Richmond: Economy/Business/Real Estate

[burt]

The Jefferson Hotel has been awarded five diamonds by the AAA for the 17th coinsecutive year.

From a recent RTD story by Peter Bacque:

http://www2.timesdis...-201804/304113/

11/11/09: Hello? Where's the Jefferson on Forbes' list?

A blurb in the TD Bizz Buzz says that The Inn at Little Washington gets five stars for its restaurant and hotel from Forbes Travel Guide, formerly the Mobil Travel Guide. They list only three hotels in Virginia with four stars and they are The Williamsburg Inn and the Ritz Carltons at Tysons Corner and Pentagon City. The Greenbrier Spa in West Virginia also received four stars.

Does this mean The Jefferson has slipped to three (or fewer) stars in Forbes' list?

[burt]

Biz Buzz reports that The Martin Agency in Shockoe Slip is one of three finalists bidding for the Cadillac account. The other two agencies are BBH and Publicis, both in NYCity. A decision is expected in January of 2010.

[Shakman]

Biz Buzz reports that The Martin Agency in Shockoe Slip is one of three finalists bidding for the Cadillac account. The other two agencies are BBH and Publicis, both in NYCity. A decision is expected in January of 2010.

Did you know the UPS spokes person, the one who does the drawing commercials, is from The Martin Agency?

Edited November 23, 2009 by Shakman

[burt]

Did you know the UPS spokes person, the one who does the drawing commercials, is from The Martin Agency?

Yes, Shak. I bet he's making a lot of money -- first for working and designing the account in Richmond then for acting in the commercials in Los Angles. But Martin is losing the UPS account -- I believe in February.

[wrldcoupe4]

Martin Agency has landed the Pizza Hut account... hopefully they can make it less cheesy (no pun intended, seriously).

[burt]

Hahaha!

I bet a quarter the UPS people are thinking twice about why they dropped Martin as their ad agency of record. This free publicity on Saturday Night Live will probably boost the shipping company's business two-fold.

It no doubt will boost Andy Azula'scareer as well.

From Melissa Ruggieri in today's RTD:

http://www.mytimesdispatch.com/index.php/popculture/martin_agencys_ups_star_parodied_on_saturday_night_live/10127

[burt]

While not a major move, it is a glimmer of hope for downtown's financial district. Xenith Corp. of Richmond and First Bankshares of Suffolk have received regulatory approval to merge.

The main branch and Headquarters will be in James Center One in Richmond's Financial District.

From today's RTD:

http://www2.timesdispatch.com/rtd/business/local/metrobusiness/article/B-BANK09_20091208-220604/310346/

[burt]

A reminder: The Annual Real Estate Review featuring 20 speakers discussing more than 40 downtown projects takes place on the stage of The Carpenter Theatre at 6th and Grace Streets next Wednesday, December 16th.

There will be two presentations:

The morning session begins at 7:30AM and ends at 9AM.

The evening session is from 5:30PM 'til 7PM.

It's FREE but registration is required, Call Venture Richmond at 804/788-6466 and ask how to obtain a registration form.

I hope my old buddies Wrldcoupe4, Cadeho and Tommy, among others, can attend and give us out-of-towners their reports.

[wrldcoupe4]

West Elm to close at Short Pump

http://www.richmondbizsense.com/2009/12/10/west-elm-leaves-short-pump/

Also, The Walking Company has announced it is closing a location in Richmond as part of a restructuring effort that will close 90 stores. This will either impact Regency or Stony Point Fashion Park.

Edited December 10, 2009 by wrldcoupe4

[HopHead]

Saw some postings from my facebook friends that Ukrop's has been sold to the company that owns Giant? For $140million? Weren't they in discussions previous with Harris Teeter and a few others to sell for much more? A Richmond institution and high school memory (to me) bites the dust...

[burt]

Saw some postings from my facebook friends that Ukrop's has been sold to the company that owns Giant? For $140million? Weren't they in discussions previous with Harris Teeter and a few others to sell for much more? A Richmond institution and high school memory (to me) bites the dust...

I believe it's a Dutch company called (ahem) Ahold or similar.

[Cadeho]

I am so sick. Richmond is no longer Richmond. We're owned by everyone else... making other cities... and countries... money. There's nothing left.

[HopHead]

I believe it's a Dutch company called (ahem) Ahold or similar.

Yea, that's it... I remember they were foreign owned, just couldn't remember the name. It's a shame that someone like Harris Teeter, Publix or Wegman's couldn't make a run. The times I went to Giant in the NOVA area, I can't say I was impressed.

[Downtowner]

As an employee of Ukrops I have found out alot about the sale of the company. I have found out that we will still be the Ukrops name for at least another few months untill Ahold Giant takes over. I have also heard that we will be open on sundays and sell beer and wine. Plus at my store no one is getting fired or removed when we switch names. Everyone will be rehired as long as we take the drug test and we reapply. So as far as my store goes management and everything should be the same just a different name. Also stuff like the Kitchen prepared foods and the bakery will still be ukrops brand food such as the fried chicken white house and all that goood stuff. Plus I think from what I heard that there is a possibility that we will all get raises. But I am mad that we are owned by a foreign company. Makes me pretty sad about that.

