PhillyDeals: Planners to review three City Council proposals

Philadelphia Planning Commission

's 1 p.m. meeting Tuesday, upstairs at 1515 Race St., will review three

City Council

proposals that need a little decoding:

No dollar stores: Councilwoman Donna Reed Miller's plan would ban "variety/general merchandise stores of less than 7,500 square feet" in areas along Germantown Avenue, where residents have been agitating for more expensive shopping choices.

No Temple students: A proposal by Councilman Darrell Clark would "expand the North Philadelphia Community Special District Controls," effectively banning all new multifamily housing, from Ninth to 19th streets and Cecil B. Moore to Lehigh avenues, after residents complained about rowdy students. To avoid stalling the North Philly construction boom, planners may seek a less-restrictive "three strikes and you're out" off-campus housing district, like the one in Overbrook around St. Joseph's University.

Yes to wall-wrap ads: Councilman Frank DiCicco's proposal would allow "non-accessory outdoor advertising signs" by Electric Factory, along Spring Garden Street between Sixth and Seventh over to Willow Street.

Planners also will hear construction proposals: a 17-story office tower at 3400 Market St. by the University City Science Center; a 16-story, 122-unit apartment tower at 205 Race St. by Brown-Hill Development Co.; an apartment building up to seven stories at 521-31 S. Broad St., by Carl Dranoff. All on an "information-only basis" (no action, no public comment).

As consumer spending stays weak,

Lowe's Cos. Inc.

, the North Carolina-based builders-supply and home-improvement chain, has "discontinued" plans for dozens of new stores.

It's not that Lowe's doesn't have the money to grow - the company is spending $5 billion buying back its own stock to prop up share prices, notes bond analyst Carol Levenson, of Gimme Credit L.L.C. It's that Lowe's believes the "slump" won't end soon, she says.

The chain also says it's laying off about 1,950 workers at 20 "underperforming" stores it will close, mostly in New England and the Midwest, none in metro Philadelphia.

Lowe's is slowing, not shrinking: Even with the closings, it expects to open a net five stores this year, bringing its total across North America to 1,725 sites, with sales this year of $49 billion, second to rival Home Depot.

Oaks-based investment and financial-software manager

SEI Investments Co.

's shares are stuck at late-2008 levels, haven't shared in the market recovery, and trade at a discount to its rivals.

Why? "Development costs and delays" for SEI's long-awaited Global Wealth Platform (GWP) system "are a primary reason," writes Christopher Donat, of Sandler O'Neill + Partners in New York, in a report to clients.

In a June investor conference, chief executive Al West acknowledged being "frustrated with how long it's taken" to get the new platform rolling beyond its initial sales in Britain. The company's other businesses, he adds, make piles of money.

Ametek Inc.

, the Berwyn conglomerate best known for its aerospace, power, and industrial units that make parts for

General Electric Co.

and other clients, has agreed to pay $150 million in cash for

Reichert Technologies

, a $55 million (yearly sales) optical and lens instruments maker based in Depew, N.Y., to owner

Beecken, Petty, O'Keefe & Co.

The price works out to a sturdy 10 times expected earnings (before interest, tax, depreciation, and amortization), James C. Lucas, analyst at Janney Capital Markets, told clients in a report. He said Reichert sales were growing at less than 10 percent a year.

With other recent deals, Lucas estimates medical-industry sales account for $250 million of Ametek's $3 billion in yearly sales, with more in the works: As of July, "the company had about $500 million of cash and credit facilities available," and is ready to keep buying.