Connecticut

Connecticut Gets Back In The Show

Published

2 years ago

May 23, 2022

By the BF Employees
From the March/April 2002 Difficulty

Connecticut is again in enterprise. At the least, that’s what officers at AdvanceCT, the New Haven, CT-based non-profit enterprise advocacy group wish to make completely clear to any and all comers who would possibly love the Nutmeg State’s favorable location, extremely educated workforce and an increasingly-clear willingness on the state degree to work with new and present corporations.

“Our state has had a tricky go since across the monetary disaster in 2008,” stated Peter Denious, CEO of AdvanceCT. “We at the moment are two-plus years right into a turnaround that’s paying good-looking dividends for the state, bringing new companies and company headquarters right here in addition to serving to in-state corporations develop or select to remain.”

Denious, who stepped into his present place in September 2019 after a protracted profession in non-public fairness and enterprise capital, says the corporate’s practically two dozen staff performed a number one position in that turnaround. The group is funded partially by the state by contracts with the Connecticut Division of Financial Group Improvement and thru funding from the non-public sector, plus has the robust help of Gov. Ned Lamont. He famous that greater than 30 corporations, most with company headquarters within the state, are concerned with AdvanceCT.

The truth is, AdvanceCT’s board of administrators reads like a Who’s Who of high company executives within the state. They embrace the CEO or presidents of such corporations as Infosys, Black & Decker, Otis Worldwide, Philip Morris Worldwide and Constitution Communications. Margaret Keane, the manager chair of the board of administrators at Synchrony, and Jeffrey Sonnenfeld, senior affiliate dean, management research at Yale College College of Administration, are co-chairs of the AdvanceCT board. Donald Kendall, principal at New Fork Capital, is vice chair.

“We’re fairly happy with the truth that so many senior company executives have signed on to our workforce and are serving to us to attract extra curiosity to the state. Their expertise and networks have been extraordinarily useful,” Denious stated.

Connecticut actually appears to wish the assistance. Lengthy seen as one of many wealthiest and most educated states within the nation, over the past 20 years the state has developed a status for prime taxes and intense laws that has damage its standing amongst companies seeking to relocate or develop. Lately, the state took it on the chin when plenty of high-profile banks and Wall Avenue corporations, who had moved to the state only a few years earlier, determined to relocate again to close by New York Metropolis. The departure of high-profile Common Electrical, which was headquartered in Fairfield, for Boston, additionally didn’t assist.

Nonetheless, lately issues began turning round and a number of other massive gamers determined to name Connecticut dwelling. Final yr, for instance, Philip Morris moved its headquarters from New York Metropolis to the Stamford space, turning into the fifteenth Fortune 500 firm situated within the state. Fortune 1,000 firm ITT Inc. and Digital Foreign money Group are additionally shifting their headquarters, and bringing 350-plus jobs, to Stamford. Equally, GE Home equipment situated an innovation heart and micro-manufacturing operation within the state.

With a inhabitants of about 3.55 million individuals, Connecticut is dwelling to the second most Fortune 500 corporations per capita.

Denious stated that AdvanceCT is taking part in an enormous position in publicizing the state’s many benefits. “We notice that we’re not a low tax state,” he stated. “We win corporations over with our high-value added components. For instance, in Connecticut, we promote our workforce. It’s all about expertise and the workforce and we now have that, not like many states within the south and southwest who’ve a tough time discovering the workforce to satisfy the wants of the market.”

A gifted workforce is clearly one thing within the state’s favor. With New Haven-based Yale College as its anchor, the state has a well-earned status for its extremely expert workforce. The state’s 38 faculties and universities graduate greater than 150,000 college students per yr and Yale and different universities such because the UCONN public system, Quinnipiac College and even the U.S. Coast Guard Academy in New London are pumping out extremely gifted graduates longing for difficult jobs throughout many sectors of the financial system.

High quality of life in Connecticut can also be a draw with many stories rating it among the many high 10 states to stay in. With Boston and New York each inside shut driving distance, and far of the state being suburban and even rural, Denious stated the mix of comfort, location and the distinctive New England tradition are key promoting instruments for his workforce. “Entry to each cities is vital to attracting individuals to our space,” he famous.

So, too, is the truth that the state’s many small cities provide a novel tradition and taste. That’s turning into extra vital to many corporations, notably after what has occurred over the past two years with COVID-19. State officers had been lauded for its response to the pandemic, thanks partially to its world-class healthcare system, and it stays some of the extremely vaccinated states within the nation.

Moreover, Connecticut is a draw for individuals seeking to be round others with related skilled backgrounds. Hartford continues to be the main space within the nation for insurance coverage and insurtech corporations and the life sciences section is turning into an enormous participant all through the state, with Yale main the way in which in R&D and spin-off companies. Biotech and fintech are additionally turning into main components alongside the Stamford to New Haven Interstate 95 hall, he added.

