Shenandoah Valley Business Journal

A Byrd Newspapers Publication

Volume 18, No. 9, July 25, 2017

Spotlight

on:

nt e m p o l e Redev Page 7

Retail Blooms In City, County

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SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, July 25, 2017

Inside This Issue The Shenandoah Valley Business Journal is a monthly publication of Rockingham Publishing Company, Inc., 231 S. Liberty St., Harrisonburg, VA 22801.

Editorial Staff

Focus Section: Redevelopment ■ City, County Attracting Retail................................Page 6

By fax: 433-9112 By phone: 574-6267 (news) 574-6229 (ads)

Staff Writers: Vic Bradshaw, Preston Knight

Columns

On The Cover:

■ Financial Focus with Kathy Armentrout.........Page 3

Contributing Photographers: Nikki Fox, Daniel Lin

HARRISONBURG — Scott Harvard, president and CEO of First National Corp. and First Bank, recently was elected as Virginia Bankers Association’s chairman-elect.

His term as chairman will begin in June 2018.

Harvard was chosen to lead the Strasburg banking company in May 2011, leaving his two-yearHarvard old consulting firm Harvard Resources. He previously was vice president of Delmarva operations for Hampton

By mail: Shenandoah Valley Business Journal P.O. Box 193 Harrisonburg, VA 22803

■ Land Clearing Begins For Aldi......................Page 11

Managing Editor: Jerry Blair

Harvard Elected Chairman For Virginia Bankers Association

Contact us

By email: svbjnews@dnronline.com

Other Business News

Editor and General Manager: Peter S. Yates

Harrisonburg, Va.

Roads Bankshares from June 2008 to June 2009 and president and CEO of Shore Bank, based in Onley, from 1985 to 2008.

Based in Glen Allen, the Virginia Bankers Association is a 124-year-old trade organization dedicated to enhancing the industry statewide.

— Vic Bradshaw

Lohr Makes List Of Top 100 Nominees For Leadership Honor HARRISONBURG — A local resident has made the list of the top 100 nominees for an international leadership award.

Matt Lohr of Mauzy is among the See MOVERS, Page 3

F&M First Quarter Earnings Dip Slightly Compared To Fourth HARRISONBURG — F&M Bank Corp.

(OTCQX: FMBM) posted double-digit yearover-year net income growth in the first quarter, but earnings dipped slightly compared to the previous quarter.

According to financial data reported April 28, the Timberville-based community banking company netted $2.3 million in the first three months of 2017, or 68 cents per common share. That topped the $2.1 million, or 60 cents a share, earned in the same period a year earlier, but was below the $2.5 million, or 74 cents a share, reached in the fourth quarter of 2016.

Net interest income grew $305,000 to more than $7.126 million year over year.

F&M’s net interest margin was 4.39 percent.

The company’s board of directors declared a 22-cent dividend for the quarter, up

Daniel Lin / DN-R Construction crews renovate the Keezell Building in downtown Harrisonburg.

from 19 cents in the first quarter of 2016.

F&M is the parent company of Farmers & Merchants Bank, which has 13 branches in Rockingham, Augusta, Page and Shenandoah counties and the cities of Harrisonburg and Staunton. F&M also operates a loan-production office in Penn Laird and owns and operates VBS Mortgage and VS Title, a title insurance company.

— Vic Bradshaw Editor’s note: A headline in the June edition of the Shenandoah Valley Business Journal incorrectly characterized the bank’’s earnings for the quarter.

Shenandoah Telecommunications Named Top Indy Cable Provider HARRISONBURG

—

Shenandoah

See SCENE, Page 5

Harrisonburg, Va.

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Diversify Investments, Consolidate Providers

Y

ou have probably heard that diversification is a key to investment success. So, you might think that if diversifying your investments is a good idea, it might also be wise to diversify your investment providers — after all, aren’t two (or more) heads better than one?

Before we look at that issue, let’s consider the first half of the “diversification” question — namely, how does diversifying your investment portfolio help you?

Consider the two broadest categories of investments: stocks and bonds.

