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4.9.26 · Kentucky Business News

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Speaker 1: Hello. Today, I'll be reading from business sources in Lexington
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and Louisville, including The Lane Report and others from around
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the Commonwealth. The reader today is Julia Shane. As a reminder,
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RADIOI is a reading service intended for people who are
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blind or who have other disabilities that make it difficult
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to read printed material. Our first article comes from the
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April seventh, twenty twenty sixth edition of The Lane Report
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and is titled NRF Forecast four point four percent retail
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sales growth in twenty six with new economic model. The
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National Retail Federation forecast retail sales in twenty twenty six
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will grow by four point four percent over twenty twenty
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five to five point six trillion dollars based on a
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newly enhanced forecasting approach developed in partnership with Oxford Economics,
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one of the world's leading independent economic advisory firms. The
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forecast was released during nrf's sixth annual State of Retail
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in the Concernsumer Virtual Event, which examines the health of
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American consumers and the retail industry. Consumer spending was a
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steady and reliable engine of growth in twenty twenty five,
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even as broader economic conditions fluctuated. NRF President and CEO
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Matthew Shay said, we expect that consumer resilience to continue
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into twenty twenty six, with household spending once again serving
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as a pillar of economic support. In twenty twenty six
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sales forecast compares with three point six average annual sales
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growth over the last ten years, excluding the pandemic period
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from twenty twenty to twenty twenty two when the growth
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was atypical. Renewed tensions in the Middle East and the
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ripple effects across global markets are adding more uncertainty to
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the economic landscape. NRF Chief Economist and Executive director of
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Research Mark Matthews said, while the geopolitical environment and ongoing
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trade policy challenges warren attention, we remain optimistic that the
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underlying fundamentals of the US economy will support continued stability
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in the year ahead. Matthews added that the spending outlook
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is still bifurcated between higher and lower income consumers, with
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higher income households driving the majority of growth and spending
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across a range of retail categories. Consumer activity is expected
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to receive a modest boost in the first half of
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the year from larger refunds associated with tax cuts enacted
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under the Working Families Tax Cut Act. Inflation is projected
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to remain elevated through mid year before easing by the
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third quarter, offering some relief to households as the year progresses.
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Labor market conditions are expected to soften, with muted non
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farm employment growth throughout much of the year. Even so,
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the unemployment rate is projected to remain below four point
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five percent. Although consumer sentiment is not expected to proofs significantly,
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NRF notes that sentiment has remained historically disconnected from actual
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spending patterns. Solid underlying fundamentals, particularly income growth, household balance sheets,
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and labor market stability, are expected to support continued consumer
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activity in twenty twenty six. Nrf's forecast is presented in
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nominal terms, and while inflation is expected to remain above
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the Federal Reserve's target, goods inflation is likely to stay
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within a lower band. As a result, a meaningful portion
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of the projected sales growth is anticipated to reflect real
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gains rather than inflation driven increases. Nrf's forecast is based
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on its own definition of core retail sales, which excludes
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auto dealers, gas stations, and restaurants. As the leading authority
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and voice for the retail industry, NRF provides data on
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retail sales each month, and also forecasts and anual retail
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sales and spending for key periods such as the holiday season.
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The National Retail Federation passionately advocates for the people, brands,
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policies and ideas that help retail succeed. From its headquarters
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in Washington, d C. NRF empowers the industry that powers
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the economy. Retail is the nation's largest private sector employer,
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contributing five point three trillion to annual GDP and supporting
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more than one in four US jobs fifty five million
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working Americans. For over a century, NRF has been a
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voice for every retailer and every retail job, educating, inspiring,
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and communicating the powerful impact retail has on local communities
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and global economies. The next article from the Lane Report
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is titled Stuart Nutrition to put new headquarters in Erlinger
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with eleven point four million dollar investment, creating ninety three jobs.
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Stewart Nutrition, a producer of flexible, innovative manufacturing and packaging
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solutions for medium to large size supplement and wellness brands,
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plans to locate its company headquarters and establish a new
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manufacturing operation in Erlinger with an eleven point four million
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dollar investment that will create ninety three full time Kentucky jobs.
