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What a legalized marijuana market could look like for Va.
If Virginia legalizes marijuana, sales could generate up to $300 million in annual state tax revenue and create 11,000 jobs, according to a Joint Legislative Audit & Review Commission (JLARC) report issued Monday. But legalizing the drug would not be without hurdles. While the marijuana use was decriminalized in Virginia this year and the state’s […]
Chesapeake Family Dollar property sells for $1.78M
A Family Dollar store property in Chesapeake sold for $1.78 million, Cushman & Wakefield | Thalhimer’s Capital Markets Group announced Monday. Located at 3736 Ahoy Drive, the 8,320-square-foot retail property was net leased to Family Dollar. TRC Chesapeake sold the property, which it bought in July 2019, according to Chesapeake property records. SMI Investment II […]
CarLotz names chief commercial officer, general counsel
Chesterfield County-based CarLotz Inc., a consignment dealer of used cars, announced Tuesday it has hired Becca Polak as the company’s inaugural chief commercial officer and general counsel, effective Oct. 30. Polak joins CarLotz — which in late October announced plans to go public and expand nationwide — from Carmel, Indiana-based KAR Global, a company that […]
CarLotz plans to go public on Nasdaq
Chesterfield County-based CarLotz Inc., a consignment dealer of used cars, announced Thursday it plans to go public and expand nationwide. CarLotz, which is valued at $827 million, will combine with Miami-based Acamar Partners Acquisition Corp., a publicly traded special purpose acquisition company, to make it a public company. At closing, the company name will remain […]
ABC reports record $1.2B in FY 2020 revenue
The Virginia Alcoholic Beverage Control Authority (ABC) broke its gross revenue record again during fiscal year 2020, reporting $1.2 billion in gross revenue, the ABC announced Wednesday. Last year, the state agency surpassed $1 billion in revenue for the first time. ABC’s profits of $545.3 million (an increase of $45.8 million over last year) will […]
Ikea, state pledge $4M for eviction legal assistance
Gov. Ralph Northam announced a $4 million fund Monday that will support 20 Legal Aid attorneys in defending Virginia tenants facing eviction over the next two years. The Ikea U.S. Community Foundation pledged $2 million, based on the unemployment funds its retail workers in Virginia received earlier in the year, and the state’s COVID-19 Relief […]
Retail | Wholesale
ROBERT A. ‘BOB’ ARCHER CHAIRMAN AND CEO, BLUE RIDGE BEVERAGE CO., SALEM Robert Archer runs the wholesale beverage retailer his parents bought in 1959 after moving to Salem. When his father, James Archer, died in 1972, his mother, Regine Archer, became president and forged ahead on decades of growth and acquisitions. Blue Ridge distributes a […]
RetailData LLC names new president, CEO
Glen Allen-based RetailData LLC announced Wednesday that Jacob Blondin has been promoted to president and CEO, replacing Christopher F. Ferguson, who is retiring after more than 20 years with the company. Blondin most recently served as chief operating officer for the company, which he joined in 2015 as vice president of strategic initiatives. During his […]
280 Va. companies ranked on Inc. 5000 list
This year, 280 Virginia companies are ranked on the most recent list of the nation’s fastest-growing, privately held companies — the Inc. 5000, released Wednesday morning. Leading the pack in Virginia at spot No. 75 is Sassy Jones, an online jewelry and accessory retailer based in Richmond. Founder and owner Charis Jones founded the retailer of […]
Richmond’s Need Supply Co. closes permanently
Richmond-based clothing and home goods retailer Need Supply Co. has gone under due to the COVID-19 pandemic and will permanently cease operations, its attorney confirmed Tuesday. The store has not issued a public statement, including on its website or social media sites. “Need Supply Co. has made the difficult decision to wind down its business […]
Two retail spaces in Harrisonburg sell for $5.25M
Two retail spaces in a Harrisonburg shopping center have sold for a total of $5.25 million, Harrisonburg-based commercial real estate brokerage Cottonwood Commercial announced Monday. The 2,500-square-foot Starbucks unit and a 5,000-square foot unit occupied by Potbelly Sandwich Shop and Sleep Number, a bedding store, were purchased by Zag Properties Inc. from 1756 EM LLC. […]
Adding some color to crisis
Richmond artist Noah Scalin was commissioned by Richmond-based advertising company The Martin Agency to create an art installation, released Tuesday, announcing Old Navy’s donation of $30 million worth of clothing to families in need during the pandemic. Known for creating large-scale pieces made from ordinary items, as well as his Skull-A-Day project, Scalin created a […]
