Weekly Market Report – August 25, 2022

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Sofra Kitchen opens to the public Monday, August 29th in the former Grey Plume space at Midtown Crossing. Sofra Kitchen is a sister restaurant to Sofra Creperie, the fast-casual spot in Aksarben Village’s Inner Rail Food Hall. Sofra Kitchen will be a full-service restaurant initially focusing on breakfast and lunch items.

Two new stores are coming to Westroads Mall. Sox Empire is a specialty store selling socks of many different designs. Ragstock is a “trendy clothing chain stocking hip new, used, vintage & one-of-a-kind pieces for men & women.” Ragstock has 36 stores in nine states. The closest existing stores are in Iowa and South Dakota.

Cold Stone Creamery and Rocky Mountain Chocolate Factory, Inc. are coming soon to Nebraska Crossing. To celebrate, NEX is giving 1,000 people a free ice cream treat. You can enter HERE. Also at Nebraska Crossing, the official grand opening for REI Coop will be Friday, September 23rd.

Baked After Dark has the best chocolate chip cookies in Nebraska, according to TastingTable.com, which recently published, “The Best Chocolate Chip Cookies in Every State.” Baked After Dark is located at 2740 North 61st Street in Benson.

The “Coming Soon” sign is now in place for Dave’s Hot Chicken, which has leased a bay in a strip center at Saddle Creek Road and Davenport Street. The center is already home to Chipotle and Bank of the West. Dave’s is a chain of Nashville-style spicy chicken restaurants that started in the Los Angeles area.

Interior build-out is underway in the former Fuzzy’s Tacos space at Village Pointe, which is being converted into a new location for Ika Ramen.

The Dodge Voice, NP Dodge Real Estate’s blog, has released its list of “The 9 Best Places to Eat in Omaha’s Old Market:” 1. Gather; 2. La Buvette Wine & Grocery; 3. Le Bouillon; 4. M’s Pub; 5. V. Mertz; 6. The Boiler Room; 7. Block 16; 8. Mercury; 9. Plank Seafood Provisions. Read the post HERE.

The “Restaurant & Retail Updates” section is sponsored by Anderson Convenience Market, featuring Quality AMOCO Fuels and serving Omaha since 1952, and proud to announce the return of Quality Amoco Fuels. Look for changes this Summer at Anderson Convenience Market – 8 Omaha area locations!

Learn more about Anderson Convenience market at www.Anderson1952.com

Nebraska is #7

Nebraska is ranked #7 on CNBC’s Top States for Business in 2022, the second highest ranking among states in our region.

CNBC scored all 50 states on 88 metrics in 10 categories of competitiveness. Each category was weighted based on how frequently states use them as a selling point in economic development marketing materials. That way, the study ranks states based on the attributes they use to sell themselves.

CNBC developed criteria and metrics in consultation with a diverse array of business and policy experts, and the states. The study is not an opinion survey. CNBC used data from a variety of sources to measure states’ performance. Under the methodology, states can earn a maximum of 2,500 points. The states with the most are America’s Top States for Business.

North Carolina was ranked first. Mississippi was dead last.

Here are the ranks of Nebraska’s border states: 4. Colorado; 12. Iowa; 21. Kansas; 22. South Dakota; 25. Missouri; 32. Wyoming.

Nebraska scored particularly well in the areas of “Life, Health & Inclusion,” and “Cost of Doing Business.”

Here are a few Nebraska statistics CNBC provided in the report:

Population: 1,963,692

GDP growth (Q1 2022): -2.4%

Unemployment rate (May 2022): 1.9%

Top corporate tax rate: 7.5%

Top individual income tax rate: 6.84%

Gasoline tax: 25.70 cents/gallon

Bond rating (Moody’s/S&P): Aa1, stable/AAA, stable

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Here are four of the apartment development projects coming to the urban core according to Nebraska Examiner (each project also includes some commercial/retail space):

1. $82 million project southeast of 48th & Dodge Street with 330 units.
2. $44 million project at 49th & Mayberry Street with 195 units.
3. $35 million “Dizzy Mule” project in North Downtown’s Millwork Commons with 172 units.
4. Little Bohemia project northeast of 13th & William Street with 107 units.

The Omaha City Council this week approved $1.2 million in Tax Increment Financing for a $6.3 million industrial building planned for 13th & Fort Street. The 66,000 sq. ft. building will sit on 4.1 acres and will be divided into 14 bays. Construction is expected to begin later this year with completion scheduled for June of 2023.

