Weekly Market Report – December 28, 2023

The Tenant, a new fine dining restaurant, plans to open late this winter at 6201 Maple Street in the heart of Benson. The future restaurant will have “fine food, strong drinks and a rooftop rosé garden.”

Yireh’s Café has opened at 1920 Vinton Street. The locally owned coffee shop is immediately south of Nuestra Familia Supermercado, and also features treats from Sweet Magnolia’s Bake Shop.

Thirst Tea Cafe recently opened its third location at 555 Cornhusker Road in Bellevue, according to The Bellevue Times. That’s just southwest of Cornhusker Road & Fort Crook Road. A related business, Sakai Sushi Train and Grill, will open in a few weeks at the same space. Thirst Tea has existing locations at 76th & Dodge Street and in Midtown Crossing.

Take 5 Oil Change will hold a ribbon cutting January 9th for its new store in Papillon’s Shadow Lake Towne Center.

Absolute Sports Nutrition will hold a ribbon cutting January 12th for its new store at 2340 Cornhusker Road in Bellevue.

Wingstop has opened at 15825 West Maple Road between Square Donut and Dickey’s Barbeque Pit.

Ota, the Benson sushi restaurant owned by David Utterback, was proclaimed the best sushi in America in a December 20th Washington Post article headlined, “One of America’s best sushi restaurants is in Omaha. Yes, Omaha.” Ota only seats eight guests at a time and is located inside Yoshitomo at 6011 Maple Street.

The Cordial Cherry last week was featured on “Made in America Christmas,” a feature by ABC World News Tonight anchorman David Muir, according to the Omaha World-Herald. Earlier, NBC’s Today Show included it on an expert-curated list of the six best mail-order food gifts of 2023. The artisan candy shop is located at 169th & West Center Road.

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

Entertainment Complex Coming to Northwest Omaha

Chicken N Pickle, an indoor/outdoor entertainment complex with a restaurant, sports bar, pickleball courts and a variety of yard games – has announced Omaha as the site of its newest location and its first in Nebraska.

Chicken N Pickle will build a complex at Tranquility Commons, a 55-acre development at 120th & Fort in Northwest Omaha. Chicken N Pickle plans to break ground on the 55-acre multi-level Omaha property in 2024, opening to the public in 2025.

“Chicken N Pickle is the ideal complement to our youth multi-sports complex and tournament facility at Tranquility Park and the neighboring Tranquility Commons development,” said Mayor Jean Stothert. “It will enhance Tranquility as a destination for sports entertainment and recreation.”

Established in Kansas City in 2016, Chicken N Pickle is a wildly popular destination for families, young adults and corporate gatherings. The company has since expanded to Wichita, Kansas; San Antonio, Texas; Oklahoma City, Oklahoma; Overland Park, Kansas; Grand Prairie, Texas; Grapevine, Texas; Glendale, Arizona and St. Charles, Missouri. Seven more locations have been announced or are under development, including Webster, Texas; Allen, Texas; Henderson, Nevada; Thornton, Colorado; Parker, Colorado; Fishers, Indiana and Omaha.

“Chicken N Pickle was first to the market over seven years ago, and our ‘low-tech, high touch’ concept is simple,” said Brad Clarke, CEO of Chicken N Pickle. “Guests visit our properties seeking an experience, and one of the most rewarding things we see is when people gather on our pickleball courts and game yard, or over high-quality food and a craft cocktail, while connecting with their family and friends. Our properties provide a safe, inclusive and playful backyard-style environment where memories are made, magic comes to life and fun and play happen all year round.”

Chicken N Pickle will join the Tranquility Commons development as an anchor tenant alongside hotels, restaurants, retail and other community-building features designed to draw people in every day of the week. Tranquility Commons is located steps away from Omaha’s new premier youth multi-sport complex scheduled to be completed in 2026.

“We couldn’t be more excited for how well Chicken N Pickle’s mission aligns with both the city’s mission at Tranquility Park and our own here at Tranquility Commons,” said Patrick Mulhall, Principal of Wicklow Companies, the Developer of the project. “Chicken N Pickle has the perfect mix of good food and family-fun entertainment, which makes it a great place to visit any day of the week. We can’t wait for everyone to experience it for themselves.”

Chicken N Pickle’s main dining area is spacious enough for corporate and social events, from lunch meetings to large rehearsal dinners and team-building events. Its Omaha location will feature indoor and outdoor bars, multiple dining areas on the main floor and rooftop dining with outdoor tables for guests. The venue will offer numerous indoor and outdoor pickleball courts and a variety of lawn games, such as cornhole, ping pong, battleship and Jenga.

