Under Armour has "announced plans to double the size of its physical plant -- news that upset some residents of the 1,800-home" Locust Point neighborhood, according to Lorraine Mirabella of the Baltimore SUN. The residents "worry about construction that could block views, congestion that could add to parking woes, and competition from new shops and restaurants that could hurt longtime businesses." Locust Point Civic Association President Christopher Ritsch said, "Everyone realizes Under Armour is a great company. But that doesn't mean they get to do anything they want at the expense of the community." UA "maintains expansion is crucial to its future success." And company officials said that UA's success "is crucial to Locust Point" because it creates jobs. UA Exec VP/Business Development J. Scott Plank: "If we don't have the ability to expand, the jobs will go somewhere else." Mirabella reported UA, "which employs nearly 1,200 people at its Tide Point headquarters, has added about 400 workers in the past five years and plans to add as many as 300 next year." In addition to office space for the new employees, UA said that it "needs room for a flagship store to showcase its merchandise, and athletic fields that could be used for testing products and holding tournaments." The company also plans several waterfront improvements that it said will "benefit the entire neighborhood, including a hiking/biking 'greenway' linking the neighborhood to Fort McHenry." A request to allow the addition of "as much as 400,000 square feet of office space and 50,000 square feet of retail is expected to come before the City Council in December." In its first phase of expansion, UA plans a "four-story building to house offices and a 20,000-square-foot flagship store." UA "hopes to begin construction next year" and finish in '13 (Baltimore SUN, 10/15).
SAVING UP: In Portland, Allan Brettman reported Nike currently has $4.5B in its account, and company execs said that they "have thought about acquisitions." However, the company "appears content to use its considerable reserves to divvy out higher dividends to shareholders, repurchase shares of stock and spend on international growth strategy." Nike VP & CFO Donald Blair said that an acquisition "would need to make sense on several levels." Brettman noted most importantly, execs "would need to be convinced Nike couldn't do something better than the prospective target already." Blair: "We don't go shopping for a company. We always start with the consumer" (Portland OREGONIAN, 10/16).