Omaha Housing Authority has sold the historic Securities Building at 305 South 16th Street downtown for $3,366,600. The 6-story, 47,577 sq. ft. building was completed in 1915. It was used as offices before being converted to apartments many years ago. “The property needs significant rehab to be brought to its highest and best use,” according to Oak Investment Real Estate, which brokered the deal.

The Douglas County Board has voted to allocate $95,000 of its American Rescue Plan Act funds to Creighton University. The money will pay for a feasibility study on converting three soon-to-be vacant buildings alongside 29th & Burt Street and 30th & Webster Street, according to KETV. Those buildings will be empty in the fall of 2023. The university may want to convert the buildings into facilities for affordable housing, childcare and other community services.

Omaha Public Library held a “farewell” gathering last weekend at downtown’s W. Dale Clark library, which will close permanently on August 28th. A temporary downtown branch will open August 29th at 11th & Howard Street. A new permanent downtown branch will open in March. The W. Dale Clark building is scheduled to be demolished starting October 1st, making way for Mutual of Omaha’s skyscraper headquarters building.

Owners of the permanently closed Fontenelle Hills Golf Course at 1102 Country Club Court in Bellevue are hoping to sell the property, according to the Bellevue Times. Plans call for rezoning most of the land as “Residential Estates” and then selling it in nine separate lots. Three entities currently own parts of the course: Hawkins & Strom Holdings, Bellevue Vue Acres, and Fontenelle Hills Golf Club.

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Real Estate News from CoStar – Contrary to the expectations of many industry pundits, the retail property sector is in healthier shape now than before the pandemic. Retail availability rates have declined to their lowest levels since before the Great Recession, while average asking rents for retail spaces throughout the country have increased at their fastest clip in well over a decade.

The abrupt turnaround has numerous demand-side drivers, including the trillions of dollars transferred to consumers from the U.S. government to cushion the economic blow from the coronavirus pandemic and a pivot by consumers toward goods when many stores and restaurants were temporarily closed, as Americans poured money into hobbies and home goods. READ MORE

WellnessLiving, which provides cloud-based business management software and integrated payments platform for fitness and wellness operators, has partnered with McCarthy Capital of Omaha. In addition to McCarthy Capital’s leading $46 million minority investment, CIBC Innovation Banking has provided $20 million in growth financing, bringing the total raised this round to $66 million. Founded in 2013, WellnessLiving serves customers in North America, Europe, Australia and New Zealand.

Omaha Public Power District has signed a 74-month lease inside the Blue Cross Blue Shield of Nebraska headquarters building at 1919 Aksarben Drive. By leasing space in the Aksarben Village building, OPPD has a “manageable timeframe to allow them to analyze their future office needs,” according to Investors Realty, which brokered the lease. OPPD’s headquarters is located at 16th & Harney Street downtown. Blue Cross switched to a hybrid office schedule in December 2021, which freed up space to be sublet.

Baird Holm LLP has announced that 39 of its lawyers were selected by their peers for inclusion in the 2023 Edition of The Best Lawyers in America lists, with 26 selected for The Best Lawyers in America, 12 included in “The Best Lawyers in America: Ones to Watch” list, and 5 named “Lawyer of the Year” in their respective practice areas.

The State of Nebraska has leased 8,000 sq. ft. in a former real estate office at 3552 Dodge Street, according to Maddie Graeve of NAI NP Dodge, who represented the landlord.

LockBox Storage of Omaha has made the list of top 100 self-storage facility owners in the United States by Inside Self Storage.

Contour Construction has announced that its work on the Scoular Building renovation has earned an Eagle Award for Excellence in Construction from the Associated Builders and Contractors Nebraska and South Dakota Chapter. Scoular recently moved its offices from downtown to 13660 California Street.

This section is sponsored by FranNet of The Heartland, the local, trusted franchise experts. They are “in the business of helping you get into business!”

Compiled by Grow Omaha co-founJeff Bealsder and sales trainer 

Leadership & Management

Companies that compete on price sell commoditized products and/or services. Eighty-nine percent of companies now expect to compete mostly on the basis of customer service.

Acquiring new customers costs 6 to 7 times more than the cost of keeping them. What’s more, 68 percent of customers who leave do so because they are upset with the service they received or for the way they were treated.

