Noon Business Lunch

Steve Grzanich has the business news of the day with the Wintrust Business Minute.

Chicago’s Adler Planetarium has a new CEO. Elizabeth Babcock will replace Michelle Larson who had the job for more than a decade. Babcock was most recently director of the Smithsonian American Women’s History Museum in Washington. She’s a former vice president at Chicago’s Field Museum and earned her bachelor’s degree from Northwestern University. Her first day is October 6. The chair of the Adler board calls Babcock a nonprofit leader of national distinction, an accomplished fundraiser and a dedicated scientific educator.

Also, Rivian Automotive says it had a second-quarter net loss of $1.1 billion. Listen for more below.

Steve Grzanich has the business news of the day with the Wintrust Business Minute.

McDonald’s reported positive sales growth in the second quarter as it expanded its menu in an effort to bring back customers who are concerned about rising prices. Global sales are up 3.8% year-over-year as of June, well above market expectations. McDonald’s did see some weakness in the latest earnings report, with its breakfast sales. The number of lower-income consumers dropped by double digits. The company’s shares have been higher in trading so far today.

Also, Claire’s has filed for bankruptcy. Listen for more below:

Nationally syndicated financial columnist and author Terry Savage joins Jon Hansen to talk about the vibe shift happening surrounding the strength of the economy, the uncertainty over tariffs and how they will impact consumers, the softening of the job market, the latest on student loans, and what to know about interest rates and T Bills. Terry also answers all of your financial questions.

Segment 1: Tom Gimbel, job expert and founder of LaSalle Network, joins Jon Hansen, filling in for John Williams, to talk about how some workers today are more concerned about individual wants rather than what is necessary to achieve. Tom says sometimes you just need to put your head down and work and success will come.

Segment 2: Philippe Weiss, President, Seyfarth at Work, joins Jon to talk about the trend of CEOs and company presidents becoming increasingly vocal when announcing layoffs and headcount reductions.

Segment 3: Tim Stearns, owner and president of TJ Stearns Financial Planning & Benefits, joins Jon Hansen to talk about the help they offer their clients, what they do at their office that might differ from other financial planners, their ‘protect and grow’ blueprint, the importance of diversification, what to know about annuities, and how they help people understand taxes and what it means for their retirement portfolio.

Steve Grzanich has the business news of the day with the Wintrust Business Minute.

Hoffman Estates-based Claire’s is closer to filing for bankruptcy. Bloomberg says the teen accessory chain missed June and July rent payments on some stores. The bankruptcy filing may come as soon as this week. Claire’s has also been exploring restructuring options including a possible sale. The company has not responded to requests for comment. Claire’s also has a $500 million loan due in December of 2026.

Also, a new report says the number of newly built homes sold in the Chicago area was flat in the first half of 2025. Listen for more below:

Steve Grzanich has the business news of the day with the Wintrust Business Minute.

There’s some improvement to report in the retail vacancy rate on Chicago’s Magnificent Mile. Crain’s reports the rate dropped to 29.3% in July. That’s down from 34% in 2023. The report says it’s the first year-over-year drop in a decade. New tenants include Mango and retailer Uniqlo, and one broker says there’s been more activity in the last two years than the previous five or six. Foot traffic is also up, recovering to 91% of 2019 levels. Much of the activity has been moving south toward the Chicago River, with the northern most part of the Mag Mile seeing the highest vacancy rate.

Also, new data today shows 87% of U.S. households visited McDonald’s in the past year with an average of 53 visits. Listen for more below:

Segment 1: Ilyce Glink, owner of Think Glink Media, joins Jon Hansen to talk about Fridays job report, revisions, the importance of getting real data, President Trump firing Bureau of Labor Statistics Commissioner Erika McEntarfer, if she believes prices are going to rise, and what you should know about the recently passed “trigger leads” law.

Segment 2: Jim Dallke, Director of Communications, TechNexus Venture Collaborative, tells Jon about Jellyvision’s return to office strategy.

Segment 3: Landis Beverly, General Manager, Canal Street Eatery, talks to Jon about how business has been going, how the restaurant expanded from catering to a weekday lunch crowd to packing the place on the weekends, how social media has helped their growth, the $20 Italiano Weekends, and if tariffs have impacted the business.

Segment 1: Jane Oates, Senior Policy Advisor and recent President at WorkingNation, joins John Williams to breakdown the July labor report, why the monthly revisions were so concerning, and if the numbers will put more pressure on the Fed to cut rates.

Segment 2: Matt Adams, principal at Deloitte Consulting specializing in retail, gives John all the details on Deloitte’s 2025 Back-to-School survey.  

Steve Grzanich has the business news of the day with the Wintrust Business Minute.

Lollapalooza is back in Chicago and its economic impact is expected to be nearly a half billion dollars. Festival organizers say that figure was $440 million in 2024, including a $10 million rent payment to the city. Lollapalooza also generated about $7 million in amusement tax revenue. Going back to 2010, Lollapalooza has generated more than $3.2 billion for the Chicago economy. That includes spending by attendees, job creation and fees paid to the city.

Also, Chicago-based Archway Pet Food, which develops climate-smart dog treats, is buying Bright Planet Pet. Listen for more below:

Nationally syndicated financial columnist and author Terry Savage joins John Williams to talk about Mayor Johnson’s efforts to tax the ultra-rich, the economic data released today including a strong GDP report, why the housing market is a cause for concern, the dilemma the Fed is facing about cutting rates, and what she expects from Friday’s labor report. Terry also answers all of your financial questions.