![]() Many residents applauded the amendment, and the idea that the city could focus attention on locally-owned businesses, including Friedman’s Home Improvement which resides only a half-mile up the road from the proposed Home Depot site. The project also would have included a tool and truck rental center, and the addition of more than 450 parking spaces.īut a new ordinance, adopted in a 6-1 City Council vote July 18, would require Home Depot to obtain a conditional use permit from the Planning Commission, which allows city officials to fully review the project in order to “mitigate impacts and ensure that the commercial land use has a net positive community impact.”Īdvocates for the newly approved zoning amendment touted its ability to bring the city closer to its carbon neutral climate goals by 2030 by curbing effects associated with larger stores including traffic congestion and air pollution. for the proposed project in the 19-acre shopping center, which called for the demolition of the original 90,000-square-foot building, formerly the longtime home to a Kmart, to make way for a 107,891-square-foot main building and a 28,216-square-foot garden center. Gallelli Real Estate submitted plans in Jan. Healy was the only “no” vote in the zoning amendment’s approval. ![]() “We have a huge empty space in a major shopping center and the mom and pop restaurants and retailers there will continue to suffer from the lack of an anchor tenant,” said council member Mike Healy in a Wednesday text message. ![]() The move comes after the City Council approved a zoning amendment on July 18 that would require store developments of more than 25,000 square feet to obtain conditional use permits and undergo full environmental review. The companies are scheduled to report fourth-quarter earnings next week.Home Depot will no longer be coming to Petaluma, after the department store withdrew its application proposing a new store at the former Kmart site in the Plaza North Shopping Center.Ī representative with Home Depot confirmed in an email late Wednesday morning, the company is no longer going after the property at 261 North McDowell Boulevard. Those two companies already warned investors about their holiday results. Many mall players, such as Macy's and Nordstrom, skew toward discretionary goods like apparel, handbags and shoes. Other retailers are likely in a tougher position. Plus, he said, as mortgage rates rise, some are choosing to fix up their current homes rather than buy new ones.Īnother dynamic that could work for Home Depot? It sells items that people may see as necessities, such as supplies to fix a broken water heater or a washer/dryer that a family may be forced to replace. Home Depot's McPhail said the company's customers are typically homeowners with stable jobs and healthier finances. ![]() It has picked up customers across income levels – including those who make more than $100,000 - at Sam's Club and at Walmart's SuperCenters, he said. Nearly 60% of its annual revenue comes from grocery, a category that drives foot traffic and is recession-proof.Īnd, he said, as they shop at Walmart's stores or try its curbside pickup or delivery services, the company hopes it will "result in them choosing us, even as inflation eventually subsides." If things are tougher, they come to us for value." "If the economy is strong, our customers have more money and that's great. "If customers want more of something and less of something else we shift our inventory," he said. He said the business, which sells everything from toothpaste to furniture, is "naturally hedged." Walmart CEO Doug McMillon said on an investor call, however, that the big-box retailer is in a fortunate spot, regardless of the economy. On an investor call, Rainey called food inflation "the most stubborn of all the categories." He said that Walmart expects that shift away from higher-margin general merchandise goods and toward lower-margin categories like food " to get a little bit worse" in the coming months. Personal Loans for 670 Credit Score or Lower ![]() Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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