Using responsibly raised, antibiotic- and hormone-free chicken, the menu includes delicious, rotisserie dishes available in four different seasonings along with pork and beef sandwiches, as well as signature hand-cut fries and tots.

Chicken N Pickle is committed to giving back to the communities they serve through philanthropic events and service-oriented endeavors. In 2023, Chicken N Pickle has supported over 2,800 charitable organizations, and has put more than $535,000 back into local communities through in-kind and general donations and property give-backs.

“We say ‘our hearts are local’ and that sentiment touches everything we do, from our community givebacks to using locally-sourced ingredients when possible,” said Kelli Alldredge, President of Chicken N Pickle. “We ‘walk the walk,’ aiming to give back daily while maintaining a philanthropic presence where we live, work and play. We are thrilled to become a part of the Omaha community and begin supporting the neighborhoods around us.”

Nebraska Medicine is demolishing the former Mid City bank building at 42nd & Farnam Street. The long-vacant building sits on a small “island” of property surrounded by 42nd, Farnam and Harney streets. Nebraska Medicine is keeping the land for future expansion.

Speaking of demolition, crews started tearing down the former Mystery Manor haunted house at 18th & Burt Street in North Downtown. Creighton University is holding the ground for future expansion.

Early Site preparation work has started on a large mixed-use development northwest of Interstate 80 and Highway 31 in Gretna. The site is immediately west of Nebraska Crossing. Available lots range from one to 90 acres. No businesses or users have been announced.

Site Selection Magazine, a national trade publication covering the economic development profession, highlighted Omaha’s new downtown Riverfront parks in a recent article headlined, “The Parks That Herald Omaha’s Return to the River.” The article described how former Kiewit chairman Ken Stinson and former Valmont Industries CEO Mogens Bay led a fundraising campaign. “…the private sector would pony up a whopping $400 million toward the realization of the RiverFront parks. The city has chipped in about $60 million.”

The end of the article discusses how the three Riverfront Parks are already generating spinoff development in the downtown area including the $600 million, 44-story Mutual of Omaha headquarters building and the $356 million streetcar system.

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The Boards of Directors for three Farm Credit Associations serving farmers, ranchers, and agribusinesses across eight states approved a collaboration agreement this week aimed at better serving their respective customers. AgCountry Farm Credit Services, Frontier Farm Credit, and Omaha-based Farm Credit Services of America signed a collaboration contract to become effective no earlier than April 1st. The Directors have agreed to share key functions, such as leadership, strategic planning, and technology, while retaining local, independent Boards, offices, services, cash patronage programs, and more.

AMCON Distributing Company, an Omaha-based consumer products company has declared a special cash dividend of $0.28 per common share. This cash dividend is payable on January 17th to shareholders of record as of January 8th.

Werner Enterprises, Inc. will release its fourth quarter and full year 2023 earnings on Tuesday, February 6, 2024, after the market close. The company will also hold a conference call to discuss the fourth quarter and full year 2023 results and 2024 outlook on the same day, beginning at 4:00 p.m. CT.

Omaha law firm Koley Jessen represented Grünenthal, a global science and research-based pharmaceutical company, in the merger of its subsidiary, Fern Health, with BehaVR. The combination of these companies has formed a new entity called RealizedCare.

The Federal Reserve is finally winning its inflation fight. According to the Wall Street Journal, the personal-consumption expenditures price index, fell 0.1% in November from the previous month, the first decline since April 2020. Prices were up 2.6% on the year, not far from the Fed’s 2% target.

Holiday Business Trivia – Americans send approximately 1.3 billion Christmas cards each year, according to Hallmark.

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!”

What to Expect in the 2024 Market

By Joe Finlay

If you’re thinking about buying or selling a home soon, you probably want to know what you can expect from the housing market in 2024.

In 2023, higher mortgage rates, confusion over home price headlines, and a lack of homes for sale created challenges for buyers and sellers looking to make a move. But what’s on the horizon for the new year? The good news is, it appears we’ve turned a corner and are headed in a positive direction.

Mortgage Rates Expected to Ease

Recently, mortgage rates have started to come back down. This has offered hope to buyers dealing with affordability challenges.

For home buyers who are taking on a mortgage to purchase a home and have been wary of the autumn rise in mortgage rates, the market is turning more favorable. There’s optimism that 2024 will be a better market.

The Supply of Homes for Sale May Grow

We’ve already seen a small increase in days on market as a result of higher interest rates. As rates ease, sales activity in Omaha should pick up, because more buyers and sellers who had been holding off will jump back into action. If more sellers list, the supply of homes for sale will grow – a trend we’ve already started to see in Omaha this year.

