Richmond: Economy/Business/Real Estate

[burt]

Here is the address on their web site. This is just near Cox Road.

MeadWestvaco Headquarters

11013 West Broad Street

Glen Allen

Virginia

23060-5937

USA

T: (804) 327-5200

www.meadwestvaco.com

Haha. I notice your web site for M/WV didn't light up, either. There's gotta be some trick to it 'cause other people can do it with ease.

[wrldcoupe4]

put the www.meadwestvaco.com between without spaces

[burt]

put the www.meadwestvaco.com between without spaces

You don't really think I know what you're talking about, do you Coupe?

I'll continue to rely on friends and strangers.

[wrldcoupe4]

Big Good news for several Richmond companies!

Luck Stone plans expansion

"Luck Stone Corp. is planning an expansion and renovation at its Goochland County headquarters.

The family-owned company, which operates quarries in central and Northern Virginia, also expects to add jobs, mostly at its Virginia operations. It employs more than 1,000 people in Virginia, North Carolina and Maryland, where its business is concentrated....."

Revenue and Profits jump at CarMax

Profits and revenue have jumped at this Fortune 500...

"CarMax Inc.'s profit rose 44 percent in the company's second quarter, which ended Aug. 31, as total sales rose 18 percent.

The Goochland County-based automo- bile retailer reported profit of $54.3 million, or 50 cents per share, compared with $37.6 million, or 35 cents per share, in the same quarter of last year.

Revenue rose to $1.93 billion from $1.63 billion last year, as total used-vehicle unit sales at stores open at least a year increased 7 percent."

Circuit City reports big profit gain

Looks like they've stopped their losses and turned the company around nicely!

"Circuit City Stores Inc. posted a more than sevenfold second-quarter profit increase from a year ago.

Net income was $10 million, or 6 cents per share, compared with $1.3 million, or 1 cent, a year ago.

Sales for the three months that ended Aug. 31 were up 11 percent from a year ago, to $2.8 billion. Competitor Best Buy's total revenue increased 13 percent to $7.6 billion."

Sales were up across the board, including existing stores and website revenue.

[Cadeho]

Yay I went to school with one of the Lucks.

[TBurban]

The North Carolina Company has announced the closing of their store on West Broad Street for good.

[urbanvb]

If it is related to the one here (which I am almost certain) I wouldn't doubt it. The one here in VB has been trying to figure out just what market they want to go after since they opened it seems. The parent company owns the behometh Haynes furniture stores.

[Downtowner]

Yea the North Carolina Company never seemed to do well here I hope something really nice goes their in place of it... As I was coming home today I saw they were clearing the very last set of trees next to Maybuery Elementary and the Tuckahoe YMCA I almost wonder what they might do their but of course i've been wondering that forever. Probally another housing development.

[wrldcoupe4]

Richmond-based Cavalier acquires Talk America

Cavalier Telephone plans to acquire publicly-held telecommunications and Internet service provider Talk America Inc. for $251 million, the companies said today.

The deal will more than double the Richmond-based telephone, TV and Internet company's residential and business customer base and expand it into new markets such as Atlanta, Cleveland and Detroit.

Great news from a fast-growing local company!

[Downtowner]

Great news I just saw an interesting story in NBC 12 saying that the Real Estate Market in Metro Richmond is doing two times worse than it was this time last year when Real Estate was sizziling. They said Real Estate Experts expect the Real Estate Market in Metro Richmond to pick up dramatically next spring.

[TBurban]

From the Richmond Times Dispatch Development Section:

[urbanvb]

amazing to hear of all the growth in the city.

[wrldcoupe4]

Wall Street Strength With a Richmond Address: Wachovia Securities

Great story about a major local player in Finance... it seems that they really enjoy being in Richmond as opposed to NYC. Richmond may not be the banking center it once was, but finance and banking are still vital parts of the local economy....

Four of the country's five biggest brokerage firms call New York home and bear names like Merrill Lynch and Morgan Stanley that have reverberated on Wall Street for generations.

The third largest, with $722 billion in client assets and nearly 20,000 employees, boasts a headquarters with stunning views of the James River....

The firm's revenue could reach $5 billion this year, with close to $1 billion in pretax operating profit.....

Ludeman believes it is a competitive advantage to run a major financial advisory, brokerage and management firm out of Richmond.

"The talent we've been able to attract to Wachovia Securities in Richmond is phenomenal."

It employs about 3,000 people here.

