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Weekly Market Report – September 28, 2023
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Restaurant & Retail Updates
Phyl’s Deli is reopening in October after being closed for several months at 1006 Howard Street in the Old Market. Light renovation work was underway last week. The new iteration of Phyl’s will still have classic deli items but will add several Italian entrees.
New life is coming to the former Michael’s Cantina at the Market space at 1102 Harney Street in the Old Market. Voodoo Taco will open soon. The Locally owned, street-taco business has an existing location nearby at 2502 Farnam Street, which will remain open.
The City Pub is holding a grand opening tomorrow in the La Vista City Centre on the east side of 84th Street between Giles Road and Harrison Street. The new gastropub will feature a second-story seating area with views of The Astro and La Vista’s new Central Park. The City Pub will offer both indoor and outdoor seating options. The menu features pizzas, appetizers and classic entrees.
Noli’s Pizzeria plans to open soon at 6307 Center Street, just west of Jimi D’s Food and Spirits. The space was originally Blue Planet Natural Grill. Noli’s has existing locations in the Blackstone District, Regency Landing near Interstate 680 & Pacific Street and in Gretna.
We have some changes at the Inner Rail Food Hall at Aksarben Village. The space formerly occupied by Reagan’s Lobster Rolls will become Willedogs, a locally owned, upscale hotdog vendor. The former Soulful space will become Sweet Treats Mini Donuts.
D’Leon’s Tacos plans to open sometime in December in a former Subway and Long John Silver’s building at 3021 South 84th Street.
Café Ohana has opened inside a bar at 1901 Leavenworth Street (the same building that houses Shuck’s Fish House & Oyster Bar). Café Ohana is a Hawaiian-style, pop-up coffee shop.
A+Priori, a locally owned men’s clothing store, plans to open soon at 1917 South 67th Street in the street level of HDR’s global headquarters building in Aksarben Village.
The former Razzy’s Deli building at 2615 North 90th Street is under renovation. The new occupant will be Grateful Green Hemp & THC Dispensary.
Pine and Black Bistro held its official ribbon cutting yesterday for its restaurant at 248 Olsen Drive in Papillion.
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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
The Big Story
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Photo above: Google’s northwest Omaha data center
Photo by Brad Williams
Aerial View of Omaha Development Projects
The September Grow Omaha Construction Update video, produced by Brad Williams, and sponsored by Lueder Construction, is now available on our website or by clicking HERE.
Our construction videos are full of footage and information about local developments. Williams shot this month’s video from a helicopter, providing an amazing aerial view of our city under construction.
we are highlighting just some of the projects you’ll see. Here goes…
Gretna Logistics Park – This industrial park is on the southeast corner of Interstate 80 & Highway 31 or immediately south of Nebraska Crossing. Two large warehouses are currently under construction. More will come. When it’s all said and done, this 160-acre development will have about 2 million sq. ft. under roof.
Facebook Data Center Campus – Located on three corners of the Highway 50 & Capehart Road intersection on the Papillion-Springfield border, this complex totals millions of square feet in at least six buildings on 828 acres. More buildings are planned.
Google Data Centers – There are four Google data centers in the metro, two in Council Bluffs, one in Papillion and yet another in northwest Omaha. The Papillion center is 260 acres and currently has four large buildings with several smaller structures. The northwest Omaha campus is located near State Street & Blair High Road. Google currently controls 378 acres here, but we believe the company will take more land in the vicinity. Current plans call for at least six large buildings on site.
Horseman’s Park – Casino construction is underway at 66th & Q Street. The project was originally going to take 18 months, but the construction timeline has been extended.
Mutual of Omaha Tower – This month’s construction video provides a birds-eye view of the job site. The foundation work is done, and construction of the central elevator core is going vertical on the region’s future tallest building.
Highlander Project – Last month’s video also included this mixed-use project on North 30th Street, but you’ll want to check out the aerial views. The Highlander is a dramatic urban renewal effort taking up several city blocks.
Kennedy Square – Located at 30th & Spencer Street, this 6.42-acre development is a mix of single-family, duplex, townhome and multi-family buildings, plus a 4-story mixed-use building with 51residential units and 1,700 sq. ft. of commercial space.
Crossroads – The infrastructure is nearly in place. Streets and sewers are done and crews are finishing water line installation. We should see buildings go vertical in 2024.
Central Omaha Public Library – As helicopter flies over 72nd & Dodge Street, we see a stunning view of site grading and a crane drilling footings.
Grow Omaha Snippets
Grow Omaha Snippets Sponsored by:
Construction is well underway on a Tesla service center at 2421 Mid America Drive in Council Bluffs near the Mid America Center and Bass Pro Shops. The center will presumably replace Tesla’s current service center on the east side of Council Bluffs at 1110 Woodbury Avenue.
