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Old 07-21-2014, 02:36 PM
 
680 posts, read 1,027,859 times
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With all the news about new shopping centers and retail developments happening, it is logical to assume that we may finally be recovering from the recession locally.

Mixed-use project won't compete with Collierville's Carriage Crossing - Memphis Business Journal

Fresh Market Eyes Midtown Property for New Store - Memphis Daily News

Lakeland outlet mall revamp may start this spring - Memphis Business Journal

I was wondering if there were any national chains that you'd like to see in Memphis that currently don't exist here. There's definately some niche markets that no local business is even attempting to exploit for whatever reason.

For retail, anything along Poplar in mid town, east Memphis, Germantown, or western Collierville is the sweet spot....the closer to a major intersection on Poplar, the better. I think mid town will soon box a little higher than it's weight class given the lack of retail options downtown and the possible redevelopment opportunity of several key areas (sort of concentrating spending power on the Poplar corridor really), and I think that the suburban areas along I-40 and I-55 will also see some opportunity soon.

A lot of frustration in the eastern suburbs and in Memphis about the lack of available organic food stores sort of foreshadowed Whole Foods making their move into Germantown while expanding their East Memphis location. Fresh Market is also making a bold move into mid town. I know a lot of chatter and gripes about the lack of affordable options for air travel highlighted a niche market that Southwest Airlines and Frontier are attempting to exploit now (with more options to come). I do think that message board chatter and discussions (using facts and demographic data available on at no cost on citydata.com) can help bring some of these opportunities to light and may even encourage local residents to take action. I was wondering what kind of businesses do you think would do well here?

I think The Container Store would do well here, and I think smaller specialty grocers are either not properly targeting their intended audience or not meeting the market demand....so I'd also like to see more specialty grocers and some really good tex-mex.
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Old 07-21-2014, 02:45 PM
 
Location: Seattle
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One small note is that Poplar Ave is midtown is not a heavyweight retail presence (although that could change, depending on how Washington Bottoms gets developed). Union Ave is by far the more important of the two when it comes to big box retailers.

Union has a couple key redevelopment spots that I can think of: Union/McLean SW corner and the old police station. Other large-scale development would likely have to include business relocation and parcel assembly. These factors, I think, have dramatically slowed the influx of retailers into the midtown market. The police are still using the station (even though the new one is built) and the Union/McLean corner has a lot of clean-up to do before it's ready for development.
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Old 07-21-2014, 04:45 PM
 
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The old Union ave Police station plot is a nice example. I can definately envision a lifestyle center there with local brewhouses and restaurants as well as some national chais that are having trouble finding space in mid town. I imagine there are height restrictions and certainly the potential for neighborhood outrage, but I think a residential building would go well there especially if they can get a permit for restaurant and retail on the lower levels. I really wish Union was more like Broadway in Nashville, with street parking on both sides. That would really help the area develop into what mid-town seems to want (with more storefronts focused on the sidewalk than towards a parking lot). I'm not sure this is the best location for them given the proximity to both Fresh Market and the new Kroger, but there's a huge push for Trader Joe's to move to Memphis. I bet they'd fit in that spot.

I think the development out in Collierville will end up being mostly single family homes and office campuses, but it would be ideal (IMO) for a larger hotel with convention space given it's proximity to a lot of big office users nearby and along Winchester. I'm not really sure how the retail component will work on that....but hopefully it brings something to the Memphis metro that we don't already have.

I'm not really the type that thinks chains are evil. If I like their product, I don't typically discriminate. Some of the national chains I'd like to see in the Memphis metro:

Nordstrom
Container Store
Chuy's
Trader Joe's
Harris Teeter
Publix
In-N-Out burger
Cheescake Factory
Brooks Brothers Outlet
Cabela's
Rainforest Cafe

Last edited by tigerphan; 07-21-2014 at 05:09 PM..
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Old 07-22-2014, 11:20 AM
 
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Would love to see more retail in Memphis, although I prefer a vibrant street scene like San Francisco or New York to big box and strip malls. As a Downtowner, what I would really like to see is a food store downtown, besides Miss Cordelia's on Mud Island. Maybe a gourmet store to complement the farmer's market when they redevelop Central Station. With the new South End apartments and more development on the way, it's hard to believe there isn't enough critical mass for a small grocery in the neighborhood.

Many Trader Joe's are located near supermarkets, and I don't think that's a big issue. In my view, Kroger is not a substitute for TJ. As for the eastern suburbs, that's a long way from the River, and, whether going by Poplar or the highway, there's not much in the drive or the destination to commend itself. Much nicer to shop in small, local places Downtown or in Midtown.
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Old 07-22-2014, 02:41 PM
 
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Quote:
Originally Posted by Comingtomemphis View Post
As for the eastern suburbs, that's a long way from the River, and, whether going by Poplar or the highway, there's not much in the drive or the destination to commend itself. Much nicer to shop in small, local places Downtown or in Midtown.
Proximity to the river really doesn't really matter to retailers. They are going to set up shop where the demographics fit their target audience. The larger businesses with a regional draw will choose locations with access to major highways that link many areas with a high level of spending power.

