Weekly Market Report: January 30, 2025

Nicole Buntgen, Contributing Writer

The Light House Coffee Olde Towne will hold a grand opening on Valentine’s Day – February 14th at 119 West Mission Avenue in Bellevue. As a non-profit organization, The Light House coffee shop strives “to give back all we can to Bellevue, southwest Iowa and southeast Nebraska.”

NRP Construction is wrapping up work on a new location for Gameday Men’s Health. The 2000 sq. ft. space is located at 18140 Burke Street and will be the second Gameday location in Omaha. The first is in Gretna’s Tiburon area. Gameday Men’s Health is the fastest growing men’s health chain in the United States and is slated to open around March 1st.

Smokin Barrel BBQ is relocating from 13508 Discovery Drive. While the new address has yet to be announced, the restaurant confirmed it will move to a site near 120th & I Street, with details to follow once the lease is finalized.

Hy-Vee plans to revert its remaining in-store Wahlburgers restaurants to their previous status as Hy-Vee Market Grilles, according to the Des Moines Register. The announcement affects 80 locations of the Iowa-based supermarket chain. Wahlburger’s was founded by actors and brothers Mark and Donnie Wahlberg with their chef brother Paul. Several Omaha-area Hy-vee stores host a Wahlburger’s but not all of them.

LaserAway plans to open its first Nebraska or Iowa location February 5th at Village Pointe Shopping Center. LaserAway offers laser hair removal, laser tattoo removal, skin rejuvenation, Botox and more. The company was founded in 2006 in Beverly Hills, Calif., and has locations across the country. The nearest existing locations are in Kansas City and Minneapolis.

Cat Cow Yoga will soon open at 9831 South 96th Street near 96th & Portal Road in Papillion. Located next to Just Pop’d Popcorn and Lux American Grill, the yoga studio and event space will offer yoga, meditation and restoration sessions for all experience levels, along with space for small events.

Mio Italiano has permanently closed its location at 3001 South 32nd Avenue after nearly two years in business. In a Facebook statement, the owner shared that the family-owned restaurant did not develop as intended. The building was once home to the beloved Lo Sole Mio, which closed in 2022.

Family Fare will close two of its 10 Omaha metro locations: 7402 North 30th Street in Florence and 423 Sharp Street in Glenwood, Iowa. Parent company SpartanNash has not provided a reason for the closures.

The House of R plans to close January 31 at 911 south 87th Avenue in Countryside Village. The business is a venue for events such as corporate meetings, wedding receptions and graduations.

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

Legacy Chophouse is a Modern Steakhouse Concept with Inspired Cocktails and Darned Good Steak

Legacy Chophouse started out as a concept drawn on a napkin by two friends. Six months later, they opened their doors in the former Jams location in the Shops of Legacy southwest of 168th & West Center Road. Opening a restaurant in a short time frame – from concept to completion – is no small feat.

The interior decor is an inspired combination of industrial, modern design with updated throwbacks to the traditional steakhouse. Despite the industrial elements, Legacy Chophouse is warm and inviting while maintaining a hip, youthful vibe.

The steakhouse is locally owned and everything on the menu is made fresh daily – something kitchen manager Armondo Garcia takes great pride in.

Running the show are managing partners Sara Mangiameli and Reba Schramm. They’re also known as ‘The Queens of the Front of House.’

I had the opportunity to speak with Mangiameli, who started her career as a server for Texas Roadhouse. She worked there for eight years before moving to Flagship Restaurant Group where she helped open 23 restaurants. From there, she started her own restaurant consulting company and opened Salted Edge. No doubt it was her vast restaurant experience that helped Legacy Chophouse open its doors so quickly.

“The concept was built to fit with this building,” Mangiameli said. “Lanoha (owner of the building) wanted a restaurant that fit with the level of service as well as Alice downstairs, the high-end bar. So, they needed a high-end space in here that people could come here and enjoy.”

“We did something really fun with the bar menu,” Mangiameli said.

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How Does Omaha’s Future Streetcar Compare to Oklahoma City?

