Business Briefs (Week of Dec. 30)
Wednesday, January 4, 2023
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Looking for business briefs? This week's roundup (for the week of Dec. 30) from The Journal Record.
Penn Square Mall beset by false fire alarms
Sporadic false fire alarms at Penn Square Mall in Oklahoma City have left store employees rattled in the wake of the Texas de Brazil fire in late November. As the fire spread through the ductwork above the popular restaurant, the fire alarm blared throughout the mall, warning customers and employees to evacuate. However, many mall employees didn’t leave right away. Since June, the Oklahoma City Fire Department has responded to five auto alarm activations at Penn Square Mall, fire officials said. Those responses were in addition to the OKCFD’s call to a mall water pipe that burst Dec. 23.
Canoo sues startup over alleged 'corporate espionage'
Canoo Inc. is suing a group of former executives who went on to start up a hot new rival electric vehicle company in California. Business Insider first reported on the lawsuit, filed Dec. 22 in the U.S. Central District Court of California. The filing alleges former employees of Arkansas-based Canoo infiltrated the company to obtain its trade secrets and use them to start Harbinger, an electric vehicle company founded in 2021 and based in Gardena, California. In November, Canoo entered into an agreement to start production at a new manufacturing facility in Oklahoma City, with the first units expected to ship to customers in 2023.
Dam project to create long-coveted lake between Tulsa, Jenks
Plans have been announced for construction of a dam on the Arkansas River that will create a new lake to transform the landscape between Tulsa and Jenks. Officials expect the multimillion-dollar, multiyear project, which will include enhancement of a nature trail system and other outdoor amenities, to attract major investment in real estate and retail opportunities. Partners in the ambitious project include the cities of Tulsa and Jenks, the Indian Nations Council of Governments and the Muscogee Nation. The lake created by the low-water dam is expected to cover an area from 71st Street to 101st.
Retailers optimistic about holiday sales despite inflation
Holiday shopping activity was robust this season both locally and nationally, although inflation caused customers to be more focused on how they spent their dollars. A record 196.7 million Americans shopped in stores and online during the five-day holiday shopping period from Thanksgiving Day through Cyber Monday, according to the annual survey released by the National Retail Federation and Prosper Insights & Analytics. The total number of shoppers grew by nearly 17 million from 2021.
Rental market still tight as prices edge downward
The residential rental market is as competitive as ever in Tulsa and Oklahoma City, yet for the first time in years, rental prices declined slightly in late 2022. Rental prices are falling nationwide following two years of steady increases, according to a recent report from QuoteWizard, an online insurance comparison platform based in Seattle. Rental prices in Oklahoma’s major metropolitan areas followed the nationwide trend, declining 1% despite increasing competitiveness in the rental market as population growth outpaced construction of new rental units. Tulsa ranked as the sixth-hottest small market nationwide in 2022, according to RentCafe.com’s year-end report.
Oklahoma, Arkansas, Louisiana partner to become hydrogen energy ‘hub’
Oklahoma has partnered with neighboring states Arkansas and Louisiana in an effort encouraged by the federal government to develop regional hubs promoting hydrogen energy. The U.S. Department of Energy sent notice to the three states and to others across the country, asking them to submit full applications for funding to be delivered through the Regional Clean Hydrogen Hubs program. The program, included as part of the federal Infrastructure Investment and Jobs Act passed in 2021, will appropriate up to $7 billion to the DOE to develop six to 10 regional “clean hydrogen hubs” demonstrating the production, processing, delivery, storage, and end-use of hydrogen as energy. The ultimate goal, according to a news release, will be to develop a national network of hydrogen energy producers and connective infrastructure.
Input sought on multimillion-dollar plan for local park improvements
Officials in Oklahoma City have planned a series of public open house events and have arranged an online effort to gather input from people about plans for investing millions of dollars in local parks. The city has invited residents to share ideas on the Neighborhood and Community Parks Master Plan involving 105 community and neighborhood parks, part of the overarching MAPS 4 program. According to a release, input will guide consultants as they assess current park conditions and accessibility and develop a master plan. MAPS 4 includes $69.6 million to upgrade municipal neighborhood and community parks outside Oklahoma City’s central business district.
High-end home sales especially affected as markets slow
In Oklahoma and across the country, the waning real estate market is beginning to have pronounced effects on home prices and demand, and especially on demand for the priciest of properties. According to a report released this week by online broker Redfin, sales of luxury homes fell across the United States by 38.1% year-over-year during the three months that ended Nov. 30. It was the biggest sales decline on record.
Inaugural balls in Tulsa, OKC, Enid to feature Oklahoma entertainers
The Oklahoma Inaugural Committee has announced entertainment headliners for Gov. Kevin Stitt’s 2023 inaugural balls, all featuring state artists who specialize in the red dirt country music scene unique to the region. The Tulsa inaugural ball, scheduled for Jan. 6, will feature Corey Kent, a Bixby native and former contestant on NBC’s The Voice. The Enid ball, set Jan. 7, will feature Josh Maloy, an Oklahoma State University graduate whose songs are inspired by his time living in Hennessey and Stillwater. His musical influences include artists Chris Stapleton and Waylon Jennings. The Oklahoma City inaugural ball, to be held Jan. 9, will feature Stoney LaRue, raised in Buffalo Valley, who currently lives in Stillwater. LaRue has sold more than 1 million albums and averages 200 live shows across the nation, singing red dirt country songs rooted in Oklahoma culture from Idabel Blues to Oklahoma Breakdown.
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