
Downtown St. Paul Lunds and Byerlys closes permanently on March 26
Downtown St. Paul will lose its last grocery store when the Lunds and Byerlys on East 10th Street closes on March 26.
Tres Lund, chief executive officer of the Edina-based supermarket chain, said the grocery, which opened at 115 East 10th St. in 2014, had been profitable in its first seven or eight years, but struggled during the pandemic when downtown employers shifted to remote work. An increase in store security expenses and decrease in customer visits left operating costs far outpacing sales, and staffers were tough to hold onto amid incidents of shoplifting, harassment, vandalism and an arson that caused upwards of $500,000 in damage in 2022.
'After the arson and the fire, I had a lot of outreach from folks who were very concerned, but they realized our resolve was to get that store reopened within four days, in record time,' said Lund on Friday, who predicted better days ahead for downtown despite its well-documented challenges. 'Our capital city is going to pull through this. There are too many business leaders and city staff, and people who care so deeply about weathering this storm.'
Lund said he had met with city officials and the property owner on Wednesday to discuss preserving the space to someday accommodate another grocer.
'We are going to have our shoulder into helping the city with a grocery alternative to the degree that's possible,' said Lund, noting the Downtown Development Corporation, a new nonprofit real estate subsidiary of the St. Paul Downtown Alliance, was also engaged 'to ensure we can actively bring that to fruition.'
Lunds will continue to offer online delivery in the area.
In late 2011, a heavily divided St. Paul City Council voted 4-3 to complete the 254-unit Penfield development after a previous developer walked away during the economic downtown. The decision not only installed new luxury housing in a corner of downtown better known for small artist studios. It also drew Lunds, which was hailed at its opening in 2014 as a badly-needed addition to an increasingly-residential downtown short on grocery options. The city was able to sell the development in 2016 to real estate investment company Jones Lang LaSalle for a profit.
'We opened this store early in St. Paul because of the population base,' he said. 'We were excited then about the development prospects, and certainly the Penfield project. We were profitable within that year-plus, and then for seven years. We were on a good trend, and then things began to change, most significantly the pandemic. The issue was remote work, and that was a national and international issue.'
Efforts to switch up food offerings, reduce store hours last year and make other changes were unable to make the math work on paper.
'This was the downtown grocery store, and every neighborhood needs a grocery store,' said Council Member Rebecca Noecker on Friday. 'Even in the midst of this difficult decision, they've agreed to leave all of their equipment in place, and the landlord has agreed to that. All the shelving, all the coolers, all the refrigeration will still be there. My priority is going to be working with city staff to try to find another grocer who wants to come into the space, knowing all the infrastructure will be there for them.'
Lund said his company has maintained a grocery for more than 40 years in Highland Park, which shifted locations on Ford Parkway in 2022 into freshly-built space within the Highland Bridge development. Though initial planning was put on hold in 2020, Lunds still plans a mixed-use development on Grand Avenue that would incorporate apartments above a new grocery, replacing the former home of a North Face clothing retailer and surrounding real estate around 799 Grand Ave.
'We're still going to develop land on Grand Avenue at some point. We see that as a development opportunity,' said Lund, noting that since the 2022 arson at the downtown location, 'my relationship has grown significantly with Mayor Carter as well as other business leaders, working on the framework to get through this difficult time.'
Lund said his company had worked with the St. Paul Area Chamber and the Downtown Alliance on public surveys of the Central Business District to assess perceptions of crime downtown, which have shown improvement as crime trends have softened.
Still, he said, downtown suffers because too many city, county and state employees now work remotely, even as some employers in the private sector begin to call their employees back to the office.
'Between the city, county and the state, that's a pretty significant population,' Lund said. 'There is national recognition that workforce presence is part of a bustling city. That is well within the mayor, and county and state to influence. Our capital city needs us back. Many businesses that also experienced remote work, you're seeing a national trend to shift that back.'