I think there's definately enough in mid town to support more than what currently exists in that area...but the demographics, limited access, and the lack of available land is going to limit the retail expansion there significantly. I'd expect new developments to be scaled to fit the local neighborhood rather than a regional draw. As you said, you'd be reluctant to drive to the suburbs for shopping; there's really no easy way to get to mid town from affluent areas in the suburbs either.

I think the retail dynamic in the older side of town will change a bit if more areas near downtown are gentrified. I'd like to one day see something like Atlantic Station in Atlanta come together near the medical center, with easy access to I-240 and I-55. That could help attract the larger retailers that are overlooking mid town and downtown (like Ikea, Target, major department stores, etc.). It's dissapointing to me that Ridgeway center in East Memphis was developed into strip center layout instead of something like Atlantic Station in Atlanta or Perkins Rowe in Baton Rouge. That was a clear opportunity to do something creative for Memphis and it's gone.

As of now and for the foreseable future, I think the real sweet spot is the mostly built-out area around Poplar-240. The Poplar corridor out towards Germantown and Collierville looks very promising - especially plots with easy access to Bill Morris parkway and I-269. You have a combination of the spending power, easy access, and developable land there. The cost of retail space and Class A office space reflects this eastward trend.
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Old 07-23-2014, 01:00 AM
 
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Quote:
Originally Posted by tigerphan View Post
Proximity to the river really doesn't really matter to retailers.
Who said it did? What I said is that, living by the river, driving out to Collierville or Germantown is not an attractive prospect. If there were an Ikea out there, that would be worth the trip, but I can't think of much else that would get me to drive out there.

The reality is that, today, one can buy almost anything off the Internet or from a catalog: appliances, clothes, books, tools, craft supplies, etc. Who really needs to go to a mall - a factor often forgotten when people discuss the decline in retail. Which is not to say that retail is dead, but that something really needs to entice you into the shop. For me, that's not likely to be a strip mall or a big box place.

Food is perhaps the one exception, because it's nice to be able to check out the quality and freshness. For the most part, one doesn't need a huge selection, and, at least for me, it's not worth driving ten miles because there are twenty varieties of yogurt or the toilet paper is ten cents cheaper.

Most thriving downtowns are walkable, have lots of little shops and decent public transport. Memphis is not there yet, although some of the neighborhoods are making strides in that direction. If people can walk or bike for their daily needs, that creates a much friendlier, more sustainable environment. The era of widening roads to accommodate more cars is over - at least I hope so.
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Old 07-23-2014, 09:23 AM
 
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Don't forget the Outlet mall planned for Southaven. Suppose to be a big regional outlet. Mississippi approves $34M for Southaven mall - Memphis Business Journal
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Old 07-23-2014, 09:42 AM
 
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Also check this article out from 2006 before Nordstrom came to TN, Memphis almost got it before The planned Forest Hill Plaza didn't go through. Economic downturn I guess. It was being built on the corner of Winchester and Forest Hill Irene. I like to see a developer go after Nordstrom again.
You Better Shop Around - Memphis Daily News
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Old 07-23-2014, 09:49 PM
 
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Quote:
Originally Posted by TheKernel91 View Post
Also check this article out from 2006 before Nordstrom came to TN, Memphis almost got it before The planned Forest Hill Plaza didn't go through. Economic downturn I guess. It was being built on the corner of Winchester and Forest Hill Irene. I like to see a developer go after Nordstrom again.
You Better Shop Around - Memphis Daily News
I had never heard about that development. Thanks for posting.

I've posted the demographic data for that area in the Whole Foods thread (about a year later, Whole Foods announced a new store in G'Town). I think there is definitely unexploited opportunity in the G'Town and Collierville market. Available retail inventory there is tight, and I think there is a case for expansion or construction of retail centers. I'm less familiar with the hotel market, but I suspect that there may be demand for mid to upper market business-focused hotels with conference centers or convention space.

Interesting 2012 article on the buying power in that area:

Buying Power - Memphis Business Journal
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Old 07-25-2014, 10:57 AM
 
Location: Collierville, TN
738 posts, read 2,564,480 times
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Publix, Trader Joes or Harris Teeter for groceries.
Nordstrom, Nordstrom Rack would be a dream come true, but I don't think they'll land here. We are lucky that they're in Nashville.

I'm excited and a little nervous about the Collierville development, but when I posted that thought on FB, the director of development PM'd me that it was going to be a classy joint. That was reassuring.
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