This year’s conference at the University of North Carolina’s Kenan-Flagler Business School features a strong line-up of leading executives and thought-provokers. Throughout the day, there will be opportunities to engage with experts in career development workshops and dynamic panels that explore a range of topics from mentorship to negotiations. On behalf of Carolina Women in Business, we look forward to welcoming you to our campus.http://chapelboro.com/calendars/carolina-women-business-annual-conference
This probably won’t come as a huge surprise – but the amount of money that’s spent by Orange County residents exceeds the amount of money that’s actually spent in Orange County.
That’s a phenomenon with a technical term: it’s called a “retail gap.”
Delivering his annual “State of the Community” report this week at the Friday Center, Chapel Hill-Carrboro Chamber of Commerce president Aaron Nelson said Orange County has a retail gap partly because we haven’t gone out of our way to bring in major retailers. “Retail is something that we’ve not historically recruited in our market,” he said, because “it generally (offers) low-wage jobs, and we’ve been thinking about (recruiting higher-paid) jobs.”
But that means a lot of the big retail centers are outside county lines – think Tanger Outlets in Alamance County, New Hope Commons and Southpoint in Durham County, and the new Walmart in Chatham. Orange County residents often leave the county to spend their money – and while other people do come to Orange County to shop and eat (especially to eat!), it’s not enough to make up the difference.
How big is Orange County’s retail gap? Citing figures from the NC Department of Commerce, Nelson says Orange County residents spent about 1.8 billion dollars in 2014, but Orange County saw less than a billion dollars in retail sales. That’s a “retail gap” of 866 million dollars in a single year, far more than any other county in our area.
And Nelson says while other nearby counties have been reducing or eliminating their retail gaps, Orange County’s has been growing.
Nelson said a growing retail gap is a sign that Orange County could still use more retail development – the better to increase sales tax revenue.
But there are also signs that sales tax revenue is already on the rise. According to the NC Department of Revenue, Orange County saw a 36 percent increase in sales tax revenue per capita in just one year, 2013.
Orange County now ranks 42nd out of North Carolina’s 100 counties in sales tax revenue per capita; prior to 2013, Orange County hadn’t cracked the top 60 in years.
Every time UNC wins a basketball game this time of year, local retailers see a rush of customers looking to buy the latest merchandise, but Johnny T Shirt division retail manager Cameron Gunn said some have higher hopes.
“We have some customers come in and they seem like they want to tempt fate,” she said. “So they come in and say ‘oh I’m going to wait until Monday.’ Okay, I’m just going to find a wood source and just knock.”
Monday is the date of the NCAA National Championship Game, featuring two teams that are yet to be determined.
Ken Jackson, who owns Wentworth and Sloan and Carolina Corner, has been in business in Chapel Hill since 1968. He said this is always a superstitious time of year.
“You see all these things,” he said. “All this voodoo comes out of the closet when it’s this close to the Final Four. All of those, you know, I wear the same pair of socks, I don’t ever take a shower before the game.”
Jackson opened Carolina Corner in University Place after the closure of Roses left a void for those wanting UNC gear without having to enter the fray of Franklin St.
But for those closer to the heart of the action, Gunn said they will be taking precaution this weekend, especially if UNC wins Saturday.
“We actually board the windows just to take care of the store,” she said. “We have these wooden boards at the warehouse and I think some of them have graffiti on them from the 1993 win.”
She said the store hasn’t experienced any physical damage, and to those who hoped to vandalize Franklin St., it turns out they were more useful than they might have thought.
“I’ve just heard (the boards) have graffiti and it helps because you have to piece them together,” she said. “So the graffiti helps.”
But even owners have their superstitions. Jackson said he didn’t want to talk about the Tar Heels playing on Monday, but that doesn’t mean he’s not preparing shirts all the same.
“I’m going to pull that voodoo out of my closet now,” he said. “But if all things go well on Monday, we’ll have them Tuesday morning.”http://chapelboro.com/news/business/chapel-hill-stores-prepare-for-final-four-with-voodoo-and-graffiti
Weaver Street Realty has added three new owners to its ownership group.
Brokers Clayton Nell, Crystal Fisher and Terri Turner join Gary Phillips, Louise Barnum and Jay Parker as the owners and operators of the firm that has been open since 1982.
“We’re very excited to be welcoming Crystal, Clayton and Terri into the Weaver Street family,” said Phillips, who is the original founder of the business. “They’re people of great integrity, diverse skills and open minds, which is a great combination.”
Barnum became an owner and partner shortly thereafter.
“Our three additional partners will fit right into our ‘anything but cookie cutter’ approach to real estate,” Barnum said. “Amongst a host of very fine skills, Clayton brings a quiet depth to his listening, Crystal an infectious laugh that can carry a room, and Terri a yearning for knowledge. All will carry Weaver Street forward in stride.”
Owner Jay Parker added, “Gary, Louise and I have had a great time, lo these many years, serving our clients and communities. It’s been a great partnership. Now that our teeth our lengthening, having Crystal, Terri and Clayton join us heightens our energy, enthusiasm and connection. I couldn’t hope for a better group to carry Weaver Street into the next generation.”
Nell, Fisher and Turner had been agents at Weaver Street Realty.http://chapelboro.com/news/business/weaver-street-reality-adds-new-ownership-2
Rise Carrboro will open 7 a.m. on February 27 at East Main Square in Carrboro.
Rise Biscuits Donuts was founded in 2012 and opened its first store in Durham.
They offer sweet and savory breakfast options, including glazed and filled donuts and biscuit specials.
The store will donate 10% of opening day sales to nearby Carrboro Elementary school and will also offer free donuts on Tuesday, February 23rd from 12 p.m. to 2 p.m.
