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The last of the "Bells" is gone and Cincinnati loses another public company. Where on earth will job growth come from in Cincinnati? 

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  • Sundance has also been inquiring into more than 1 building in OTR about buying a building to house their new headquarters.

  • ^ In aww of OTR because it's cute (awwwwww, look how cute), or in awe of it because it's awesome? lol

  • 646empire
    646empire

    General Electric will officially become GE Aviation and a Cincinnati based Fortune 500 company April 2nd.    https://www.investors.com/news/ge-stock-buy-2024-new-ge-aerospace/

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  • 2 months later...
  • 5 months later...

That's disappointing.  I think it's important to have at least a few cheap/fast food options downtown.  I went there a few times and it seems like they always had a decent crowd.

  • 2 months later...

American Financial Group is selling Great American Insurance to Mass Mutual.

 

Sources: https://www.bizjournals.com/cincinnati/news/2021/01/27/american-financial-sells-business-unit-for-35-bi.html

https://www.massmutual.com/about-us/news-and-press-releases/press-releases/2021/01/massmutual-to-acquire-great-american-life-insurance-company

 

According to the press release from Mass Mutual the Great American Insurance subsidiary will remain headquartered in Cincy.

 

AFG will be buying $500 million worth of real estate and real estate related partnerships from GALIC as part of the deal.

Since this is subscriber content, just want to clarify that AFG is selling their Life insurance (aka Annuity) business. Great American Insurance Property & Casualty remains. 

"It's just fate, as usual, keeping its bargain and screwing us in the fine print..." - John Crichton

  • 4 months later...

Bang for the buck: How public company CEOs' pay compares with performance

For the third time in four years, Medpace’s Dr. August Troendle heads our list of Cincinnati CEOs who delivered the best return on pay

 

Clinical research firm Medpace Holdings CEO Dr. August Troendle came out on top again in the Business Courier’s annual pay-for-performance ranking of company leaders providing shareholders with the best bang for the buck.

 

It’s a bittersweet honor for executives as it typically means that their pay didn’t keep pace with their company’s strong performance. Joseph Gardner of Aerpio Pharmaceuticals and Duane Hughes of electric vehicle maker Workhorse Group ranked second and third, respectively, because, like Troendle, they also received pay cuts in 2020 while their companies posted strong results.

 

Shareholders of those companies, led by Medpace, reaped the rewards as they got top-notch company performance while paying their CEOs low and declining compensation.

 

Cont.

"It's just fate, as usual, keeping its bargain and screwing us in the fine print..." - John Crichton

  • 3 months later...
On 1/28/2020 at 1:37 PM, taestell said:

A lot of companies are doing this now. Keep the back office functions in the smaller/cheaper market and move the executives and creatives to the big city where it's easier to attract that talent. Aaron Renn has been making this point for the last few years. One example he has mentioned is Anheuser-Busch, which is technically still based in St. Louis, but has now opened a Chicago office for their craft beer division (also partially due to their acquisition of Goose Island) and a New York office for sales, advertising, and marketing.

 

Somewhat similar situation as Luxottica plans to move its retail division from Mason to NYC.

  • 1 month later...


A little while back I read that the Aviation Division started moving teams to The Banks building, I’m wondering if that will be the HQ if they choose to make Cincinnati base. I hope the city, county and state are on the phone right now!

Edited by 646empire

Also Boston is on alert, hub is not HQ could be exciting for Cincy:

 

“Asked about the future of GE's Boston headquarters, a spokesperson said only that the region will remain an important hub for the company, considering it will want to hold onto corporate talent as it undergoes its transformation. GE currently has approximately 3,300 employees in Massachusetts, most of them at the aviation facility in Lynn.”

 

https://www.bizjournals.com/boston/news/2021/11/09/ge-to-split-into-three-companies-by-2024.html

 

 

My friends who work at GE say it's unclear if this is good news or bad news. Way too many variables still up in the air. I agree it could be good for Cincinnati, but there is no guarantee this turns out well for the City. 

