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IKEA to Nashville


smeagolsfree

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17 hours ago, Jamie Hall said:

Interesting that the developers of that area still (allegedly) plan to go forward without IKEA. By this point, surely they've been in talks with other retail/restaurants that might have located around that area to feed off the IKEA draw. I'll be curious to see who stays on and who doesn't.

Always an interesting decision to move forwards when your anchor tenant pulls out, but I have personally seen a development succeed afterwards. Assembly Row in Boston originally had IKEA as the main anchor for the entire development, but after it pulled out the developer wanted to push forwards and ended up redesigning the development and creating one of the most successful mixed use developments to date in Boston and landed another anchor to boot. 

This could end up being a win for Antioch

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1 hour ago, MagicPotato said:

The thing about modifying their business for online is that it works well with small items, but for furniture/large items not so much. Unless they want to charge 100+ dollars for shipping. 

IKEA, is now finding themselves in a war with the likes of Wayfair who also owns Joss & Main, All Modern, Birch & Lane and I believe they also own Perigold.  All sell furniture, household  accessories, etc. online.  Some sell appliances, outdoor furniture and more.  IKEA is also competing with Overstock.com, Hay Needle and of course Amazon.  All of those companies ship big items all across the country and typically there's no shipping cost (at least not separate).  They all have convinced millions of customers to furnish their homes via online shopping.  I tend to be both an in-store and online shopper.  While I have ordered several pieces of furniture online, I have to admit that I do so reluctantly if I've not ever seen the item in a store.   So far all the furniture items have met or exceeded my expectations.  It is convenient to sit at home and peruse items online, compare them to other sites and then click a few buttons to purchase, sit back and wait on the delivery.  What's even more amazing is that the 2 times that we've received damaged items (lamps not furniture), Wayfair and Joss & Main simply sent replacement items at no cost to me and basically said I could donate the damaged items or properly dispose of them.  In other words I didn't have to make arrangements to have them returned.  So, if IKEA is going to modify its business model to increase its online offerings, they better figure out a way to do so with little to no shipping costs and have a return policy that makes it very easy for the customer.

I live and work near one of two IKEA's in the Washington, DC metro area.  I don't go there often, but I will say the last time that I went (last summer), the store didn't seem to be as crowded as it typically would be on a Saturday afternoon.  However, there are times that I've driven past the College Park, MD store and the parking lot seemed pretty full.   During late July and into August it seems like Christmas Holiday shopping because of all the college students bombarding the store as they prepare to go off or back to college.

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28 minutes ago, PillowTalk4 said:

IKEA, is now finding themselves in a war with the likes of Wayfair who also owns Joss & Main, All Modern, Birch & Lane and I believe they also own Perigold.  All sell furniture, household  accessories, etc. online.  Some sell appliances, outdoor furniture and more.  IKEA is also competing with Overstock.com, Hay Needle and of course Amazon.  All of those companies ship big items all across the country and typically there's no shipping cost (at least not separate).  They all have convinced millions of customers to furnish their homes via online shopping.  I tend to be both an in-store and online shopper.  While I have ordered several pieces of furniture online, I have to admit that I do so reluctantly if I've not ever seen the item in a store.   So far all the furniture items have met or exceeded my expectations.  It is convenient to sit at home and peruse items online, compare them to other sites and then click a few buttons to purchase, sit back and wait on the delivery.  What's even more amazing is that the 2 times that we've received damaged items (lamps not furniture), Wayfair and Joss & Main simply sent replacement items at no cost to me and basically said I could donate the damaged items or properly dispose of them.  In other words I didn't have to make arrangements to have them returned.  So, if IKEA is going to modify its business model to increase its online offerings, they better figure out a way to do so with little to no shipping costs and have a return policy that makes it very easy for the customer.

I live and work near one of two IKEA's in the Washington, DC metro area.  I don't go there often, but I will say the last time that I went (last summer), the store didn't seem to be as crowded as it typically would be on a Saturday afternoon.  However, there are times that I've driven past the College Park, MD store and the parking lot seemed pretty full.   During late July and into August it seems like Christmas Holiday shopping because of all the college students bombarding the store as they prepare to go off or back to college.

Funny you mention that. I was up at the Woodbridge IKEA last month and noticed how dead it was. It's the fist time in many times that I have been there to see it like that. Sign of the times maybe?

 

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Folks, I could care less about IKEA, but (not to rub in anyone's faces but because it's pertinent) I also have an MBA. So I think IKEA is going about their whole reassessment of their future in a way I wouldn't. I have only been to their outlet in my hometown just twice. It's just not my bag, although the food was tasty but that goes to my point. 