Lund said the Downtown Alliance's Downtown Investment Strategy, released last year, and the launch of the Downtown Development Corporation were bright spots, and the opening of the new Pedro Park this fall and several office-to-housing conversions in the pipeline gave him optimism for the future.
For downtown St. Paul, 'there is an upcoming resurgence,' Lund predicted. 'None of us can put our finger to a specific date, but things will get better.'
Local News | Concert review: Justin Timberlake dazzled the crowd at the X, at least the ones who could see him
Local News | New nonprofit and its leader provide a strategy for downtown St. Paul's revival
Local News | Over a St. Paul Valentine's Day lunch hour, judges married 21 couples for free in Ramsey County
Local News | Want to sing at the Ordway? All ability levels invited for Minnesota Bach Festival.
Local News | Folk rock act the Lumineers to return to St. Paul in July

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


CNBC
39 minutes ago
- CNBC
Trade tensions aren't stopping Chinese companies from pushing into the U.S.
BEIJING — Chinese companies are so intent on global expansion that even the biggest stock offering to date on Shanghai's tech-heavy STAR board counts the U.S. as one of its biggest markets, on par with China. Shenzhen-based camera company Insta360, a rival to GoPro, raised 1.938 billion yuan ($270 million) in a Shanghai listing Wednesday under the name Arashi Vision. Shares soared by 274%, giving the company a market value of 71 billion yuan ($9.88 billion). The United States, Europe and mainland China each accounted for just over 23% of revenue last year, according to Insta360, whose 360-degree cameras officially started Apple Store sales in 2018. The company sells a variety of cameras — priced at several hundred dollars — coupled with video-editing software. Co-founder Max Richter said in an interview Tuesday that he expects U.S. demand to remain strong and dismissed concerns about geopolitical risks. "We are staying ahead just by investing into user-centric research and development, and monitoring market trends that ultimately meet the consumer['s] needs," he told CNBC ahead of the STAR board listing. China launched the Shanghai STAR Market in July 2019 just months after Chinese President Xi Jinping announced plans for the board. The Nasdaq-style tech board was established to support high-growth tech companies while raising requirements for the investor base to limit speculative activity. In 2019, only 12% of companies on the STAR board said at least half of their revenue came from outside China, according to CNBC analysis of data accessed via Wind Information. In 2024, with hundreds more companies listed, that share had climbed to more than 14%, the data showed. "We are just seeing the tip of the iceberg. More and more capable Chinese firms are going global," said King Leung, global head of financial services, fintech and sustainability at InvestHK. Leung pointed to the growing global business of Chinese companies such as battery giant CATL, which listed in Hong Kong last month. "There are a lot of more tier-two and tier-three companies that are equally capable," he said. InvestHK is a Hong Kong government department that promotes investment in the region. It has organized trips to help connect mainland Chinese businesses with overseas opportunities, including one to the Middle East last month. Roborock, a robotic vacuum cleaner company also listed on the STAR board, announced this month it plans to list in Hong Kong. More than half of the company's revenue last year came from overseas markets. At the Consumer Electronics Show in Las Vegas this year, Roborock showed off a vacuum with a robotic arm for automatically removing obstacles while cleaning floors. The device was subsequently launched in the U.S. for $2,600. Other consumer-focused Chinese companies also remain unfazed by heighted tensions between China and the U.S. In November, Chinese home appliance company Hisense said it aimed to become the top seller of television sets in the U.S. in two years. And last month, China-based Bc Babycare announced its official expansion into the U.S. and touted its global supply chain as a way to offset tariff risks. Chinese companies have been pushing overseas in the last several years, partly because growth at home has slowed. Consumer demand has remained lackluster since the Covid-19 pandemic. But the expansion trend is now evolving into a third stage in which the businesses look to build international