- Dollar Tree to Sell More Items Above $1 as Costs Rise “The addition of more above-$1 items is a response to rising costs and positive consumer feedback on tests so far, Michael Witynski, chief executive of Dollar Tree, said in an interview. With the above-$1 price point, the company can offer new products such as more frozen meat or seasonal items, which could encourage shoppers to spend more per trip, he said.” (The Wall Street Journal)
- Veteran seeks to improve military housing, offers real estate investment opportunities “Former Marine intel analyst John Morgan launched IzMaCo, or IMC, Investments in 2019 with a simple idea – to provide better housing and more trustworthy property management for military service members.” (The Daily News)
- The director of one of the largest ports in the US warns the shipping industry is in 'crisis mode' as 66 cargo ships float off the California shore “Since, the number of vessels has slightly trended downwards, but the ports maintain unprecedented levels of congestion. On Tuesday, the ports housed 144 ships — including 66 container ships waiting off the shore at anchor or in drift areas, according to data from the Marine Exchange of Southern California. Before the pandemic, the ports typically saw an average of zero to one ship waiting to dock, but now the ships wait weeks to unload.” (Insider)
- Pentagon Closing Data Centers Amid Transition To Cloud “As part of a digital transformation effort launched in 2018, the Pentagon has closed 60 data centers and migrated almost 1,000 IT systems to cloud-based platforms, FedTech reports. Ultimately, the department will operate little of its own IT infrastructure, instead purchasing it as a service from private providers like Amazon Web Services and Microsoft. According to a DoD spokesperson, the transition is already 80% complete and is due to wrap up by early next year.” (Bisnow)
- Two Midtown hotels opt to reopen days after severance bill passes “The Hotel Trades Council, which represents the city’s hospitality workers, told Crain’s that the 1,900-room Hilton will bring back about 325 of its roughly 1,100 employees — or approximately 30 percent — while the 1,300-room Hyatt will bring back at least 25% of its roughly 700 workers.” (The Real Deal)
- Atlantic City Betting on Diversification “While casino volume has begun to rebound of late, revenue from in-person visits was down 9.7 percent during the first eight months of the year, compared to the same period in 2019, according to recent data from the New Jersey Division of Gaming Enforcement (DGE). Employment at Atlantic City’s nine casinos is also down nearly 6,000 jobs from summer 2019 levels, based on the latest DGE employee report from July.” (Commercial Observer)
- Papa John’s to open 100 locations in Texas “The deal is with top U.S. franchisee operator with U.S. franchisee Sun Holdings, which will bring 100 new Papa John’s locations to Texas by 2029. The Dallas-based company owns and operates Taco Bueno and also operates Burger King, Popeyes, Arby's, T-Mobile, McAlister’s, IHOP, GNC, and several airport restaurant locations. Its portfolio includes more than 1,000 locations across 12 states.” (Chain Store Age)
- New York Rents Jump as Covid-19 Pandemic Discounts Fade “Now, many of those leases are expiring, and tenants are facing sticker shock. Those who want to keep their apartments with the latest amenities or located in stylish neighborhoods must absorb steep rent increases. The most ambitious landlords are attempting to raise rents by as much as 80%, according to Adjina Dekidjiev, a real-estate broker at Warburg Realty.” (The Wall Street Journal)
- Retailers’ Latest Headache: Shutdowns at Their Vietnamese Suppliers “Vietnam has grown in recent years to become the second-biggest supplier of apparel and footwear to the United States after China. Vietnam made it through the first part of the pandemic relatively unscathed, but now the Delta variant of the coronavirus is on a rampage, highlighting the uneven distribution of vaccines globally and the perils that new outbreaks pose to the world’s economy.” (The New York Times)
- Publicly traded firms now own $1.64T of US real estate “S&P Global Market Intelligence calculated the $1.6 trillion figure, the highest dollar volume of real estate ownership for that sector in at least a decade, and a 38 percent increase from ten years ago, according to the Wall Street Journal.” (The Real Deal)
- Boston City Council supports amending downtown waterfront plan “The resolution, introduced by Councilor Lydia Edwards, follows Gov. Charlie Baker saying the city “can’t withdraw” a planning document without an amended plan to take its place.” (Boston Business Journal)
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