Topline: Nike will shut down all U.S. stores until March 27, the company&nbsp;<a href="https://news.nike.com/news/nike-coronavirus-statement" target="_blank" rel="noreferrer noopener">announced</a>&nbsp;Sunday, adding to a growing list of retailers deciding to close in an effort to slow the spread of the coronavirus.



<ul><li>In addition to all U.S. stores, Nike will also shut down locations in Canada, Western Europe, Australia and New Zealand.</li><li>Nike has 384 retail stores in the U.S., according to SEC filings.</li><li>The closures will go into effect from Monday, March 16 through Friday, March 27.</li><li>Customers can still order from Nike’s online store while company-run facilities will implement social-distancing measures such as staggering work schedules and additional cleaning.</li><li>Apple, Patagonia, Glossier, Warby Parker and Urban Outfitters have also closed retail locations in the wake of the pandemic.</li><li>The announcement comes as public health experts say Americans should limit their time in crowded public spaces in order to stem the disease’s spread and prevent a spike in cases that would overwhelm the U.S. health system.</li></ul>



Crucial quote: “The well-being of our teammates and consumers is our top priority so we have decided to close our stores in multiple countries around the world including in the United States, Canada, Western Europe, Australia and New Zealand to limit the spread of the Coronavirus (COVID-19),” Nike said in a statement.



Key background: American life has almost come to a halt as local governments and public health experts work to slow the spread of Covid-19. Employees have been told to work from home, schools and universities have moved their classes online and hundreds of major events and conferences have been canceled.



News peg: According to Johns Hopkins, 2,952 cases have been confirmed in the U.S., but public health experts say that number will grow as the virus continues to spread and testing becomes more widely available.



&#8211;<a href="https://www.forbes.com/sites/rachelsandler/">Rachel Sandler</a>, Forbes Staff, Breaking News.

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Nike Among Growing List Of Retailers Closing In Response To The Coronavirus

Donald Trump’s private real estate empire officially lost one of its most important tenants on Monday, when Nike <a href="https://news.nike.com/news/new-york-city-flagship-store-5th-avenue" target="_blank" rel="noopener">announced</a> that it is closing its store at the president’s 6 East 57th Street property in New York City next spring in favor of a new location just a few blocks away. The announcement comes a year after commercial landlord SL Green disclosed that it had <a href="http://slgreen.com/news/342" target="_blank" rel="noopener">signed a 15-year lease</a> with Nike at 650 Fifth Avenue.
Of all of the commercial properties in President Trump’s portfolio, the site known as Niketown is by far the largest occupied by a single tenant. With Nike leaving, the Trump Organization is left searching for a new identity at the marquee property, which Forbes estimates is worth $253 million.
The building comprises roughly 65,000 square feet of space just off of Fifth Avenue, in the middle of one of the most famous retail corridors in the world. But as Amazon and other e-commerce sites grab more business every year, the value of retail real estate in the neighborhood continues to fall. That Trump controls Niketown, which is just around the corner from Trump Tower, only further complicates things.
“I don’t know of any tenants that need that much space other than department stores,” said Eric Anton, a Manhattan real estate broker at the firm Marcus &amp; Millichap. “And I don’t think there are any expanding department stores. Maybe Harrods comes in and takes it. But any foreign group is going to be looked at as weird &#8211; you know, collusion or some kind of crazy Trump conspiracy theory.”
Domestic retailers might also look for other sites in a New York City borough where only <a href="https://www.nytimes.com/elections/results/new-york" target="_blank" rel="noopener">10% of the population</a> voted for Donald Trump. Tiffany’s, which owns the site next door to Niketown, said “post-election traffic disruptions” helped cause a 14% drop in sales during the 2016 holiday season.
Still, 6 East 57th Street remains in the heart of New York’s commercial district, which draws tourists from all over the world. “You’ve got the best retail on the planet within 100 feet in every direction,” Anton said. “Maybe you cherry-pick one of the tenants that’s coming out, you know. You’re definitely going to do a new facade. They’ll scrape that facade off and they’ll build something really interesting.”
A spokesperson for the Trump Organization did not respond to a request for comment.
Whatever the Trump Organization ends up doing, it won’t be under much pressure from lenders. The Trump Organization, which owns a ground lease on the space through 2079, recently paid off its debt on the property. The president’s business also owns office and retail space at Trump Tower. The largest tenant there is Gucci, according to a 2012 Securities and Exchange Commission <a href="https://www.sec.gov/Archives/edgar/data/850779/000153949712000490/fwp.htm" target="_blank" rel="noopener">filing</a>, which has a lease that expires in 2026.
<a href="http://www.forbesafrica.com/billionaires/2017/10/18/donald-trumps-fortune-fell-600-million-one-year/" target="_blank" rel="noopener">READ MORE: How Donald Trump&#8217;s Fortune Fell $600 Million In One Year</a>
Since the announcement of Nike’s new agreement with SL Green, many have speculated that the move out from the shadow of Trump Tower was at least in part driven by Trump’s divisive political rhetoric. Nike spokeswoman Ilana Finley declined to address whether politics played a role in the decision, saying that the company had been planning a move “for years.” The new space “gives us more opportunities to play with new concepts than we have now,” Finley said.
Two employees said that while Trump’s political rhetoric played a minor role in Nike’s decision to leave, the physical layout of the store was a bigger factor. “It is mostly due to space constraints, more than any political implications,” said one current Nike employee, who requested anonymity to speak about matters they weren’t authorized to discuss.
Another employee, who also requested anonymity, said that store designers at Nike “hated” working on displays there. “It’s just tight. It’s hard to do what we want to do there.” The employee said that being associated with Trump’s name was also “a factor, to some degree.”
Some former Nike employees, meanwhile, scoffed at the notion that Nike’s move was in part politically motivated. “We never did anything when I was there that was even remotely political,” said Ed Stair, a former vice president of real estate and store construction who worked for Nike for more than a decade.
Nike will close its current space sometime in March 2018, the company said. While the new store won’t open for another year after that, customers will still be able to shop at the company’s stores in the SoHo and Flatiron neighborhoods. &#8211; Written by <a href="https://www.forbes.com/sites/mattdrange/" target="_blank" rel="noopener" data-ga-track="contrib block byline">Matt Drange</a>, FORBES STAFF

