When it comes to the escalation of minimum wage in New York,
Ripley is a good case study to begin.
There, a gradual increase has been taking place since 2013 when it began
at . $7.25 per hour. Today, that figure is up to $11.10. It is due to reach $12.50 by next year. For those working in the fast-food industry
it is even higher, having already reached $12.75.
While wages in the hospitality industry in New York’s border
counties are increasing, according to findings from the
Federal Reserve Bank of New York, this did not impact general employment
In addition, there were increases in hourly wages in the
southern counties of New York, in particular for the lower earners. According to the National Employment Law
Project between 2014 and 2018 there was an average of 6.6 percent increase in
Earlier this year The Bank of America increased its minimum
hourly wage from $15 to $17. The plan is that this figure will further jump to
$20 by the end of Q1 2020.
WeWork is in trouble in New York. Its Dock 72 space – spanning 220,000 square
feet – seems more like a ghost town than a buzzing networking shared workspace.
While it all seemed to be exciting when it opened – and then a few days
following that – that has substantially died down ever since.
Most of the private offices at WeWork
are vacant with WeWork claiming 30 percent occupancy. According to a recent NYTimes article written by David Trainer:
“If the economy stays strong over the next year, it’s possible WeWork could make progress towards profitability. However, it wouldn’t change the fundamental weakness of the business. The company’s strategy of taking on long-term lease obligations and then subleasing for 1-2 years leaves it vulnerable to an economic downturn and falling real estate prices.”
Attempts are however, being made to
save it. SoftBank has agreed to take over
control and make some mega investments, on top of the $9bn it already has. It
is aiming to decelerate its expansion pace, renovate, focus on its primary
markets and more.
But perhaps WeWork is no long “WeWorking.” Perhaps there has been a complete overhaul in attitudes to how we work. That’s what German entrepreneur Lasse Rheingans might have us believe. His idea was recently reported on in a WSJ article, which he is putting in practice in his tech start up firm. He is developing a five-hour workday for employees to arrive at 8am and leave at 1pm at which point they are not expected to do any work until the next morning. BUT, while at the office, the phones must be left in their bags and use of social media is forbidden. Meetings are limited to 15 minutes or less and work emails are only checked twice a day!
WeWork’s mission is to: “create a
world where people work to make a life, not just a living,” but perhaps today
Rheingans has a more practical way of arriving at this goal.
7-Eleven Inc. – the multi-million dollar corporation boasting $782 million in revenue last year – has a humble history. Starting in 1927 John Jefferson Green began selling bread and milk convenience products in ice-house storefronts. Today there are 68,236 stores worldwide.
New York City 7-Eleven stores are now offering something extra. A new feature with its mobile app. Customers who have the store’s rewards program will be able to scan product barcodes, pay using a stored card/mobile-payment service and also scan a confirmation code post-purchase. In other words NYC customers will be able to pay for their items from their phone, bypassing the checkout line completely. Any promotions will be automatically featured in. According to 7-Eleven Chief Digital, Information and Marketing Officer, Gurmeet Singh:
“More people are on the go and looking for faster, easier ways to shop than ever before. 7-Eleven continues to redefine convenience with frictionless experiences like Mobile Checkout. Our customers use their smartphone for all kinds of activities that save them precious time. Now with the Mobile Checkout feature, customers can control their entire 7-Eleven shopping experience. Not only that, but customers can earn and redeem points on a variety of products when using Mobile Checkout. Customers are given lots of options when they walk into a 7-Eleven store, from product assortment and customization all the way to payment methods. Mobile Checkout is just one more way we can make someone’s day a little easier and give 7-Eleven customers a convenient checkout alternative to waiting in line during a store’s busiest times of day. It’s another reason to say, ‘Oh thank heaven for 7-Eleven.'”
Perhaps after last month’s news of what 7-Eleven Inc. did for a new baby, it’s not surprising the company is so successful. J’Aime Brown was born on 7/11/19 (July 7), at 7: 11pm, weighing 7 pounds 11 ounces. Following the announcement of her birth, 7-Eleven pledged $7,111 toward a college fund for her as well as newborn goodies including special 7-Eleven Inc., onesies!
This month and next month there are a
variety of conferences and meet-ups in New York. Here we take a look at three of them:
On March 11th, starting at
8am and continuing until March 12th at 4.30pm, New York’s Grand
Hyatt will be home to the Local Online Advertising
Conference. Hosted by Borrell
Associates, a whole slew of industry leaders will come together at the largest gathering of local
digital media executives. Now in its 10th year, attendees will be
privy to top speakers tackle paramount trends within the industry. Note: the conference is all about local, digital,
and advertising. Between 300 and 500 executives attend each year.
A week later
the Marriott, Brooklyn Bridge will open its doors to the Responsible
Business Summit. With approximately 500 attendees, the two-day event from 18th-19th
March is now in its 7th year.
Speakers include: Assistant Secretary General UN Environment, Satya
Tripathi, Mayor of Philadelphia James F. Kennedy, CEO of LanzaTech Jennifer Holmgren,
President of the SASB Foundation Matthew Welch and more. Supplemental to the summit,
participants can take advantage of the Sunrise EC running club led by Ethical
Corporation MD Liam Dowd, a mingling of SDG-focused networking, whereby
attendees can share ideas, and the Start-up Showcase where one can benefit from
innovators to aid in the acceleration of goals and ambitions.
Next month The Spring Investor Summit arrives in New
York between April 1 and 2. This event facilitates
the networking of small and microcap firms with high-level, institutional and
retail investors. Set in the stunning Essex House, participants can enjoy the
conference while looking out at New York’s Central Park! Hailed as “the fastest
growing investor conference in the country,” its goal is “to highlight the most
compelling publicly traded companies under $5 billion in market cap across all
sectors.” 200 companies will present;
1,200 institutional and retail investors will be present and 2,000 one-on-one
meetings will be held.
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).