By Eric Miller

The Oklahoma City Streetcar is another system I recently visited, and similar to the Washington DC streetcar that was featured in this column last year, offers some insights and lessons for Omaha. Of particular interest is the streetcar’s chosen route and the decision to charge fares.

I was part of a peer review of the Oklahoma City Streetcar system last year when I spent a couple of days riding (and walking) the entire route several times. Our team came up with several suggestions to improve the system.

The OKC Streetcar opened in December 2018 and has very similar operations as those planned for Omaha in terms of the number of stops, vehicles required to operate and length of the system. Some differences include routing with the additional loop train route, and that it charges fares similar to the rest of the city’s transit system.

First, let’s look at its routing, which appears to serve a lot of major destinations between downtown and midtown Oklahoma City. It is not particularly easy to figure out. Downtown Oklahoma City is a largely flat area, which enables planners and designers to introduce twists and turns in the route.

The OKC Streetcar was built as part of the Metropolitan Area Projects 3 (MAPS 3) capital improvement initiative to encourage walkability and circulation while serving economic development purposes. MAPS 3 is a capital improvements program that uses a one-cent sales tax from 2010 to 2017 to pay for a debt-free project to improve the quality of life. Other projects included a new convention center, downtown park, riverfront improvements, trails and sidewalks.

In terms of downtown vibrancy and development, the streetcar has been a monumental success. I have family in Oklahoma City and travel there every few years. I have personally witnessed the rebirth of downtown to which the streetcar contributed.

The streetcar runs 6 a.m. to 12 midnight most days, starting later on Saturdays and Sundays and running later on Fridays and Saturdays. Frequencies are every 10 to 15 minutes. This is similar to the service planned in Omaha. An extra streetcar runs a separate “Bricktown Loop” route on Fridays through Sundays, serving OKC’s popular downtown entertainment district. The streetcar is operated by a private contractor, Herzog, and is part of the EMBARK transit system.

Streetcar ridership has been steady at about 700 passengers per day, which works out to approximately 12 boardings per service hour. That is decent ridership for a local bus route but should be higher for a high-capacity rail transit service. While the somewhat complex route does not help with the ridership issue (the stops in the middle of the route have the lowest boardings), it can’t be easily changed. Offering zero fares could be a way to encourage more ridership, as witnessed in other cities.

Cincinnati is a good example of how free fares work to a streetcar’s advantage. When this system opened in September 2016, it charged the same fare as a local bus. Fares were suspended during the pandemic, then eliminated altogether. That caused ridership to increase above pre-COVID numbers. The chart below shows the average daily ridership in Cincinnati from opening in 2016 through present.

Going back to Oklahoma City, our peer review found that fares were only covering about 1 percent of the operating costs and that it actually cost more to collect the fares than the money the fares generated. Therefore, it is not worth charging a fare for this kind of service. That’s a good policy for Omaha to follow.

The OKC Streetcar system was very clean and reliable, and so it would be good if this service could be accessible to more people. I was impressed that each stop and all vehicles were spotless, which compared favorably to the stops and vehicles in DC that could have used more attention.

As with every streetcar system, there are always lessons that can be employed for the Omaha Streetcar system. Overall, Omaha’s direct and easy to understand route will be a huge benefit. The decision to not charge fares should also set up the system well. This will allow us to focus on the finer details, such as providing reliable service and having a clean property that is welcoming to passengers. The Omaha Streetcar will fit in well with the other recently completed improvements in downtown and midtown plus all the recently announced new private developments.

Eric Miller is a senior transit planner at Felsburg, Holt & Ullevig (FHU), a transportation engineering and planning company.

Isaiah Ang, Contributing Writer

Construction has started along the RiverFront for the CHI Health Center expansion. In the November election, Omaha voters approved a bond issue for a $146 million project to increase the number of meeting rooms at the 21-year-old convention center. The expansion will add 94,000 sq. ft. and 25 meeting rooms spread across the third and fourth floors. Additional common space and restrooms will also be added. The addition will help Omaha compete more effectively in the lucrative convention industry.