1 minute ago, jwulsin said:

My friends who work at GE say it's unclear if this is good news or bad news. Way too many variables still up in the air. I agree it could be good for Cincinnati, but there is no guarantee this turns out well for the City. 


For Cincinnati this breakup will for good or bad involve the Global Operations Center at The Banks not Evendale. Evendale is a fortress that’s not going anywhere. This is about HQ designation and high paying office jobs for the new aviation company.

1 minute ago, 646empire said:


For Cincinnati this breakup will for good or bad involve the Global Operations Center at The Banks not Evendale. Evendale is a fortress that’s not going anywhere. This is about HQ designation and high paying office jobs for the new aviation company.

 

This is what my friend at GE Energy said as well. They said it was more about some stock, executive, and c-level ways to increase value in each division. I think we might see some office development out of it, but it wouldn't be until into the 2030s.

Inside Tire Discounters' aggressive plans to become king of the road

With 60 new stores on the slate for 2022 and plans to become a national retailer, here’s how downtown-based Tire Discounters has shifted into the fast lane.

 

Tire Discounters CEO Jamie Ward still remembers the day in 1995, right after he joined the firm, when founder Chip Wood shared his dream — to expand the company’s footprint to Columbus. The idea sounded … lofty.

 

“It was super-exciting,” said Ward, who initially joined the firm as an assistant manager and became CEO two years ago. “We were the little guys in Cincinnati.”

 

At the time, Tire Discounters had eight local stores and one extremely catchy radio jingle. (The commercial is still a mainstay on 700 WLW.) It would take 10 years and 32 more stores before Tire Discounters finally made good on Wood’s dream. But Columbus was just the beginning. The family-owned tire business that started as a single location on Wooster Pike has since exploded into 150 stores across seven states.

 

To hear them tell it, Wood and Ward are getting ready to smash the accelerator. They plan to add 60 stores in 2022, entering the Carolinas and Florida, and to build out operations elsewhere in the South. Their end game? To become a national firm.

 

Cont

"It's just fate, as usual, keeping its bargain and screwing us in the fine print..." - John Crichton

19 minutes ago, jwulsin said:

Meanwhile, the Carew Tower is facing a foreclosure lawsuit: https://www.bizjournals.com/cincinnati/news/2021/11/12/foreclosure-lawsuit-filed-against-carew-tower.html

 

The Carew Tower has so much potential... and it sounds like it is pending sale to a new owner, which I hope is a sign of better management in the future. 

 

Imagine if the lawsuit ends up allowing the building to be auctioned. Maybe we could pool enough money together to win the auction... I'm worried that this building is going to end up like the plaza hotel. I hear tenants are moving out of the building to adjacent buildings since the building hasn't had many improvements since it was built. 

13 minutes ago, RealAdamP said:

Imagine if the lawsuit ends up allowing the building to be auctioned. Maybe we could pool enough money together to win the auction... I'm worried that this building is going to end up like the plaza hotel. I hear tenants are moving out of the building to adjacent buildings since the building hasn't had many improvements since it was built. 

 

It's under agreement for sale. Tenants are being cleared out so the new owner can convert the upper floors into residential.

10 minutes ago, DEPACincy said:

 

It's under agreement for sale. Tenants are being cleared out so the new owner can convert the upper floors into residential.

 

Have not heard this yet. Exciting news. Was this reported somewhere?

24 minutes ago, Miami-Erie said:

 

Have not heard this yet. Exciting news. Was this reported somewhere?

https://www.bizjournals.com/cincinnati/news/2021/11/12/foreclosure-lawsuit-filed-against-carew-tower.html

Quote

 

According to the lawsuit, Carew Realty and Power owe more than $9.66 million in principal on the loan, more than $93,600 in accrued interest and late fees of nearly $3,600. First Financial Bank assigned the loan, which was originally made in September 2019, to Veles Partners on Oct. 7.