brands on their own with offices in different regions hiring local employees, said Charlie Chen, managing director and head of Asia research at China Renaissance Securities. He said that's a change from the earliest years when Chinese companies primarily manufactured products for foreign brands to sell, and a subsequent phase in which Chinese companies had joint ventures with foreign companies. Insta360 primarily manufactures out of Shenzhen, but has offices in Berlin, Tokyo and Los Angeles, Richter said. He said the Los Angeles office focuses on services and marketing — the company held its first big offline product launch in New York's Grand Central Terminal in April. Chen also expects the next phase of Chinese companies going global will sell different kinds of products. He pointed out that those that had gone global primarily sold home appliances and electronics, but are now likely to expand significantly into toys. Already, Beijing-based Pop Mart has become a global toy player, with its Labubu figurine series gaining popularity worldwide. Pop Mart's total sales, primarily domestic, were 4.49 billion yuan in 2021. In 2024, overseas sales alone surpassed that to hit 5.1 billion yuan, up 373% from a year ago, while mainland China sales climbed to 7.97 billion yuan. "It established another Pop Mart versus domestic sales in 2021," said Chris Gao, head of China discretionary consumer at CLSA. The Hong Kong-listed retailer doesn't publicly share much about its global store expansion plans or existing locations, but an independent blogger compiled a list of at least 17 U.S. store locations as of mid-May, most of which opened in the last two years. The toy company has been "very good" at developing or acquiring the rights to characters, Gao said. She expects its global growth to continue as Pop Mart plans to open more stores worldwide, and as consumers turn more to such character-driven products during times of stress and macroeconomic uncertainty.


Tom's Guide
an hour ago
- Tom's Guide
Times running out to snag one of Dodo's excellent 12-month NBN deals – get cheaper internet from AU$54p/m
Searching for a better deal on your NBN plan this EOFY? Meet Dodo. Dodo is an Aussie-based internet, mobile and energy provider. It operates via the Vocus Network, piggybacking off its infrastructure to supply internet services. The network also supplies fibre for other telcos, like iPrimus and Tangerine. But there's one thing this flightless bird knows that sets it apart from the flock — and that's a damn good discount. Right now, Dodo has a long-running NBN promo that'll save you AU$180 off your first 12 months. These egg-cellent discounts have been in motion for some time now, as we first noticed them during the extravaganza that was Black Friday 2024 — almost 8 months ago — but their time is finally running out. Luckily for you, this offer has been graciously extended until June 24, 2025. We anticipate that these deals will truly go extinct after that date, so you'll need to act fast to maximise your savings. We've rounded up the best four Dodo plans on offer right now, ranging from 50Mbps to 250Mbps connections. All Dodo plans come with unlimited data, no lock-in contracts, and you can add a modem for as little as AU$8.90p/m (or AU$99.90 upfront). Dodo | NBN 25 | AU$53.90p/m (for 12 months, then AU$68.90p/m) Dodo's cheapest NBN deal falls to its 25Mbps plan, which is now just AU$53.90p/m for the first 12 months. This plan is great for single-person households, or even seniors wanting a little more from their NBN 12 connection. Do note, though, this plan is better suited for light internet usage, so if you're worried about exceeding your downloads, you may want to consider the NBN 50 plan below. Total minimum cost: AU$53.90 | Total first year cost: AU$646.80 | Yearly cost after discount: AU$826.80 Dodo | NBN 50 | AU$68.90p/m (for 12 months, then AU$83.90p/m) Advertising 50Mbps during the typical evening hours, this discount will knock AU$15 off the first 12 months — that's AU$180 — before the price increases. Given that this is the most popular NBN speed tier, this plan is likely just right for you, provided you don't want a seriously fast internet connection Honestly, we don't think it's the best bargain in the long run. After the first year, Dodo's NBN 100 plan costs AU$5p/m more (AU$60 per year) but has double the speeds. Of course, it's up to you, but if you're itching for a faster plan, Dodo's NBN 100 deal is one to consider instead. Total minimum cost: AU$68.90 | Total first