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To meet an expected increase in consumer demand and company growth,
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Stuart Nutrition will establish its first Kentucky facility in Erlinger
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to serve as both its corporate headquarters and a major
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manufacturing hub for the company's growing production portfolio. The investment
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will include the addition of advanced production equipment, automated packaging systems,
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and facility improvements to support long term operational scale. Stewart
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Nutrition's project will create ninety three full time jobs, including
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production staff, line operators, quality control R and D lab technicians,
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warehouse personnel, various manufacturing support roles, finance leadership, back office operations,
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and other professional support teams. When a company chooses to
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locate a new facility here in Kentucky, it's because they
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believe in what this great state has to offer. A
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talented and diverse workforce, unique access to resources, and an
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ideal location for reaching customers quickly and efficiently. Governor Andy
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Basheer said, not only is the Stuart Nutrition's first manufacturing
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operation in the Commonwealth. The company is establishing its corporate
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headquarters here as well. This project will add ninety three
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new jobs to the local community, and I look forward
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to the company's future success here in the Commonwealth, says
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Andy Basheer. We are incredibly excited to step into Erlinger
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in the Commonwealth of Kentucky, said Ben Stuart, CEO of
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Stuart Nutrition. We believe if God is doing something meaningful
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through this next chapter of our company, and we're grateful
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to be a part of it. Our team is all
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in some relocating here and we're energized to grow, serve,
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and thrive in this community. We are eager to create
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real opportunities for all of our stakeholders, including the northern
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Kentucky community. Based in Mabel, Minnesota, Stuart Nutrition was founded
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in twenty nineteen and offers scalable, reliable manufacturing and packaging
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solutions for dietary supplement brands that are ready to grow
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in the competitive nutrition and wellness marketplace. The company helps
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medium to large sized brands in the dietary supplement, wellness
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and pharmaceutical industries address issues surrounding quality control, production bottlenecks,
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delivery timelines, and scalable capacity Kenton County Judge Executive Chris
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Knockelmann thanked Stuart Nutrition for investing in the region. We
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appreciate the leadership team at Stuart Nutrition choosing our community
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to invest and create ninety three new jobs in nutritional
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and wellness supplement manufacturing. Creating strong career opportunities for our
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residents is a top priority in Northern Kentucky's food manufacturing
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workforce is ready to support this growth. Erlinger Mayor Jessica
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Fett welcome to Stuart Nutrition's decision to locate in the city.
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We're proud that Stuart Nutrition has chosen Erlinger for this investment.
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Adding ninety three jobs and reusing an existing facility is
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a big win and makes this a strong fit for
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our community. This project reflects the advantage's Erlinger offers our location, infrastructure,
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and skilled workforce, and we look forward to the positive
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impact and new opportunities it will bring to our residents.
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B NKY Growth Partnership CEO Lee Kroom noted that the
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food and flavoring industry finds unique benefits in Kentucky. After
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a competitive national site location search, Krum said, we are
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thrilled that Stuart Nutrition will invest in Northern Kentucky and
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begin manufacturing wellness supplements for a national customer base from
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the Cincinnati region. Our region's geographic location, logistics advantages, and
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food related workforce are assets to a growing food manufacturing cluster.
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The next article from the Lane Report is titled Greater
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Lexington Region earns third straight top ten ranking. For the
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third consecutive year, the Greater Lexington Region Lexington Fayette Metro
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landed in the top ten of Site Selection magazines annual
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ranking of economic development activity in twenty twenty five among
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Tier two regions between two hundred thousand and one million
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in population. The publication has published the Governor's Cup rankings
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annually since nineteen eighty eight, based on new and expanded
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corporate facilities as tracked by the proprietary Conway Project's database.
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The Greater Lexington Region moved up from ninth to fourth
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with twenty seven total projects among the Tier two metros
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and finished sixth in projects per capita Statewide, fifteen Kentucky
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micropolitan areas ten thousand to fifty thousand people which cover
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at least one county totally, forty two projects were recognized,
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including Greater Lexington Micropolitan Areas Richmond Berea at number twenty five,
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Frankfurt at number forty, and Mount Sterling at number seventy.
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Kentucky as a whole finished fifth for the second consecutive
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year nationally in projects per capita. In the South Central region,
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the Commonwealth was second in projects per capita and third
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in total projects. Lexington Fayette County has long been recognized
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as a regional leader across the board, and this ranking
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certainly refores firms our commitment to building a strong, thriving economy.