Even homeowners who have been characterized as being “locked in” to low rates will increasingly find that changing family and financial circumstances will lead to more moves and more new listings over the course of the year, particularly as rates move closer to 6.5% percent.

Home Price Growth Should Moderate

Lower mortgage rates aren’t the only positive sign for affordability. Home price growth is expected to moderate too, as inventory improves but remains low overall. The increase in days on market for higher priced houses has helped slow the sharp increase we saw over the past few years.

Bottom Line

Experts are optimistic about the 2024 housing market. If you’re looking to buy or sell a home in the new year, let’s connect to make sure you’re up to date on the latest Omaha forecast. However, the CEO turnover is expected to increase significantly over the next two years.

Grow Omaha Residential is developed and sponsored by Joe Finlay, REALTOR with NP Dodge Real Estate.

LEADERSHIP & MANAGEMENT

Here are four end-of-year rituals leaders can do with their teams courtesy of Alisa Cohn’s recent article in Forbes:

1. Shoutout Session – Ask everyone to come to the meeting with a few notes of praise and specific accomplishments they noticed other people do throughout the year.

2. Highlight Reel – Ask your people to scan their calendars and look for their highest moments and best accomplishments over the year. They can write about this or create a highlight video.

3. Community Service – Nothing brings people together like volunteering.

4. Letters to Your Future Self – Ask everyone to write a letter to their future self at the end of next year.

Among S&P 500 companies, there were 46 CEO transitions from the start of 2023 through November 30th, according to Fortune. For the broader S&P 1500, the number of CEO departures was 125. These numbers are in line with historical averages. CEO turnover is expected to accelerate over the next two years.

Gen Z is more entrepreneurial-minded than older generations, according to Fortune. Roughly 50 percent of Gen Zers are interested in starting their own businesses.

More than 1 million people used ChatGPT within its first five days, according to The Hustle. Now, a year after the generative AI chatbot’s launch, 100 million people use ChatGPT weekly.

SALES

There’s an old saying in the sales profession: “Fast pay makes fast friends.” When your salespeople earn a commission, pay them quickly. To maximize sales rep motivation and retention, you want very little time to lapse between the completed work and the reward. If you’re in charge of the company, make this a priority. If you’re a sales manager in a larger company, it’s probably worthwhile to advocate for quick commission turnarounds.

During these final few days of the year, sales author Mark Hunter recommends you simplify things for your customers: “This may mean taking options off the table so it’s easier for them to make a decision. It’s your job to help them make a decision and make it faster. Don’t leave every single little decision up to them, because they may decide to just wait until the first of the year.”

WISDOM

“Some men see things as they are and say why. I dream things that never were and say why not.” — George Bernard Shaw

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Did you know Omaha’s Eppley Airport has 31 non-stop destinations?

Did you know the historic Dundee Bank building in the Blackstone District was once a White Rose Oil Company gas station? Decades later, it housed McFoster’s Natural Kind Café. When Dundee Bank chose it for an office, the façade was restored to its service station roots.

Did you know that Omaha is ranked #50 on the list of largest metropolitan area economies? The Omaha metro area’s 2022 Gross Domestic Product was $85 billion.

This section is sponsored by Lockbox Storage, an affiliate of Omaha-based McGregor Interests Inc. We provide storage solutions for all of your storage needs. Our facilities have full-time managers and bright lighting to provide superior security for your belongings. In addition to space for rent, we also provide packing supplies, protection plans and locks along with complimentary handcarts and dollies. Visit LockBox Storage and let us help you with all your storage needs.

Zoolightful happening on December 26th-30th: Omaha’s Henry Doorly Zoo and Aquarium welcomes the holiday season with an all-new wildly bright tradition: Zoolightful presented by Chesterman Co. Coca-Cola. Visitors will experience the Zoo like they’ve never seen before, as it transforms into a world of immersive lands with unique and enchanting experiences, dazzling light displays and unforgettable holiday fun!

Bright Nights happening on December 8th-23rd and 26th-30th: Set a merry mood with friends and family and explore the illuminated indoor gardens on select nights. From a 20′ tall poinsettia tree to a tropical paradise, see festive installations that glow and shine, and showcase nature in a new light. Happening on select nights at Lauritzen Gardens. Reserve your tickets now!

Winter Wonderland happening daily until January 2nd (Closed on January 1st): Every December, Fontenelle Forest’s Great Hall becomes a magical Winter Wonderland, offering a unique holiday experience amidst its distinct setting. Create lasting family memories with this new tradition, featuring an array of beautifully decorated trees and wreaths. Plus, enjoy a delightful walk along the illuminated Riverview Boardwalk for an enchanting outdoor experience.

