IAMC News Briefs—Week of December 12, 2022
By John Salustri
SUPPLY CHAIN DIVE—Walmart continues to build on its proven faith in omnichannel retailing. “If people buy in-store and online with Walmart.com, they generally spend twice as much and they shop in-store more often,” said President and CEO Doug McMillon at Morgan Stanley’s recent Global Consumer & Retail Conference, indicating the e-retailer’s strategy to continue to grow enhancements to automation systems. These will include, “opportunities to use automated storage and retrieval systems in ambient distribution centers, food distribution centers, e-commerce fulfillment centers and eventually market fulfillment centers next to stores.”
https://www.supplychaindive.com/news/walmart-fulfillment-automation-reduce-labor-costs/638521/?utm_source=Sailthru&utm_medium=email&utm_campaign=Issue:%202022-12-13%20Supply%20Chain%20Dive%20%5Bissue:46670%5D&utm_term=Supply%20Chain%20Dive
COMMERCIAL PROPERTY EXECUTIVE—It’s a big deal for Hyundai, but possibly even a bigger break for Cartersville, GA. The carmaker has entered a JV with Korean battery producer SK On to develop a new electric vehicle manufacturing plant in the town just 45 minutes away from Atlanta. The JV, which is eyeing employment for some 3,500 workers, has earmarked between $4 billion and $5 billion for the development of the plant, which is scheduled to go online in 2025. Incentives from a number of entities, including the Georgia Department of Economic Development, helped seal the deal. It is Hyundai’s second EV installation in the Peach State.
https://www.commercialsearch.com/news/hyundai-jv-plans-4b-plus-ev-battery-plant/
TRANSPORT DIVE—Just in time for the holiday season, Uber Freight and self-driving vehicle manufacturer Aurora have shaken hands on a deal to expand the firm’s autonomous delivery routes in the Lone Star state. The deal builds on an agreement that began last year and targets the 600 miles between Fort Worth and El Paso. But this year’s holiday shoppers will gain more by the extra route than the actual autonomy, which isn’t expected to hit the streets until 2024. Until then, there will be a driver behind the wheel.
https://www.transportdive.com/news/aurora-uber-freight-autonomous-route-fort-worth-el-paso-texas/637897/?utm_source=Sailthru&utm_medium=email&utm_campaign=Newsletter%20Weekly%20Roundup:%20Transport%20Dive:%20Daily%20Dive%2012-10-2022&utm_term=Transport%20Dive%20Weekender
COMMERCIAL OBSERVER—With $80.5 million of capital in hand, the Meridian Group can launch into its planned construction of One Logistics Park, Building 2, a 1-million-square-foot distribution center in Winchester, VA. The funding was arranged through JLL from Bank OZK and Acore Capital. Meridian’s plan is to stretch the master-planned park to as many as seven industrial buildings pacing out to 2.7 million feet plus 45,000 feet of retail. Building 2, which is actually the first to come out of the ground, will offer 40-foot clear heights and 100 dock doors.
https://commercialobserver.com/2022/12/the-meridian-group-scores-81m-for-logistics-park-in-winchester/?utm_campaign=daily-roundup&utm_content=2022-13-12-29964381&utm_source=Sailthru&utm_medium=email&utm_term=CO%20Daily%20Newsletter
GLOBEST.COM—Colliers reports that expected 2023 deliveries totaling 332 million square feet—on top of the nearly 657 million feet delivered in Q3 of this year--approach record levels. But, it states, despite vacancies creeping into the mid-single digits (i.e.: 6.2% to 6.6%), not one of the 25 top US industrial markets is experiencing negative absorption. The ongoing impact of e-commerce on the market is expected to counter-balance the increased supply.
https://www.globest.com/2022/12/13/industrial-vacancies-expected-to-stay-steady-despite-headwinds/