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Lexington Mayor Linda Gordon said, we have made significant progress
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toward regionalism by developing strong relationships with our neighbors and
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initiating the creation of Central Kentucky's first regional business Park,
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an investment that will create quality, good paying jobs for
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our people and generate new revenue for our communities. By
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bringing our region together, we are positioning Central Kentucky's future
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for long term growth, attracting new opportunities, and ensuring our
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entire region can succeed together commerce. Lexington's executive vice president
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of Economic Development, Gina Greathouse, said, the credit for these
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numbers and rankings goes to all of our regional partners
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who have made a strong commitment to regionalism by working
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together on the Regional Competitiveness Plan. Leaders from both the
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private and public sectors across the nine county area have
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collaborated to implement action items outlined in the Plan that
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are aimed at enhancing our ability to attract jobs and
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talent while fostering a vibrant economic environment. Since the inception
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of the Regional Competitiveness Plan in twenty twenty one, the
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Greater Lexington region has seen positive growth in gross domestic
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product up six point seven percent, employment up twenty thousand,
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nine hundred ninety nine jobs, and wages of twenty eight
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point one percent. Another key goal of the plan is
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to increase shovel ready sites for business growth. Last year
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saw the opening of Lexington's new two hundred acre Legacy
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Business Park, while leaders from the Scott County Physical Court,
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Madison County Physical Court, and City of Berea, and the
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Lexington Fayett Urban County Government form the first ever public,
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multi county regional Business Park in central Kentucky. This partnership
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is working jointly to develop sites that support job creation
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in long term regional growth. Beria Mayor Bruce Freeley, who
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currently serves as board chair for Greater les Incorporated, said,
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it is very apparent by the numbers we are seeing
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that regionalism works. We must be able to work together
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as a region because so many of our competitor metro
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areas are already doing it. By collaborating with each other,
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we can be more innovative when it comes to finding
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solutions to our biggest challenges. All of our regional partners
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have something beneficial that they bring to the table, and
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we can learn from each other as well. That's why
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it's important for me and my city to be a
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part of the regional plan. Site Selection magazine annually evaluates
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regions based on the number of qualified projects that meet
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specific criteria a minimum capital investment of one million dollars,
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the creation of at least twenty new jobs, or the
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addition of at least twenty thousand square feet of new
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floor area. Greater Lexington's impressive performance underscores its growing appeal
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to businesses and investors. The next article comes from the
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April third, twenty twenty six edition of Business Lexington and
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is titled Saving food while Saving Money by Shannon Clinton.
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Between inflation and shrink flation When packaged foods get smaller
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while prices stay the same or increase, many consumers are
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looking for ways to save. The U S Department of
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Agricultures Food Price Outlook offers little relief. This year. Overall
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food prices are expected to rise three point one percent,
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with food at home prices increasing two point five percent
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and food away from home prices climbing three point seven percent.
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As budgets titan and consumer buying habits shift, perishables such
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as baked goods, produce, and meat are more likely to
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remain on shelves that in turn contributes to food waste.
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As items approach their expiration dates, a growing number of
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Lexington area groceries, bakeries and convenience stores are turning to
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a solution. Too Good to Go, an app designed to
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connect consumers with food nearing its sell by date still
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safe to eat at steep discounts. Local participants include Whole
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Foods Market at the Summit, Good Foods co Op, several
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Circle K locations, European Market, and Delhi and Duncan on
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Richmond Road. Using the app, customers receive notifications when a
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limited number of surprise bags become available near the end
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of the day. After reserving a bag, customers pay online
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and pick it up within the designated time window. Shoppers
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typically know the category baked goods, flowers and potted plants, meat,
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prepared foods, or produce, but not the exact contents that
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they'll pick up. Pricing varies, but the savings can be significant.
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At Whole Foods, bags of meat or prepared foods valued
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at thirty dollars recently sold for nine ninety nine. A
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floral bag valued at twenty four dollars sold for seven
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ninety nine, while produce and bakery bags valued at twenty
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one dollars sold for six ninety nine each. At Good
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Foods co Op, a grocery surprise bag valued at twenty
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one dollars sells for six ninety nine, while a prepared
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foods bag valued at fifteen dollars is priced at four
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ninety nine. A dozen crispy cream doughnuts typically seventeen dollars
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and forty nine cents, are offered for five dollars in
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eighty three cents through the app. At European Market and Delhi,
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a baked goods bag valued at twelve dollars sells for
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three ninety nine. To help expand participation and reduce food waste. Bluegrass,
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Green Source and Visit Les have partnered to encourage more
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food focused businesses to adopt the app, said outreach director
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Rachel Skinner. She said being environmentally responsible is part of
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who we are at our core. We're always looking at
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ways to be more sustainable. Loving a good bargain, I
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decided to try the app after a successful trial run
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at Circle K in Mount Washington. I recently reserved two
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surprise bags at Whole Foods, one produce and one bakery.