Habitat for Humanity of Omaha is adding office space at a second location to accommodate increasing service requests and the growing demand for affordable housing in Omaha and its five-county service area. Habitat Omaha will lease space in the Ashton building at Millwork Commons, north of 13th & Cuming Street. It will continue to utilize its existing building at 24th & Clark Street.
The Hy-Vee Grocery Store at 17810 Welch Plaza, northeast of 180th & Q Street, is adding a Hy-Vee Aisles Online grocery pick-up facility on the west side of the building. Construction is scheduled to be complete by late November.
Grading has started on the Nebraska Vietnam Veterans Memorial in Papillion just south of the SumTur Amphitheater at 11691 South 108th Street. The $7.3 million project is expected to open next June.
The former Ronald J. Palagi law office building at 3131 South 72nd Street has been demolished. A Silverstar Carwash will be built on the site. Silverstar is based in South Dakota and also has locations in Iowa, North Dakota and Minnesota.
The Omaha City Council voted 7-0 Tuesday to approve rezoning land, dividing it into lots and laying out streets for the redevelopment on University of Nebraska Medical Center’s new Saddlecreek campus, according to the Omaha World-Herald. The council also approved a subdivision agreement between the city and UNMC that spells out the various parties’ responsibility for streets, sewers and other public improvement. UNMC is renovating a former steel plant into an innovation center and has plans for an administrative tower on the west campus.
Grow Omaha Snippets are brought to you by Omaha Car Care with four metro area locations – 131st & Dodge, 58th & Center, 85th & L and 144th & Harrison.
Omaha Car Care “We’ll be along for the ride.”
Local Business News Sponsored by FranNet of The Heartland:
Bank of the West, now known as BMO, is set to lay off nearly 150 more Omaha workers in December, according to WOWT. In a notice to the City of Omaha, the bank says the move is due to a change in business needs. This is BMO’s second round of job cuts in Omaha; the first came two weeks ago when 100 employees were let go. The combined layoffs total 243 jobs.
Nebraska Owners Insurance, Inc. has leased 6,151 sq. ft. of office space at 13305 Birch Street, according to Maddie Graeve of NAI NP Dodge, who represented the tenant.
Several HDR projects received recognition from the ENR Regional Best Projects 2023 Awards. The award program is dedicated to honoring the best construction projects and the companies that designed and built them in the United States and Puerto Rico. Projects competed in 20 specialized categories covering a wide range of facilities and infrastructure. ENR’s 10 regional editions judged the projects using five criteria, including safety, innovation and teamwork.
Werner Enterprises has announced that operations supervisor, Caty Simandl, and director of learning & development at ReedTMS Logistics, Eileen Dabrowski, were selected as recipients of Supply & Demand Chain Executive’s 2023Women in Supply Chain Award. The program honors female supply chain leaders and executives whose accomplishments, mentorship and examples set a foundation for women at all levels of a company’s supply chain network.
LEO A DALY has completed design on Goodwill Industries, Inc. newest retail store and donation center, located at 18905 Evans Street. Ground-breaking took place September 26th. The 15,000 sq. ft. facility will be Goodwill’s 16th store and includes a retail sales floor, drive-thru donation center, online pick up, training room. It will employ up to 35 people.
Dollar Store Economics – The nation has more dollar stores than CVS, Walgreens, Target and Walmart locations combined, according to The Hustle. The two largest chains — Dollar Tree and Dollar General — have a combined 40,000 U.S. locations. Approximately, 75 percent of Americans live within five miles of a Dollar General store.
The unemployment rate for the Omaha-Council Bluffs metropolitan statistical area dropped to 2.2 percent in August, according to the Omaha World-Herald. That’s slightly down from the 2.5 percent rate recorded in July. Over a six-month period, the unemployment rate has bounced between 2 percent in April and 2.6 percent in June.
The decrease in the unemployment rate was driven by 8,077 people exiting the labor force. The decrease in the labor force outpaced the 6,661 positions that were lost between July and August.
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!”
Grow Omaha University
Leadership & Sales Insights for Ambitious People
Sponsored by Dundee Bank
LEADERSHIP & MANAGEMENT
Wealthy people read extensively, according to a New Trader U article about a study of 233 millionaires. More than 85 percent read at least two books per month and 79 percent read professional literature to stay updated in their field. This lifelong learning helps explain the confidence and wisdom the wealthy display in pursuing their passions and goals. Their commitment to self-education demonstrates why hard work is more important than intelligence in building wealth.
Shark Tank investor Kevin O’Leary is a staunch proponent of investing in oneself. “Never feel selfish for investing in yourself,” O’Leary was quoted by Yahoo Finance. “Never apologize to anyone for trying to create a better life for yourself.” Legendary investor Warren Buffett apparently agrees. The Oracle of Omaha once said, “The best investment by far is anything that develops yourself.”
