|
Welcome back to Bluff City Biz, where every Monday we speak with someone in the know about our top stories from the previous week. Follow along for insight into key developments and analysis of all things Memphis business.
This week, we’re joined by John Threadgill, president of the Bartlett Chamber of Commerce.
As world uses ‘power of the marketplace’ against Russia, local companies could be impacted as well
 FedEx first announced in February it was suspending services in Ukraine following Russia’s invasion, citing at the time concern for the safety of its team members. (Courtesy FedEx)
As of Monday, March 14, more than 350 companies around the world have halted operations in Russia over its invasion of Ukraine, according to a list updated daily by Jeffrey Sonnenfeld and his research team at the Yale Chief Executive Leadership Institute.
FedEx first announced in February it was suspending services in Ukraine following Russia’s invasion, citing concern for the safety of its team members.
“Something to remember about international business is that there’s always risk involved,” Threadgill said. “The world is not stable, and Russia has always been one of those markets where you don’t always know what’s going to happen.”
Sylvamo Inc. announced Monday, March 7, it would begin suspension of its operations in Russia, and International Paper announced Friday, March 11, it is considering selling its 50% ownership interest in a Russian forest products company.
“I would suspect that most of the companies that entered into the Russian market either had a contingency plan, or they went into that market knowing they were taking risk,” Threadgill said.
Megasite Authority approves site plan for Blue Oval City
 Local and state dignitaries joined representatives of SK Innovation and Ford Motor Co. at the press conference at Shelby Farms on Sept. 28, 2021, announcing Blue Oval City. (Ziggy Mack/Daily Memphian file)
A decision last week from the Megasite Authority of West Tennessee put Ford Motor Co. one step closer to starting work on its planned $5.6 billion electric vehicle plant in Haywood County.
The board of directors voted Thursday, March 10, to approve the site plan for Blue Oval City, which will include one factory to manufacture the all-electric F-150 Lightning truck and another, from South Korea-based SK Innovation, to manufacture the truck’s battery.
Now, Ford just needs to obtain a final environmental permit before it can start moving dirt at the Megasite.
But, as Threadgill discussed in another story published by The Daily Memphian, concern remains about whether Shelby County is prepared to capitalize on Ford’s planned investment.
“We’re not ready at all,” Threadgill said of Shelby County. “We’re not ready for the suppliers, and we’re not ready for the housing boom that’s going to occur.
“This county has great potential, but we have to take advantage of it,” Threadgill said.
More Bluff City Biz
 Carmeon Hamilton (left), owner of Nubi Interiors and star of HGTV’s “Reno my Rental,” addresses the audience during The Daily Memphian’s Women and Business seminar at the Memphis Botanic Garden on March 3. She was joined on the panel by Martha Hample (middle) and Vonesha Mitchell. (Brad Vest/Special to the Daily Memphian)
Martha Hample, Carmeon Hamilton and Vonesha Mitchell shared stories of their professional challenges and successes at The Daily Memphian’s Women and Business seminar.
“This business depends on the walking traffic,” said owner Rida AbuZaineh. “It’s like walking on the beach, where there is ice cream.”
Aaron Stewart, TVA regional development specialist for West Tennessee, recently outlined the process involved with TVA’s recruitment of businesses. As an example, Stewart focused on Ford’s Blue Oval City at the Megasite of West Tennessee.
 Sugar Creek Senior Living dedicated their annual calendar to Ford Motor Co. in honor of Blue Oval City. (Courtesy Sugar Creek Senior Living)
“They know that Ford will change our town,” said Diane Hooper, executive director of Sugar Creek. “But I think they’re very excited for future generations and what this is going to mean for our county.”
The CCRFC approved a six-month extension for the second phase of the $205M Snuff District development project. The first phase is expected to finish by fall 2022.
The Memphis area saw a 15.5% increase in average sales price last month compared to a year ago, and Whitehaven’s increase was 80%.
 Don’t know the DMC from the MLC, or the CCRFC from the CBID? Here’s a handy guide to Memphis area organizations and acronyms. (The Daily Memphian file)
As commercial real estate development continues to be red hot throughout Memphis and Shelby County, it’s easy to be confused by some of the jargon surrounding this economic development.
“We want it to be inviting,” Jack Dawson of LPI Memphis said of the former home of Bari Ristorante e Enoteca. “This is the entrance to the space. It needs to be worthy of that sort of greeting.”
As it fights to save its Memphis power contract, the Tennessee Valley Authority is irritating critics by an alleged lack of transparency that includes withholding the salary of its West Region vice president Mark Yates.
 Kontji Anthony gives a presentation at The Daily Memphian’s 2020 Women in Business Seminar at the Memphis Brooks Museum of Art on Feb. 20, 2020.(Patrick Lantrip/Daily Memphian file)
WMC-TV Action News 5 evening co-anchor Kontji Anthony announced in a March 7 letter that she will not renew her contract when it expires in April.
Junior Achievement of Memphis and the Mid-South built a city that models all the careers that students can aspire to have as adults, and they run the city during a five-hour simulation.
Deborah Waters Turner recently joined Agape Child and Family Services as the nonprofit’s new TeamWorks director.
..... |