In keeping with Denious, AdvanceCT is targeted on 5 totally different key industries. Along with insurance coverage and life sciences, AdvanceCT is concerned in monetary companies, superior manufacturing, and know-how, together with fintech, cyber securities and biotech. “These are all large sectors in Connecticut, and we now have to do extra to make companies see that and notice what we now have to supply,” he stated.

Whereas the long run is kind of brilliant for the state, Denious stated there may be nonetheless a whole lot of work to be completed for AdvanceCT and its companions. He emphasised that U.S. Census Bureau information exhibits that many younger individuals and younger households are shifting to the state and that new enterprise purposes are rising shortly. He additionally identified that the state’s finances is in fine condition, with a $1 billion surplus this yr and a rainy-day fund of greater than $4 billion resulting in upgrades from credit score rankings corporations corresponding to Moody’s and Customary & Poor’s.

“Our job, working with the state and particular person corporations, is to get the phrase out that Connecticut has an unbelievable upside and companies ought to contemplate us when they’re taking a look at different states like Massachusetts or New Jersey,” he stated. “Our job is to be pro-active and aggressive. We wish to make it clear to all that Connecticut is a good place to stay and a terrific place to do enterprise. Our story is simply getting began.”

Contemplating Connecticut in your firm’s relocation or enlargement challenge? Take a look at all the newest information associated to Connecticut financial improvement, company relocation, company enlargement and website choice.

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Connecticut

Black Rock Turnpike Restaurant For Sale In Fairfield

Published

7 hours ago

June 16, 2024

Press Room

Black Rock Turnpike Restaurant For Sale In Fairfield

The exact location of the restaurant was not disclosed for confidentiality reasons, listing agent Sam Galatas writes, adding that interested buyers will have to sign a non-disclosure agreement and show proof of financial capacity before purchasing the site.

“This is a great opportunity to own an open-kitchen restaurant that offers an important presence on Black Rock Turnpike in Fairfield, CT,” Galatas writes. “This prime location has high visibility, curb appeal, surrounded by tons of commercial businesses, schools, office buildings and medical buildings, plus a very vibrant residential community.”

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Connecticut

Once the only game in town, Stop & Shop’s dominance is under siege. CT is ‘hyper competitive market’

Published

14 hours ago

June 16, 2024

Press Room

Once the only game in town, Stop & Shop’s dominance is under siege. CT is ‘hyper competitive market’

Stop & Shop supermarkets — the grocer where three generations of Connecticut shoppers filled their carts — remains the most popular place to pick up produce, meat and dairy in the state, but that dominance is under siege.

Quincy, Mass-based Stop & Shop’s recent announcement that it will shutter as of now an undisclosed number of “underperforming” stores — some likely in Connecticut where it operates nearly 90 outlets and is working to grow its online business — comes as it faces intensifying competition on all fronts and at a time of price inflation.

Low-price grocery juggernauts such as Walmart Supercenters and Aldi have expanded rapidly in Connecticut in the last decade. Those competitors are forcing Stop & Shop to examine its pricing, which some experts say is as much as 14% higher.

On the other end, pushes by upscale grocers such as Whole Foods and Trader Joe’s are putting pressure on Stop & Shop to up its game on quality. Experts say Stop & Shop took a hit when it began phasing out in-store butchers in favor of pre-packaged meat.

“You’ve got a hyper competitive market in our little state,” said Wayne Pesce, president of the Connecticut Food Association, a state trade organization. “All these plates are shifting and Stop & Stop who’s got the most to protect, right?”

Pesce, whose trade group promotes food retailing in Connecticut, said there is no letup in sight.

Norwalk-based boutique grocer Stew Leonard’s has firmly established its brand in Newington and is now setting its sights on New Haven County. Wegman’s of New York, with outlets throughout the Northeast, is now building its first store in Norwalk that is expected to open next year.

All the jockeying by grocers in Connecticut is likely to have an upside for consumers in both price and food quality, Pesce said.

“You have competitors investing in the market,” Pesce said. “That is happening, and that is good for consumers.”

‘That’s not enough’

Stop & Shop was founded in Massachusetts more than a century ago, opening its first Connecticut store in 1941. Today, Stop & Shop now has nearly 400 stores in five states. Along with other U.S. grocers such as Food Lion and Hannaford, Stop & Shop is owned by Dutch retail and wholesale giant Ahold Delhaize.

JJ Fleeman, chief executive of Ahold Delhaize’s U.S. operations, told investors last month that Stop & Shop has made significant strides in enhancing loyalty programs, which extend rewards, discounts, or other special incentives to keep customers coming back to shop. In addition, steps have been taken to build its digital customer base.