Bosses are stepping up office surveillance this fall, vowing to use regular reports from badge systems to determine how many people are adhering to the return-to-work policy, according to the Wall Street Journal.
Ray Dalio, who built Bridgewater Associates into the world’s biggest hedge fund, said at the Milken Institute’s Asia Summit earlier this month that the world was on the cusp of various great disruptions, according to Fortune. He named five issues that will transform the way the world works: unprecedented debt creation, internal political conflict in countries like the United States, the changing world order, climate change and technological breakthroughs.
Business Travel – Boarding passes and passports will soon be history as biometrics make them redundant, according to Steve Glenn of Lincoln-based Executive Travel: “The airport in Singapore next year plans to be the first airport to allow passengers to depart the country without passports, using only biometric data. Biometrics (including facial recognition) will be the backbone of this new process to make showing your passport and boarding pass obsolete.”
While not a problem in Omaha, the hollowing out of downtown areas remains a serious problem in many of America’s largest cities. In New York City, office vacancy rates have risen by more than 70 percent since 2019, according to Fortune. Chicago’s Magnificent Mile, a stretch of high-end shops and restaurants, had a 26 percent vacancy rate this past spring.
In B2B selling, you need to know about consensus-building. It is more common than not that a group of people makes purchasing decisions instead of just one leader. Choosing a vendor often turns out to be a “consensus.” Even in small, privately held companies, the owner often defers purchasing decisions to lower-ranking employees or at least includes them. Throughout the sales process, sales pros need to ask about other stakeholders and push to meet with them. You don’t want to be blind-sided by an unknown, last-minute decision maker.
What’s the difference between positional sales authority versus relational sales authority? Relational sales professionals think beyond the solution they can offer, according to Chris Corey of BragBird Sales Training. These sales pros are often well-networked and know of trusted resources they can bring to the table to solve a multitude of challenges a client might face. Read more HERE.
Typical inside sales reps have 6.6 conversations per day, according to Zety.
You can improve your sales team’s skills without burdening your already-overloaded schedule. It’s called BragBird, and it fits into your regular sales meetings. You can also use it for new sales rep training. Because it’s cloud-based, you have constant access to all the content on demand. Here’s a free module so you can take it for a test drive. Click HERE now!
“Great leaders are almost always great simplifiers, who can cut through argument, debate and doubt to offer a solution everybody can understand.” – Colin Powell
Did You Know?
Surprising Facts, Figures & Points of Pride That Make Omaha Unique
This section is sponsored by Lockbox Storage.
Did you know the Omaha metro area has more than 46,000 businesses?
Did you know the TV dinner was invented in Omaha? Gerry Thomas, a University of Nebraska alumnus and salesman for Omaha-based C. A. Swanson and Sons, has been credited with inventing the TV Dinner in 1954, according to History Nebraska. The concept included the now famous three-compartment triangle tray inside a box designed to look like a television set.
Did you know that raisin bran cereal was invented by Omaha’s Skinner Macaroni Company?
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.
Upcoming Events in the Metro
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SPN Office Hours Presented by Enterprise Legal Studio & Nebraska Angels on September 29th: Mark your calendars for an exciting event on Friday, September 29th, where Nebraska Angels partners with Silicon Prairie News and Startup Omaha Week to bring you SPN Office Hours! Join others for the panel discussion featuring founders and ecosystem builders, including Dusty Davidson, Joe Petsick, Manny Quevedo, and Shonna Dorsey. Come out and gain insights from the best in the business and expand your entrepreneurial horizons!
Elevator x Hummingbirds End of Summer Market on September 30th: Elevator Co-Warehousing is joining forces with Hummingbirds to host the most anticipated End of Summer Market of the year! You can expect 30+ unique vendors offering everything from fashion to art, crafts to curiosities and so much more! And that’s not all – tantalize your taste buds with mouthwatering food and drinks while you groove to the beat of live music. It’s the perfect setting for networking, forging new connections and basking in good vibes all around.
Junkstock: 2023 Harvest Edition on September 29th – October 1st & October 6th – 7th: Junkstock is returning to Sycamore Farms for two weekends of fall fun! This event promises a delightful mix of fall-themed attractions, including a giant pumpkin house, pumpkin displays, mums, bonfires and more. With over 200 small businesses offering vintage finds and artisan goods, it’s a shopping paradise for all tastes. You can also indulge in a variety of delicious treats from food trucks, relax by cozy bonfires, enjoy live music from 13 talented bands and bring the whole family along – kids under 12 enter free, and pets are welcome!