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Pickup was straightforward, scheduled between eight and nine pm the
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same day. The freshness, quality, quantity, and variety of items
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exceeded expectations. The produce bag included a mix of mushrooms
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and two prepared vegetable kits with sauces. The bakery bag
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contained half a loaf of sliced bread, a cinnamon roll,
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mini cupcakes, butterscotch pretzel cookies, muffins, and chocolate filled pastries.
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Items I didn't use immediately or share were prepped and
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frozen for later. The experience offered a practical way to
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save money while trying new pride. Skinner said the program
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ultimately benefits businesses, consumers, and the environment. By selling soon
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to expire food at a discounted price, businesses can recover
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a little revenue from items that might otherwise go to waste,
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she said. At the same time, customers get great products,
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often discover something new and pay a fraction of the
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usual price. Bluegrass Green Source serves as a sustainability consultant
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for Visit lex Skinner said while developing additional initiatives with them,
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such as our Sustainable lex Business certification, Food rescue and
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recovery frequently came up as an important opportunity for the
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Lexington community. After seeing positive results in other markets, Skinner said,
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the organization began encouraging existing partners to participate while recruiting
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new businesses. In doing so, Lexington can further establish itself
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as a green destination while reducing food waste. She said.
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Good foods co Op was the first grocery store Bluegrass
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Green Source worked with directly to establish a presence on
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the app. Other local participants joined independently, Skinner said, and
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more are being sought. Good foods co Op marketing manager
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Kara Shepherd said the store began offering surprise bags in
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early March. The response has been strong, with about five
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bags offered most days, typically selling out within ten minutes.
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It will differ day to day and week to week
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based on what products we have readily available, she said,
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but some examples might be meat, a box of acroamy cheese,
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protein powder, body care, prepped foods, and general merchandise. The
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program ultimately benefits businesses, consumers and the environment. The next
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article from Business Lexington is titled Growing with Purpose, written
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by Dan Dixon. For more than three decades, the Clossing
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Group has reshaped how commercial businesses and corporate campuses across
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Lexington and Louisville think about their outdoor spaces. Now, the
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company has added a distinction that formalizes its people and
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environmentally centered approach. Certified B Corporation status awarded by the
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nonprofit B Lab. The designation recognizes companies that meet rigorous
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standards for social and environmental performance, accountability, and transparency. The
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certification evaluates operations across governance, workers, customers, community and environment,
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and requires companies to codify in the governing documents that
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decision making considers the interests of employees, communities, and the environment,
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not just owners or shareholders. For the Clousing Group. The
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certification reflects years of work already embedded in how the
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company operates. Our work was always about the environment in
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educating the community, said Roscoe Classing, co founder and president.
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That led me to what the bee stands for in
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Bee Corporation, which is benefit. The company provides commercial landscaping
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services across roughly one hundred and seventy five properties per week,
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working exclusively in the business to business space. Clients include
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corporate campuses, bourbon distilleries, hospitals, universities such as the University
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of Kentucky, Kentucky State University, and Bluegrass Community and Technical College,
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as well as major manufacturers like Toyota. Its services range
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from routine maintenance mowing, pruning, irrigation to large scale landscape design,
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green infrastructure installation, and winter snow and ice removal. But
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central to its growth has been what Clousing calls smart landscaping,
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an approach that prioritizes environmental performance alongside esthetics that includes
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planting native species, expanding tree canopy manage eaching stormwater runoff,
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and designing landscapes that support biodiversity. Our goal was to
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demonstrate how landscape can be used as a tool to
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do the work of mother Nature. Klausing said that philosophy
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took shape over time. Klausing Group began in nineteen ninety
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two when Roscoe and his brother Brooke started a neighborhood
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lawnmowing business with the goal of earning enough money to
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buy a car. Their slogan will cut class to cut
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your grass. What started as a side hustle grew into
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a regional operation with the Lexington headquarters near McConnell Springs.