Stock prices will move up and down in response to many different factors, including good or bad corporate earnings, corporate management issues, political developments and even natural disasters. Bond prices are not immune to these dynamics, but they are usually more strongly driven by changes in interest rates.

To illustrate: If your existing bond pays 2 percent interest, and new bonds are being issued at 3 percent, the value of your bond will fall, because no one will pay you full price for it. (Of course, it may not matter to you anyway, espe-

cially if you planned to hold your bond until maturity, at which point you can expect to get your full investment back, providing the bond issuer doesn’t default.)

Here’s the key point: Stocks and bonds often move in different directions. If you only own U.S. stocks, you could take a big hit during a market downturn, but if you own domestic and international stocks, bonds, government securities, certificates of deposit and other types of investments, your portfolio may be better protected against market volatility, and you’ll have more opportunities for positive results. (Keep in mind, though, that even a diversified portfolio can’t prevent all losses or guarantee profits.)

So, it clearly is a good idea to diversify your investment portfolio.

Now, let’s move on to diversifying financial service providers. Why shouldn’t you have one IRA here and another one there, or enlist one advisor to help you with some types of investments and a different advisor assisting you with others?

Actually, some good reasons exist to consider consolidating all your invest-

Financial Focus Kathy Armentrout ment accounts with one provider. For one thing, you’ll keep better track of your assets. Many people do misplace or forget about some of their savings and investments, but this will be far less likely to happen to you if you hold all your accounts in one place.

Also, if you have accounts with several different financial service providers, you might be incurring a lot of paperwork — and many fees. You can cut down on clutter and expense by consolidating your accounts.

But most important, by placing all your accounts with a single provider, possibly under the supervision of a single financial advisor, you will find it much easier to follow a single, uni-

fied investment strategy, based on your goals, risk tolerance and time horizon.

You won’t get conflicting advice and you’ll receive clear guidance on important issues, such as the amounts you can afford to withdraw each year from your retirement accounts once you do retire.

Diversification and consolidation — one is good for building an investment portfolio, while the other can help you invest more efficiently and effectively. Put the two concepts together, and make them work for you.

This article was written by Edward Jones for use by Kathy Armentrout, an Edward Jones financial adviser at 560 Neff. Ave., Suite 100, Harrisonburg; 540-574-1013.

Award Nomination List To Be Pared To 30, Then 10, Before Winner Is Selected Movers

FROM PAGE 2

group of candidates for this year’s John Maxwell Transformational Leadership Award, according to the John Maxwell Team’s website. Maxwell will pare the list to 30, then 10, before the winner is announced during the International Maxwell Certification Live Event from Aug. 26-28 in Orlando, Fla. Born and raised in Mauzy, Lohr is a former state delegate, commissioner of the Virginia Department of Agriculture and Consumer Services and director of the Farm Credit of the Virginias Knowledge Center.

He recently left his Farm Credit post to devote more time to his motivational speaking company, Lohr Leadership, and the operation of Valley Pike Farm, which has been in his family for more

than 100 years.

Maxwell is a leadership expert who holds the day-long Live2Lead event that’s held annually in Atlanta and simulcast around the world.

— Vic Bradshaw

JMU Grad Gets Agriculture, Commercial Lending Post HARRISONBURG — William T. Henley IV, a James Madison University graduate, has been named a vice president of agricultural and commercial lending for First Bank & Trust Co. In the position, Henley will focus on agricultural and commercial lending in Eastern Virginia. He lives in Walkerton and is on the board of directors for

the King and Queen County Farm Bureau.

He earned a bachelor’s degree in business administration at JMU and has more than 14 years of banking experience.

— Vic Bradshaw

Henley

Dixie Gas and Oil Names Moore New Sales Representative VERONA — Dixie Gas and Oil Corp., a leading provider of propane and petroleum products in western and central Virginia, announced in June that Jeremy

Moore has been appointed as sales representative for the company’s southern territory. Working from Dixie’s locations in Lexington and Covington, Moore will serve customers in Rockbridge, Alleghany, Bath, Botetourt, Amherst and Craig Counties, Virginia and in Greenbrier County, West Virginia, according to the company announcement.