New Year’s Eve Fireworks Spectacular on December 31st: Celebrate New Year’s Eve with the spectacular annual firework show at CHI Health Center! Park your vehicle and enjoy the show from the comfort of your car. Free parking is available in MECA lots A, B, and C (near the CHI Health Center) and Gallup Parking Lots (1001 Gallup Drive) – lots open at 6 p.m. Fireworks will be launched off in MECA Parking Lot D. This dazzling show will fill the sky with bursts of color choreographed to explode on cue to a unique musical score celebrating the good times we spend together. Tune in to STAR 104.5 to hear the music!

New Year’s Eve Party on December 31st: New Year’s Eve at the Granary is back for Nebraska’s second annual LIVE New Year’s Outdoor Ball Drop! It’s the biggest, best party of the year and there’s something for everyone. The party culminates outside at midnight with Nebraska’s largest LIVE midnight ball drop outside on the Granary Green! A DJ spins party music to a custom countdown video on the outdoor 27′ LED screen. It all leads partygoers to 2024 as the ball drops live, followed by a custom Fireworks show!

This Upcoming Events section is sponsored by Eagle Mortgage Company, is a locally owned and full-service mortgage company in Omaha.

Eagle Mortgage can help you realize your dream of owning a home.

NP Dodge Company has promoted Stephanie Hunt to director of financial systems and Zach Klimowicz to systems administrator I.

WoodmenLife has promoted Wilbur Jenkins to Executive Vice President & Chief Operating Officer effective January 1st. Jenkins joined WoodmenLife in April 2023 as Senior Vice President & Chief Operating Officer. Prior to joining the company, he had a long career in the insurance industry, starting out as an underwriter and progressing through various senior operational leadership roles.

Holland Basham Architects has hired Kristi Studt as director of marketing and business development. She is a graduate of Benedictine College and has more than 25 years of architecture, engineering and construction experience.

Core Bank has added Liliana Marquez to the mortgage team as a bilingual mortgage loan originator. She has five years of mortgage experience, and particularly enjoys helping first-time homebuyers.

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.

The topic for this insightful commentary is the latest buzz word on Wall Street: artificial intelligence. Let’s begin by parsing these two words. Artificial means contrived by humans. Intelligence is the ability to use knowledge to manipulate one’s environment.

Wall Street has been using artificial intelligence for decades in order to try and outsmart Mr. Market. Their efforts come in two flavors: High speed trading and algorithmic trading.

Algorithm traders program their computers to search the news looking for trip-wire words. Finding one, they instantly spew forth a plethora of buy or sell orders. They start and end the trading day owning nothing. On a normal trading day these programs account for 80 percent of the trade volume.

Algorithm traders are particularly active on days when major announcements such as inflation numbers, jobs numbers or the Fed’s rate decisions are released. As an example of this phenomenon, I give you a replay of one recent such event. Thursday afternoon, Fed Chairman, big “Jer” Powell, released the Fed’s monthly statement on the economy. In order to observe the algorithm computers’ response, I went to Yahoo finance and plugged in SPY. That’s one of the many S&P 500 index funds.

At precisely 1 o’clock, Big Jer begin to speak. Within 30 seconds of his opening remarks, something he said triggered the algorithm programs. Trading volume shot up 500 percent and the price of SPY rose more than 1.5 percent. And then, all of a sudden, the trading volume declined precipitously and dropped below the morning’s level. With the decline in volume came a decline in the price of SPY to below its open price.

Just exactly what long-term impact algorithm traders have on stock prices is impossible to determine. However, we do know their impact on stock prices is random and not based on financial fundamentals. When asked his take on the above event, Cramer replied. “The Quants – computers – are in charge.”

The stock market is not monolithic. There are many different types of investors. Each gaggle of investors has its own set of buy-and-sell criteria. Those with the most money, and who are the most active, set the tone of the market.

John Maynard Keyes preached that successful investors view the stock market as analogous to a beauty contest. Don’t pick the one you think will win. Pick the one you think the judges will pick. Jim Cramer and his Wall Street acolytes are not the only judges.

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The Grow Omaha radio show broadcasts live every Saturday morning at 9:00, but now you can watch videos of each episode instead of just listening.

Grow Omaha’s brand-new website features video footage shot inside the radio studio during each week’s show!

Videos include News of the Week, Lightning Round, guest interviews, and “Grow Omaha Uncut,” a behind-the-scenes look at what happens during commercial breaks.

Support the Grow “O” Mission

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