Saturday, April 21, 2018

Memphis Business News - Local Memphis News | Memphis Business Journal

  1. Breaking: Richard Smith, Berlin Boyd, Heidi Shafer propose new tax break
    The plan for a new tax break meant to attract more corporate headquarters, back office and advanced manufacturing projects to Memphis was unveiled Friday. Preliminarily named the Memphis Opportunity Package, the tool would offer a 10-year, 75 percent tax abatement to all companies willing to bring new jobs in these sectors and pay a minimum of $15 per hour with benefits — regardless of their spending with minority- and women-owned businesses (MWBEs). It would then add an additional 2-15 years…
  2. Citing 'escalating' rent, B.B. King's Times Square location will close
    After almost 20 years in operation, B.B. King Blues Club & Grill in Times Square will close at the end of the month. But, there is a chance the venue will re-open elsewhere. "Despite many sold-out shows, the location's rent escalated to an unsustainable level, leaving us no choice but to close our doors. Unfortunately, this has become a growing trend in New York City, with other iconic music venues and businesses falling victim to opportunistic property owners," said Tsion Bensusan, chief operating…
  3. Market Share: New operators invest in E's; Florida-based retailer headed to Mid-South
    A couple months ago, E’s 24 Hour Cafe owner Charles "Rip" Crain told the Business Journal that his casual restaurants would be closing their doors by the end of 2018. That's no longer the plan.
  4. Top of the Market: See inside the Germantown home that just sold for $1.1 million
    The five Shelby County homes that fetched the highest prices last week are all either located outside of the I-240 loop or within a half mile of it. A 2006 Germantown home with 6,400 square feet of space took the top spot, selling for $1.1 million. Located on Mont Alban Cove in ZIP code 38139, the home holds five bedrooms and five-and-a-half bathrooms. Click the slideshow above to view the ornate home, courtesy of Realtor.com. A 1979 home, located on Meadowgrove Lane just outside the I-240 loop,…
  5. Ask the Accountant: Taking a closer look can save money down the road
    Today’s Ask the Accountant questions are: What is a cost segregation study, and do I need one? I’m preparing for a merger. How do I avoid post-transaction tax surprises? When does an employee benefit plan require an audit? Question 1: What is a cost segregation study, and do I need one? Cost segregation studies help identify assets that qualify for saving opportunities and accelerated depreciation deductions. The studies are especially beneficial to commercial real estate developers, owners,…
  6. Exclusive: Overton Square brands courtyard, launches movie series
    New York may have Times Square, but Memphis is getting Chimes Square. The courtyard at Overton Square's new brand plays off the bustling New York intersection and nods to the courtyard's wind chimes — one of the largest sets in the world. "We wanted to create a better sense of place," said Ciara Neill, Loeb Properties marketing director. "It's such a catchy name we can say it and people know what we're talking about." In conjunction with the new brand, Loeb is kicking off a free film series…
  7. Best Buy adding small-scale shipping hubs to boost home delivery
    The retailer has gotten praise for using its existing stores to ship products directly to consumers, but ship-from-store tactics don't work as well for products like TVs.
  8. Zillow sees 'big opportunity' in plan to flip houses; others are skeptical
    There's a thin margin to be made in flipping individual homes, but Zillow Chief Marketing Officer Jeremy Wacksman said it will add up when done on a large scale.
  9. Amazon reveals it has 100 million Prime members — more than twice the population of California
    CEO Jeff Bezos revealed the Prime membership number in his annual letter to shareholders Wednesday. The number is significant because Prime members — who pay a $99 annual membership fee for perks like free shipping — are Amazon's most prized customers.
  10. In time for Earth Day, Wells Fargo sets goal to lend billions to ‘sustainable’ businesses
    Wells Fargo said Thursday that it wants to lend $200 billion by 2030 to finance sustainable businesses, with more than half of the lending commitment devoted to the shift to a low-carbon economy via loans to clean energy, green bonds and alternative transportation. The loans will also support businesses in areas such as sustainable agriculture, recycling and conservation.  Such huge lending commitments are sometimes dismissed as PR stunts. But others see them as a way for banks to direct their…