Before joining Dixie, Moore held various positions with Paul Obaugh Ford in Staunton for nearly 12 years, including roles as a sales associate, finance manager and sales manager. Most recently, he was sales manager for Magic City Ford of Lexington.

Moore is a Shenandoah Valley native who grew up in Lexington. He and his wife, Amanda, have a newborn son.

— Staff Reports

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Shentel Presented Best Indie Cable Operator Award In June Scene

FROM PAGE 2

Telecommunications Co. (NASDAQ: SHEN) has been recognized as the 2017 Independent Cable Operator of the Year

by Cablefax, a national trade publication, according to a news release.

The company, best known as Shentel, was presented the award June 8 during the Cable TV Innovation Summit at the New York Athletic Club.

Shentel has transitioned from a legacy telephone company serving only Shenandoah County into a triple-play cable provider with nearly 80,000 customers in Virginia, West Virginia and Maryland.

The company also provides wireless phone service to nearly 1 million customers in those states, Pennsylvania and Kentucky as a Sprint affiliate.

Cablefax recognized Shentel as one of the first cable operators to offer subscribers a pay-as-you-go option.

— Vic Bradshaw

McAuliffe: Three Notch’d Brewing To Build Production Facility CHARLOTTESVILLE — Gov. Terry McAuliffe announced that Three Notch’d Brewing Co. will create eight new jobs and invest more than $2.9 million to expand its craft brewery in Charlottesville.

The brewery, which opened in 2013 and has a Harrisonburg location, will purchase 69 percent of its agricultural inputs from Virginia farmers, according to a June 28 press release from the governor’s office. The expansion will

support growing distribution of the company’s craft beer to demand in Virginia and surrounding states, according to the release.

The Virginia Department of Agriculture and Consumer Services worked with Charlottesville, the Charlottesville Economic Development Authority, and Three Notch’d Brewing y to secure this project for Virginia.

McAuliffe approved a $50,000 grant from the Governor’s Agriculture and Forestry Industries Development Fund, which Charlottesville will match with local funds.

In May 2014, Three Notch’d opened a taproom below the Urban Exchange apartment complex on East Market Street in Harrisonburg.

— Staff Reports

Elkton Dollar General Holds Grand Opening For New Store

operative Extension will hold a free dairy cattle genomics workshop from 6 to 8:30 p.m. Aug. 2 at Pano’s Restaurant, 3190 S. Main St. The workshop will be led by a research and extension team from the University of Idaho, Washington State University, the University of Missouri, the University of Florida and the U.S. Department of Agriculture’s Agricultural Research Service.

Dairy producers, veterinarians and others affiliated with the industry will receive information to help them make decisions about the use of genomics testing. Genomics experience is not required.

Topics to be covered include the latest information and genomics and fertility research, where genomic testing provides the greatest economic value, and the future of genomics.

The workshop, including dinner from 6 to 7 p.m., is funded by a USDA grant. Space is limited.

HARRISONBURG — The new Dollar General store in Elkton marked its grand opening July 8.

The newly constructed store at 14804 Spotswood Trail replaces one in Elkton Plaza.

Among the store’s new features are seasonal products featured in the center of the store.

See SCENE, Page 10

We Love Small Business!

Upcoming Events Business Smarts— 7:30-9:00am, Harrisonburg

Aug 11: Keys to Strong Teams and Customer Retention

Valley Business Summit— Business Transitions Aug 14, 1:00-4:30pm, Weyers Cave FREE event for Information, Resources, and Networking

Selling to the Commonwealth / SWaM & eVA Introductions Aug 15, 9:00-noon, Harrisonburg

1-on-1 Appointments Monthly options around the Region; see our Web Calendar for details

Start Smart Workshops July 25, 11:00-1:00 Verona Aug 9, 3:00-5:00 Harrisonburg Aug 25, 9:00-11:00 Verona See details of these & more at ValleySBDC.org Small Business Development Center

— Vic Bradshaw

Cooperative Extension Sets Dairy Genomics Workshop For Aug. 2 HARRISONBURG — The Virginia Co-

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Harrisonburg, Va.