“But that’s not enough, and it’s not where we want or need to be,” Fleeman said, according to a video of the investor meeting. “As Stop & Shop embarks on its next phase, we will be decisive and take deliberate and appropriate actions to ensure a stable future for the brand.”

In addition to pricing and a “focus on quality, fresh products and well-stocked shelves,” Fleeman said there will be an emphasis “on fantastic service in each of its stores.”

While Stop & Shop has invested in remodeling 190 stores, it will make “difficult decisions” to close locations so the grocer can “create a healthy store base for the long term and grow the brand.”

John Minchillo/AP

Stop & Shop has nearly 90 stores in Connecticut and about 400 in five Northeast states. (AP Photo/John Minchillo, File)

In a separate statement, Stop & Shop said Connecticut remains a priority for the grocer, and it plans to continue investing in store upgrades in the state.

The initiatives come at a critical time for Stop & Shop, at least in Connecticut, where the grocer has been a familiar anchor at shopping centers for 40 years.

In 2003, Stop & Shop had a market share of 40.4% in the Hartford area, according to New York-based Strategic Resource Group, a retail industry consultant. That market share had eroded to 26.8% as of 2023.

Over the same period, Walmart Supercenters, which offer full-service grocery, went from virtually no market share in 2003 in the Hartford area to 12.9% last year. Across Connecticut, 26 Walmart Supercenters opened in that time period, Strategic Resource Group said.

ShopRite, another low-cost competitor, said it has opened two new Connecticut stores in Cromwell and Vernon and has remodeled seven stores in the last five years. This week, two remodeled stores in Stamford will mark grand re-openings.

ShopRite stores and its sister grocer Price Rite are part of a cooperative in which independent family-run businesses operate stores. All together, the cooperative, Keasby, N.J.-based Wakefern added 27 stores in Connecticut since 2003, boosting its market share in the Hartford area from 2.7% to 11.1%

Emails seeking comment from Walmart, Big Y, Costco, BJ’s Wholesale Club and Aldi weren’t returned.

David Cadden, a professor emeritus of entrepreneurship and strategy at Quinnipiac University in Hamden, said there has been a dramatic shift in how consumers buy their groceries, at least on the cost-saving end of the shopping spectrum.

“The key thing is people are much more willing to become less brand loyal to particular retail outlets and begin to take a look for the best bargain and the best value that they can find at different locations,” Cadden said.

The option of calling in orders can “minimize the annoyance of going to different locations,” Cadden said.

‘Get back to business basics’

Stop & Shop long had a reputation for investing in quality and service, some experts say, but that has shifted in recent years. Perhaps the most notable example is the decision to move to pre-packaged meats, phasing out meat cut to order in the store.

A produce clerk restocks lettuce at the ShopRite of Farmington Ave. in Bristol in a file photo. (Aaron Flaum/Hartford Courant)

The purchase of meat, particularly in the U.S., is central to weekly shopping trips, not only to consumers but grocery stores.

“Meat is the keystone in the bridge of the shopping basket to get the average customer instead of spending $35 to $40 per average transaction to spend $75 to $95,” Burt Flickinger, managing director of Strategic Resource Group, said. “And in many cases, numbers far exceed $100 per transaction.”

Stop & Shop didn’t appear to see that coming, Flickinger said.

“That shifted the customers over to Big Y, some of the ShopRites, but the lion’s share of the customers went fleeing to Costco,” Flickinger said.

Flickinger said centralizing some meat packaging is all right, but there still has to be the service at the store, the master meat cutter or butcher.

“It seems like they should get back to business basics and fresh foods, starting with meat and produce,” Flickinger said. “And to prices that are more competitive.”

Step forward, step back

Experts warn that cost-cutting through store closings like what Stop & Shop is pursuing can touch off a retailer’s downward spiral, with closings leading to more.

But in Hartford, the prospect of a potential shuttering is raising other concerns. The Stop & Shop on New Park Avenue in the city’s Parkville neighborhood is the sole full-service supermarket in Hartford.

Martha Page, chair of the Hartford Advisory Commission on Food Policy, said the loss of the Stop & Shop would be a critical setback to increasing access to healthful food in a city that long struggled with food insecurity.

“You go a step forward and then a step back,” Page said. “There’s no question about it, if that store closes, that leaves a hole. That not only leaves a gap in the food landscape but it leaves a challenging site, real estate wise.”

The city has long pushed for more food shopping alternatives in Hartford if it is to continue on its redevelopment trajectory. One such effort that is on-going is to bring a grocery store to the city’s North End neighborhoods.

