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About CLT2014

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    Charlotte, NC

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  1. The biggest driver of international business travel to / from Charlotte is not even finance. It is the global industrial and manufacturing companies. Ingersoll Rand / Trane Technologies, Sealed Air, Seimens, Framatome, Electrolux, Schaeffler Group, Continental Tire, SPX, Nucor Steel, Domtar, National Gypsum, Jeld-wen, Albermarle Chemical, et... are companies with global manufacturing operations, factories around the world, international customers, global sales force, et.
  2. The design is completely fitting with the Grand Bohemian brand, target audience, and style. They aren't going for the person that is a minimalist that likes a sleek, modern hotel. A little tacky / flashy elements are core. As they describe themselves, "Grand Bohemian: It's curiosity."
  3. Their concept didn't translate well to the new take out / social distancing model that restaurants are needing to survive. So much of their business was around social gatherings, wine tasting parties, et. Sad to see them go.
  4. CPK declared bankruptcy protection today: https://www.bloomberg.com/news/articles/2020-07-30/california-pizza-kitchen-is-latest-chain-to-file-for-bankruptcy We are in the midst of a major blood bath where companies are going to close any and all retail and restaurant locations that were already on the brink of being unprofitable. If they were on the margin before, they are certainly bad performers now. Would be great if we could get a non-chain restaurant to open in this space (though I assume Simon will leverage their relationship with national chains to fill the space).
  5. That's definitely an option, but it sounds like the potential suitors are interested in just moving any surviving stores to Belk and getting rid of JCP completely. Trying to maintain two brands eliminates a lot of the efficiencies / cost savings. You have to have a marketing team for the JCP brand and the Belk brand for example, rather than just consolidate everything under one name and fire half the corporate marketing staff.
  6. Could probably fire almost everyone in Plano and save a lot of money if only the Belk brand survives. Once the merger is complete, all duplicate HQ type positions in purchasing, merchandising, HR, finance, audit, marketing, operations, et. would be eliminated. My assumption is JCP is the "failed" brand and they'll ditch more of those employees in favor of Belk employees in Charlotte. The Plano team has been struggling to turn JCP around for years.
  7. So... Trump is now coming to Charlotte for the nomination, though events will still be scaled back / small: https://www.cnn.com/2020/07/28/politics/donald-trump-rnc-nomination-north-carolina/index.html
  8. Northlake will lose two stores as a result of the Ascena Group mass store closures: Justice (near Macy's) Lane Bryan (near Belk) https://www.bizjournals.com/charlotte/news/2020/07/27/cbj-morning-buzz-ascena-bankruptcy-store-closures.html?ana=wsoc
  9. Making NC the HQ in title doesn't specifically save costs though. They could reduce SF by 50% to a 4,000 person operation, transfer people to Charlotte to save money, and still leave SF as the historical HQ. The tax is based on bodies, not an official HQ label. The case for NY as the defacto HQ grows. Looks like new CFO will be NYC based as well: https://www.reuters.com/article/us-wells-fargo-cfo/wells-fargo-appoints-cfo-as-part-of-leadership-shakeup-idUSKCN24M1R7
  10. Here's the problem with an HQ change for Wells... San Francisco = historical HQ, a couple key execs still here including CFO New York City = where the vast majority of the management team lives, including CEO Charlotte = largest employment hub, but only 2 of the 17 members of management team based here An HQ announcement that "Charlotte is now our HQ, except none of the management team is moving there and will remain the location of just 11% of our management team" accomplishes nothing and will just bring more attention to the Wells exec team living in New York separate from most of the employees. Given the execs want to stay in NY, I think they would prefer to minimize attention to an HQ location. Hence leaning into San Francisco being a "historical HQ" is the easiest solution.
  11. SouthPark hasn't had sufficient available square footage for Amazon up until the coronavirus crisis. Most of the vacant locations were relatively small like Brighton. Now that other retailers are dying and vacancies like the 4,000 square foot Microsoft location are opening up space, Amazon may try to make a move for a location at SouthPark.
  12. Fitzgerald's in Uptown is shutting down. Uptown's dining recovery still seems to be lagging the broader metro area. The boarded up buildings don't incentivize non-Uptown residents to come dine out and businesses the rely on office workers likely aren't getting foot traffic back until 2021.
  13. My employer is a major consumer of Uptown office space. Certainly interesting times with regards to what our footprint should be long term. The company is maintaining productivity, salaried employees are working longer hours due to no commuting (while being "home" earlier for personal life), and employee engagement scores hit a record high for Q2 despite the pandemic, up 9 points. Working from home was a major theme / positive to the majority of employees. 86% of employees said some form of work from home options going forward would be desirable, with 45% preferring work from home all 5 days a week with the option to visit an office as needed. My assumption is the growth in the # of people in the office will slow, with some sort of work from home option offered. The footprint may grow physically still as we abandon a complete open office concept with less people packed in.
  14. Uptown is honestly pretty creepy right now. Was Uptown around 7:30 last night for the first time since we "re-opened" and seeing everything closed, streets basically empty, no cars, et. was sad compared to other areas. All the broken glass and boarded up windows doesn't really help either. With such a small residential population, Uptown is honestly one of the few areas that feels completely desolate still and not "somewhat" normal. Even Pineville's mall is busier. Without any residential or a hotel, I suspect Legacy Union will feel like an unapproachable vertical office park. Hanging out in the plaza under the eyes of the security guards for Bank of America isn't exactly a relaxing Friday night out. Office doesn't support diverse retail either. People don't go and shop for clothing between 8AM to 6PM when they should be doing their job in the office tower (hence Uptown is fairly dead 9:30AM - 11AM and 2PM - 4PM when people aren't commuting or getting lunch). You need people actually in the neighborhood to support retail uses other than fast casual.
  15. Glad to have ramen in Uptown. Good add and appeals to lunch and dinner crowd with a more affordable menu than the upscale dining (without being as casual as the fast food options Uptown).
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