IKEA is bound to know that their stores are destinations. As such, they need to look at ways in which their stores (existing and strategically planned) would support their move to online sales. Strange as it sounds, this model was written about 100 years ago with Sears Roebuck. Big regional stores become key links (hubs) in their distribution system. Having said that, I would think a store that is a half day drive from half the population of the USA (being Nashville) would be a smart move, especially when you see how many people could be served by overnight deliveries in the South and Midwest. Granted, Memphis can cover a lot of the same area. 

Ok, that's my 2 cents. 

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1 hour ago, Lexy said:

I've never seen the Memphis store with a lot of people in it.  Never.  

Yeah I wonder if IKEA was sold a bill of goods when they were lured to Memphis with all those millions of dollars the city gave them.  I'm pretty sure Memphis is the smallest and certainly the poorest metro area in the country with an IKEA, and there's just not much surrounding the city, either, that would bring in lots of hip customers.  Little Rock?  Jackson?  But Memphis would be a fantastic place for an IKEA distribution center with maybe an outlet store.

I'm eager to find out what these new, urban, smaller IKEA stores are supposed to look like.  Like others have said, as long as they have their food market and cafeteria, I'll be happy, and I think Nashville would be an obvious candidate for such a store.

Edited by jmtunafish
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On 5/31/2018 at 9:52 PM, jmtunafish said:

Yeah I wonder if IKEA was sold a bill of goods when they were lured to Memphis with all those millions of dollars the city gave them.  I'm pretty sure Memphis is the smallest and certainly the poorest metro area in the country with an IKEA, and there's just not much surrounding the city, either, that would bring in lots of hip customers.  Little Rock?  Jackson?  But Memphis would be a fantastic place for an IKEA distribution center with maybe an outlet store.

I'm eager to find out what these new, urban, smaller IKEA stores are supposed to look like.  Like others have said, as long as they have their food market and cafeteria, I'll be happy, and I think Nashville would be an obvious candidate for such a store.

They were given the farm in a desperation move by the city to stay somewhat relevant to a younger demographic.  I can't blame them honestly, but I think long term, it will prove to be a bad move for IKEA once all of the "gifts" run out.

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Here is a short summery of the incentives Shelby County offered.

 

The board of the city-county Economic Development Growth Engine on Wednesday, Jan. 21, approved the controversial payment-in-lieu-of-taxes incentive on an 8-1 vote. Larry Jackson voted against the measure.

The PILOT could save the company around $9.5 million over 11 years while producing a local tax benefit of around $15.6 million over the same period. Ikea could receive an additional year of tax benefit for an environmental plan it is considering pursuing, including solar panels to improve energy efficiency.

The Ikea tax break is the first time EDGE has issued a PILOT to a retailer since it was formed in 2011. EDGE and its predecessor, the city-county Industrial Development Board, has followed a policy of not granting PILOTs to retailers, but EDGE officials said the opportunity to land the first Ikea store in Tennessee, Arkansas or Mississippi represented a unique opportunity that called for the policy to be altered.

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1 hour ago, smeagolsfree said:

Here is a short summery of the incentives Shelby County offered.

 

The board of the city-county Economic Development Growth Engine on Wednesday, Jan. 21, approved the controversial payment-in-lieu-of-taxes incentive on an 8-1 vote. Larry Jackson voted against the measure.

The PILOT could save the company around $9.5 million over 11 years while producing a local tax benefit of around $15.6 million over the same period. Ikea could receive an additional year of tax benefit for an environmental plan it is considering pursuing, including solar panels to improve energy efficiency.

The Ikea tax break is the first time EDGE has issued a PILOT to a retailer since it was formed in 2011. EDGE and its predecessor, the city-county Industrial Development Board, has followed a policy of not granting PILOTs to retailers, but EDGE officials said the opportunity to land the first Ikea store in Tennessee, Arkansas or Mississippi represented a unique opportunity that called for the policy to be altered.

That, and IKEA, which purchased the site for $5.6 million, protested when the Shelby County Property Assessor assessed it at $5.1 million.  IKEA wanted it assessed at $1.25 million, and eventually the Shelby County Board of Equalizations agreed after IKEA threatened to leave town.

http://memphismagazine.com/features/what-it-really-cost-to-bring-ikea-to-memphis/

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21 hours ago, Lexy said:

They were given the farm in a desperation move by the city to stay somewhat relevant to a younger demographic.  I can't blame them honestly, but I think long term, it will prove to be a bad move for IKEA once all of the "gifts" run out.

