REAL ESTATE

David Yurman opens boutique in Troy, Mich.

BY Dan Berthiaume

New York – David Yurman opens a new boutique at The Somerset Collection in Troy, Mich., today. Architectural firm Gabellini Sheppard Associates designed the 1,506-sq.-ft. location.

"As an American brand, we’re proud to make a home for ourselves here in the Detroit Metro area." says David Yurman president Carol Pennelli. "Our partnership with Somerset Collection allows us to provide the luxury retail experience that is signature to David Yurman. We’re thrilled to be in such extraordinary company."

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REAL ESTATE

Cycle Gear enters Indiana market

BY Dan Berthiaume

Benicia, Calif. – Cycle Gear, Inc. has opened its first Indiana store on East 82nd Street in Indianapolis, near the Castleton Square Mall.

Cycle Gear will host a grand opening celebration weekend Sept. 20-22. Indianapolis is the latest in a recent run of store openings in the Midwest for Cycle Gear. The retailer, with more than 100 locations in 30 states, opened two stores in the Chicago area and one near Milwaukee earlier in the year.

"Indianapolis is synonymous with motorsports, and I believe that Cycle Gear will fit in perfectly," said Dave Bertram, Cycle Gear’s CEO. "We are looking forward to being a part of the riding community for years to come."

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FINANCE

Twitter plans IPO

BY Dan Berthiaume

San Francisco – Twitter publicly announced its intention to file for an IPO with a tweet yesterday afternoon.

“We’ve confidentially submitted an S-1 to the SEC for a planned IPO,” stated the tweet. “This Tweet does not constitute an offer of any securities for sale.”

According media reports, Twitter has 200 million users and secondary sales of its stock have valued the company as high as $10 billion. Securities and Exchange Commission (SEC) regulations limit confidential IPO filings to companies with less than $1 billion in annual revenue, giving some indication of Twitter’s actual current earnings. Twitter does not have to immediately file for an IPO and can keep all related documents confidential until 21 days before it starts formally pitching the IPO to major Wall Street investors.

Twitter is increasing in importance as an e-commerce tool. The recent second quarter 2013 Monetate E-commerce Quarterly indicates Twitter experienced the fastest growth among all social networks in referrals to e-commerce sites, moving from 5.4% of social referrals in second quarter 2012 to 9.64% in second quarter 2013 – a 77% gain. In addition, Twitter recently hired former Ticketmaster president Nathan Hubbard to take the new role of head of commerce and reportedly plans to enable direct shopping through postings within tweets.

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