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StartVirginia: Heard Around Virginia August 2024
Blacksburg is moving forward with the renovation of a former dry-cleaning business into a retail business incubator. Slated to open by the end of 2025, the Blacksburg Retail Incubator is planned at 414 N. Main St., a 5,000-square-foot building owned by the town. After the building has been improved, Downtown Blacksburg Inc. will locate there […]
Military Circle plans shift in new direction
The fate of Norfolk’s closed Military Circle Mall has yet to be determined, but city officials are considering how the property could leverage sports tourism and offer retail and housing options. The city bought the 54-year-old, long-declining mall building and the surrounding 73 acres in 2020 for $11 million. As Norfolk seeks to repurpose the […]
Chesapeake shopping center sells for $20.05M
A community shopping center in Chesapeake sold for $20.05 million in early June, property records show. Located at 4300 Portsmouth Blvd., adjacent to the Chesapeake Square mall, the roughly 180,000-square-foot shopping center sold for $18.847 million, and an associated 1.32-acre outparcel sold for $1.203 million. The shopping center is 90% leased. Its tenants include Value […]
Dollar Tree, a Virginia corporate success, faces new pressures over history of violations
Virginia inspectors have levied $1.9 million in fines against Dollar Tree and Family Dollar in the past 10 years for health and safety violations, according to a VCIJ at WHRO analysis. Federal inspectors have forced the stores’ parent company to pay millions more. Now, worker advocates and activist investors have increased calls to improve store […]
Dollar Tree considers selling or spinning off Family Dollar
Chesapeake-based Fortune 500 discount retailer Dollar Tree is considering selling or spinning off its Family Dollar brand, which it acquired in 2015 for $8.5 billion. “Dollar Tree has been on a multiyear journey to help the company fully achieve its potential,” CEO and Chairman Rick Dreiling said in a statement Wednesday. “Last year, we announced […]
Fed’s Fifth District shows modest economic growth
The economy in the Federal Reserve’s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) grew modestly in recent weeks, according to the latest edition of the Federal Reserve’s Beige Book, released May 29. Published eight times per year, the Beige Book is based on anecdotal information about economic conditions […]
The retail experience
Twisted Branch Tea Bazaar on Charlottesville’s Downtown Mall entertains its Tea Club members with monthly tastings, while nearby New Dominion Bookshop offers story times and “Friday Night Writes,” an event featuring emerging writers. And about a mile north at McIntire Plaza, outdoor gear and clothing consignment shop High Tor Gear Exchange has hosted outdoor equipment […]
Dollar Tree to acquire 99 Cents Only stores
Chesapeake-based Fortune 500 discount retailer Dollar Tree has acquired 170 leases of another discount retailer, 99 Cents Only, the company announced Wednesday. The stores are across Arizona, California, Nevada and Texas. In April, Commerce, California-based 99 Cents Only filed for Chapter 11 bankruptcy protection and initiated a process to sell its assets, including inventory, owned […]
Capital One, Walmart end credit card agreement
McLean-based Capital One Financial is no longer the exclusive issuer of Walmart consumer credit cards. The two Fortune Global 500 companies announced Friday that they had ended their consumer card agreement. The announcement follows problems first uncovered in late 2022 and early 2023, according to Reuters reporting. Capital One became the exclusive issuer of Walmart’s […]
Fed’s Fifth District economy grows slightly
The economy in the Federal Reserve’s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) grew slightly in recent weeks, according to the latest edition of the Federal Reserve’s Beige Book, released April 17. Published eight times per year, the Beige Book is based on anecdotal information about economic conditions [&hellip[...]
Chesapeake strip mall goes for $3.15M
A 7,800-square-foot retail strip center in Chesapeake sold for $3.15 million, according to a March news release from S.L. Nusbaum Realty. Located at 1508 Sam’s Circle, Battlefield Shops has five tenants. It is shadow anchored by Walmart, Sam’s Club, At Home and Dollar Tree stores. Battlefield Freedom Wash sold the property to Grit Andrew LLC. […]
Fed’s Fifth District economy stays the course
Economic activity in the Federal Reserve’s Fifth District was little changed in recent weeks, according to the latest edition of the Federal Reserve’s Beige Book, released March 6. Published eight times per year, the Beige Book is based on anecdotal information about economic conditions gathered from the nation’s 12 Federal Reserve Banks. It is compiled from […]
