Retail growth reported in region
Posted: Monday, February 7, 2011 6:01 pm
New retail businesses continue to open in rural areas of West Tennessee despite the stagnant economy of 210, according to The Shopping Center Group, LLC.
The Shopping Center Group LLC partnered with the West Tennessee Retail Alliance in May 2009 to take a closer look at retail expansion and marketing in West Tennessee.
Retail studies have been conducted by the group for Obion County and five other counties across the region.
The studies have been used for research, marketing and recruitment of new retail businesses.
“Rural markets have a great challenge recruiting new national and regional retail concepts in this economy. It is important to know who you are and how best to market your assets in the retail real estate industry. New retail businesses boost the sales tax base, number of jobs and the quality of life,” TSCG representative Lacy Beasley said.
New national retail businesses in a rural community can add five to 15 new jobs and generate $20,000 to $80,000 annually in local sales tax collections, according to the partnership.
One example listed by the partnership is the Hibbett Sports opening in Brownsville this spring. Hibbett Sports is a retail chain offering an assortment of sports footwear, apparel and equipment with 767 locations in 24 states.
An average Hibbett Sports store will generate approximately $773,783 in store sales annually, according to the TSCG. The partnership estimates Brownsville can expect seven to 10 new jobs and additional local sales tax collections to the city and Haywood County of approximately $21,279 annually, based on 2.75 percent sales tax collection.
“We know of several national and regional retailers actively seeking locations throughout all of West Tennessee in 2011. It is important to have the support of the local governments working with their economic development staff and the West Tennessee Retail Alliance by investing back into communities,” TSCG representative Shawn Massey said.
Through the partnership between municipalities, the WRTA and TSGC, a number of new national and regional retail businesses opened in 2010. TSGC agents brokered the Sally Beauty location in Union City, as well as other retail projects in Atoka and Milan.
The partnership also cited other retail projects taking place in Bolivar, Brownsville, Covington, Dyersburg and Huntingdon.
“Economic development is a team effort. The entire purpose of the WTRA is to provide the right tools and information to communities that want to attract more retail development. I’m pleased that the investment of time, money and effort has paid off for so many of our partners throughout West Tennessee. Because of the partnership between the WTRA, TSGC and the local chambers of commerce, new retail investments and jobs are being created throughout the region,” West Tennessee Industrial Association Executive Director Mike Philpot said.
In 2011, as reported by TSCG, several new retail projects are on board to be delivered, including:
• A new retail project in Martin (Gary Taylor)
•Renovation of Dyers-burg Square (Morris Browning)
• Renovation of the former Walmart in Bolivar
The Shopping Center Group provides a wide range of retail real estate brokerage services to retailers, landlords, developers, investors and municipalities throughout the Southeast and Mid-Atlantic regions with 23 offices in nine states.