for clothing has never been easier or more choice-oriented. Do you want to actually go into a real store,
or would you like to browse various outfits from the comfort of your couch? In other words, if you’re in New York (or
other fashion capitals around the world) what is your preference: online or inhouse?
American clothing purchases are on the increase (27% in 2018 compared to
20.7% in 2015), these figures still suggest people are choosing to go into a
store and try on the clothing. It seems
that figures are increasing but that people still want to actually put
on a piece of clothing to see how it looks and feels.
where is New York in all of this? Well, Black
Friday figures for 2018 instore sales dropped by 7 percent with online sales
increasing by 24 percent. Still,
evidence is showing that both options are attractive to shoppers and for
different reasons. Therefore, the ultimate answer might be just that; to keep both online and instore
clothing stores stocked. In New York
some stores are getting their heads around that concept.
example of this is direct-to-consumer brand Wardrobe NYC. Originally launched in
2017 exclusively as an online store, the luxury clothing store founded by
Christine Centenera and Josh Goot just opened a pop-up in Soho. Its plan is to
remain open temporarily – just until March 24 – and will offer customers all
three of the brand’s existing collections: Tailored, Sport and Street. The concept behind the firm’s anti-fast
fashion brand is the production, manufacture
and sale of apparel in a streamlined way to simplify choosing everyday
A look at the success of Peter Luger’s steakhouse – a restaurant that has been thriving in Brooklyn, NY for over 130 years. Described as the “quintessential, old school NYC steakhouse experience.” According to the eatery’s VP, David Berson promote “simple goodness” family owned business is one of the few Michelin starred restaurants in the city and has made Zagat’s list of Top Restaurants for over 30 years.
New York is a hub for business
transactions. Here we take a look at
three recent ones.
The Parker New
York has been acquired by GFI Capital
Resources Group and Elliot Management Corporation affiliates. $100m+
has been committed by these companies for renovation purposes. With this money residential condo units will
be incorporated into the premises.
Thomas Juul-Hansen is leading the design team.
The Little Rock Sedgwick Building
has been purchased for $4.5m by New York’s Woodmont Hardin. Located at 400 Hard Road, it has nearly
50,000 square feet office space capacity.
It is being sold by Responsive Education Solutions.
A new position if 764,359 shares of Avanos
Medical Inc has been purchased by Bank of New York Mellon Corp in the third
quarter. This has been valued at
approximately $52,359,000. Other shares were purchased by Bollard Group
LLC (valued at $100,000); Whittier Trust Co (valued at $110,000) and Public
Employees Retirement System of Ohio (valued at $136,000).
2019 marked the implementation
of NYC’s minimum wage increase to $15 per hour.
Any place of work that has 10 members of staff or more, has to pay them
at least $15 per hour. NYC will be the
43rd state to raise the minimum wage legally like this. In this
article, we look at the impacts of that.
the first US city that is implementing minimum wage for ride-sharing driver
employees is NYC. A requirement has been
passed by NYC’s Taxi and Limousine Commission for “high volume” drivers of such
vehicles to be entitled to $17.22 after expenses which would result in
an approximate $10,000 annual raise.
theory it’s great according to bakery boss Amy Scherber who has a 210-person
staff throughout seven bakeries in NYC:
“It is a very
tricky and delicate situation. We’d love
to give a good raise to every person, but the reality is there’s just not that
much extra money around.” Plus there is
the added complication of needing to give raises to those employees who were
already making $15 before 2019. You
can’t just “raise the bottom rung.”
So how is the
raised minimum wage likely to help?
Well, according to a recent
New York Times article, $70,000 is required per year for a
two-parent, two-kid family to look in Brooklyn. This is assuming both parents
are making $16 an hour. As such, $15 per
hour is still not going to cut it.
Last month it was announced that NYC Health
+ Hospitals/Metropolitan will receive a capital investment of $52 million.
The money will be put toward enhancing infrastructure there. This includes: automatic fire sprinkler upgrade; new, safer
patient-accessible windows; emergency power system; roof replacement. Cooling
towers and the Medium Pressure Steam Condensate System unit will also be
replaced. According to Mayor Bill de Blasio:
“We are proud to have the largest public hospital system in the nation. NYC Heath + Hospitals/Metropolitan has been a mainstay in this community for decades, and this investment will help the hospital get the upgrades needed to continue serving the community.”
It is hoped that all parts of the project will be
completed by 2021.
