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Biz Buzz
A Weblog dedicated to what's happening in Lincoln's business scene.

07/15/08

Permalink 03:06:18 pm, Categories: Biz Buzz by Matt Olberding

Starbucks update (updated)

Full list of closings is out and no Lincoln stores are on the list. Seven in Nebraska are being closed: two in Omaha, two in Papillion, one in Bellevue, one in Fremont and one in Kearney.

Starbucks drinkers rejoice!

07/14/08

Permalink 03:04:59 pm, Categories: Biz Buzz by Matt Olberding

Old Hy-Vee (updated)

Looks like Hy-Vee will finally start doing some work on the smaller-format store it plans at 48th and Leighton.

The company filed a $500,000 building permit with the city Monday. However, Hy-Vee still hasn't released any information beyond the general nuts and bolts it gave out at a press conference a few weeks ago.

I spoke to one of the company's communications people today (Tuesday) and she said there is no name yet and she wasn't aware of any other new details. However, she said she had put in a call to someone who might have more knowledge of the project and would get back to me if she learned anything new.

Stay tuned for more info.

07/11/08

Permalink 12:27:46 pm, Categories: Biz Buzz by Matt Olberding

Steve & Barry's

Things don't look good for Steve & Barry's

You may have heard that the company finally filed for bankruptcy this week. According to the bankruptcy documents, the company basically has no money on hand that somebody doesn't have a claim to. That means they would need permission from their creditors to keep operating or another creditor to step forward to loan them some money.

According to the documents, lenders want the company to find a buyer by the end of the month or they will force it to liquidate its assets. According to the Chicago Tribune, there are rumors flying that Sears may consider buying the company.

Interesting tidbit from the bankruptcy documents: Steve & Barry's owes about $812,000 to Westfield Group, which owns Gateway. According to Westfield's Web site, only 11 of their U.S. malls have a Steve & Barry's, so that's about $75,000 on average owed to each mall.

I'm actually a Steve & Barry's fan, so I hope it doesn't close. I had an anonymous caller tell me the other day that the La Vista Steve & Barry's is the best-performing store in the chain and Lincoln is No. 2. Don't know how reliable that is, but, regardless, loss of that store would be a huge blow to Gateway.

07/08/08

Permalink 03:52:24 pm, Categories: Biz Buzz by Matt Olberding

DaVinci's at 66th and O

Is moving, according to an ad on a national real estate Web site.

The ad doesn't say where it's moving to. According to the daVinci's Web site, they've been at that site since 1991. Seems like a pretty good location right between Gateway and East Park. Don't know why they would want to move. But I'll try to find out.

If you want to buy it, you'll need $495,000. Here's the link

Sorry it's been so long since the last post on here. Blame it on the long weekend and the fact that I've been busy chasing down the stories that matter, like ex-Huskers buying expensive homes:)

07/02/08

Permalink 10:35:03 am, Categories: Biz Buzz by Matt Olberding

Starbucks closings

Though Starbucks is not giving out specific locations of where it is closing stores, it did say most of the 600 stores are underperforming ones that have opened since 2006.

By my reckoning that could put two in Lincoln at risk. Both the one at 33rd and O and the one in the Super Target at 40th and Yankee Hill have opened within the past two years. And I've never seen either one busy. I don't go by 33rd and O often, but when I do that parking lot always seems empty, although I'll admit I rarely go by there early in the morning.

As for the Super Target one, the store is always dead when I'm in there, so, by extension the Starbucks is too.

Starbucks also said yesterday it's going to slow down its expansion plans as well, so that may mean Starbucks that had once been mentioned as possibilities for 10th and Van Dorn and 15th and South may not materialize.

07/01/08

Permalink 11:00:14 am, Categories: Biz Buzz by Matt Olberding

Texas Roadhouse opening

For all you casual dining fans, the Texas Roadhouse officially opens at 4 p.m. on July 14.

Next week, National Guard soldiers will get to sample the fare early as the restaurant uses them as guinea pigs while it trains the staff. Texas Roadhouse is also hosting invitation-only fundraising events on July 11 and 12 to benefit the Nebraska Children's Home.

The company says it's going to employ 145 people; I realize the vast majority will be part time, but that still sounds like a lot for a place that's only open six hours a day during the week.

Texas Roadhouse will be located in the Apple's Way development at 63rd and Nebraska 2, near Lowe's.

06/27/08

Permalink 03:58:50 pm, Categories: Biz Buzz by Matt Olberding

Downtown eating & drinking news

Just a few tidbits I've picked up in the past few days:

Marz plans to build a sidewalk cafe, but Holyland Cuisine has apparently put theirs on hold.

Got some info on Sidewinders; it will apparently be a music venue featuring country, rock and blues. However, I don't know when they will open because they've been having trouble getting a liquor license. City Council denied their first attempt because the person they proposed as manager had a criminal record.

And Rojo's Goods, the new Bodega in the Haymarket, apparently is going to have some grocery-type items such as bread and milk.

06/26/08

Permalink 03:36:44 pm, Categories: Biz Buzz by Matt Olberding

More Antelope Valley developments

I'm not advocating Antelope Valley or defending the city, but the plans appear to be bearing some fruit.

I wrote last week about Assurity and its new headquarters that will go at 19th and Q. Tom Henning, the company's president, estimated about $32 million from Assurity and $6 million in TIF from the city. But a redevelopment plan filed with the Planning Department is estimating $62 million being spent on that project, although it includes a parking garage. The document also lists a second phase with mixed-use commercial development that could cost anywhere from $10 million to $35 million. Pretty impressive numbers.

A little farther to the south, there are two new projects going forward three blocks apart on Capital Parkway.

Whitehead Oil is reviving a plan that was vetoed by Mayor Seng more than two years ago to put a U-Stop and fast-food restaurant on a vacant lot at 21st and K.

A little farther to the west, Kaplan University has plans to tear down an old dorm and build a new building that will double its classroom space. It also has plans for some new parking lots. In an application document, an attorney for the school specifically cites the Antelope Valley project as a reason for the expansion.

Those two projects are in addition to a proposed office and banquet hall at 19th and Capital Parkway.

06/25/08

Permalink 01:07:10 pm, Categories: Biz Buzz by Matt Olberding

More bad news for Gateway?

The Wall Street Journal, citing anonymous sources, reported last week that Steve & Barry's is on the brink of bankruptcy. The newspaper said that if the chain can't scare up an additional $30 million soon, it could go out of business.

Apparently the stores aren't very profitable and the company had relied on big payments from malls that were desperate to replace anchor stores that had left. If you'll remember, Steve & Barry's took over the old Montgomery Ward space at Gateway after it went out of business.

Losing Steve & Barry's would a big hit for Gateway, which has lost several smaller shops over the past year.

There is also apparently a rumor going around that another of Gateway's anchor stores could be looking at leaving the mall. Since I don't have reliable information, I'm not going to say who it is, though.

06/23/08

Permalink 11:07:53 am, Categories: Biz Buzz by Matt Olberding

Own your own food court

The demolition and redevelopment of the Rosewood Inn isn't the only potential economic opportunity out by the airport.

The Great Scott's food court is for sale. For only $1 million, you can own the building and the existing franchises, which include Quizno's and Baskin Robbins.

The listing says the food court's "full potential not currently realized." Really? You wouldn't have known that by the empty parking lot.

I'm really surprised that place has stayed in business for as long as it has. It has a seating capacity of 100, but I've never seen more than a handful of cars in the parking lot.

Anyway, if you're interested in buying, here's the listing.

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