[Brent]

As long as I can still get my birthday cake and Richmonders get to keep their jobs, I don't really care what the name on the door reads. Sorry to see them go but welcome Giant to the area.

[Brent]

The Giants in Harrisburg PA are just as nice as any store that I've ever visited. Every bit as "upscale" as Ukrops. Very similar in fact. NOVA, not so much but perhaps those stores are just older?

[burt]

Here's a pretty complete story about the switchover from Ukrop's to Martin's Markets.

Maybe the demise of Ukrop's will open the Richmond door to Wegman's or Harris Teeter, but as Cadeho says, it's sad that another Richmond tradition will join the list of companies departing the area.

Those Ukrop boys suffer a lot of abuse from a few local critics despite their contributions to charity, schools, the underprivileged and Richmond's quality of life.

From the RTD:

http://www2.timesdispatch.com/rtd/business/local/article/UKRO181_20091217-234201/312332/P10/

[Brent]

Maybe because they are keeping the Ukrops brand for some bakery items and prepared foods, this will actually get the Ukrops name spread across the region (if they decide to offer them in other markets). It may be the end of a local institution but as is the case with Reynolds wrap, just because the company dies, doesn't mean the name goes with it (btw, the address on Reynolds wrap still reads Richmond, VA).

[burt]

Does anyone know what Goodness Gracious, Inc. is? I ask because in the Building Permits section of the RTD it says the property at 101 North 5th Street is undergoing $2,085,248 worth of improvements by a company called Choate Construction..

By my calculation, 101 North 5th is opposite the John Marshall Hotel. Could it be the building which houses The Richmond Free Press at the northwest corner of Franklin and 5th? Or could it be the little colonial house squeezed between two larger buildings on the western side of 5th Street?

[wrldcoupe4]

101 N 5th is the John Marshall. (odd numbered addresses on the east side of the street)

Choate applied for that permit months ago, but I don't think any work has been performed.

[burt]

101 N 5th is the John Marshall. (odd numbered addresses on the east side of the street)

Choate applied for that permit months ago, but I don't think any work has been performed.

Mmmmmm. I forgot about even/odd street addresses in Richmond. Since the Building Permits column is far from up-to-date, maybe the construction money was spent reinforcing panels on the facade of the JM. But Goodness Gracious, Inc.???? What does that business name signify? Maybe dispair over all the set-backs.

Edited January 5, 2010 by burt

[burt]

Joe's Market, named fror the Ukrop's grandpaw, has been sold. If lease arrangements can be worked out with the property owner, It will begin life anew as Libbie Market in February. What's more, Sunday hours and wine sales are being contemplated,

From Lou Llovio in the RTD:

http://www2.timesdispatch.com/rtd/business/local/article/B-JOES09_20100108-220605/316357/

[Cadeho]

The latest replies are funny.

Posted by mikeyt on January 09, 2010 at 2:34 pm

af99…, get over your racist prejudice and grow up.

Posted by af99 on January 09, 2010 at 2:05 pm

As a non-westender, I say who cares? All of this reeks of elitist econo-fascism. I looked on FB to see all of the Save Joe’s Club. Obviously none of them worry about paying the rent or the lightbill. How out of touch with reality can you snoots be? One woman had the gall to say, “We can still eat dinner now”. I say park your Volvo, buy some real groceries, dimiss the nanny and actually cook your own meals. Perhaps and perhaps only then will your children have any dream of not growing into a pretentious booger ball. But the good news is that Libbie will carry boooze which is the only way you booger balls can find enough joy in your souls to mate in the first place.

I didn't see any racist comments. But hey, it shows exactly what other people think of the West End... and being that I went to school there... I find it hilarious!

[burt]

It appears a turn-around is imminent, but for now Carol Hazard, business editor for the RTD, reports that ofice, industrial and retail vacancy rates are still rising in the area.

Downtown office vacancy is pretty high, but at least one real estate company says "downtown was the most active submarket at the end of the year."

Here are two stories From today's RTD -- the vacancy story by Ms Hazard and an announcement that J. C. Penny will cut 252 jobs at its Chesterfield Call Center:

http://www2.timesdis...-214404/319019/

http://www2.timesdispatch.com/rtd/news/local/article/CALL21GAT_20100121-104802/319164/

Edited January 21, 2010 by burt

[wrldcoupe4]

Vacancy out in Innsbrook is bad, but it isn't. If you take out the huge blocks of space left by Circuit City, MeadWestvaco, Wachovia, Land America, Capital One, Saxon Mortgage, etc, the market doesn't look so bad. The vast majority of businesses occupy much smaller space than these large blocks so they are irrelevant to most. Good opportunities for any large operations looking at the Richmond area though.