Over in Hudson Square, watch out for more mega
infrastructure, this time from Google. The plan is to build a 1.7+ million
sq.ft campus there spanning 315 and 345 Hudson Street and 550 Washington Street
for a $1 billion price tag. It will be
called Google Hudson Square. CEO and President of Partnership for New York
City, Kathryn Wylde said
“It’s likely that we’ll not only compete with but surpass Silicon Valley because we literally don’t just have a tech industry, we’ve got technology transforming all our major industries.”
This is especially the case with the addition of Amazon
HQ2 in the area.
The New York Federal Reserve houses the world’s largest
amount of gold in its vault. In that
Wall Street building, there is a staggering 6,194 tons of gold. That amounts to 496,950 bars worth of
hundreds of billions of gold.
New York transit system has been in need of an overhaul for some time now. to fix it however, the Metropolitan
Transportation Authority (MTA) is short of around $60 billion. that figure is actually twice of its current
capital plan and so the question becomes what will happen with the much-needed
commission has been set up to take this to the next level. chaired by head
of the business-backed Partnership for New York City, Kathryn Wylde, the group
commissioned a report that – surprise, surprise – requested more revenue. Most of the commissioners (who also include
former City Council speaker Melissa Mark-Vierito), suggested a kind of toll to
be applied to truck and car drivers going into Manhattan below 60th
Street causing congestion. this would
actually raise $1b+ annually.
Although this situation is hardly new. going back a decade ago now, a 2008
commission was set up that recommended MTA funding sources. that resulted in the 2009 payroll tax. since then 10 percent of MTA’s $16.7 billion
budget comes from New York downstate employees indirect tax.
So what is new? The
most recent report gave a whole slew of suggestions, one of which was to “acknowledge
that the M.T.A. construct has failed and call for its dissolution.” should that not be acceptable, another way to
increase efficiency that was suggested was to hire an independent auditor to
investigate capital costs of the MTA and thereafter reform its methods and
streamline how orders are changed during the construction process. in addition, there is a lot of money lost in
fare evasion each year. stamp down on
that and you’ve gotten yourself $125
million extra annually.
These are just some of the 37 suggestions featured in the
report. It’s definitely worth a try.
The No Barriers summit was held in New
York City on October 5th and 6th. This inspirational event is for everyone no
matter what they are facing so that they can “unleash their potential.” As Co-founder Erik Weihenmaker said:
“I think the culmination of our journey is not when we stand on top of our summits pounding our chest saying look at me. I think the real culmination is when we come down the mountain and we take the gifts that we have earned and we use them to motivate our lives and our communities and our families…and the world. That’s just the beginning…most importantly we do it to celebrate this life that we call No Barriers.”
In this video, you can get just a small feel for what transpired there.
5th Avenue in Park Slope was just recognized for its incredible contribution to the world of shopping. The question really that should be asked however, is, is it really any surprise? with its wide array of offerings from sex stores to superhero supply companies; community bookstore and women’s fashion, it makes sense that it was recently lauded for being “one of the country’s best small business shopping districts.”
What do the vendors in the area put
this down to? Mom and Pop stores which
foster relationships. One example where
this is key on 5th Avenue is the Good Wine shop. According to Heather Johnston, vlogger with
So Good: Food and Wine it’s a family affair with the kids sitting around and
drawing, and the parents shopping; something they all love.
One small business owner, Sam Tse
“I think the dynamics of the neighborhood are changing right now, and in order to keep us here, everyone should support our small businesses. Because otherwise, we are going to get replaced by the more commercial stores, and you’re not going to see small businesses around anymore.”
Happening today, is a discussion held by executive management at South State Corporation (SSB). Entitled Investor Day, this event – starting at 11am – will center around corporate strategies of the corporation as well as their financial performance. It will provide a good insight for institutional investors. While the actual event is invitation only, others can pick it up live via the website or 1-409-217-8783/ toll free 1-866-688-2179 (conference ID: #3473637).
The focus is guidance for investors, analyzing risk and minimizing uncertainties and flux. Certain factors – market conditions, expectations, timing, and more related to these conditions, business plan executions, geopolitical developments, natural disasters and more – can and do regularly impact the change in results from those that are predicted. As such, the SSB has an obligation disclaimer on updating of statements.
Another conference happening today is hosted by next-generation networking solutions company ADTRAN. Now in its 5th year, the annual Cowen and Company Networking & Cybersecurity Summit is also happening today in New York. Starting at 8am, the event takes place at Lotte New York Palace. Items discussed are similar to those above and include: risks and uncertainties; fiscal situation; results of operation, and more.