Donald Trump’s Real Estate Business Losing One Of Its Most Important Tenants

Kendrick Lamar: The Conscious Capitalist

He used to run for the United States’ athletic team, he reintroduced Nike to South Africa, and was the agent for two of the continent’s biggest athletes: Oscar Pistorius and Caster Semenya. It’s an impressive résumé but Ray Wicksell is more excited about his latest venture – selling bus handles.
“What I was taught by Nike is to look at unique things. Things that are different to anything else and easy to sell,” says Wicksell.
He realized he could strike gold with the bus handles while in China. Brands across the world’s most populous country use these safety handles to market themselves. Wicksell couldn’t believe there weren’t any in his adopted country, South Africa, so he brought them here. He&#8217;s also introduced them to buses in Mauritius.
<a href="http://www.forbesafrica.com/life/2017/05/31/sweet-smell-money-sans-sea/" target="_blank" rel="noopener noreferrer">Mauritius: The Sweet Smell Of Money, Sans The Sea</a>
“Other South Africans probably saw it in China, but they never thought about bringing it here. It’s not easy… When I go to Mauritius, I’ve got to find the buses. I’ve got to do the deal first with the transportation department and then I’ve got to find the sponsors,” he says.
Finding sponsors is the easy part, he says. His business, Ray Wicksell Consultancy, specializes in marketing and training. His skill in building brands was forged at Nike.
“I learned that people are bigger than the brand. How you treat people. [Nike Co-Founder] Phil Knight wanted people to love you. He said ‘go out there and get people to love you. If they love you, they’ll buy from you.’ You have to spend time with them.”
<a href="http://www.forbesafrica.com/focus/2014/03/01/customers-tougher-marriage/" target="_blank" rel="noopener noreferrer">Customers Are Tougher Than Marriage</a>
Nike used global superstars, like Michael Jordan, Andre Agassi and Tiger Woods, to promote their brand. They would spend their weekends in malls signing autographs and posing for photos. Wicksell claims some of the athletes in South Africa aren’t willing to do this.
“South African athletes aren’t very professional. I’m talking all sports. They want money but they don’t want to work and that’s why we don’t have sporting heroes,” he says.
“They haven’t been groomed into the professionalism of sport. I think it’s the agents’ fault. A lot of the agents are lawyers, which is a problem for me. We separate ourselves. We had Nike lawyers and we had guys like myself, and we worked together. We’re the ones that build them into a brand, the lawyers do the contracts. Now, the lawyers are trying to build the brand and do the lawyer job. They’re doing the lawyer job great but they can’t build them into a brand… They go to brands like Nike and get the money but then they don’t utilize them, and Nike doesn’t utilize them, so nobody wins. Like Victor Matfield; nobody knew he was with Puma. I said to him ‘Victor, no one knows you’re with Puma’. He said ‘I know; they don’t even use me for an ad’.”
Wayde van Niekerk is South Africa’s biggest global sporting icon at the moment. The Olympic gold medallist and world champion athlete is seen by many as Usain Bolt’s successor yet Wicksell claims he is underutilized.
“Not everyone watches the Olympics but if they see a billboard with Wayde on it, they’ll go ‘oh wasn’t that the guy who won gold at the Olympics?’ …But ask people who sponsors Van Niekerk, they’ll start thumb sucking; some will say Nike, some will say Puma, some will say Adidas. People don’t know.”
“Adidas gives him $3 million and you don’t know who his sponsor is. How bad is that?”
Wicksell was the agent for some of South Africa’s biggest sport stars, including Pistorius and Semenya. He says being an agent is similar to being a nanny.
“I’ll do a deal for R20,000 a month and then I’ll get 10% &#8211; but I’ll have to babysit all the time. I’ve got to make sure he comes to the promotion; I’ve got to make sure he does this. I don’t want to do that anymore.”
For now, Wicksell is happy to focus on his consultancy and getting brands on the road, in buses, across Africa.