Last year, Power selected Tom Powers and the Capital Markets team at Cushman & Wakefield to market the office and retail portions of Carew Tower for sale. The property is currently under a purchase and sale agreement and the foreclosure lawsuit would not prohibit the sale from closing, according to a source with knowledge of the deal.

 

 

2 hours ago, DEPACincy said:

 

It's under agreement for sale. Tenants are being cleared out so the new owner can convert the upper floors into residential.

Much as Terminal in Cleve and LeVeque in Cbus, carew needs a makeover. it's just time to get into the mechanicals and update. The three buildings are all contemporaneous so it shouldn't be surprising that it's time for a gut job when you're 90 years old!!

 

8 hours ago, jwulsin said:

Oh thanks. This says, "The office tower has seen a number of tenants depart in recent years, as Power had started the process of converting the upper floors of the tower to residential." 

 

So Power had started the process in recent years but it sounds like he hasn't actually done it. Does anyone know the current occupancy or who is under agreement to buy it?

11 hours ago, Miami-Erie said:

Oh thanks. This says, "The office tower has seen a number of tenants depart in recent years, as Power had started the process of converting the upper floors of the tower to residential." 

 

So Power had started the process in recent years but it sounds like he hasn't actually done it. Does anyone know the current occupancy or who is under agreement to buy it?

 

Someone shared info here awhile back. Power started the process but realized that it was a project he wasn't able to complete once he did his due diligence. They marketed the building for sale with the prior due diligence as a selling point so the new buyer wouldn't have to start at square one. The prospective buyer wants to continue the work of converting to residential. That's all we know at this point.

  • taestell changed the title to Cincinnati: General Business & Economic News

Cincinnati Bell changes its name to 'better reflect the company's mission'

 

Cincinnati Bell is changing its name as it looks to expand both its fiber network and its footprint outside the Greater Cincinnati region.

 

Cincinnati Bell is now "altafiber" in Ohio, Kentucky and Indiana. The change does not affect Hawaiian Telcom or its IT services business, CBTS.

 

The rebranding comes less than a year after the 150-year-old company was purchased by Macquarie Infrastructure Partners in a $2.9 billion transaction. It's expected to take 6-9 months to roll out the new brand.

  • 7 months later...

Cincinnati’s Kroger Company which is already a Fortune 500 giant is in talks to merge with rival Albertsons. This would create a company of truly mammoth size. Lots of questions if the feds would approve such a merger along with will this company be Cincinnati based, I would assume so due to Krogers long history in Cincinnati and Kroger being the larger of the 2. Combined the new company would have a whopping 5,000 stores. With about 200 Billion Dollars in yearly revenue the company would be in the top 10 on the Fortune 500 if I’m not mistaken.

 

Update: I’m told by a friend who works at Kroger it is Kroger buying Albertsons and they would remain in Cincy from what he knows.

 

https://www.cnbc.com/amp/2022/10/13/shares-of-albertsons-jump-on-report-of-potential-merger-with-grocery-giant-kroger.html

Edited by 646empire

Folks this is a VERYYYY BIG DEAL, we better hope this company if approved will be Cincinnati based. Losing Kroger HQ would be an epic disaster. (I think it would be Cincinnati based tho). If this merger happens I couldn’t imagine we wouldn’t see a new Kroger HQ in the next 10 years I’m thinking sooner tho!

 

https://www.cnbc.com/amp/2022/10/13/shares-of-albertsons-jump-on-report-of-potential-merger-with-grocery-giant-kroger.html

Edited by 646empire

Update: I’m told by a friend who works at Kroger it is Kroger buying Albertsons and they would remain in Cincy from what he knows.

Kroger's revenue is about twice Albertson's so it's the big dog iirc. I read about it in the Business Courier. Seems like there will be antitrust issues though since Kroger is #2 and Albertson's is #4. Walmart is #1 and Costco is #3, neither are true groceries though since they sell many other types of merchandise.

