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BizSense Beat: July 14, 2023

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BizSense Beat is a weekly collaboration between VPM News and Richmond BizSense that brings you the top business stories during NPR's Morning Edition on Fridays.

Here’s a recap of the top stories for the week of July 14, 2023:

Developer Spy Rock drops nearly $8M for site near Sauer Center
Reported by Mike Platania

One of the city’s busier developers has made a big play near the Sauer Center.

Spy Rock Real Estate Group last month paid $7.9 million for the 3.75-acre site at 900 N. Allen Ave. It’s planning a five-story, 300-unit apartment building.

Wells Fargo branch closure to free up prime parcel across from Scott’s Addition
Reported by Michael Schwartz

Banking giant Wells Fargo is once again trimming its Richmond-area branch count, this time at a sizable plot in a sought-after part of the city.

The bank confirmed last week its plans to permanently close its outpost at 3501 W. Broad St. across from Scott’s Addition. The branch will close Sept. 13, a Wells Fargo spokesman said in an email.

Grocery chain Lidl to close Short Pump store
Reported by Jack Jacobs

Lidl is about to snuff out its Short Pump outpost, one of the original stores that blazed the German grocer’s trail into the Richmond market six years ago.

The chain’s shop at 12151 W. Broad St. is scheduled to close July 16, according to signage at the store’s entrance.

Former Carytown Bicycle Co. owner presses play on new Carytown Sound audio shop
Reported by Jack Jacobs

After selling his stake in the local bike shop chain he co-founded well over a decade ago, Tim Mullins is tapping into another of his passions for his next professional move.

The former Carytown Bicycle Co. owner last month opened Carytown Sound at 3101 Ellwood Ave., selling new and used stereos, turntables and speakers to outfit home audio systems.

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