 

Like Nashville does not and has not provided cash, tax breaks, and land to billionaires. Nashville would never give out almost 300 million and 10 acres of land worth millions for Mayja Leegue Sahcah.

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2 hours ago, VSRJ said:

Memphis does not need an IKEA to stay relevant to a younger demographic. My friends in Memphis do not live there for an IKEA.

The Memphis hate and belittling in this forum is frustrating.

When I lived in Memphis, the Memphis hate for Nashville was unlike anything I had ever seen.  Way worse than any reciprocal hate I've seen while living in Nashville.

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5 hours ago, titanhog said:

When I lived in Memphis, the Memphis hate for Nashville was unlike anything I had ever seen.  Way worse than any reciprocal hate I've seen while living in Nashville.

Same here.  And I lived in Memphis twice for a total of 8 years.  I really gave that place a chance.  Their hatred and disdain for Nashville was palpable.

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I find this rivalry really funny since I now live abroad.

more people know about and want to visit Nashville than Memphis where I currently live in London. Literally the other day there was a bbc reporter in Nashville doing a special on the city (I don’t know what it was called though so bear with me). Where I am traveling In Switzerland, I told people I used to live in Nashville and they all knew where that was. So from an international perspective Nashville is actually really known and really becoming more and more popular, somewhat in part due to British airways flight, but also just because of the rise of the city’s status globally as well. I have been to Memphis before and think that that city has potential to grow and both cities are wonderful in their own ways, but remember that Memphis arbitrarily is just currently not as known internationally as much as Nashville. I am not even that biased as neither me nor any of my family live in Nashville anymore, I am just stating the facts as I see them over here in Europe.

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Don't get me wrong...I want to see Memphis get better and succeed.  I have friends there and grew up only 2 hours from there.  But some of my worst memories come from there (I won't get into that)...and after living in Nashville for many years, the two cities don't compare.  However...like I said, I don't want Memphis to fail.

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This isn't about a rivalry.  The facts support that Memphis is NOT a destination for a majority of young, hip, modern, young folks.  It's not a rivalry issue, it's a fact.  It's a tourist destination thanks to Elvis and Beale Street, but otherwise it's not a destination for young professionals.

 

I have family in Memphis and they hate it.  They'd rather live in Paris, TN and have to drive everywhere for everything than live in Memphis, but work won't allow it.  LOL!

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I do not like to bash Memphis, and sorry if this sounds like it. Gotta say I've always had a great time when visiting.

I have several associates who grew up in Memphis. They left as soon as they could. They are the first to say that the leadership of Memphis is "backward" and for a place that had (and may still have) so much potential, it has spun its wheels for 40-50 years. No doubt, the murder of MLK knocked it back pretty hard, but James Ray was NOT from Memphis. And the city never tried to dispel the association to him. Memphians are great people, but I think they collectively don't really have a lot of confidence in their city/region. The story is told by one of them that one of the wealthy men in town (I think his name is Dunavant) had a group of Memphians bidding on an expansion NFL team in the early 90s. And they had an absolutely terrible nickname HoundDogs. The NFL advised them to change it, but there was a honcho from EPE (Elvis Presley) who insisted. This friend said that if they had named themselves the Memphis Kings (MLK, Elvis, & BB) and promoted a stylized M that looked like a crown, then they would have won so much favor with the NFL. They are convinced that the team that went to Jacksonville would have gone to Memphis if their bid had been more impressive. At the time, Memphis had a larger metro area than Nashville and extended into three states. That's hearsay, but it has a lot of truth to it. 

Edited by MLBrumby
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6 minutes ago, MLBrumby said:

The story is told by one of them that one of the wealthy men in town (I think his name is Dunavant) had a group of Memphians bidding on an expansion NFL team in the early 90s. And they had an absolutely terrible nickname HoundDogs. The NFL advised them to change it, but there was a honcho from EPE (Elvis Presley) who insisted. This friend said that if they had named themselves the Memphis Kings (MLK, Elvis, & BB) and promoted a stylized M that looked like a crown, then they would have won so much favor with the NFL.

It would be neat if they had used Kings but went with an Egyptian motif. Kind of like the Dallas Knights from Any Given Sunday. It would be unique in American professional sports, don't think anyone else has gone that route.

But it's a moot point because the correct answer is the Memphis Showboats.

Memphis_Showboats.png

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