Business
Majority of employers experiencing negative impact due to inflation, according To latest Virginia CEO survey
CEOs expect sales and employment to increase some, but capital spending to remain flat over the next six months.
Eighty-four percent of CEOs are experiencing a negative impact on their business due to inflation. In addition to the current impact of inflation, 55% expect inflation to continue to rise above current levels over the next six months. That’s the latest from the quarterly CEO Economic Outlook Survey conducted by the University of Richmond’s Robins School of Business and the Virginia Council of CEOs.
“The survey results suggest that CEOs have felt a considerable negative impact from inflationary pressures and, as a result, are less optimistic overall about the next six months,” said Rich Boulger, associate dean at the Robins School, who administers the survey and collects the responses.
“It is no surprise that inflation is hurting small businesses,” said Scot McRoberts, executive director of VACEOs. “The entrepreneurs I work with continue to adapt to challenging conditions, but I have seen their optimism dim in recent months.”
Fifty-nine percent of CEOs expect sales to increase, with 28% expecting at least a 10% increase, while 52% expect employment to increase over the next six months.
The survey found expectations over the next six months for sales and employment were both positive, although expectations were down compared with the end of Q1 2022.
More than half (59%) of CEOs indicated that they expect sales to increase over the next six months.
- 6% expected sales to be “significantly higher.”
- 53% expected sales to be “higher.”
- 13% expected sales to be “lower.”
- 28% indicated they expected no change.
Thirty-one percent of CEOs expect capital spending to increase over the next six months (similar to last quarter), while 25% expect capital spending to decrease. More than 43% expect capital spending to remain flat.
Fifty-two percent of respondent CEOs expect employment to increase over the next six months. Additionally, 38% expect employment to remain flat while only 11% expect employment to fall.
Taken as a whole, the results pertaining to sales, capital spending, and employment are less positive than in the first quarter of 2022 with the overall Economic Outlook Index decreasing (81.3 versus 98.1) relative to the results from the end of Q1 2022.
Additionally, CEOs were again asked if the war in Ukraine and other world events have resulted in supply chain interruptions, which negatively impacted their business. They reported the following impact on their business:
- No impact: 33%
- A minor negative impact: 43%
- A significant negative impact: 24%
For additional information about the CEO Economic Outlook Survey and a specific breakdown of the data, click here.
Business
New full-service commercial kitchen, fast casual food hall opens Wednesday
The new facility consists of 16 kitchen suites, each operating unique dining concepts. For the initial launch, ChefSuite has announced three restaurant concepts available for pick-up or delivery through their website, order.chefsuite.com, or through DoorDash, UberEats, GrubHub, and other delivery apps.
ChefSuite, a full-service commercial cooking facility and fast-casual food hall, will open its flagship location in midtown at 4711 W. Broad Street this Wednesday. The brainchild of co-founders Jay Modi and Jarnail Tucker, and Chairman Andrew Kadish, ChefSuite provides ghost kitchens for both new restaurateurs and seasoned chefs, allowing them to open or expand their restaurant business at a fraction of the cost of a traditional brick-and-mortar restaurant.
“ChefSuite’s mission is to provide a seamless experience for restaurateurs to focus on their dream,” Kadish said in a news release. “ChefSuite features a fool-proof system that supports our chef tenants with every opportunity to succeed.”
The new facility consists of 16 kitchen suites, each operating unique dining concepts. For the initial launch, ChefSuite has announced three restaurant concepts available for pick-up or delivery through their website, order.chefsuite.com, or through DoorDash, UberEats, GrubHub, and other delivery apps.
Restaurants at launch include On A Roll Italian Subs; Latin Quarter Kitchen, specializing in smashed plantain sandwiches; and A Pinch of Sugar, offering comfort food. Additional restaurant concepts will be added to ChefSuite’s offerings in the coming months, owners say.
For chef tenants, each suite is equipped with a CaptiveAire exhaust hood, commercial use sinks, gas/fire safety systems, grease traps, hot/cold water lines, industrial water heater, shelving, tablet, and order printer. ChefSuite also provides cold storage, a cooking oil removal system, third party app onboarding, consulting services, financial reporting, and substantial vendor discounts. ChefSuite offers tenants flexible lease terms with options to include cooking equipment.
Business
Richmond Flying Squirrels hosting series of job fairs ahead of 2023 season
Positions are available in food & beverage, ticketing and operations for the team’s home games from April through September.
The Richmond Flying Squirrels are looking to hire part-time, game-day positions for the upcoming baseball season. The team has three upcoming job fairs for interested candidates to fill out applications and find out information about available positions.
Positions are available in food & beverage, ticketing and operations for the team’s home games from April through September. Information on the Flying Squirrels’ upcoming job fairs can be found here. The 2023 game schedule can be found here.
The job fairs will take place at The Diamond (3001 N Arthur Ashe Boulevard, Richmond, VA 23230) on the following dates:
- Wednesday, March 8, 4 p.m. to 8 p.m.
- Saturday, March 25, 10 a.m. to 2 p.m.
- Thursday, March 30, 4 p.m. to 8 p.m.
Available positions include:
FOOD & BEVERAGE
TICKETING
OPERATIONS
Questions regarding game-day positions with the Flying Squirrels can be directed to [email protected].
The Flying Squirrels open the 2023 on Friday, April 7 against the Reading Fightin Phils. Individual-game tickets, including tickets for Opening Night, are available now online at SquirrelsBaseball.com/Tickets, by phone at 804-359-FUNN (3866) or in person at the Flying Squirrels ticket office.
Business
Feed More relocating food bank and other operations to new $40 million facility north of city
The local nonprofit confirmed to BizSense that it’s behind Project Nourish, the development plan recently filed with Henrico County for a wooded site at 8020 Villa Park Drive.
From Richmond BizSense:
A code-named industrial project in the works near St. Joseph’s Villa has turned out to be the planned new home for regional food bank Feed More, setting the stage for a move that would free up some prime real estate near Richmond’s Diamond District.
The local nonprofit confirmed to BizSense that it’s behind Project Nourish, the development plan recently filed with Henrico County for a wooded site at 8020 Villa Park Drive.
The project name is a reference to Feed More’s slogan of “nourishing communities and empowering lives.”
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New full-service commercial kitchen, fast casual food hall opens Wednesday
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