year cost: AU$826.80 | Yearly cost after discount: AU$1,006.80 Dodo | NBN 100 | AU$73.90p/m (for 12 months, then AU$88.90p/m) Dodo currently offers one of the most attractive NBN 100 plans. However, there is a very minor catch. Dodo's NBN 100 plan is only available for customers with FTTC, FTTP and HFC connection types. Other providers offering NBN 100 plans are available to all, including FTTN connections. That said, this introductory offer slashes a mammoth AU$180 off the first year, which is a pretty stellar saving on any NBN plan if you ask us. Even once the price increases, you'll still spend less than the average NBN 100 cost, which is AU$92.01p/m. Total minimum cost: AU$73.90 | Total first year cost: AU$886.80 | Yearly cost after discount: AU$1,066.80 Dodo | NBN 250 | AU$83.90p/m (for 12 months, then AU$98.90p/m) Dodo's Superfast plan savings do come in at AU$180 for the first 12 months, which is no surprise here. But what's mighty impressive about this offer is that its ongoing rate is well under the average of AU$105.66 for the tier. And it only costs AU$1,186.80 per ongoing year after the discount ends. We find this fee to be relatively modest, especially when compared to competitors' exorbitant costs, like Telstra's AU$1,560 or Optus' AU$1,428 yearly rates. Like other 250Mbps plans, Dodo's deal is only available for customers with FTTP and HFC addresses. Total minimum cost: AU$83.90 | Total first year cost: AU$1,006.80 | Yearly cost after discount: AU$1,186.80 If these deals don't tweak your beak, you can check out Dodo's top-rated NBN plans in the widget below.
Yahoo
2 hours ago
- Yahoo
Private market push in focus as BlackRock hosts investor day
By Davide Barbuscia NEW YORK (Reuters) -BlackRock will hold an investor day on Thursday that is expected to provide insight into the asset management firm's strategic priorities and its growing focus on private markets. The world's largest asset manager, overseeing $11.58 trillion as of the end of the first quarter, last year expanded its presence in private markets through a series of acquisitions that BlackRock's boss Larry Fink said were transformational for the New York-based firm. BlackRock spent about $25 billion in 2024 on infrastructure investment fund Global Infrastructure Partners and private credit business HPS Investment Partners. It also struck a $3.2 billion deal to acquire UK data provider Preqin. That acquisition officially closed in March this year. "I think investors are going to want more granular details and more color on BlackRock's strategy to increase exposure to alternative assets," said Cathy Seifert, an analyst at CFRA Research who covers BlackRock. BlackRock declined to comment on the focus of its investor day. Private assets generate significantly higher fees than exchange-traded funds (ETFs), a core part of BlackRock's business through its iShares franchise. In his 2025 annual chairman's letter to shareholders, BlackRock's Chairman and CEO Fink said protectionism had returned with force as a result of a wealth divide that could be countered by offering more investors access to high-return private markets such as infrastructure and private credit. Ben Budish, an analyst at Barclays, said he expected updates from the company on potentially creating indexes based on private markets after the acquisition of private markets data provider Preqin. "Looking at what BlackRock did with iShares and ETFs, is there a way to do that with private markets? … I'm sure there's more details to come on that," he said. Private credit, where non-bank institutions lend to companies, has experienced significant growth in recent years due to stricter regulations that have increased the cost for traditional banks to fund higher-risk loans. But broader market volatility caused by U.S. President Donald Trump's aggressive stance on tariffs has led to slower dealmaking in private markets in general, raising some concerns there may be a mismatch between money available for private lending and not enough places to invest it. Investors may also look for any signs regarding succession at the firm. Fink, 72, has led BlackRock since co-founding it in 1988. A recent wave of senior executive departures has reignited speculation about his eventual successor, even as Fink has signaled no immediate plan to step down. "The firm would do itself a favor by highlighting the depth and breadth of their management bench, particularly since the company's business model is expanding and potentially becoming more complex," said Seifert.