Tag archive

Business

These new national businesses opened, others coming soon in Turlock — and one closes

in business/Community

We’re halfway through the year and Turlock retailers already have had a bustling 2022.

Two companies have opened in new locations in the city, three construction projects are underway nearby and, unfortunately, one long-term business is calling it quits.

First, a Modesto-born brand has found a new home in Turlock. 5.11 Tactical, the military and law enforcement-focused apparel company founded by Modesto entrepreneur Dan Costa, opened a new store in Monte Vista Crossings earlier this year. The store, which fills the former Dress Barn space, has been operating in the popular shopping center since March.

The new site sells men’s and women’s outdoor and tactical clothing. The location is the company’s only corporate retail store in Stanislaus County, despite the brand’s origins in Modesto. Costa famously started 5.11 in 1999 with a single pair of pants, and sold the $300 million company in 2007.

While Modesto has stores, like Crescent Supply and Work World, that carry a selection of 5.11 products, there isn’t an official corporate store in the city. 5.11 has a factory store in Manteca. The Monte Vista Crossings 5.11 store at 3005 Countryside Drive is open from 10 a.m. to 8 p.m. Monday to Saturday and 10 a.m. to 6 p.m. Sunday. For more information, call 209-580-0640.

Continue Reading on The Modesto Bee

California’s commercial property shortage is making investors desperate

in business/Economy

Strong commercial property reports are still trickling in for the first part of 2022 — but can commercial’s rebound last in the face of rising interest rates and an unstable economy?

U.S. mortgage origination volume for commercial properties — including multi-family — increased a significant 72% over a year earlier as of the first quarter (Q1) of 2022. By property type, mortgage volume increased:

  • 359% for hotels;
  • 145% for industrial;
  • 88% for retail;
  • 81% for healthcare;
  • 57% for multi-family; and
  • 30% for office, according to the Mortgage Bankers Association (MBA).

Accordingly, outstanding commercial mortgage debt increased 1.8% from the prior quarter in Q1 2022. Multi-family mortgage debt rose 2.1%, according to the MBA.

For reference, commercial mortgage originations were recently at their lowest in 2020 at the outset of the pandemic and 2020 recession, but quickly rebounded alongside rising demand. Commercial lending rose to a decades’ peak in Q4 2021. In a typical seasonal adjustment, originations fell back in Q1 2022, while remaining significantly higher than a year earlier.

The rise in commercial mortgage originations is a direct result of available commercial property falling below tenant demand, plunging vacancy rates to historic lows and encouraging investors to purchase.

Continue Reading on firsttuesday Journal

California Getting Back Into Energy Business to Save Wobbly Grid

in business/News

California is getting back into the electricity business to help shore up its shaky power grid.

The California legislature passed a measure late Wednesday that will give a state agency the authority to finance or buy power from any generator—including natural gas-fired plants—that can help prevent blackouts. The bill still requires the signature of Governor Gavin Newsom.

Continue Reading on Bloomberg

New Foster Farms CEO talks about staffing, products and more as family ownership ends

in business/Employment

The new ownership at Foster Farms plans to retain its 12,000-strong workforce and the company’s mix of poultry products, Chief Executive Officer Donnie Smith said.

“There’s no reason for anybody at Foster Farms to be concerned about whether or not they’re going to have a job,” he said on a Zoom call Tuesday with The Modesto Bee. “Our intent is to grow the business.”

Smith spoke two weeks after Atlas Holdings, based in Greenwich, Connecticut, purchased Foster Farms from the family that founded it in 1939. The price was not disclosed. The operation includes turkey processing in Turlock and chicken plants in Livingston, Fresno, Porterville, Oregon, Washington, Louisiana and Alabama.

Continue Reading in The Modesto Bee

Cheesecake business booms in first weeks of operation

in business/Food/Food & Drinks

Three weeks ago, Turlock’s Jessica Hostetter took her baking skills and love of cheesecake to officially launch her new business, Sweet Cheeks Cheesecakes. While the business is still new, she is already busy fulfilling orders from multiple customers.

Hostetter began baking three years ago and explained why she chose to focus on the cheesecakes over any other type of baked good.

Continue Reading in Turlock Journal

The 10 Steps For Converting Your California LLC To A Delaware Corporation

in business

Most startup founders form a Delaware C corporation as it is the preferred legal entity of most investors. However, some founders instead form a California LLC when they expect to have losses their first few years and would like for those losses to flow down to schedule C of their individual tax return to offset other income.

Once the company has gained traction and is ready to raise outside venture capital financing, the founder might then convert the LLC to a Delaware corporation by completing the following 10 steps:

Continue Reading on Forbes

Staffing and funding. Business owners share those and other top concerns at Turlock summit

in business

Small business owners gathered Tuesday for the first Turlock Business Summit, organized by the Valley Sierra Small Business Development Center.

The free event, held at the Grand Oak Banquet Hall And Event Center in Turlock, saw over 100 small business owners and employees in attendance and featured presentations from various consultants and business leaders.

Maisie Silva, the Turlock program specialist for the Valley Sierra SBDC, said the event was made possible through an American Rescue Plan Act grant for the “Turlock: Small Business, Large Impact” program. The program seeks to connect local business owners with resources and provide opportunities and training.

Continue Reading on The Modesto Bee

COVID hit some downtown Turlock businesses harder than others. Here’s who fared best

in business

During the statewide COVID-19 shelter-in-place order in March 2020, Gina Blom decided she needed to close her downtown Turlock paint and sip studio.

Blom shifted Rembrandt & Rosé to a mobile business, and she said a new tenant moved into the suite on West Main Street as soon as she left.

The turnover exemplifies how downtown Turlock has remained a desirable hub for local businesses and maintained a low vacancy rate throughout the pandemic, Blom and other business owners said.

Few businesses have closed and new tenants have taken their place right after, said Blom, who also works as the executive director of the Turlock Chamber of Commerce. The occupancy rate for downtown Turlock stands at 99%, said Lori Smith, co-owner of Main Street Antiques and a board member of the Turlock Downtown Property Owners Association.

Continue Reading on The Modesto Bee

3 Earth-Friendly Tactics for Every Small Business

in business/Environment

Living in California, it's hard to ignore the impact humans have on the natural world. Between drought, wildfires, and the underlying threat of climate change that feeds these disasters, I'm constantly reminded of what's at stake if we don't all make a concerted effort to protect our planet.

Thankfully, there's a growing awareness in the business world that companies need to step up their commitments to eco-friendliness -- and that includes small businesses. A recent survey found that a majority of entrepreneurs around the world are willing to turn down an investor with a poor track record on sustainability. In theory, that kind of commitment is great, but how do those good intentions translate into everyday business practices?

Continue Reading on Inc.

Finless Foods Bringing Plant-Based Tuna To The Masses, Ramping Up Cell-Cultured Plans with $34 Million In Series B Funding

in business/Food
Plant-Based Tuna Quinoa Bowl with Lemon Caper Dressing FINLESS FOODS

If you’re having tuna for lunch or dinner (breakfast?), it doesn’t have to come from the sea. There are options like plant-based bluefin tuna from California’s Finless Foods, which doesn’t come with a side dish of putting pressure on the ocean and global fisheries. The “first cell-cultured seafood company” has just closed its Series B funding, totaling $34 million and led by Hanwha Solutions.

Continue Reading on Forbes

Go to Top