Eighty-two percent of CEOs reported that customer expectations of their companies were “somewhat” or “much” higher than they were three years ago, according to SalesForce. Keep in mind, today’s customers are quick to share negative experiences online to large audiences.

Customer service isn’t just a corporate buzz phrase. Surveys show that 86 percent of customers would pay more for a better customer experience.

Sales

Why do prospects sometimes go dark or “ghost you?” There are several possibilities and most of them have little to do with you:

• They are super busy and overwhelmed
• They don’t have the same level of urgency as you do
• They are procrastinators
• They are not proactive communicators
• They are indecisive
• They have to get buy-in from other people/departments in their company
• They have various internal processes that must play out
• Their financial conditions may have changed suddenly
• They might be navigating internal politics
• They may have been using you for leverage with another company they like better than you.
• They are simply not interested and the thought of telling you is unpleasant especially if they have non-confrontational or avoidant personalities
• They are not interested, and because of a personality flaw, they don’t care enough about you to let you know. They are essentially sociopathic instead of empathetic.

Of all the possible reasons above, only the last three are truly negative. If it is any other reason, your prospect is likely still interested, and therefore, you should not give up on them.

When a prospective client does go dark, what can you do?

1. Most importantly, go back to value. In order to catch the prospect’s attention in the first place, you likely had to use valuable insights. Do that again in future communications. In other words, don’t say things like, “I’m just checking in,” or “I’m still waiting to hear from you.” Instead, send them value-driven messages with new insights you haven’t mentioned before. Your follow-up communications should be compelling, not whiny.
2. Be persistent. Because prospects likely have many other things going on in their lives, they’ll assume an interested sales professional like you will keep on them. Even if they’re interested, they will often wait for you to initiate everything.
3. Mix it up a bit. Try different messages and use varied communication channels to get a person who goes dark on you.
4. Try a couple creative tactics. I find that a text message is more likely to be returned than an email. You can try communicating with them via a social media direct message. Some sales reps will send a calendar-invite email to jar loose a dark prospect.
5. After a few attempts, you might try a certain language technique. Sales expert Jim Keenan recommends this phraseology: “I’m confused. You said you (insert issues the prospect said they wanted/needed plus the last commitment they made to you plus the impact of not changing). Has something changed?”

   Keenan says this technique holds them accountable and challenges them.

6. I know a lot of sales professionals who, after many attempts, use a short and simple phrase sent via email or text: “Did I lose you?” Some sales pros won’t even write anything else. If they do elaborate, it’s not much. This technique plays on our fear of loss and our desire not to let people down.
7. If you still have no communication after several attempts and an extended period of time, you have a choice to make. If the prospect would make a great client, you can move them into “nurture” mode by putting them on a periodic email drip. If the prospect wouldn’t be a star client, maybe you just delete them from your pipeline.

Wisdom

“I’ve learned that people will forget what you said. People will forget what you did, but people will never forget how you made them feel.” – Maya Angelou

“A great man shows his greatness by the way he treats little men.” – Thomas Carlyle

“The best way to find yourself is to lose yourself in the service of others.” – Mahatma Gandi

Grow Omaha University is sponsored by MyStaff Inc, a locally owned staffing firm whose purpose is helping Nebraska companies recruit for corporate office positions.

My Staff Inc – Our team helps you find yours!

Omaha Fashion Week August 24-28: Omaha Fashion Week returns to the runway for another season of fashion and glamour! Join other fashion fans and designers for a MAGIS Showcase for a live event at the Omaha Design Center Tuesday through Saturday, with a FREE Shop the Runway event Sunday.

2022 Husker Opener on August 27: Join us for the Husker Opener in Ireland. Over 50 former Husker greats are in attendance. Watch on the all-new Granary Green with our amazing 27ft LED with premium sound. Breakfast tailgate food, drinks, and Husker party all for $10 entry (includes two free drink tickets). Chairs are provided or bring your own!

Mug.News Social on August 30: Come and network with Mug.News, local businesses, startups and investors on August 30th at Millwork Commons.

Lunch for the Girls on September 1: New York Times Best-Selling Authors Amber Ruffin and Lacey Lamar will be the featured speakers at Girls Inc.’s 22nd annual Lunch for the Girls. Sisters Amber and Lacey co-authored “You’ll Never Believe What Happened to Lacey (Crazy Stories about Racism)” to share absurd anecdotes about their everyday experiences of racism. Written with humor and heart, the book became a best-seller after its publication in 2021.

