Tag Archives: business journalism

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Coffee company awarded spot at Tampa airport has history of financial troubles

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By Justine Griffin for the Tampa Bay Times

Today, Herb Colvin runs a coffee stand inside a Hills­borough County Public Schools building, sells organic teas and coffees at farmers markets and other locales, and has a record of financial problems, including federal and state tax liens, evictions, a foreclosure and a bankruptcy.

By 2017, Colvin will have a $1.3 million stake in the restaurant operations of the $953 million renovation of Tampa International Airport. His Bay Coffee & Tea Company is the minority partner in one of the 11 concessionaire groups that won highly sought-after spots to sell food and goods at the airport.

A Dun & Bradstreet credit evaluation of Bay Coffee puts it in a ”higher risk” category for making late payments and suggests a credit limit of $20,000. The report was provided to the Tampa Bay Times by an airport consultant who works with another Tampa concessionaire, George Tinsley Sr. Tinsley lost a bid for a spot in TIA’s concessions lineup and has filed a protest regarding the win by Colvin and his partner.

Colvin and his partner scored a 91.3 out of 100 for their proposal, the highest bid in their group by 6.4 points based on the overall concept, layout, experience, business plan and the potential to generate revenue for the airport. But an airport spokeswoman acknowledged that officials there did not conduct any analysis of Colvin’s finances.

Read more here.

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EXCLUSIVE: First Watch to buy The Egg & I restaurants

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By Justine Griffin

MANATEE COUNTY – Like nearly all other industries, the restaurant business has metamorphosed through the years.

Some national and regional chains are feeling the push to compete with small businesses, as millennials and Generation X consumers flock to support hole-in-the-wall eateries within their communities that reach a younger customer through robust social media presence and online apps.

First Watch Restaurants, the Manatee County-based chain of breakfast, brunch and lunch cafes, also has evolved through the years to meet the demands of these new customers.

This year, First Watch introduced a new urban layout in restaurants across the country, including two sites in Florida: Largo and Estero.

The “urban farm” design is bright, colorful and modern. The build-out looks like something you’d see on a busy street in a bigger metro area than Sarasota.

“The new concept is more in line with the customer First Watch is targeting,” said Darren Tristano, executive vice president of Technomic, a food research firm based in Chicago. “It’s not fancier, but it plays on freshness and the importance of being local.”

Read more here. 

Sidebar:

First Watch evolves to attract younger customers: Like nearly all other industries, the restaurant business has metamorphosed through the years. Some national and regional chains are feeling the push to compete with small businesses, as millennials and Generation X consumers flock to support hole-in-the-wall eateries within their communities that reach a younger customer through robust social media presence and online apps. Read more here.

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The grim list of closing women’s fashion retailers

By Justine Griffin for the Herald-Tribune

Is it just a strange coincidence we are seeing so many women’s retail brands going under one right after another in 2015?

It started with Wet Seal, a discount apparel brand I remember well from my high school days, which filed for bankruptcy in January.

It shuttered its Sarasota Square Mall store on Jan 5. Next came Delia’s, a fashion apparel chain for girls and teens, which liquidated its Sarasota Square store (and all others) in January when the brand filed for Chapter 11 bankruptcy protection.Fresh Produce, a Colorado-based apparel chain with a store on St. Armands Circle, filed for Chapter 11 bankruptcy protection this month. The Sarasota store is still open, though its future is uncertain.

The retailer, which sells tropical and vibrant every-day wear and sportswear for women, listed several outstanding debts, including a $3.9 million loan with Wells Fargo and an “unknown” debt for commercial rent to a Sarasota-based company, Great Lakes Developments.

Fresh Produce celebrated its 30th anniversary last year.

The most recent casualty was Cache, known for its evening gowns popular at high school proms, which is closing all of its more than 200 stores nationwide, including its store in the Mall at University Town Center, which opened in October. The company filed for Chapter 11 bankruptcy protection this month.

The growing line of failing women’s apparel chains paints a dreary picture for the brick-and-mortar retail industry. More people are shopping online, where the competition for consumers’ loyalty is fierce.

Read more here.

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The shopping mall is dying? Not in Florida

By Justine Griffin for the Herald-Tribune

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When it opened in Sarasota County in October, the Mall at University Town Center was unique not just in Florida but nationally: the only enclosed mall to debut in the United States during 2014.

But with the economy rebounding strongly from the Great Recession — and even in the face of rapidly growing competition from the Internet challenging traditional malls — at least some players are thinking there are still opportunities to be had in that retail arena.

Some are thinking big in Florida — very big.

Triple Five, the international developer behind the Mall of America, has unveiled what it hopes will become a $4 billion mega center and amusement park in Miami.

The aptly named “American Dream” would be a 200-acre shopping center with attached carnival rides that would blend two of the state’s strongest economic sectors: retail and tourism along the Florida Turnpike and Interstate 75 near Miami Lakes.

The mall — purportedly to feature sea lions, submarines and a ski slope — would be larger than the Mall of America in Bloomington, Minnesota, which is 4.2 million square feet with 520 stores and 50 restaurants.

American Dream could continue the Sunshine State’s run of proposing and building enclosed shopping centers at a time when malls and retailers are shuttering their stores in them faster than ever across the country.

Read more here.

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Nordstrom could save Southgate Mall, but opening is unlikely

By Justine Griffin for the Herald-Tribune

SARASOTA – It’s a rumor that began as an offhand comment from one retail developer to another.

But it took on a life of its own from there.

The possibility of Nordstrom, the Seattle-based, high-end department store chain, coming to Sarasota County was too good to keep quiet for too long.

But it’s not exactly the story one would expect.

Nordstrom, along with its luxury competitor, Neiman Marcus, were slated to anchor the Mall at University Town Center when plans for the $315 million mall were still in its infancy six years ago. But both brands abandoned those notions during the Great Recession as their interest in expanding into the Sarasota market fizzled out.

Southwest Florida residents would continue to drive to Tampa’s International Plaza to the north, or Naples’ Waterside Shops to the south for Nordstrom’s one-of-a-kind customer experience, as they’ve always done.

But now, people are talking about Nordstrom opening a department store in Westfield Group’s Southgate Mall. Nordstrom would reportedly take over the 97,000-square-foot anchor shell left vacant by Dillard’s, which departed Southgate late last year after opening a new two-story store in the Mall at University Town Center.

Read more here.