City, County Attract Retail In Face Of Challenges

By PRESTON KNIGHT Special to the SVBJ

HARRISONBURG — Every business has a back story of the people who make it successful and the surroundings that create an environment for them to thrive.

The same applies for each location of said commercial enterprise.

This is why Brian Shull and George Anas are unofficial storytellers. Shull, Harrisonburg’s economic development director, and Anas, his Rockingham County

counterpart, accept the responsibility of pitching the central Shenandoah Valley’s tale to prospective retailers.

The narrative includes obstacles unique to each jurisdiction, but none that gives the officials concern that a happy ending eludes them.

“We’ve got all the pieces,” Anas said.

“We’ve got a phenomenal quality of life.”

In the city’s case, it’s largely about retailers seeing the potential for the old to become new, while in Rockingham, open space often serves as a blank canvas. But

who is willing to make the first move?

Market Looks East While Harrisonburg does have some vacant land to build on, Shull concedes that the city relies heavily on the redevelopment and repurposing of sites to make way for new retail endeavors.

“We do know that will be an issue,” he said, “but often that prime location will make it worthwhile.”

Harrisonburg is an attractive location in that regard, he said. Olive Garden

and Krispy Kreme, at the corner of East Market Street and Burgess Road, are two of the more recent examples of national chains determining it to be worth taking down existing structures to locate in the Friendly City.

They replaced a Best Western Inn and shuttered Shoney’s restaurant.

The U.S. 33 corridor and Port Republic Road in the county are the two primary areas where retailers appear to be focusing See CHALLENGES, Page 7

Harrisonburg, Va.

SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, July 25, 2017

7

Dick’s Example Of Use Of Zone Success for at least five years.

Dick’s Sporting Goods coming to Valley locally, said Tim Reamer, a Cottonwood Mall is an example of a successful use of Commercial agent who works with na- the zone, Shull said.

Otherwise, government helps with tional brands. data collection, which gets back That clearly indicates that to Shull’s duties of having a stothe scarcity of empty parcels to build on does not represent a “A lot of times, ry to deliver to commercial representatives. deal breaker for the city. it’s playing “We try to help them assess “Demographics and also matchmaker, the market the best we can,” he parking, access, visibility, trafmatching the said. “A lot of times, it’s playfic, signage … when site asright retailer ing matchmaker, matching the sessment occurs, it really is a with the right right retailer with the right Reculmination of a lot of factors,” altor or landowner.”

Reamer said.

Realtor or If the end result is not placeLocal government can do its landowner.” ment at a bustling spot such part, too. One way Harrisonburg tries to overcome the challenge — BRIAN SHULL as along East Market, Harriof a lack of available real estate HARRISONBURG’S sonburg’s commercial retail deECONOMIC velopment is also powered by is by offering retail revitalizaDEVELOPMENT revitalization downtown, where tion zones, one of which is along DIRECTOR mixed-use development continEast Market. ues to sprout where buildings The zones provide tax exempsat vacant or deteriorating, or tions to developers and business owners seeking to build or renovate com- in some cases, both.

“It’s an authentic value,” said Mike mercial space. A business with a minimum of $1 million in new construction or Hendricksen, chief operating officer of renovation costs is eligible for the breaks Matchbox Realty and Management Ser-

Challenges

FROM PAGE 6

Daniel Lin / DN-R

FROM LEFT: Carlos Perez, Luis de los Santos, Francisco Aguilar and Alain Avila, painters with MB Weld, paint an apartment on the fourth floor of the Keezell Building in downtown Harrisonburg.

vices. “You can’t just go in and create the same thing next door. It’s an attractive concept to a lot of people.”

Hendricksen said the county does have advantages to offering more “first gen-

eration” development, as costs upfront for businesses are generally lower when building from the ground up.

See CHALLENGES, Page 8

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SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, July 25, 2017

Harrisonburg, Va.

