Business Briefs (Week of Aug. 25)
Monday, August 28, 2023
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Looking for business briefs? This week's roundup (for the week ending August 25) from The Journal Record.
OKC mall sees uptick in traffic despite e-commerce boom
Retail shopping centers across the U.S. have shown resilience coming out of the pandemic, and an Oklahoma City mall is seeing a healthy uptick in foot traffic over the last year. Following pandemic-related disruptions, malls saw a recovery in foot traffic in 2022, according to Placer.ai data compiled by analytics company Coresight Research. Traffic in the top-tier mall category, of which Penn Square Mall in north Oklahoma City is a part, was up 12% on average compared to pre-pandemic 2019 levels.
Federal court strikes down state pharmacy law
A federal appeals court has struck down provisions in a state law authored with the intent of ensuring access to smaller pharmacies. The 10th Circuit U.S. Court of Appeals on Aug. 15 ruled that the Employee Retirement Income Security Act and Medicare preempt an Oklahoma law regulating pharmacy benefit managers, which create formulary lists and negotiate costs and payments between drug companies, pharmacies and health insurance providers. PBMs also manage drug benefits for Medicare Part D plans.
Plant power: Startup targets petroleum-based plastics
Sharina Perry started studying plant material to help a family member, but her knowledge has helped her develop a business that’s solving a worldwide problem: the overconsumption of petroleum-based plastic. Since 2020, Utopia Plastix resins, which use crops from Kentucky and North Carolina, have been deployed to manufacturers across the globe. Over the next year, Perry said Utopia Plastix is on pace to become a unicorn company based on current and upcoming agreements.
Edmond housing 'unattainable for most'
Lack of workforce housing is creating challenges for Edmond employers. More than 75% of the workforce commutes into Edmond because employees cannot find housing they can afford, according to a new housing study. Over the past decade, 94% of the building permits issued have been for single-family homes and no new apartment complexes have been built. The housing study grew out of concerns raised by major employers such as Edmond Public Schools and hospitals that reported problems recruiting employees because the lack of housing, she said.
Company breaks ground on El Reno manufacturing site
An Oklahoma company credited with developing innovative machinery used in land and forest management has broken ground on a 28,000-square-foot manufacturing facility east of El Reno. The new Dougherty Forestry Manufacturing plant will employ 20-30 people full time. It also will utilize more than $2 million worth of advanced computerized numerical control, or CNC, and robotic equipment, the company said in a release.
Announcing the 2023 Best Places to Work in Oklahoma
The Journal Record has named its 2023 Best Places to Work in Oklahoma. Final ranked positions of the 35 honorees will be announced during a Nov. 16 celebration event at the National Cowboy & Western Heritage Museum. Best Places to Work honorees were determined using several criteria through Best Companies Group.
Demand outpaces capacity at Canadian Valley Tech Center
Canadian Valley Technology Center campuses have been unable to accommodate several hundred students interested in taking classes this year because of a lack of capacity, administrators said. While nearly 2,000 students have been enrolled in various CVT programs, about 600 had to be turned away. Administrators cited population growth in the area as the primary factor, adding that passage of a proposed bond issue would help the center’s three campuses keep up with needs.
Cherokee Nation expands filmmaking ecosystem with new company
The Cherokee Nation is expanding its filmmaking ecosystem under a new company. The brand Cherokee Film encompasses the tribe’s collective efforts in filmmaking, storytelling and content creation. The company has four distinct branches and logos, as well as a new website and social media accounts with a focus the tribe says will better represent its efforts to develop a film and media production hub in northeast Oklahoma. According to a release, Cherokee Film’s portfolio includes Cherokee Film Productions, Cherokee Film Studios, Cherokee Film Commission and Cherokee Film Institute. The company has more than 30 full-time employees.
‘Norman is going to be a boomtown’ awash in SEC opportunity
With the arrival of the Southeastern Conference in 2024, Norman leaders anticipate a tsunami of economic opportunity that will wash ashore next fall. That is when the University of Oklahoma Sooners will kick off their first season as a member of the elite cadre of athletic programs that have dominated college football for 20 years. But with this conference, it’s not just about football and it’s not only about the athletes. SEC fans are renowned for their enthusiasm, their willingness to travel and the money they spend. Just in terms of economic impact, Visit Norman Executive Director Dan Schemm said revenue opportunities will be huge.
Process for development approval 'more contentious'
Common concerns from Oklahoma City and Edmond residents about requests for rezoning and site plan approvals for new residential, commercial or mixed-use developments are increases in density, traffic and stormwater runoff. Sometimes residents get emotional as they predict the development will lead to crowded schools, a rise in crime and lower property values. Attorney David Box said social media has intensified the complaints and protests because information – some of it inaccurate – is shared before the developer can sit down and talk with neighbors.
Tulsa schools ‘accredited with deficiencies’ by state board
Members of the State Board of Education voted on Thursday to give Tulsa Public Schools an “accredited with deficiencies” status heading into the new school year. State Superintendent Ryan Walters, who entered office earlier this year after campaigning against a “woke” culture in public schools and taking special aim at TPS, said during a meeting of the state board that the Tulsa district must make significant changes soon or face even harsher consequences, including prospects of having its accreditation revoked. TPS had been labeled as “accredited with a warning” prior to Thursday’s vote. The Tulsa School Board on Wednesday approved the resignation of Superintendent Dr. Deborah Gist and appointed the district’s current chief learning officer, Ebony Johnson, as interim superintendent.
Study: Oklahoma ranks near bottom for women's equality
A study released this week ranks Oklahoma 10th worst in the nation when it comes to women’s equality based on 17 indicators of workplace environment, education and health, and political empowerment. Oklahoma’s lowest scores – 45th of the 50 states – were for the gender disparities in income and the unemployment rate. Women in the state earn 22.5% less than their male counterparts, while their unemployment rate is 80% higher, according to the WalletHub study.
Mercy plans Kathryn Ann Meinders Digestive Health Institute
A first-of-its-kind medical center dedicated to the treatment of people with gastrointestinal disorders has been planned in Oklahoma City. The Kathryn Ann Meinders Digestive Health Institute will be built on the campus of Mercy Hospital, made possible by a gift to the hospital of $7.5 million from philanthropist Herman Meinders. The center, to include 40 outpatient exam rooms, eight procedure rooms and facilities for surgery and oncology support, will be the best-equipped specialized center for addressing gastroenterology, or GI, conditions within 500 miles of the city, Mercy officials said in a release.
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