I work at Kroger, if it were to happen I would think it would be handled like Harris Teeter. Very hands off


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8 minutes ago, Miami-Erie said:

Kroger's revenue is about twice Albertson's so it's the big dog iirc. I read about it in the Business Courier. Seems like there will be antitrust issues though since Kroger is #2 and Albertson's is #4. Walmart is #1 and Costco is #3, neither are true groceries though since they sell many other types of merchandise.


It would be an enormous company 5,000 stores and 200 Billion in annual revenue would put it in the top 10 on the Fortune 500. I’m not sure the Biden Admin would like it tho, they may have to shed hundreds of locations if approved.

14 minutes ago, lobanio0 said:

I work at Kroger, if it were to happen I would think it would be handled like Harris Teeter. Very hands off


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Interesting, Harris Teeter was peanuts in size compared to this tho. Not sure how hands off they can be with this one. 

Edited by 646empire

24 minutes ago, 646empire said:


It would be an enormous company 5,000 stores and 200 Billion in annual revenue would put it in the top 10 on the Fortune 500. I’m not sure the Biden Admin would like it tho, they may have to shed hundreds of locations if approved.

Cant see the whole thing passing AntiTrust approval. I am sure they will have to shed a few hundred stores in order to make it work. Maybe 300-400 range will have to be sold off to a third party to make it work, but it could still work for Kroger.

 

16 minutes ago, 646empire said:


Interesting, Harris Teeter was peanuts in size compared to this tho. Not sure how hands off they can be with this one. 

Harris Teeter is a unique store, they operated on more of a high end marketplace and in a space where Kroger did not necessarily specialize. Plus Harris Teeter was a strong store brand to begin with when Kroger took them over.  I am not sure the exact same rings true for Albertsons. It has always been a distant 4th behind Kroger, Wal Mart and Costco and just seems to be falling further behind. 

Kroger acquiring Albertsons would be a pure market share move vs trying buy the brand to develop new core expertise, which was the main reasons for the Harris Teeter and Marianos deals.  My guess is the Albertson stores fold into existing Kroger footprints and many of the store take on the regional Kroger brand names in the markets where they operate. 

Kroger-Albertsons deal faces key hurdles, presents opportunities, analysts say

 

The reported potential merger between Kroger Co. and Albertsons Cos. makes sense operationally but could be tough to get regulatory approval, analysts said.

 

Downtown-based Kroger (NYSE: KR), the nation’s largest operator of traditional supermarkets, is in talks to merge with Albertsons in a deal that could be completed this week, according to multiple media reports. CNBC reported Kroger is ready to make a cash offer.

 

Neither Kroger nor Albertsons officials could be reached for comment.

 

Merger offers operational opportunities

 

The deal could work well from an operations standpoint, Ryan English, investment manager and shareholder at Kenwood-based investment advisory firm Foster & Motley, told me.

 

“Achieving more scale in a time when prices and costs are going up would certainly be beneficial for Kroger,” English said. “As grocery moves more towards delivery, the physical presence of conveniently located stores might become less important over time. The efficiency and scale of grocery delivery and end prices to the consumer will be bigger factors.”

 

More below:

https://www.bizjournals.com/cincinnati/news/2022/10/13/analysts-on-potential-kroger-albertsons-merger.html

 

Albertsons-Headquarters-Photo.jpg

"You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers

Anyone have a map of Kroger and Albertsons locations together on the same map? Would be really interesting to see where they compete and where the new markets would be.

Also, has anyone been in an Albertsons, Safeway, etc. recently? Are they nice? Like if you were going to pick a random Kroger location in your city, which one is Albertsons overall most like?


