VOL. 112 | NO. 196 | Monday, October 26, 1998
By STACEY PETSCHAUER
Retail growth steady
in third quarter '98
By STACEY PETSCHAUER
THE DAILY NEWS
Shelby County retail construction in the third quarter 1998 remained fairly even with the same period in 1997, according to building permits filed with the Shelby County Registers Office.
Year-to-date retail development also has remained steady with last years figures.
From July 1 to Sept. 30 of this year, 151 permits were filed for retail locations, with a construction value of $32.8 million.
In 1997, 156 permits were filed at a total value of $54.8 million.
From Jan. 1 to Sept. 30, 1998, 435 permits were filed totaling $126.8 million.
Last year, 483 permits valued at $124.1 million were filed by the end of September.
Four major locations for retail development are prevalent around the county right now, and have been for some time, said Ken Hoerster, vice president of retail development with Trezevant Realty Corp.
He said Trezevant has been developing around Wolfchase Galleria, along Germantown Parkway, in Collierville and in the area surrounding Winchester and Riverdale roads.
"We are finding that retail activity is still best and going strong in those four major areas, and we see it continuing to be strong through next year," Hoerster said.
"Everything I see is still plus signs as far as growth in those areas.''
He said other areas of the county have been active with infill locations for grocery stores and other businesses, but he feels the focus for retail will remain with the four target spots.
"People are still working in Bartlett with some grocery store activity, and in Southaven. The Goodman, I-55 corridor is still growing retail-wise, and I think that Highway 78 and Goodman is going to be another retail growth corridor," Hoerster said.
Other growth is occurring along Poplar and Winchester through Germantown and Collierville, said Fritz Mattern, director of retail leasing with Boyle Investment Co.
"Some of the projects, such as Schilling Farms, downtown Collierville and in that general area, are going to see a lot of growth because there is a great deal of new residential growth going on. And the retail follows the residential, normally," Mattern said.
He said he expects to see more fill-in growth along Germantown Parkway and in Southaven, as well as more development with the "new entries into the market" in the Winchester and Riverdale area.
"I think that will continue heading East," he said. "But, I think a lot of it will jump over and probably land in places like Hacks Cross or around Houston Levee."
Hoerster said he feels the new Federal Express development and the new Baptist Hospital in Collierville also are spurring growth in that area. And the demographics of Collierville and along Germantown Parkway are helping those areas develop as well, he said.
"The locations and demographics of these areas are influences," Hoerster said.
"Along Germantown Parkway, you have high traffic counts and good incomes. And in Collierville, there is a need for more retailers.
"The retailers are seeing that and wanting to go out there now that it is booming," he said.