CBL adds Von Maur at Wisconsin mall
CBL Properties has added a Von Maur department store to its West Towne Mall in Madison, Wisconsin.
“It’s truly a special day for us to celebrate the highly anticipated opening of the new Von Maur at West Towne Mall,” Stephen Lebovitz, chief executive officer of Chattanooga-based shopping center company CBL said in statement. “The addition of Von Maur speaks to the dominant position West Towne holds in the market and is sure to propel the property to even greater heights. We are excited to welcome such a premier retailer to the wide range of uses already available at West Towne Mall.”
The more than 82,000-square-foot store opened in the former Boston Store location and is one of only two department store openings in the country this year, according to CBL.
Von Maur was founded 145 years ago in downtown Davenport, Iowa, and is known for its selection of brand names and specialty apparel, shoes, accessories and gifts, CBL said.
New Balance to build Tennessee warehouse
One of the world’s biggest athletic shoe and apparel makers plans to build a 350,000-square-foot distribution center in Tennessee to support its growing online sales of footwear and other athletic accessories.
New Balance Athletics, the Boston-based shoe and apparel maker that generated more than $4.4 billion of revenue last year, announced Tuesday that it will invest $68.5 million to establish a new distribution center in Lebanon, Tennessee, by next summer.
Located in the Speedway Industrial Park, New Balance will create more than 150 new jobs in Wilson County, which will support a portion of the company’s digital commerce business for footwear, apparel and accessories as well as service its wholesale and retail operations for its apparel business.
“This new state-of-the-art facility will ensure we can continue to provide world-class customer service and achieve our strategic growth goals,” Dave Wheeler, chief operating officer of New Balance, said in an announcement of the new project Tuesday.
Founded in 1906, the privately owned New Balance is a global athletic footwear and apparel leader with more than 7,000 employees around the world.
“Tennessee’s central location and highly skilled workforce provide companies like New Balance with the advantages they need to succeed, and I look forward to building a partnership with the company in the years ahead,” Tennessee Gov. Bill Lee said in a statement about the new investment.
Final 2022 Basecamp features yoga, artists
The last Basecamp of 2022 takes place Wednesday, and the free community event will feature yoga and local artists in addition to co-working, coffee, lunch and happy hour networking.
From 9 a.m. to 1 p.m. at Miller Plaza/Waterhouse Pavilion, attendees can hear from speakers and engage with local artists to create poetry and works of art. Artists at the event will include Meredith Garrett (also known as River City Street Poet) and Josiah Golson, along with crafts from the Chattanooga Public Library, and presentations by ArtsBuild, Hip Hop CHA and 1 Million Cups.
The co-working event, hosted by The Enterprise Center and The Company Lab, begins at 9 a.m. at Waterhouse Pavilion, and ends with happy hour and networking from 5-7 p.m. at The Moxy.
J&J sales rise, but strong U.S. dollar limits outlook
Johnson & Johnson topped third-quarter expectations thanks to growth in pharmaceutical sales, but the health care giant continued to tread cautiously with its outlook due to the strong dollar.
J&J on Tuesday stuck to the midpoint of its 2022 forecast after lowering expectations the previous two quarters due to the effect of currency exchanges. The company now expects adjusted earnings to range between $10.02 and $10.07 per share.
That’s a narrower forecast than the $10-to-$10.10 range the company predicted in July.
For the full year, analysts expect, on average, earnings of $10.07 per share, according to FactSet.
J&J brings in nearly half of its sales from outside the United States. A strong U.S. dollar, which is now worth more than a euro for the first time in 20 years, can affect sales for companies that do a lot of international business.
They have to convert those sales into dollars when they report earnings. The stronger dollar decreases the value of those sales. It also gives foreign products a price edge in the United States.
In the third quarter, J&J’s profit climbed 22% to $4.46 billion. Revenue rose 2% to $23.79 billion, and adjusted earnings totaled $2.55 per share.
— Compiled by Dave Flessner