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After Brooke left the business in two thousand and one
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to start his own landscaping company in New York City
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focused on rooftop gardens and urban courtyards, Roscoe became more
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involved in the National Association of Landscape Professionals, which helped
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shape the company's long term direction. At the same time,
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external pressures were also reshaping the industry. In twenty eleven,
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Lexington entered into a consent decree with the EPA following
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Clean Water Act violations tied to sewer overflows. The agreement
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led to infrastructure improvements and grant opportunities aimed at better
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stormwater management. Clossing Group, which also opened a Louisville branch
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in twenty thirteen was the first to secure one of
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those grants, using it, along with private investment, to transform
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its own headquarters into a model of sustainable design. The
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site now includes one of Fayette County's first vegetated green roofs,
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rainwater harvesting systems, bioswalls, permeable pavement, and infrastructure capable of
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capturing tens of thousands of gallons of storm water. Those investments,
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along with internal policies and workforce development efforts, laid the
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groundwork for b corporation certification. The company also operates as
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a public benefit corporation, a legal structure that formalizes its
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commitment to balancing profit with social and environmental impact through
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its ten percent for the Community initiative, which began in
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two thousand and is managed by Bluegrass Community Foundation. The
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company has long donated a portion of its profits to
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local causes. Klausing notes that much of the landscape industry
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remains highly fragmented, with a low barrier to entry and
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increasing consolidation by private equity backed firms. Most of our
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competitors are owned by private equity where the goal is
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to sell in three to four years. He said. Our
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model of reinvesting in the community, the environment, and our
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employees is a stark contrast. While achieving B Core certification
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solidifies and reinforces the social and environmental values that have
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long been central to the Clossing Group's mission. The process
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was extremely rigorous and one of the most challenging things
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we've done clousing see Still, he sees B course status
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as a significant milestone in the ongoing journey of a
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firm that started with two teenagers and a lawnmower and
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has grown to become a regional leader in sustainable landscape.
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I've long believed that running a good business is about
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more than just having a giving program, Klaussing said. After
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reading Conscious Capitalism by John Maggie, I was introduced to
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a broader way of thinking that a business should exist
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to serve all of its stakeholders, not just shareholders. For me,
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certification has never been about sales or marketing, he continued,
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It's about structure and standards. The process has pushed us
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to adopt better practices and has given us a clear
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roadmap to become a more impactful, purpose driven business. The
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next article comes from the April sixth, twenty twenty six
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edition of the Louisville Courier Journal, and it is titled
25:55
After dispute, UPS Teamster's reach agreement on driver buyout offer
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written by Olivia Evans. UPS, the shipping and logistics giant,
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has reached an agreement with its unionized workforce over a
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previously offered buyout for drivers that faced immense union scrutiny.
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On April fifth, nearly two months after UPS first announced
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its intent to reduce workforce positions through attrition and a
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voluntary separation program, also known as a buyout to its
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full time drivers, a settlement was reached. The International Brotherhood
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of Teamsters, which represents more than three hundred thousand UPS
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workers across the United States, previously said the buyout, called
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the Driver Choice Program, was a one time lump sum
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payment and would require drivers to never work for UPS again,
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to waive their rights to union representation, and to sacrifice
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a career's worth of strong union wages, employer paid health care,
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and guaranteed retirement benefits. According to the Teamsters, The agreement
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reached between UPS and the union on April fifth limits
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the number of severance packages the company can offer to
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seven thousand, five hundred for those who choose to accept
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the buyout, they will receive one hundred fifty thousand dollars
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in payments for early retirement. Teamsters said in a release.
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Buy out offers will be made to the drivers based
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on seniority and in all regions of the United States.
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UPS will not offer any other severance programs for the
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remaining life of the current labor agreement with the union,
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which does not expire until July thirty, first of twenty
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twenty eight. UPS has roughly twenty five thousand workers in
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Greater Louisville and operates a variety of facilities, including UPS Worldport,
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UPS Centennial Hub, UPS lab Port, and a slew of
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UPS health care facilities. It remains unclear if employees or
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facilities in Louisville may be directly impacted by the reduction efforts.
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This concludes the reading of the most recent business news
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in Lexington, Louisville and around the state. Your reader to
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day has been Julias Shamed. If you have any questions
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or comments about this program, please give our Lexington Studios
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a call at eight five nine four two two six
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three nine zero. Thanks for listening, and now please stay
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tuned for readings from the Kentucky series here on radio
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