Almost all of the firm's financial advisers and managers visit Richmond. Many find themselves invited to receptions at Ludeman's home.

It's part of maintaining some of that regional broker culture, which can be a challenge once you're an nationwide company that also has offices in Latin America.

[JWCJ]

This is great news, on top of that Richmond's housing market is expected to look better by the spring.

[wrldcoupe4]

Local Home Prices Hold Up: Richmond faring better than U.S.

Looks like there is a slight decrease in sales, but prices are still rising modestly.

The average local sales price in August rose to $283,636, up from $256,370 a year ago, according to the Richmond Association of Realtors. That's a 10.6 percent jump, but in January, prices were up nearly 20 percent from a year earlier......

The number of local sales dropped last month to 1,595, down 6.8 percent from 1,712 in August 2005.....

In terms of pricing, the Richmond area is faring better than the national housing market. Nationwide, existing-home sales prices declined in August compared with a year earlier for the first time in more than a decade....

So far this year, the average price in the Richmond area is $267,135, compared with $237,172 in the same period a year ago. Sales for the year are down to 11,032 from 11,229.

[burt]

Virginia's jobless rate was down to 3.2% in August, tying with Utah and South Dakota in second place. Hawaii's unemployment rate was lowest at 2.8%.

Richmond Area was unchanged at 3.4% but down from 3.8% last August.

Nova and HR were down slightly despite the pending loss of nearly 2400 jobs at the Ford plant in South Norfolk.

[burt]

Expanding on Coupe's report of Luck Stone Corp., there will be a 60,000 s/f addition to its headquarters building by next summer and by 2008, renovation of a 25,000 s/f existing addition will have been completed. All of this is designed to blend in with the pastoral location off of Route 6 on a scenic overlook near Manakin-Sabot. Luck at this time employs 150 in Goochland County and the new improvements will accommodate a total of 250 by 2010.

[wrldcoupe4]

Barometer of Local Stocks has strong quarter; record high reached last wednesday

The gauge of local stock performance shot to a record high Wednesday before easing back at the end of the week. The record-breaking performance was led by strong price gains by Richmond-based financial-services, specialty manufacturing and big-ticket retail companies.

Richmond's sure-and-steady industry groups tend to fare well in the current environment, with solid but slowing growth in the American economy.

The Richmond Index gained 5.47 percent in the third quarter to close at 368.83. Its record from Wednesday is 369.88.

Richmond-based Saxon Capital is being acquired by Morgan Stanley, so it will drop from the list. However, Meadwestvaco was recently added.

[wrldcoupe4]

Meadwestvaco Saw 'Must Haves' in Richmond

Stephen R. Scherger said MeadWestvaco used lots of data to whittle its list from 100 cities to 20 to one.

What differentiated Richmond were the eyeball-to-eyeball meetings, he said.

Company people visited and met with business, government and education leaders. The meetings were secret. "I was not allowed to tell you my name," Scherger said.

While the must-haves were important, the chosen city also needed "a vision for the future and the past to achieve it," he said.

Scherger cited the Richmond airport expansion as an example of a city coming together to work for the future.

He said he was impressed with the "collaborative desire, instead of constant squabbling, to do things for the common good . . . where it wasn't about the pocket, but creating something with sustainability."

.......

Other factors also led to Richmond being chosen from a field of 100 cities...check out the article!

[Shakman]

There is yet another new business opening on along Slip. I do not now the name of it however, it will be a barber shop that serves alcohol to its customers.

I guess the owners will get their customers drunk so they would not complain on the bad hair job. Any of you guys remember the barber clip from "In Living Color" ?

Edited October 20, 2006 by Shakman

[Cadeho]

So who'll be doing the most drinking, the barbers or the customers?

Something about this just doesn't sound right.

Imagine this little jingle... shave and a haircut... 12 pack

Edited October 20, 2006 by Cadeho

[j_c]

So who'll be doing the most drinking, the barbers or the customers?

Something about this just doesn't sound right.

Imagine this little jingle... shave and a haircut... 12 pack

This is a common thing. Many salons offer clients something to drink, alcohol included.

[wrldcoupe4]

That fine clothier store in the Slip was open when I passed today and looked to be very nice.

[Downtowner]

Found a nice Story in the RTD today about Dunkin Donuts is looking to come back to Richmond they are gonna add 28 more Locations in the Richmond Area by 2007-2010.

[Cadeho]

Come back? They never left. But it'll be good to boost the dismal number we have here.