Business

Wednesday’s business headlines

INDIANAPOLIS (WISH) – Here’s a look at Wednesday’s business headlines.

Lilly

Indianapolis is one step closer to offering pharmaceutical company Eli Lilly & Co a $24 million tax abatement following a city council vote.

The abatement on personal and real estate property taxes would be the third one issued to the pharmaceutical company since 2017 and stems from three investments primarily at the company’s technology campus on the west side.

Some council members have voiced concern over the company’s previous tax appeals and the coronavirus-fueled economic downturn.

Office rent

Businesses hunting for a new office location may be in for some bargains.

Real estate executives are expecting a decline in office rents and more giveaways by landlords, thanks to the COVID-19 pandemic.

More than half of property company professionals recently surveyed by commercial firms Transwestern and Devencore said they expect lower office rents during the rest of 2020.

Walmart

Walmart gave the public a few hints about its upcoming membership program, saying it will offer customers benefits like speedy delvieries and low prices.

The head of Walmart says the program will emphasize customer experience with beenfits, such as fast, convenient pickup and delivery. For the retailer, he said, it will strengthen relationships with shoppers.

That will encourage repeat and bulk purchases and provide data about customer preferences, he said.

But he did not say when Walmart+ will launch and what it will cost.

Kohl’s

Kohl’s sales were down 23% in the past few months.

Much of that because of the uncertain back to school season.

Company executives expect the holiday shopping to start in October this year.

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