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Jewel-Osco is owned by Albertsons directly competing with Marianos (Kroger) in Chicago. Most of the Jewel stores in the city are old and outdated and the Marianos are much nicer. I think Albertsons owns Acme Fresh Market in NE Ohio. Kroger has never been able to survive in NE Ohio but they have tried. I kinda remember one in Kent and Fairlawn. This was a Kroger in Canal Fulton in the 80's when I was young. They all looked like this style. Most of the others have been remodeled, but this one looks exactly like Krogers did. It became Apples after Kroger pullled out of the market, then Giant Eagle which it still is today. 

 

image.png.cdf9fabda376cf39a08885b45ab1da57.png

3 hours ago, SWOH said:

Anyone have a map of Kroger and Albertsons locations together on the same map? Would be really interesting to see where they compete and where the new markets would be.

Also, has anyone been in an Albertsons, Safeway, etc. recently? Are they nice? Like if you were going to pick a random Kroger location in your city, which one is Albertsons overall most like?


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Most Albertsons are like the Dayton-area (or really any Ohio MSA-area) Krogers.  Some good, some bad, some new, some dumpy.  The one near my mother's place in Arlington, TX is like the Kroger at Austin Landing.  That Albertsons, BTW, is across the parking lot...from a brand-new Kroger.  Good luck, Texas!

"You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers

I would imagine that in markets where there is a Kroger overlap, the Albertson's brand would go away and convert to the local Kroger brand, but where there is no overlap, the albertson's brand survives

Kroger to buy Albertsons for $24.6 billion

By Tom Demeropolis  –  Managing editor, Cincinnati Business Courier

Oct 14, 2022

 

The nation’s two largest U.S. operators of traditional supermarkets plan to combine.

 

Kroger and Albertsons Companies Inc. announced Friday morning the two grocery giants have entered into a definitive agreement that would merge the two companies. The combined company would have a national footprint with an expanded customer reach of about 85 million households.

 

The board of directors of both downtown-based Kroger (NYSE: KR) and Albertsons (NYSE: ACI) unanimously approved the merger agreement. Kroger will acquire all the outstanding shares of Albertsons common and preferred stock for an estimated $34.10 per share. This values Albertsons at about $24.6 billion, including the assumption of about $4.7 billion in debt.

 

MORE

Kroger typically keeps the brands of other chains they acquire. That's why as you travel to different parts of the country you still see Smith's, QFC, Ralphs, etc. (Even in regions where they have acquired multiple brands, they keep them all, such as in the Pacific Northwest, where they operate both QFC and Fred Meyer stores, sometimes across the street from each other.) I always thought this was a smart strategy because people have built in loyalty to the regional supermarket brands where their parents and grandparents shopped. If you change their Smith's to a Kroger and start messing with the look and feel too much, maybe that Smith's customer starts to think about doing their grocery shopping elsewhere. This is also where I think Macy's made a big mistake, by getting rid of all the regional department store brands and all of the positive memories people had of shopping at Lazarus or Kaufmann's.

 

If the deal is allowed to go through, I expect that they will be forced to sell off stores in markets where they overlap to a competitor. If so, it will be interesting to see who steps up to buy them. I doubt Target or Walmart would want to buy a bunch of former Kroger or Albertsons stores. Maybe this will be Amazon's opportunity to massively grow their brick and mortar grocery footprint? They already operate 38 grocery stores under the Amazon Fresh brand, in addition to owning Whole Foods.

35 minutes ago, taestell said:

This is also where I think Macy's made a big mistake, by getting rid of all the regional department store brands and all of the positive memories people had of shopping at Lazarus or Kaufmann's.

 

100% this.