The east side of the building has long served as a behind-the-scenes area with loading docks and massive, emergency-exit, external stair towers. Crews are now removing those stair towers to make way for the new construction. When completed in 2027, the east face of the CHI Center will be a sprawling glass wall with panoramic views of the RiverFront.

A major component of the Omaha Streetcar project is starting next week. On February 3, the Harney Street bridge over Interstate 480 will be closed for demolition and reconstruction. There will be periodic closures of lanes, exit ramps and intersections around the project, including on I-480. Any closures will be announced beforehand. The Harney Street bridge reconstruction is expected to be completed by the end of this year.

The Omaha City Council approved a $2.47 million contribution to infrastructure improvements in the Builders District in North Downtown. The contribution will pay for relocations of several sewer lines, in addition to new street pavement, sidewalks and curb ramps. These improvements are related to a new city-owned parking garage at 1515 California Street that will be built by the developer. Funding will be sourced from sewer improvements bonds.

Union Omaha released a formal statement regarding its plans to build its soccer stadium. The organization confirmed that while they are no longer pursuing the previously announced site near the Gallup campus, they are committed to building a new stadium in the downtown area.

The Omaha Convention and Visitors Bureau plans to expand its offices at Midtown Crossing. The city council will review an ordinance to approve an amendment to the lease agreement with the bureau and East Campus Realty. The amendment includes a rental increase that will total $142,479 over the term of the lease. The allocation will be primarily funded by hotel occupation taxes paid by out-of-town lodgers. East Campus Realty will pay for the construction, which will add 715 sq. ft. of contiguous office space.

Workers have removed construction barriers on 168th Street between West Center Road and Q street. That means all four lanes are open. The two-year project widened the roadway from two to four lanes and replaced the bridge over Lake Zorinsky.

The iconic Bob Kerry Pedestrian Bridge will be receiving a slight modification due to a recent determination by the Federal Aviation Administration. The FAA requires installation of an obstruction light for aviation on top of the west suspension tower. Obstruction lights are used on tall structures and are generally seen as red blinking lights. The City of Omaha will hire Omaha Electric Service, Inc. and pay $50,000 to install the new light.

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Nebraska Wellness Group opened a primary care clinic 11837 Miracle Hills Drive late last year. The family-owned business originally started as a weight-loss clinic in 2023 before converting to primary care. Nebraska Wellness Group offers same-day appointments for family medicine, wellness checks, preventative medicine, basic labs, weight loss and chronic disease management.

Union Pacific Corporation reported 2024 fourth quarter net income of $1.8 billion, or $2.91 per diluted share. These results include $40 million of labor expense related to the ratification of a crew staffing agreement. This compares to 2023 fourth quarter net income of $1.7 billion, or $2.71 per diluted share. Reported net income for full-year 2024 was $6.7 billion, or $11.09 per diluted share. These full-year results compare to full-year 2023 net income of $6.4 billion, or $10.45 per diluted share.

Bankers Trust will open its new Nebraska regional office on February 3 at 19202 Davenport Street. The full-service branch will offer personal and business banking, lending, wealth management and mortgage services.

Thrasher Foundation Repair is celebrating its 50th anniversary this year. The company was founded by Greg and Nancy Thrasher in 1974. Today the company has 150,000 customers and more than 600 employees. Thrasher is headquartered at 11844 Valley Ridge Drive in Papillion and has nine locations in six states.

The Omaha commercial real estate market finished 2024 in healthy shape, according to NAI NP Dodge. Vacancy at the end of the year was 8 percent in the office sector, 4.3 percent for retail and 3.1 percent for industrial. Approximately 1.2 million sq. ft. of office space was under construction at the end of 2024 along with 450,000 sq. ft. of retail space and 3.7 million sq. ft. of industrial space.

St. Clair County, Michigan selected Omaha-based HDR to develop a countywide materials management plan, which will integrate sustainable waste solutions, address current solid waste management concerns and meet Michigan’s new statewide regulatory waste management requirements.

