What we’re paying attention to today:
Entrepreneur interviews AirBnB CEO Brian Chesky, who talks about the future of tourism, and how in 6 weeks they almost lost everything that took them 12 years to build. I know that local governments don’t like AirBnB, but local governments better listen to his insights into the travel market regardless.
Great interviews with 12 business leaders on rebuilding in the post-pandemic economy by Authority Magazine. Follow this link for the highlights.
The retail trends initiated or accelerated by the pandemic continue, and the CEO of private label credit card provider Synchrony Financial gives her insights on it to Barron’s.
Here is some information on increasing the amount of your Economic Injury Disaster Loan (EIDL) from the U.S. Small Business Administration
We love everything about markets, so we especially were interested in this article about how COVID-19 was tamed in one of the world’s largest food markets, Central de Abasto in Mexico City.
Yesterday we mentioned how the most optimistic part of the recovery may be in homebuilding. Well today we follow up with an article from Miami Today about how low mortgage rates may be a driving force in the recovery of the real estate market in Greater Miami. Well, I would think in at least certain parts of Miami, not necessarily some of the overpriced and saturated luxury condo submarkets.
Also from Miami Today, the multi-whammy impact on the Miami Beach municipal budget. Now, the Beach’s economy is more diverse than people think, but could become more diversified in not only the mix of businesses that are located but even more importantly in the industry mix of the resident workforce. Look at the difference in how the resident work forces of Miami Beach and Coral Gables are contrasted. Anyway, the Beach demonstrates the hard decisions facing local municipalities, some which will be aggressive in trying to restore economic growth and others that may continue to focus on over-lockdown which will cause even larger budget holes to fill, risking the health safety and welfare of the citizens. Good luck to them, glad I’m not the policymaker.
Is reshoring real? “Kearney recently released the seventh edition of their annual Reshoring Index, which attempts to do just that. The U.S. Reshoring Index tracks total manufactured goods imports from 14 traditional offshoring partner countries including China, Taiwan, Malaysia, India, Vietnam, Thailand, Indonesia, Singapore, Philippines, Bangladesh, Pakistan, Hong Kong, Sri Lanka and Cambodia, as a percentage of U.S. domestic gross output of manufactured goods.”
Today in our world:
Everyone knows we love markets, especially farmers markets, but we also love growing stuff (we even own a spice business on the side). Well, did you know that even though there is a trend for victory gardens, you should have a 70/30 split between blooms and vegetables?
In the residential market, housing is the most optimistic indicator so far during the recovery. Sales of new single-family homes rose 16.6% from April to May.
Barron’s today is guiding business owners on ways to save taxes, including switching the method used to estimate taxes, changing accounting methods, taking advantage of federal relief, and reconsidering the business structure.
While there are more and more stories about businesses pivoting in response to the pandemic, Inc has a great interview with Our Place owner Shiza Shahid, who did not pivot. Additionally, here is Inc’s coverage of the SBA’s new loan forgiveness application for the Paycheck Protection Program.
If you are considering buying a business, you should read this article from Entrepreneur. about the 3 questions you must ask. Barron’s this morning also has a good roundup of nongovernmental sources of financial aid for businesses.
Entrepreneur webinars are great and insightful. There are three coming up: How to get to market fast and lean; followed by how restaurants can survive in the new normal, closing with How to start a side hustle with little or no money.
Here is a good interview with Amy Liu from the Brookings Institute about the future of the Urban Economy.
What is the impact of the lockdown on your job prospects if you were forced into bankruptcy for reasons outside of your control?
A few weeks ago we told you about the challenges in Bristol Tennessee/Virginia, since state allowed businesses to reopen faster than the other, putting businesses in Virginia at a disadvantage. Well, its happening again in the Quad Cities, where sales on the Iowa side are booming while those in Illinois face continued financial disaster.
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.
Markets provide an opportunity to stimulate the local economy, revitalize neighborhoods, provide job opportunities, create socially inclusive spaces and enhance the health of the community. Farmers markets can provide healthy food in communities where it may be hard to come by for seniors and others.
Many cities have a central market, or a public market. They also have smaller markets spread across neighborhoods and regions. They are popular local destinations, and many become significant visitor attractions. Some of these markets are famous, such as La Boqueria in Barcelona, the Tsukiji Fish Market in Tokyo, the Union Square Farmer’s Market in New York City, the St. Lawrence Market in Toronto, the Borough Market in London, the Reading Terminal Market in Philadelphia and the Lancaster Central Market in Pennsylvania.
More and more, the public, planners, entrepreneurs, and public officials are learning that markets provide an opportunity to stimulate the local economy, revitalize neighborhoods, provide job opportunities for new immigrants, create socially inclusive spaces and enhance the health of the community. Farmers markets can provide healthy food in communities where it may be hard to come by for seniors and others.
Recently, the Project for Public Spaces discussed “Market Cities” at the Public Markets Conference with a focus on the Mayor’s efforts in London. Part of the focus of those efforts has been leveraging the brand of the well known markets, to connect and support the more than 300 markets that exist throughout London. Additional efforts explore ways to help ensure that there will be an ample supply of new market traders in the future through training, mentorship and business support services. Global cities are investing in their markets because they matter beyond their property line.
In cities such as London and Barcelona, there are four key principles that enable their market systems to develop and prosper, which will help communities grow their market base.
- They assess their market system and connect the dots. They see markets as anchors for entire city districts, promoting job opportunities, entrepreneurship, active public spaces, and community health. They are important gathering spaces for a neighborhood or city.
- They have strong distribution networks and they are a vital connection between rural and urban economies.
- They are inclusive, and collaborate with operators, vendors, government officials, grassroots community groups and nonprofit partners.
- Market cities invest in their markets to help them realize their full potential and enhance their local economy and community health, creating a vibrant, social activity center.
Additional comments from the Project for Public Spaces:
“As community anchors, markets have the potential to make cities more lively, to elevate residents’ quality of life, to support the local economy, and to increase access to healthy, culturally-appropriate food—all in one location.”
“Make the connection between market history and traditions and the future of markets. The most successful markets are always evolving, as are our local economies and food systems.
Market leaders should carve out space for new ideas”
“Market cities invest in their markets”