‘He gets $3 million and you don’t know who his sponsor is. How bad is that?’

Pistorius has a net worth off $5 million and is on bail, accused of shooting of his girlfriend Reeva Steenkamp. Whatever happens during the trial, it is clear that the life of endorsements and advertising campaigns is over.
He is estimated to have received endorsements worth more than $2 million a year. Amongst them was sportswear giant Nike, British Telecommunications, Thierry Mugler fragrance, Oakley sunglass, and Ossur, an Icelandic firm that makes the prosthetic carbon fiber blades, which he wears during his races.
Johannesburg-based marketing and communications strategist Clive Simpkins believes it won’t all be gloom and doom for the 26-year-old athlete, as it’s believed he is a director of several companies among many, owned by the Pistorius family.
“His sponsorship revenues, although evidently worth a hefty sum of money, were not his sole means of support. Even without them, he’s unlikely to suffer financial deprivation. Regardless of the outcome, he’s now pretty much ‘un-sponsorable’, says Simpkins.
He added that no company could afford to associate themselves with Pistorius, out of fear of their brands being eclipsed by the controversial personality connected with it. As the Blade Runner prepares to prove his innocence, the sponsors have moved away. Nike confirmed to FORBES AFRICA that it has suspended its contract with the athlete, but would not say how much it was worth.
“We believe Oscar Pistorius should be afforded due process and we will continue to monitor the situation closely,” says Seruscka Naidoo, communications manager for Nike South Africa.
The sports apparel giant removed an advert of Pistorius, which showed him setting off from starting blocks alongside the tagline “I am the bullet in the chamber”.
Top sunglass brand Oakley also severed ties with the athlete but again refused to disclose the terms of the contract.
“In light of the recent allegations, Oakley is suspending its contract with Oscar Pistorius, effective immediately. Our hearts are with the families during this difficult time and we’ll continue to follow the developments in this tragic case,” says Cheri Quigley, spokeswoman for Oakley in the States.
Thierry Mugler—Pistorius was the face of its A*Men fragrance in 2011—also withdrew all its campaigns featuring the athlete.
M-Net Movies, a South African pay TV channel, pulled its TV advert campaign and billboards featuring the athlete to promote Hollywood movies, with the run up to the Academy Awards. The advert’s tagline was: “Every night is Oscar night”.
Pistorius was also dropped from the South African leg of the “It Gets Better” global video campaign, where high-profile figures give support to gay teenagers. He was shown in the video saying, “Just remember that you’re special. You don’t have to worry. You don’t have to change. Take a deep breath and remember it will get better”.
Assets that the athlete owns include three houses and a vacant plot worth a total of around R8.3 million ($903,300). The house where the shooting took place in a gated security village outside the capital city of Pretoria is worth around R5.6 million ($609,500). The luxury home has been on the market since September 2011. The vacant plot he owns is located in the Western Cape, near Cape Town is worth around $190,000.
In his affidavit Pistorius says that he has an annual income of around R5.6 million and movable assets including household furniture, cars, jewelry worth around $56,000. He also has “cash investments” of around R1 million ($108,800) with various banks in the country.
The athlete is currently on strict bail conditions and was ordered to pay bail of R1 million. In March his lawyers tried to get his bail’s conditions relaxed to no avail. The 26-year-old was ordered to hand over his guns and passport and was forbidden to return to his upscale home, where the shooting took place. He may undergo random, mandatory alcohol and drug tests and also has to report to a police station twice week or be visited by a probation officer. Pistorius will also have to be in regular contact with his probation officials, who will report on his state of mind. He was warned against contacting any potential witnesses in the case against him.
Pistorius was charged with premeditated murder and will appear in court on June 4.
The story caught the eye of rogue trader, Nick Leeson. The man, who at the time aged 25, broke Barings Bank, the Queens bank in Britain. Leeson lost £862 million ($1.3 billion) through unauthorized trading and spent more than four years in a jail in Singapore.
He believes that the truth will come out even though it could take a while.
“The big thing for me is about accountability. You have to accept you did something wrong. And sometimes that’s the most difficult journey. You need to get that degree of accountability, otherwise it’s impossible to move forward. So whatever happened, he has to come to terms with it,” says Leeson.
Sage advice from a former young man to a troubled young man.

Tag: Nike

FORBES AFRICA SOCIAL MEDIA

Nike Among Growing List Of Retailers Closing In Response To The Coronavirus

Donald Trump’s Real Estate Business Losing One Of Its Most Important Tenants

Kendrick Lamar: The Conscious Capitalist

‘He gets $3 million and you don’t know who his sponsor is. How bad is that?’

Oscar’s Lost Millions