It has been named the Triangle’s best biscuit and now has deals in place to expand to 22 locations, including locations outside of North Carolina as the company has announced plans to open its first locations in the Dallas, Texas metro.http://chapelboro.com/news/business/rise-biscuits-donuts-to-open-in-february
A new barbecue restaurant will be opening in the space formerly occupied by Southern Rail in Carrboro.
CrossTies Barbecue will be opened in the downtown Carrboro location by Venable chef and owner Andrew Moore.
A release says CrossTies will “serve authentic Carolina ‘que with all the fixin’s and feature a varity of smoked meats in a full service menu.”
Diners will have the option of choosing seating in a larger central dining room in one of the two historic train cars or patio seating.
The lease also includes the former The Station and The Tiger Room businesses.
The Station will re-open as a bar and live music venue in March, after some minor updates, according to the release.
The Tiger Room space will be converted into a smokehouse and prep-kitchen.
Construction is underway and CrossTies Barbecue is slated to open in May.
Moore also owns B-Side Lounge in Carrboro.
A new restaurant opened its doors with a ribbon cutting ceremony on Friday.
Crepe Traditions sells sweet and savory crepes for all occasions, along with coffee and other items.
“I see food as lightening you up,” said owner Sree Valluru. “You have something tasty in your mouth that goes into your stomach it’s just lightening your whole day.”
Valluru offers a number of traditional and non-traditional crepes, but perhaps his most outside the box invention in the PBJC.
“We have our chef’s favorite PBJC which is a unique concept,” he said. “Peanut butter and jelly with chicken.”
He said he has not heard of another restaurant selling anything like the PBJC.
“We have sweet and we have savory so we thought okay let’s have a combination of sweet and savory in a single crepe,” he said. “That’s how the whole thing came about.”
Valluru lives in Cary, but said he loves coming to Chapel Hill.
“I’m a huge Tar Heel fan and Chapel Hill is like my second home,” he said. “I come here pretty much every day. I support the teams, I cheer for the teams and Franklin Street is where I’ve always wanted to do something.”http://chapelboro.com/news/business/crepe-traditions-franklin-street
The Varsity Theatre tweeted out on Wednesday evening that they met their $50,000 Kickstarter goal.
With these funds the Chapel Hill staple will be able to upgrade one theatre to digital operation from 35mm film and continue operation. You can still donate to the cause through the Kickstarter page. The owners of the Varsity have said that any money raised above their goal would go toward renovating their second theatre.http://chapelboro.com/news/business/varsity-theatre-meets-kickstarter-goal
Would you like to see your favorite local business recognized? The Chapel Hill-Carrboro Chamber of Commerce is seeking nominations this week for their annual Business of the Year awards.
The nomination period is open through Friday; finalists will be announced at the Chamber’s annual meeting on Thursday, January 29.
“We have categories for large, mid-size and small businesses, and also the non-profit of the year,” says Chamber vice president Kristen Smith.
Last year’s winners were Sweeps in the small-business category, Vimala’s Curryblossom Café in the mid-size category, ARCA in the large-business category, and the Orange County Rape Crisis Center in the nonprofit category. Also recognized last year were three individuals – Mark Chilton, Irene Briggaman, and Gordon Merklein – for their community service work.
To submit nominations for this year, click here. Winners will be announced at a special event later this spring.http://chapelboro.com/news/business/nominate-business-year
Chapel Hill-based drug developer Pozen has been in the spotlight a lot as of late. In mid-December the FDA did not approve the company’s latest drug application. And, on Monday, Pozen broke off a licensing relationship with Johnson & Johnson.
Pozen and the industry giant mutually agreed to end their licensing agreement over a drug produced by Pozen, according to the Triangle Business Journal.
TBJ’s Jason deBruyn says that he believes Pozen thinks they can get a better offer than what Johnson & Johnson was providing for Pozen selling their migraine treatment in Brazil, Colombia, Ecuador, and Peru.
“This is a little bit of speculation on my part,” he says, “but from Pozen’s perspective, by terminating the deal with this one company, they will potentially sign a deal with a different company.”
He adds the new deal may provide Pozen with a more formidable agreement.
deBruyn says that it is commonplace for a company the size of Pozen to team up with a larger business to utilize their resources.
“Instead of Pozen going in and directly selling it,” he says, “they’ll license the product to another company – that already has all the regulatory hoops they’ve jumped through.”
There’s no word yet on who Pozen may choose to enter into an agreement with regarding the marketing and sell of their migraine drug at this point.
This is not the first time Pozen has ended a licensing agreement with a large company. deBruyn says that, after years of public quarreling, Pozen ended an agreement with drug giant Astra Zaneca in recent years.
He adds that Pozen also recently had a deal terminated with Sanofi, but adds the details surrounding that split are much different.
Pozen has been in the late stages of development of an aspirin-containing drug that is said to reduce chances of developing ulcers while taking the medication. The FDA, however, has not approved the drug for sale in the US either time through inspections, according to deBruyn.
“Pozen has a contract with a third company that manufactures the drug,” he says. “The FDA didn’t find any problems with the science of the drug, itself. But found some deficiencies at the manufacturing site.”
deBruyn says these issues were enough for Sanofi to back away from their agreement.
He adds that Pozen has a different business model than the majority of companies their size in the Triangle. Rather than putting revenue brought in from royalties back into the business, deBruyn says Pozen appears content to collect royalties and pay dividends to investors.
He adds that, in his estimation, this appears to show that Pozen may be contemplating winding down production from the Chapel Hill-based drug manufacturer and solely bringing in revenue from royalties through the agreements they have in place.http://chapelboro.com/news/business/chapel-hill-drug-manufacturer-ends-agreement-johnson-johnson