Bagels and Sometimes Bach starting September 11: Bagels & Sometimes Bach is Gallery 1516’s Sunday morning music series which runs during the spring and fall. Join us each Sunday for a new performance by some of Omaha’s best musicians and performers! Complimentary bagels, fruit, coffee, and juice will be provided. Food will be served in individual portions to limit contact between guests.

United We Walk on September 11 by Tri-Faith: Celebrate Omaha’s Diverse Community! From the ashes of the conflict and tragedy of 9/11, United We Walk brings the entire Omaha community together to celebrate our racial, religious, and cultural diversity. Come walk the Walk and help us build a community where EVERYONE belongs!

Grow Omaha University is sponsored by MyStaff Inc, a locally owned staffing firm whose purpose is helping Nebraska companies recruit for corporate office positions.

My Staff Inc – Our team helps you find yours!

The 2022 class of the Omaha Business Hall of Fame was inducted last week: Don Eckles and Linda Eckles, co-founders of Scooter’s Coffee and Harvest Roasting; John Lund, founder and chairman of Lund Company; Jay Noddle, president and CEO of Noddle Companies; Carmen Tapio, chief executive officer of North End Teleservices, LLC.

Tom Svoboda, PE, has become a shareholder at The Schemmer Associates, Inc., a privately held architecture and engineering firm based in Omaha. Svoboda has more than 30 years’ experience in new construction and renovation projects. He has worked with military, governmental, education and healthcare clients.

Courtney Nelson has been named Nursing Director for OneWorld Community Health Centers. She will oversee the OneWorld nursing department, including registered nurses, licensed practical nurses, medical assistants and health assistants. OneWorld is a primary health care center with 13 clinical locations in the Omaha area.

The “People in the News” section is sponsored by Baird Holm LLP. Baird Holm’s dedicated team of real estate lawyers has extensive experience in all aspects of real estate law, including purchases, sales, zoning and land use, leasing, and dispute resolution. Click HERE for more information.

Whoops!! Remember, last week I wrote that the Wall Street Journal had declared that the NASDAQ was up 17.6% for the month of July because we are in a bull market. A few days later, the CNBC News talking heads said the Nasdaq was up 17.6% in July because we are in a bear market rally. So, my question is, if I made 17.6% in July because I thought we were in a bull- market when we were in a bear market rally, do I have to give the money back? If this sounds stupid, that’s because it is. Who cares why I made 17.6%! Both Ben Graham and Warren Buffett spent a great deal of time and energy telling individual investors to ignore the Wall Street’s jibber jabber, because at the end of the day, the only thing that matters is what Mr. Market thinks.

On Wednesday morning I got up, poured a bowl of Cheerios and turned on CNBC. The headline read “Investors waiting nervously for latest Fed report.” I don’t know how many times this year investors have been waiting on word from the Fed, and yet they already know what the Fed going to say. I thought to myself, what am I gonna say this Friday? Then it came to me. I’m kind of like a minister preparing a sermon. I don’t always need to write a new one. I can take one out of the file drawer from two years ago. Half the people who will be there Sunday were playing golf two years ago. The other half were asleep and don’t remember a word I said. The market started the day down about 75BP. Fast forward to 1 o’clock, and the Fed releases their report –the market bounces around only to close where it started.

Dumb Comments in the Wall Street Journal:

WSJ market analyst James Mackintosh said, “The market seems to be acting directly the opposite of the prevailing Wall Street opinion.”

Walmart CFO Jon Rainey said, “I certainly don’t want to say that consumer spending is strong, but it is relatively OK”???

Yuna-Ya Ma. a hedge fund guru, “The market is ahead of its self”

The Gnomes have a few observations about Mr. Market’s current mood. First, he hates just OK news. He loves news that is cataclysmic and foreboding: Then he knows what to do. We have had three weeks of green sprouts and gone nowhere. Second, he loves to flip the single digit salute to Wall Street’s obsequious lackies. They are beside themselves because they keep doing their fancy smanchy calculations and he yells “NOT!” Just like your bank, Mr. Market is never wrong.

The “People in the News” section is sponsored by Baird Holm LLP. Baird Holm’s dedicated team of real estate lawyers has extensive experience in all aspects of real estate law, including purchases, sales, zoning and land use, leasing, and dispute resolution. Click HERE for more information.

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