Remote-Work Policies Lead to a Bay Area Exodus?
Highlighting our opinion on one of the five investment drivers, Labor, is the continuing exodus from the San Fransisco area, once a thriving, authentic and awesome city that has ignored resident quality of life. while demanding more and more from those residents. This is great news for those communities that are actually creating great public places where people want to live.
Cities that embrace and understand the changing landscape of the labor markets and focus on quality of life as an economic development strategy will position themselves for success. Read more of our short opinion on this.
This is great for downtowns
This is great for Florida
This is great for Tennessee
This is great for Texas
From Entrepreneur Magazine – “the next question those companies’ employees will likely ask themselves is natural: Why would I stay in the Bay Area if I’m not going into the office? Long the epicenter of tech in the U.S., the Bay Area has become prohibitively expensive for all but the highest-paid workers. Its housing costs are among the highest in the nation, and it’s gotten so bad that companies like Google have pledged staggering sums to help solve the shortage of affordable housing.”
Read more… https://www.entrepreneur.com/article/351172
Why Resident Recruitment is as Important as Business Recruitment, and Quality of Place is the Best Incentive There Is.
There is the adage that retail follows rooftops. Well, business follows talent, and now more than ever talent seeks out quality of place.
More and more, people in general, and especially the talented workforce, are looking for real, authentic places where they can be part of a community. Places that have character and history, community gathering spots, and opportunities to engage with each other.
Cities that embrace and understand the changing landscape of the labor markets and focus on quality of life as an economic development strategy will position themselves for success. Thirty years ago, when a company advertised for a high-skill job, 10-15 prospects would show up for an interview, and one of them would receive the job. They wanted the job and would accept it on the company’s terms (location, salary, hours, etc).
Fast forward to today. 10 companies might advertise for a high skill job, and one person might be qualified. Today, the worker is in charge, not the company. The worker will set the terms regarding location and telecommuting, salary, hours, etc.
What does this mean for cities?
Similar to the skilled worker/company dynamic, it is now the workforce that is in charge of where they decide to live, and they will make that decision as part of a balance of different lifestyle choices that include housing characteristics, transportation and commuting, school quality, social and recreational activities, and many other factors, even including the presence of craft breweries. As previously mentioned:
Cities that embrace and understand the changing landscape of the labor markets and focus on quality of life and quality of place as an economic development strategy will position themselves for success.
With Economic Development, ultimately, it’s all about the LAND…
J.C. Penney’s Bankruptcy: It’s All About the Real Estate
Barron’s coverage about J.C. Penney’s expected bankruptcy filing, which will split it in two, with one entity remaining as a retailer, and the land becoming property of a real estate investment trust (REIT). At a time when no one knows the value of that land, at least nor for the moment.
Investors Are Worried About Muni Bonds. How to Profit From Others’ Fear.
“The municipal-bond market has lagged far behind the recovery in other sectors of the credit markets. Does that present a warning—or an opportunity—for investors?
With top-grade munis offering higher after-tax yields than corporate junk bonds, the answer would appear to be the latter.
State and local government borrowers haven’t gotten the same benefit as corporations from the Federal Reserve, as my colleague Alexandra Scaggs explains . Investment-grade and high-yield corporate bonds have rallied strongly in response to the Fed’s backup, while munis have provided relatively paltry returns.” Read more…
Also from Barron’s – Federal Aid for Cities won’t be Cheap
“The Senate appears more reluctant to write a blank check to states and local governments and is likely to demand the inclusion of provisions to shield businesses and health care providers from coronavirus claims,” McLoughlin and his team wrote. “Enactment of the next round of legislation is likely to be more challenging than the first four.”
An article from City Journal about the importance of Good Government to retain and attract businesses and grow the economy. Bad government, dysfunction and incompetence have the opposite result, combined with sky high taxes, fees and operating costs.
“America’s Havana – Thousands say ciao to San Fransisco”
Part of the BusinessFlare Approach includes adoption of economic development values – Credibility, Information and Certainty. Clearly not present in this case, combined with negative Investment Drivers including Regulation and Capital.
Skills-based hiring can help fill jobs quickly, retain talent, diversify an organization’s talent pipeline and provide a greater awareness of skill attainment and critical upskilling needs.
Interesting post about shifts in Labor Market Analysis out of Orlando. Worth a read…
Two examples of how regulation directly impacts economic development at a very large multi state level, and also on Main Street. The BusinessFlare Approach views Regulation as the Investment Driver where all communities start on a level playing field with each other, and how they apply it will greatly influence their competitiveness for investment (and competitiveness of their businesses).
At the national level, Elon Musk threatened to move Tesla’s HQ operations from California to Texas due to Alameda County’s restrictions on reopening.
More importantly, at the local level State Street in Bristol is divided between Virginia and Tennessee.Travis Penn, who opened Delta Blues BBQ in Tennessee last September, said his sales initially dropped 70% during the transition.Deel, whose Burger Bar is in Virginia, said he went from $1,500 days to $90 days.
But that’s where the similarities end right now.If Virginia’s first phase begins as anticipated on May 15, restaurants on one side of State Street, like Delta Blues, will have had an 18-day head start on dining service, over restaurants like Burger Bar on the other side of the street. Read more…