Lexington: Columbia’s Next Major Retail Corridor
- Lexington is gaining attention from national and regional retailers making it the next major retail corridor in the Columbia market.
- Successful retailers need to offer customers an experience and product unique to their brand to remain competitive with the growing e-commerce market.
Lexington is Booming
The Lexington County retail corridor is a 2-mile stretch along Sunset Boulevard from North Lake Drive to the Target-anchored Lexington Pavilion shopping center. The corridor is booming, driven by population growth and the establishment of the corridor as its own retail submarket. Based on projections from Esri, the county is expected to comprise 35.5% of the total Columbia, MSA population by 2021. This growth is causing Lexington to gain interest from shopping center developers and regional and national retailers, building the retail market at a record pace.
The population of the Columbia, MSA is estimated to be 819,700 people and projected to increase by 5.6% to nearly 866,000 people by 2021. The current population of Lexington County is estimated to be 286,000 people and projected to be 307,000 people by 2021, a 7.4% increase over five years. Supporting this growth are single family housing permits. According to the Federal Reserve of Economic Data, in 2015 there were 1,677 new private housing structures authorized by building permits for Lexington County, a 24% increase from 2012. Residential population plays a large role in location decisions as retailers look to expand to new markets.
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