Creatives & Coffees on September 30th: Unlock the power of connection at Creatives & Coffees, where entrepreneurship, creativity and remote work converge to break the isolation barrier. Open to all active minds, whether you’re crafting art, penning poetry, composing melodies, coding or building a business, you’re invited! Join us every 2nd and 4th Saturday from 1-3 p.m. for a dynamic gathering of like-minded individuals. It’s the perfect opportunity to collaborate, create and receive valuable feedback on your latest projects!
Christmas Opening on October 5th: Discover the magic of the 2023 holiday season at the Ornament Shop in Mulhalls, featuring new collaborations and a vast selection of handmade glass ornaments. Enjoy live music by local artist Aly Peeler and indulge in delicious food from Crumb Coat & Chill. Explore thousands of ornament styles and curated collections while taking advantage of a complimentary gift-wrap station with custom tags by Sarah Kramper. Come out to find inspiration and embrace the holiday spirit in style!
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.
People in the News
Sponsored by Baird Holm Attorneys at Law
NP Dodge Real Estate has welcomed new residential sales associates including Becca Collins, Crystal Bye, Katherine Gammel and Tom Low.
After seven years on the job, Cathy Lang is retiring in November as executive director of the Nebraska Business Development Center at the University of Nebraska at Omaha. She will be replaced by Dan Curran, who previously worked three decades for the Nebraska Department of Economic Development, according to Nebraska Examiner.
Creighton University President Rev. Daniel Hendrickson has been named to a 13-member advisory board. The “Future of the Church-Related University” consultation was established recently with the support of the Lilly Endowment Inc. and the Lilly Fellows Program and is based at Valparaiso University in partnership with Indiana Wesleyan University’s Lumen Research Institute.
Security National Bank has hired Marcos Rodriguez as first vice president, small business lending manager. He has 20 years of banking experience and holds a Bachelor of Science degree in Business Administration, Finance and Commercial Banking from the University of Nebraska at Omaha.
AIM Institute has announced the businesses, innovators and visionaries impacting the tech community who will be honored with AIM Tech Awards:
Technology Company of the Year: CompLogix
Technology Leader of the Year: Laurie Zagurski, OPPD’s Manager of Stakeholder and Community Outreach
Technology Innovator of the Year: Andy Bayer, Distinguished Architect at Buildertrend
Tech Start-up of the Year: Superb Shifts
Higher Ed Tech Leader of the Year: Metro Community College’s Continued Education and Workforce Education Division
K-12 Educator of the Year: Melissa Zeiszler, Dean of STEAM at Kennedy Elementary School
College Intern of the Year: Lah Soe
Tech Student of the Year: Tvisha Agarwal
AIM After School Program Student of the Year: Ja’Shon Westbrook
AIM Code School Student of the Year: John Pratt
Wall Street: The Week in Review
with George Morgan
Morgan is the founder of Morgan Investor Education of Omaha.
Sponsored by Baird Holm Attorneys at Law
Views and opinions expressed herein are solely those of the author.
This week’s theme is “Much Ado About Nothing.” For those of you who are not as erudite as Moi, “Much Ado About Nothing” is a comedic play written by Willie Shakespeare.
Most of the play is spent with mindless banter between the four main characters. The moral of the story is that you can spend a lot of time on jibber jabber and nothing changes.
The financial media spent the week in mindless drivel speculating about the Fed’s forthcoming interest rate announcement. Everybody knew what the Fed was going to do following the release, NOTHING!
Within a nanosecond of the release, the Nasdaq dropped 1.25 percent. And the other two core indexes followed suit, however with less magnitude. Then, 15 minutes later, the blow-out was over and Mr. Market went back to sleep.
So, what the hell’s going on? There’s an old wives’ tale – now I’ve ticked off old wives, including my roommate – that the Fed is like a puppet master. They pull the strings, and the puppet responds in kind. Great for old wives to say, but if that’s true, we would have had this inflation problem under control 15 months ago.
True, the rate of inflation has been slowly trickling down, which leads us to the $64,000 question of correlation and causation. Another old wives’ tale says that when a team from the American division wins the Super Bowl, the market will have a positive year. Is Patrick Mahomes responsible for this year’s 16 percent gain in the S&P 500? Could it be that the natural market forces have played a major role in the slowdown of inflation?
So, what’s a prudent investor to do? We’re back to Willie. Given Mr. Market’s current manic-depressive mood, the best thing for a passive index investor to do is nothing. As the good book says, “This too shall pass.”
For those of you who are active index investors, we can take some advice from another great author/song writer, Kenny Rodgers. “You gotta know when to hold ‘em, know when to fold ‘em…” Mr. Market’s recent antics are a graduate-level seminar on regression to the mean. The market overshoots to the upside and then when they correct, they overshoot to the down side. But the long-term trend is always positive.
Kenny also said, “You never count your money when your sittin’ at the table.” Given Mr. Market’s current mood, the only way active index investors can take advantage of his next mood swing is to have dry powder.
I have NOTHING further to say.
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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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