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Memphis as Usual: Damned if we don't do something

Memphis Business Journal - 2 hours 55 min ago
I know it’s bad. The economic inequity between white and Black people in Memphis. The disparity in what achievement looks like for a white-owned business versus a Black-owned business. The everyday gap in earnings between white employees and Black employees. How wealth is created and accumulates to benefit future generations at far different rates and degrees. If you’re white, like me, you’re certain it’s bad even before you look. You just feel it. The playing field is not level between…

Black-owned businesses in Memphis: Separate and unequal

Memphis Business Journal - 2 hours 58 min ago
In the July 3 cover story, MBJ takes an in-depth look at the state of Black-owned businesses in Memphis. More data and profiles will be published in the coming days.

Here's how the owner of Oak Court sees the future of malls

Memphis Business Journal - 3 hours 2 min ago
When Lou Conforti wants to make a point, he doesn't hold his tongue.

Walmart Labs leases large block of space in Northern Virginia

Memphis Business Journal - 3 hours 11 min ago
Walmart Labs plans to establish a new technology center in a freshly renovated office building near the Herndon Metro Station in Northern Virginia, according to two sources familiar with the deal, further bolstering the region's status as a tech hub. The retail giant's technology arm has leased all of 2245 Monroe St., a roughly 162,300 square-foot building owned by an affiliate of Barings Real Estate, according to the sources, who were not authorized to comment on the lease. The lease is a big win…

U of M expects budget shortfall of $17M for next fiscal year

Memphis Business Journal - 3 hours 19 min ago
As the summer progresses, the University of Memphis looks to the fall with hope — and an acknowledgement of uncertainty. On June 19, the Tennessee Higher Education Commission (THEC) passed a revised budget for the 2020-2021 fiscal year, which determines the state funding U of M will receive. The good news, for the institution, is that it’s set to get the $32.9 million it wanted for the new STEM building, and it won’t see any additional reduction in formula funding. But, capital maintenance…

What Whataburger's Tennessee expansion could mean for Memphis

Memphis Business Journal - 5 hours 3 min ago
Did you hear the news? Whataburger is looking to expand into Tennessee, according to a story in the San Antonio Business Journal — MBJ's sister publication. From the June 30 story: "James Turcotte, SVP of real estate for the San Antonio-based burger chain, said that the company is examining the Kansas City market for its next phase of expansion, following rumors that swirled last week. He also said the chain is exploring opening locations in Tennessee and other eastern markets, especially the…

First Horizon and IberiaBank complete massive merger-of-equals

Memphis Business Journal - 6 hours 35 min ago
After months of anticipation, forms, and filings, two financial institutions have brought their assets together and officially become one. On July 2, First Horizon and IberiaBank announced the completion of their massive merger-of-equals. The new institution will have $79 billion in assets, $60 billion in deposits, and $58 billion in loans. It will be headquartered in Memphis, with a regional banking business headquarters in New Orleans. Once the systems conversion and integration is completed…

Girls Who Mean Business Class of 2020: Crosstown, Hollis F. Price, Hutchison, White Station

Memphis Business Journal - 7 hours 54 min ago
Meet four of MBJ's Girls Who Mean Business Class of 2020: Exceptional students from Crosstown High, Hollis F. Price Middle College High School, Hutchison School, White Station High School.

SugaShack channels its inner soul with new Beale Street location

Memphis Business Journal - 8 hours 29 min ago
"I think the soul food element and the soul music element kind of gives you that whole thing — one place, a one-stop shop for soul music and soul food. We want to give them an authentic soul experience," said Larry Springfield owner of SugaShack.

South of Beale takes interim tag off East Memphis location

Memphis Business Journal - 8 hours 30 min ago
South of Beale will take the interim tag off its East Memphis outpost, which it has operated during the pandemic. The temporary location, in the Interim restaurant space at 5040 Sanderlin Ave., will remain South of Beale permanently. The restaurant has used using the Interim space as a delivery hub for South of Beale since April. Its new, official name: SOBeast. South of Beale's owners Ed and Brittany Cabigao bought Interim, along with Tony Westmoreland and Nick Scott, in 2017. The Cabigaos eventually…

Construction: Building permit pulled for medical technology facility

Memphis Business Journal - 8 hours 31 min ago
A building permit valued at $627,000 was filed June 30 for work at a medical technology facility in southeast Memphis. The permit listed Exel Inc. as the owner and tenant at the 6200 Global Drive site, near State Line Road. The description on the permit stated it was for new office space and a climate controlled storage area in the breakroom. Massachusetts-based Exel, dba DHL Supply Chain, received a seven-year expansion PILOT (payment-in-lieu-of-taxes) in April from the Economic Development Growth…

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