"You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers

It is so beyond infuriating that this is allowed to happen. I realize my audience here, and I apologize if any of you work for them, but Kroger is an awful company. The one near my home in Cincinnati was always filthy. Now that I live in Los Angeles, I walk to the Albertsons near my house every evening to buy stuff for dinner. I purposely avoid Ralph's, a Kroger owned company, because every Ralph's I've been to in LA has been dirty as hell, mismanaged, understaffed, and just completely depressing. Same with King Soopers when I lived in Colorado for a while. They keep the names but strip the individuality from the stores, without fail. They become soulless dirty boxes. I have developed a full on hatred of Kroger and their brands, especially after the pandemic and how they treated their employees. How are monopoly laws not stopping this? This is absolutely insane to me. Kroger buys buys buys while their own stores sit and deteriorate and their employees starve on the pennies they're paid. They're a union-busting, evil corporation and they'll soon own every affordable grocery store in my state. If politicians want to keep things at state level, corporations should be forced to stay at state level too. 

 

I apologize again for the rant, but this makes me see red. Kroger has no idea what the public wants-- smaller stores with less brands but more options. Kroger always does the opposite. Opening bigger, cavernous behemoths while leaving their old shells empty down the street, only to become subdivided into local churches and discount stores with way too much parking. Look at Colerain on google maps, two old Krogers sit in a sea of deteriorating paring lots to their massive new store across from the mall. I don't need 436 different kinds of graham crackers but I do need a floor that my shoes don't stick to when I walk

2 hours ago, taestell said:

If the deal is allowed to go through, I expect that they will be forced to sell off stores in markets where they overlap to a competitor. If so, it will be interesting to see who steps up to buy them. I doubt Target or Walmart would want to buy a bunch of former Kroger or Albertsons stores. Maybe this will be Amazon's opportunity to massively grow their brick and mortar grocery footprint? They already operate 38 grocery stores under the Amazon Fresh brand, in addition to owning Whole Foods.

To complete the transaction, Kroger and Albertsons expect to make store divestitures, as the two companies have markets where they overlap. Albertsons is prepared to create an Albertsons subsidiary, SpinCo, that would be spun off to Albertsons shareholders prior to merger closing and operate as a standalone public company. Kroger and Albertsons will work together to determine the stores that would make up SpinCo, as well as the pro forma capitalization of SpinCo. It is estimated this new company will have between 100 and 375 stores.

I can only hope that Publix will buy the NKY Remke locations, and finally give some true competition to Kroger, hell they could take over the Hyde Park Plaza store too. Publix is expanding in Lexington and Louisville, just come up the road a bit more...

To complete the transaction, Kroger and Albertsons expect to make store divestitures, as the two companies have markets where they overlap. Albertsons is prepared to create an Albertsons subsidiary, SpinCo, that would be spun off to Albertsons shareholders prior to merger closing and operate as a standalone public company. Kroger and Albertsons will work together to determine the stores that would make up SpinCo, as well as the pro forma capitalization of SpinCo. It is estimated this new company will have between 100 and 375 stores.

I really hope they retain the name “SpinCo” for the new stores. I’m guessing the stores they will allow to stay open and spin off will be more along the Ruler Foods (or for a Cleveland comparison, Marc’s) level of stores? Would make good sense to at least brand SpinCo (lol) that way


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Most Albertsons are like the Dayton-area (or really any Ohio MSA-area) Krogers.  Some good, some bad, some new, some dumpy.  The one near my mother's place in Arlington, TX is like the Kroger at Austin Landing.  That Albertsons, BTW, is across the parking lot...from a brand-new Kroger.  Good luck, Texas!

Awesome, good to know and makes good sense. I wasn’t sure if they had a cohesive brand identity like Walmart, even though they have different store labels. But it makes good sense they do not, and they are very much like Kroger where they brand for the neighborhood of operation.


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Just need to say this, these giant company chains are all the same in this respect, some locations are better than others!!! This is NOT unique to Kroger. Everyone from Walmart to Chipotle to Macys for example has some decent/good locations and others are hot mess dumps. The “New” Kroger Co will have 4000 plus stores, Im not giving them a pass on mismanagement of some stores but some of these complaints are silly. FYI I have been to Publix and other grocers while out of town and living in NYC and I have news for you they all have crappy locations too lol!

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