Green Plains Inc. will release fourth quarter and full year 2024 financial results prior to the market opening on February 7 and host a conference call beginning at 8 a.m. Central time to discuss the results and outlook.

Walmart is boosting what it pays regional store managers this year, enabling the top performers to take home more than $600,000, according to the Wall Street Journal. These managers are responsible for clusters of a dozen stores and will be able to earn between $420,000 and $620,000 if they get their full bonuses. That total is up from a range of roughly $320,000 to $570,000 last year.

Engagement for professionals under the age of 35 is now less than that of their older colleagues, according to Business Insider. That hasn’t happened since 2007. Remote work is one of the biggest reasons. Twenty-somethings actually have the lowest preference for working at home, because they tend to receive better mentorship in the office.

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LEADERSHIP & MANAGEMENT

Trying to force other people to match our expectations is often futile. The “Let Them” theory says you focus on what you can control and avoid dwelling on everything else, according to the Huffington Post. In other words, if your competitors are doing something you can’t control, just “let them.” If you disagree with the actions of a friend or family member, “let them.”

Salesforce CEO Marc Benioff said at the World Economic Forum in Davos that today’s cohort of CEOs will be the last to lead all-human workforces, according to Fortune. Tomorrow’s leaders will need to balance human workers and AI agents.

An Ethical Concern – A recent study showed that 55 percent of Gen Zers earning $100,000 or more annually said they’ve stolen from online merchants in the past year, according to The Hustle. This is done by claiming a package was never delivered or disputing a charge. Disturbingly, 46 percent said they see their actions as “consumer advocacy.”

SALES

Giving up too soon is the primary reason salespeople fail at prospecting. It takes an average of eight to 12 attempts to have an interactive conversation with a senior decision maker at a cold-prospect company. The average salesperson gives up after 2.5 attempts.

Strategic narcissism is the tendency for governments to define national security challenges as they would like them to be while paying too little attention to the agency that others have over our future. According to sales author Anthony Iannarino, strategic narcissism also applies to salespeople. We tend to focus on OUR goals and challenges. But we succeed when we’re laser-focused on the client. What we really need is “strategic empathy.”

WISDOM

“Leadership is the capacity to translate vision into reality.” – Warren Bennis

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Did you know Eppley Airfield set an annual record for passenger traffic in 2024 with 5,277,326 travelers flying through the airport? The previous record of 5,043,194 passengers was set in 2018. The new milestone is a 5 percent increase over 2023 passenger totals.

Did you know the Neonatal Intensive Care Unit at Children’s Nebraska became one of 13 NICU’s nationwide last year to receive a Gold-Level Beacon Award of Excellence from the American Association of Critical-Care Nurses?

Did you know Nebraska has been named the most financially literate state in America, according to Credit Secrets?

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2025 Omaha Lawn, Flower and Patio Show happening from January 31st – February 2nd: Don’t miss more than 100,000 sq. ft. of the latest products, services and innovations for your home, garden & outdoor living! Featuring waterfalls, ponds and blooming plants while you savor the sights, sounds and smells of springtime. The lawn, flower & patio show creates consumer excitement with special attractions for adults and children alike – mark your calendar!

Couple Shuffle happening on February 1st: Ready to run your heart out? Join the annual Couple Shuffle 2-mile, 5k and 10k! Whether you’re sprinting with your sweetheart or racing solo, this Valentine-themed race promises a heart-pounding good time. Enjoy a course sprinkled with fun photo ops and a finish line filled with sweet treats and high-fives. Put on your running shoes and let’s make this a Valentine’s a day to remember. Get your tickets now!

Robotics Speaker Series: Lab to Launch featuring Dr. Shane Farritor happening on February 5th: In this speaker conversation, Dr. Farritor will shine a spotlight on the less-talked-about facets of his story, exploring the roots of his entrepreneurial mindset, his early research commercialization ventures and the lessons learned from both the successes and challenges along the way. Whether you’re interested in robotics, entrepreneurship or the process of turning ideas into impactful technologies, this conversation will provide valuable insights into the real-world challenges of commercialization. Make sure to reserve your free spot today!

