Thursday, December 9, 2010

Wal-Mart finds site for first small-box store in Chicago

According to an article on ChicagoRealEstateDaily.com, Wal-Mart Stores Inc. has found a site for its first small-box store in Chicago, with a deal to lease about 30,000 square feet in a three-level retail center in the Lakeview neighborhood.

The article reports that Wal-Mart has signed a letter of intent to lease space in a retail building known as Broadway at Surf, at 2840 N. Broadway. The building is 12 years old and currently houses a T. J. Maxx, a Bed Bath & Beyond and a Cost plus World Market.

The North Side store, which would be a Neighborhood Market focusing on groceries, also would be Wal-Mart's first in an affluent neighborhood in the city. It also would be among the several dozen outlets Wal-Mart has said it plans to open in Chicago over the next five years after emerging from a bruising battle with local unions and Chicago aldermen over employee wages.

Read more: http://www.chicagorealestatedaily.com/article/20101209/CRED03/101209867/wal-mart-finds-site-for-first-north-side-store#ixzz17dgn8cWT

Wednesday, December 8, 2010

Fortune Brands to Split into 3 Companies

Fortune Brands, a consumer products company based in Deerfield, Illinois, has announced today that it plans to split into three separate companies. Fortune Brands said it will focus on its spirits business which generates annual revenue of $2.5 billion and includes brands such as Jim Beam bourbon, Canadian Club and Maker's Mark.

The home and security business, which includes well-known brands such as Moen faucets, Master Locks and MasterBrand cabinets, will be spun off on a tax-free basis to shareholders.

The golf business, which features brands such as Titleist golf balls and FootJoy golf shoes and gloves, will be either spun off or sold.

The company said the plan is the result of its ongoing strategic review over the past four years and is expected to be completed within several months. The separation is subject to various conditions including regulatory approvals.

Tuesday, November 23, 2010

Groupon Sues Competitor MobGob in Federal Court in Chicago

Chicago-based Groupon Inc., which offers daily group purchasing deals in more than 300 U.S. and international cities, filed a suit against Los Angeles-based MobGob LLC on Thursday in U.S. District Court in Chicago.  The suit claims that MobGob violates a patent issued to Groupon in 2001 for an online marketing system and method.
Groupon employs a system that offers its members one discount a day, and is triggered only if a pre-determined number of members accept the deal.  MobGob allows a business to offer an item for a set price and determine how many people have to accept that offer within a particular period of time before the deal is executed for everyone.
Groupon's complaint asks for compensatory damages equivalent to a "reasonable royalty." 

Thursday, October 14, 2010

Big Companies Invest in Startups

In an article entitled "Companies feeling venturesome again," Crain's Chicago Business reports that large companies such as Chicago's Tribune Co. and Playboy Enterprises are on the lookout to invest in small companies to fuel their own future growth. The article reports that Motorola has announced five investments so far this year as part of the company's ongoing search for new technologies.

According to the National Venture Capital Association, corporate investments in the United States in the first half of this year grew to 9% of the $12 billion in venture capital invested, the highest level since 2002. 

Wednesday, October 13, 2010

Trump Tower to Open Furnished Models

According to an article in the Chicago Tribune, with one-third of its units unsold and the real estate market still suffering, Trump International Hotel & Tower wants to show potential buyers not just where they can live, but how.

The 92-story skyscraper, which includes one of the newest luxury hotels in Chicago, sits on the bank of the Chicago River, just off the Magnificent Mile.  The Tribune reports that the Trump Organization is finalizing plans to turn five of its unsold condominiums in into furnished models. The move signals a change in the company's marketing strategy for the tower. Until now, the company has concentrated on drawing buyers to the Trump brand and panoramic views of Chicago.

According to the Tribune, each of the five furnished models are designed to reach a different demographic. A 2,000-square-foot, $2 million unit on the 34th floor with sweeping views of the Loop and Lake Michigan will be aimed at a slightly older, more established couple with grown children who like to visit. Other units, varying in size, will be designed and furnished to capture the attention of conservative, slightly older women; wealthier established bachelors; single professional women; and those who prefer an urban yet rustic lifestyle.

"We're sitting here with this real estate built in a climate where nothing is getting built. We want to maximize that," said Ivanka Trump, executive vice president of development at The Trump Organization. "People are getting off the fence. The gives us the ability to tell the story of the success of the hotel, as well as what lifestyles we perceive for this building."

To read the entire article, click here.