Hong Kong property developer New World Development (NWD), owner of the K11 property, became the first real estate developer in the world to sell US dollar-based sustainability-related bonds (SLB) last Friday.
In doing so, the company raised US $ 200 million and is also committed to achieving 100% renewable energy for its Greater Bay Area rental properties within the next five years. So, the future K11 will use more solar panels and wind turbines to generate power. This move will also benefit fashion brands committed to sustainability in their operations and help fashion brands achieve their renewable energy mission in stores.
NWD maintains a 5 star (highest) rating on the Global Real Estate Sustainability Benchmark (GRESB) in 2019 and 2020. “Businesses must take timely action to combat climate change,” said CEO Adrian Cheng.
Green branding is nothing new, but collaboration between brands and developers is on the rise as fashion brands are the most prominent tenants of these shopping centers, and fashion brands seem to value sustainability more than ever. They are looking for a greener place to set up their shop.
The move relates to an industry labeled as the second most polluting industry by the United Nations Conference on Trade and Development (UNCTAD) in 2019. Within a year, global fashion brands rushed into fashion issuing fashionable and greener bonds.
Pathannounced in September 2020 that it was brought up € 600 million via SLB, the first ever fashion brand. Therefore, Chanel needs to use 100% renewable electricity by 2025 in all of its stores, which encourages it to look for places with high-tech and renewable energy missions to help achieve these goals.
British rival Burberry announced its own SLB that same month, and aimed to achieve climate neutrality by 2022.
In an era of pandemics and financial problems, ESG commitments (environment, sustainability and governance) are not only injecting greener energy but also real money into the fashion industry. Ferragamo secured € 250 million in sustainability loan for ESG targets in June 2020. Moncler secured a loan commitment of € 400 million in July 2020. And Prada signed a contract with Credit Agricole for sustainable lending in November 2019.
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The sudden crisis threatens to wipe out most of the $ 17 billion that companies and franchisees make in annual dinner sales at all KFC, Taco Bell and Pizza Hut restaurants in more than 150 countries. Mr. Gibbs, a 31-year Yum veteran who became CEO a year ago, went from advancing the company’s expansion strategy to competing with thousands of closed restaurants.
Since then, many large fast food companies mostly recovered from the early pandemic close, and Yum’s comparable US sales rose in the third quarter from a year ago. But Mr. Gibbs said he was rethinking how Yum – which has more than 50,000 restaurants, more than any other fast food chain – could serve and deliver more food to carry over the long term.
He’s planning a future where pre-ordering fried chicken online is routine, and Pizza Hut customers can get their orders placed in their suitcases without having to walk into the restaurant.
Meanwhile, hundreds of his US Pizza Hut locations, most of which do dine-in businesses, have permanently closed.
The 57-year-old Gibb spoke to The Wall Street Journal via video from Yum’s largely vacant office in Plano, Texas. Below is an edited excerpt.
WSJ: What mistakes did Yum make at the start of the pandemic and how do you learn from them?
Mr. Gibbs: If I look back before the pandemic, I wish we had moved faster for Pizza Hut to be more delivery, run business and less dependent on on-site dining. We’ve talked about it for years. Sometimes large organizations can become bureaucratic. But I think we may be impressed even with ourselves in how fast we’ve spun.
“ I didn’t know that normal appearance was exactly like before the pandemic. Consumers may be more aware of cleanliness in restaurants, and we are looking for new ways to provide a safe environment. ‘ “
Mr. Gibbs: We’re working on a design that has multiple drive-throughs. The Australian business began building several test units with five drive-throughs in one building.
But the other part of the story is the roadside execution. You see it not only in the restaurant industry, but also in retail. This is good because of our peak drive-through constraints. No matter how hard you ride, you can still fit only X cars in a row.
Mr. Gibbs: We are very excited about this vaccine. When it’s my turn, I’ll be in line to get it. We hope all our employees get it. But we do know that there are others, such as frontline healthcare workers, who are ahead of us in the queue.
WSJ: Once a vaccine is more universally available, will you ask employees to get it or have your franchisor consider it?
Mr. Gibbs: We are studying the matter right now and haven’t made any decisions yet. It is important to remember that 98% of our stores are run by these franchisees. So it’s more complex than we just mandating that every store needs to get a vaccine.
WSJ: Even when vaccines start rolling out, it’s unclear when life will begin to return to normal. When did you anticipate this to happen in fast food?
Mr. Gibbs: I didn’t know that normal appearance was exactly like before the pandemic. Consumers may be more aware of cleanliness in restaurants, and we are looking for new ways to provide a safe environment.
WSJ: What management actions have you taken that will survive the pandemic?
Mr. Gibbs: One of the biggest lessons I learned is the power of authentic communication versus the formal written memos someone might send. We bring together various groups of franchisees, corporate teams from around the world in video calls. We get hundreds of questions via the chat function – real time, without filters. We learn from that.
WSJ: Do you support a $ 15 minimum wage at the federal level and for your employer and franchisees?
Mr. Gibbs: We support the national minimum wage, and we will work under whatever minimum wage the government makes.
WSJ: How do you expect the dynamics between the CEO and the White House to shift in the new government?
Mr. Gibbs: We are excited to work with the Biden government and share their goal of building back better especially on the economy and fighting inequality. We have been in more than a hundred countries around the world for decades – we have operated in any political environment.
WSJ: The pandemic’s theme is menu simplification, but some customers say Taco Bell went too far in removing options. Were you surprised by the commotion when Taco Bell removed Mexican Pizza?
Mr. Gibbs: I’ve never been surprised by the passion our customers – especially Taco Bell – have for our iconic products. We can always bring back the Mexican Pizza at some point if the request is there.
WSJ: What is your pandemic tranquillizer?
Mr. Gibbs: I often pass through Taco Bell drive-throughs. We introduced grilled cheese burritos during a pandemic, and that’s the definition of a product that was so coveted for me and my college son.
Austin Young, with H3y Chick Enterprises, is a franchisee of Waco. He has nearly two decades of experience in the foodservice industry, having served as district manager for the Georgia-based Zaxby chicken chain. He will work with two uncles at Waco’s Chicken Salad Chick.
L&L Hawaiian Barbecue is open
L&L Hawaiian Barbecue has opened at Mary Avenue Market, 300 S. Sixth St. in the city center, to offer comfort food in an atmosphere with many reminders of the network base in Hawaii.
The owners of the Waco location, 207th in the chain, are Raymond Garrison and Fred Ballard, both retired US Army soldiers who started pitching the idea of opening a restaurant while soldiers “served in the Iraqi desert,” according to a press release at the opening.
Ballard grew up near Waco, Garrison in Panama City, Florida.
“The marker on the floor will remind customers to keep the surfboard length (6 feet) from other customers,” according to a press release.
Real estate companies merged
Two locally owned and independent real estate companies have joined forces. Eric Williams’ Legacy Land and Ranches, which specializes in farm and ranch properties, has found a place under the Kelly Realtors umbrella.