First Thursday Downtown Omaha Art Walk happening on February 6th: Explore a curated selection of galleries, each offering a unique glimpse into the imagination of local and regional artists. Indulge your senses as you wander from gallery to gallery, engaging with passionate artists and fellow art enthusiasts. Whether you’re a seasoned collector or simply seeking inspiration, the First Thursday Downtown Omaha Art Walk promises an unforgettable evening of discovery and delight!

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Mutual of Omaha has appointed Michael Webster as vice President of marketing for income & wealth planning. Before joining Mutual, he served as vice president of customer experience & customer relationship management at Safelite Group. Webster earned a bachelor’s degree from the University of Houston and a master’s degree from the University of Minnesota.

Colliers Nebraska has announced several promotions: Charles McNeil to senior vice president; Jessica Esch to vice president; Lizzie Mensinger to senior associate; Geri Eich to Chief Operating Officer; and Teri Marek to HR business partner.

Dvorak Law Group has named two attorneys as partners in the firm. Tiffany S. Beerman is a member of the firm’s Litigation, Trial Practice & Dispute Resolution practice group. Nicholas D. Meysenburg is a member of the firm’s Estate and Wealth Transfer Planning practice group.

Child Saving Institute has announced the recipients of its 2024 agency awards: The Corporate Award was presented to First Interstate Bank; The Donna Tubach-Davis Children’s Advocate Award to Nick Patrick; The Guild – Helping Hand Award to Yolanda Delgado; The William T. Gibble Award to Vicki Beilke; The Guardian Angel Award to Starr Young and Amy Juhl.

The Greater Omaha Chamber is a catalyst and connector, advocating for businesses small and large. Learn, share and grow with more than 12,000 professionals from 3,000 member businesses across Greater Omaha. Click HERE to see our latest events.

I have been a devotee of the Wall Street Journal for more than five decades. Back in the day, there was only one section, and it was devoted to things economic and financial. They avoided politics and hyped the notion that investing was Wall Street’s exclusive domain and amateurs need not apply.

That was then, and this is now. Today, the WSJ is political, but not radically so. And their financial reporting has opened the door for articles that, in the old days, would have bordered on sedition.

In what follows, I cite three articles that demonstrate the WSJ’s willingness to expose Wall Street’s soft underbelly.

The first article documents Wall Street’s fixation with annual stock market predictions. Each December, Wall Street market strategists huddle together like fortune tellers at a séance and forecast how the market will perform during the upcoming year. Then, in the following January, the WSJ documents their failures.

At the beginning of 2024, the average Wall Street analyst’s forecast was for a 7.4 percent market gain. At the end of the year, the S&P 500, including dividends, was up 25.2 percent. However, the article goes on to say that the purpose of these predictions isn’t to be accurate! It’s so that brokers can tell their clients, this is what we think the market’s going to do. Therefore, you need to do this, which generates income for their firms.

The second article is titled, “The Year That Hedge Funds Got Their Mojo Back.” Hedge funds are the crème de la crème of the money management gurus. They have the biggest computers, massive staffs of Ph.D. math wizards, and they operate out of regulators’ reach. Last year, the average return for the hedge fund industry’s 1,123 firms was 10.7 percent, after fees. This was the best year for the industry in a long time. Before that, the last time they saw double digit gains was 2013.

The third and final article chronicles the performance of the actively managed mutual funds most commonly used by individual investors. The WSJ surveyed 1,215 funds with assets under management of over $800 million and at least a 10-year track record. It found that their average return was 16.7 percent. Sixty funds showed negative returns. Among the top 25 in this year’s listing, only one had appeared there before.

The one article that the WSJ didn’t write, was a documentation that 60 million American investors last year held $4.5 trillion worth of S&P 500 index funds in their discount brokerage accounts and gained 25.2 percent!

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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.

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