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Richmond: Economy/Business/Real Estate


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See the full release from the BLS.

BLS Metro Unemployment

Richmond and Va Beach - Norfolk have the 3rd and 4th lowest unemployment of large metro areas.

"Of the 49 metropolitan areas with a Census 2000 population of 1 million or

more, Birmingham-Hoover, Ala., recorded the lowest unemployment rate in April,

2.4 percent. The large areas with the next lowest rates were Washington-Ar-

lington-Alexandria, D.C.-Va.-Md.-W.Va., at 2.8 percent, Richmond, Va., at 2.9

percent, and Virginia Beach-Norfolk-Newport News, Va.-N.C., at 3.0 percent."

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Ouch... this hurts :(

Wachovia Securities HQ moves to St. Louis through acquisition of AG Edwards

"We don't know how this will play out," said Tony Mattera, spokesman for Wachovia Securities. "It's too early to be precise about the Imax in the Richmond market."

Daniel J. Ludeman, president and chief executive officer of Wachovia Securities, will retain the title of the combined firm. He will move to St. Louis.

About 3,000 people are employed in the Richmond area at Wachovia Securities. Operations here provide support for all the brokerage offices across the country.

All the legal, marketing, compliance and human resources functions are located here in addition to the retail brokerage operations at Riverfront Plaza in downtown Richmond.

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NEW YORK (Reuters) - Circuit City Stores Inc. (NYSE:CC - news) said on Thursday it plans to shift some 640 store managers and trim its headquarters staff, the latest step in the consumer electronics retailer's turnaround plan.

Looks like Circuit City is making yet more cuts...hopefully this will all help them turn the business around in the long run. Remember when Circuit City used to be Richmond's largest private employer?

Circuit City's latest cost saving measures

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That's a horrible blow to Richmond's economy! I had lived in fear it would move to Charlotte -- but St. Louis? That's even worse for those who will have to transfer.

A sad day on Main Street!

OH NOOOOOOO!!!!!! What is the deal??? This is NOT good. This is horrible. I hope we can at least keep some of the operations here in Richmond. :cry:

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I will say it's a little frustrating to have Wachovia continually punch us in the teeth, but there's not much Richmond can do now that it's lost its banks.

I guess we can blame it on A. G. Edwards for gobbling up Wachovia Securities. But with Wachovia building a new palace in Charlotte, I felt Richmond's days were numbered. Never expected A. G. Edwards in St. Louis to be the death knell for Wachovia/Prudential's presence in Richmond.

Remember years ago, when it was Wheat Securities, a nice local company?

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I guess we can blame it on A. G. Edwards for gobbling up Wachovia Securities. But with Wachovia building a new palace in Charlotte, I felt Richmond's days were numbered. Never expected A. G. Edwards in St. Louis to be the death knell for Wachovia/Prudential's presence in Richmond.

Remember years ago, when it was Wheat Securities, a nice local company?

Actually Burt, Wachovia gobbled up AG Edwards. It will retain the Wachovia Securities name, but they will be establishing the combined HQ in St. Loius where AG Edwards is located.

CommRE, I know it isn't a done deal, but are things moving forward there in a healthy way? (triangle)

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Eric, there goes hope of an extra large tower on The Triangle. :cry:

Funny how I was just mentioning that we should compete with VA Beach for a new Virginia's tallest - then something like this happens and "kicks us in the crotch". Maybe I should just keep my mouth shut sometimes. Seems like everytime I try to portray Richmond's economy as being aggressive and strong, I always get knocked down. Not that this move will kill the local economy, but it sure hurts.

I hope that perhaps a new tenant will occupy the proposed tower on the "triangle" lot. CommRe sounds optimistic about it. Perhaps he knows more about that deal than we think? Want to reassure us CommRe?

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I don't think the Wachovia news would have much impact on whatever happens at the Triangle site and besides, we still don't know what the impact will be. I highly doubt they'll simply pick up their thousands of employees and ship them to St. Louis.

I hope you're right. I'd really hate to see the Riverfront towers emptied out...that would just kill the chances for the new tower to be built since there would be room available (class A space, that is).

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Not necessarily... particularly if this new tower isn't speculative.

Eric, I didn't mean to imply that a new Triangle tower would not be built. Just that I wouldn't imagine there would be much expectation (given Wachovia's news) for a larger structure than is in the works. I'm confident, as CommRE says, there are tenants enough to move forward with the project.

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Eric, I didn't mean to imply that a new Triangle tower would not be built. Just that I wouldn't imagine there would be much expectation (given Wachovia's news) for a larger structure than is in the works. I'm confident, as CommRE says, there are tenants enough to move forward with the project.

You guys are probably right. I'll keep my chin up. Thanks for the reassurance. I just really hate to see this happen to us. The article did say that the deal will not go down until 2009, which is a little while away. I'm sure we'll hear more as time draws close to the done deal about what will happen to those working in Richmond.

Edited by eandslee
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Im beyond ticked off right now hearing all this crap. I have a cousin that works for Wachovia Securities and is one of the Bosses in the Marketing Department. I need to call her soon and se if she is aware of it. Because right now I am disgusted. I mean hearing that Circuit City and Wahcovia Securites cutting jobs off in Richmond. I mean it would be a total disaster if 3,200 People left the Richmond Area. But if MeadWestVaco comes in than maybe they can provide more jobs for ther people leaving Wachovia Securities. But I am sick to my stomach because of this.

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There's plenty of jobs still here. It's not like they're forced to move. It's all for the best interest of the companies if you want them to stay in business as far as Circuit City goes... Best Buy is whipping them.

Edited by Cadeho
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Just got off the phone with my cousin that works for Wachovia Securities. She told me she was working on the deal untill 2 AM this morning and says that she isn't sure if Wachovia will be moving all of its employees. She said they might just move part of the Jobs and rehire in St Louis. But she doesn't think alot of the people will move out of Richmond but she said some might not have a choice. She told me the deal is likely to be finalized but won't have that big of an impact on Richmond as far as people moving out. I also found out my cousin said she won't be moving to St Louis which I am very glad to hear. So all is going well so far.

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