Region ‘Extremely Fortunate’ Challenges

FROM PAGE 7

Developing Story

Properly explaining the area’s But the opportunity to ob- market data to national brands tain historic tax credits — can be a bigger challenge than Matchbox is using them to help alleviating concern over whether cover a more than $2 an existing building is million overhaul of worth tearing down. the Keezell Building “It’s a large effort While the region is at 122 S. Main St. — on my part to try “extremely fortunate” entices commercial to help retailers to have three local colgrowth in the city’s fully understand leges for such develcenter, complementopmental advantages ing efforts to attract what the actual as their purchasing demographics power, the presence of national chains in other spots around are.” so many younger resiHarrisonburg. dents alters the area’s — TIM REAMER average income level, “There’s no way COTTONWOOD Reamer said. the same [revitalizaCOMMERCIAL tion] could be done “Our demographics if you did not have are often misreprethese incentives,” sented,” he said. “Both Hendricksen said. “There’s Harrisonburg and Rockingham certainly a lot of people inter- County struggle with that beested in ground-up develop- cause our data is just not being ment, but our focus has been shown accurately. the underutilized properties, “It’s a large effort on my part bringing some life back to See CHALLENGES, Page 9 them.”

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National Chains Expanding Into County Challenges

FROM PAGE 8

to try to help retailers fully understand what the actual demographics are, and that takes a whole lot of effort on the retailer’s part to comprehend what you’re trying to convey to them.

“You need a willingness to understand. It’s easier [for them] just to pass on a market.”

Anas makes the same point in describing Rockingham’s situation, adding that Massanutten Resort and attractions such as Shenandoah National Park also contribute to the area’s transient population, and perhaps its misrepresentation.

“They may not see opportunity because they don’t see a permanent population. It’s a bit of a challenge for us,” he said of attracting certain national retailers. “We know there’s a need. … The bad part is that it’s a slow process. The good part is that we have a good story to tell.”

The tide has changed for the county in recent years, especially out on a once quieter Port Republic Road, where sev-

eral examples of national retailers that took the time to understand the area’s market have opened or are in the process of coming along.

Those include Bojangles, Moe’s Southwest Grill, and Wal-Mart’s neighborhood market.

The Moe’s under construction at Stone Port, in particular, is noteworthy, Reamer said, because the first location for such a chain traditionally would be in a more populated spot, such as the city’s East Market corridor.

Franchisee Brett Hayes could not be reached for comment, but he has said a “blank slate” for parking and being near the Sentara RMH Medical Center and new residential development was attractive in taking Moe’s to the county.

“Four years ago, you’re looking at fields and farm houses, and now it’s a commercial district,” Hendricksen said of Port Road.

“Obviously, the retail follows the rooftops.”

Anas points to the desire of creating an “a-ha” moment for people, in which outsiders come to be surprised at everything the area has to offer.

It’s just a long story to tell.

Nikki Fox / DN-R

Construction is underway on Moe’s Southwest Grill in Rockingham County’s Stone Port. Local real estate agent Tim Reamer said the chain’s decision to build at there is noteworthy because it’s a departure from opening on the more popular East Market Street corridor.

“It takes time. These conversations go on for years,” Reamer said of commercial recruitment. “I’ll have upward of 20, 30, 40 calls with retailers about the market. You don’t want to present them a space where

the market is changing and they don’t know about it.”

Contact the Shenandoah Valley Business Journal at svbjnews@dnronline.com

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Tuesday, July 25, 2017

Cargill Turkey Regains STAR Worksite Status Scene

FROM PAGE 5

Contact Jeremy Daubert, local dairy extension agent, at 564-3080 or jdaubert@vt.edu to reserve a space.

— Vic Bradshaw

Harrisonburg’s Cargill Feed Mill Reapproved As STAR Worksite HARRISONBURG — Cargill Turkey Production’s city feed mill has been reapproved as a STAR Worksite, the highest level of certification under the Virginia’s Occupational Safety and Health Volunteer Protection Program, according to a news release from the Virginia Department of Labor and Industry.

The site was issued its fourth certificate of recognition June 21 and has been a STAR Worksite since June 2, 2004.

The VDLI release said the feed mill has a total case incident rate for injuries and illnesses that’s 30 percent below the national industry average, according to U.S. Bureau of Labor Statistics data. Its lost-time rate for injuries and illnesses is 27 percent below the national average for the industry.