Jennifer Barr Brogan, a Stop & Shop spokeswoman, said the supermarket chain couldn’t provide specific store locations that may be shuttered or a timeline. It is too early in the process, Brogan said, in an email.

“Stop & Shop can confirm that the broader community impact of a store closure will be considered,” Brogan said.

Here is a look at the major Connecticut grocers and how the food retailing landscape is shifting:

Stop & Shop in Cromwell. (Aaron Flaum/Hartford Courant)

1. Stop & Shop

Founded: 1914
Headquarters: Quincy, Mass.
No. of CT stores in ’23: 81
Change from ’03: +12
Hartford area market share in ’23: 26.8%
Hartford market share in ’03: 40.4%

Walmart Supercenter in Hartford. (Aaron Flaum/Hartford Courant)

2. Walmart Supercenter

Founded: 1962*
Headquarters: Bentonville, Ariz.
No. of CT stores in ’23: 28
Change from a decade ago: +26
Hartford market share in ’23: 12.9%
Hartford market share in ’03: n/a

*first U.S. supercenter opens in 1988

ShopRite of Manchester. (Aaron Flaum/Hartford Courant)

3. ShopRite/Price Rite

Founded: 1946
Headquarters: Keasbey, N.J.
No. of CT stores in ’23: 39
Change from ’03: +27
Hartford area market share in ’23: 11.1%
Hartford area market share in ’03: 2.7%

Big Y in West Hartford , (Aaron Flaum/Hartford Courant)

4. Big Y

Founded: 1936
Headquarters: Springfield
No. of CT stores in ’23: 37
Change from ’03: +21
Hartford area market share in ’23: 9.4%
Hartford area market share in ’03: 11%

Costco in New Britain. (Aaron Flaum/Hartford Courant)

5. Costco

Founded: 1983
Headquarters: Issaquah, Wash.
No. of CT stores in ’23: 9
Change from ’03: +5
Hartford area market share in ’23: 8.5%
Hartford area market share in ’03: 3%

BJ's Wholesale Club in West Hartford. (Aaron Flaum/Hartford Courant) — BJ’s Wholesale Club in West Hartford. (Aaron Flaum/Hartford Courant)

6. BJ’s Wholesale Club

Founded: 1984
Headquarters: Westborough, Mass.
No. of CT stores in ’23: 11
Change from ’03: +6
Hartford area market share in ’23: 4.4%
Hartford area market share in ’03: 1.2%

Aldi in West Hartford. (Aaron Flaum/Hartford Courant)

7. Aldi

Founded: 1961
Headquarters: Essen, Germany
U.S. headquarters: Batavia, IL
No. of CT stores in ’23: 26
Change from ’03: +24
Hartford area market share in ’23: 2%
Hartford area market share in ’03: n/a

SOURCES: Strategic Resource Group, Company websites

Kenneth R. Gosselin can be reached at kgosselin@courant.com.

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Connecticut

Venomous snake bites dog at Connecticut state park, prompting risky mountaintop rescue

Published

1 day ago

June 15, 2024

Press Room

Venomous snake bites dog at Connecticut state park, prompting risky mountaintop rescue

Postal worker alerts family after beagle gets bitten by venomous snake

A postal worker alerted a Georgia family that their dog had been bitten by a copperhead snake through the family’s security video. (Credit: Kelsey Proctor via Storyful)

HAMDEN, Conn. – A dog in Connecticut faced a risky mountaintop rescue after being bitten by a venomous copperhead snake.

The terrain at Sleeping Giant State Park in Hamden was extremely treacherous as firefighters and local animal control officers rushed to the scene Wednesday to provide the dog with urgent medical attention.

A team of six people, including the dog’s owner, worked together to move the injured dog to safety on a stretcher.

“Thank you goes out to the two firefighters who did most of the carrying,” expressed Hamden Animal Control on social media, along with photos of the rescue operation.

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A dangerous mountaintop rescue was required for a dog in Connecticut after it was bitten by a venomous copperhead snake at Sleeping Giant State Park in Hamden on Wednesday. (Hamden Animal Control)

The dog received antivenom and is currently under observation at a local animal.

“This is just a reminder to be careful out there, there are northern copperheads at Sleeping Giant,” animal control officers warned. “Their habitat includes rocky hillsides, open woods, as well as edges of swamps and meadows.”

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A dangerous mountaintop rescue was required for a dog in Connecticut after it was bitten by a venomous copperhead snake at Sleeping Giant State Park in Hamden on Wednesday. (Hamden Animal Control)

Connecticut is home to two venomous snake species: the timber rattlesnake and the northern copperhead.

Wildlife officials emphasize that these snakes are not aggressive and will only bite if threatened or handled; if left undisturbed, they do not pose a threat to people.

LINK: Get updates on this story at more at foxweather.com.

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