— Vic Bradshaw

Blue Ridge Insurance Named Among Top Ten Growth Agencies HARRISONBURG — City business Blue Ridge Insurance Services has been named one of Auto-Owners Insurance’s top 10 growth agencies in Virginia.

Blue Ridge recently was recognized by the company at a luncheon in Forest, according to a news release.

The local business is one of 136 independent agencies in Virginia that sell Auto-Owners products. Blue Ridge has been affiliated with the Lansing, Mich., Fortune 500 company since 2009.

Auto-Owners provides auto, home, business and life insurance products to more than 3 million policyholders nationwide.

— Vic Bradshaw

Harrisonburg, Va.

Local Ledger Central Valley Area Home Sales Median Price Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

June 2017

June 2016

Pct. Change

$188,250 $199,450 $190,000 $148,750 $235,000 $154,200 $158,900

$159,000 $215,000 $168,250 $167,250 $207,000 $135,000 $162,400

18.40% -7.23% 12.93% -11.06% 13.53% 14.22% -2.16%

Days On Market Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

June 2017

June 2016

Pct. Change

8 24 90 321 34 39 27

16 30 86 134 38 80 32

-50.00% -20.00% 4.65% 139.55% -10.53% -51.25% -15.63%

Units Sold Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

June 2017

June 2016

Pct. Change

44 90 53 18 87 46 33

45 107 76 14 71 47 42

-2.22% -15.89% -30.26% 28.57% 22.54% -2.13% -21.43%

Sources: Funkhouser Real Estate Group; Real Estate Business Intelligence

Retail Sales (in millions) Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

April 2017

$108.3 $59.4 $34.8 $17.4 $44.7 $33.4 $44.8

Source: Weldon Cooper Center for Economic and Policy Studies

Unemployment Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

May 2017

April 2017

May 2016

4.6% 3.5% 3.6% 4.7% 3.6% 3.7% 4.0%

4.0% 2.9% 3.3% 4.9% 3.2% 3.3% 3.8%

4.7% 3.4% 3.6% 4.6% 3.3% 3.6% 3.7%

Source: Virginia Employment Commission

Labor Force Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

May 2017

April 2017

May 2016

24,587 40,747 20,891 11,794 37,682 12,260 10,403

25,159 41,790 20,806 11,736 37,641 12,211 10,373

24,898 40,090 20,894 11,600 36,799 11,891 10,058

Source: Virginia Employment Commission

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Aldi Clears Land For Move Into Harrisonburg Discount Grocer Headquartered In Germany Opening In City

By VIC BRADSHAW Daily News-Record

HARRISONBURG — Earth is being moved on East Market Street as an international grocer advances toward its entry into the Harrisonburg market.

Aldi, a discount grocer headquartered in Germany, has contracted crews working at 1990 E. Market St. to prepare the site for construction.

Chris Daniels, vice president of Aldi’s Frederick Division, said in an email that the local store should open in the first half of 2018. He’d previously only said the store would open next year.

Building plans for the project were submitted in September, according to a Department of Planning and Community Development staff member.

Ray Bailey, a civil engineer for the city, said Aldi’s site plan had been approved and it had received state and city authorization to disturb land at

the site.

Though representations at a rezoning hearing showed multiple buildings on the parcel, Bailey said the approved site plan includes only the grocery store.

The store will have about 11,000 square feet of sales floor space. Daniels has said that more than 90 percent of the items on its shelves are store brands, which helps shoppers save money.

Its closest store to Harrisonburg is in Waynesboro.

Aldi’s U.S. operations are based in Batavia, Ill. Aldi Einkauf GmbH & Co. oHg is its parent company.

In March 2016, Aldi (N.C.) LLC bought 8 acres at the corner of East Market and Country Club Road for $4.9 million.

Contact Vic Bradshaw at 574-6279 or vbradshaw@dnronline.com

Daniel Lin / DN-R

Crews clear land off Country Club Road where the city’s Aldi will be built. The German grocer bought 8 acres at the corner of Country Club Road and East Market Street for $4.9 million.

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Harrisonburg, Va.